The earnings call reflected a strong quarter for eBay, with significant contributions from focus categories, innovations in AI, and advertising revenue growth. However, challenges remain in European markets and some pressure from tariffs. Overall, the strengths and strategic initiatives outpace the challenges.

Company Guidance

During eBay's Second Quarter 2025 Earnings Call, the company reported that all key financial metrics exceeded consensus expectations and the high end of their guidance ranges. Gross merchandise volume (GMV) increased by 4% year-over-year to $19.5 billion, while revenue rose by more than 4% to $2.73 billion. Non-GAAP operating income grew 8% to $775 million, and non-GAAP earnings per share increased by 16% to $1.37. The focus categories, which include collectibles, recorded GMV growth of over 10%, with trading cards showing particular strength, driven by continued momentum in Pokemon cards and other trading card subcategories. Advertising revenue also grew 17%, and the company highlighted the role of strategic initiatives, such as geographic-specific efforts in the U.K., in contributing to these successes. Additionally, eBay's first-party advertising revenue accounted for nearly 2.5% of GMV, and the company maintained a disciplined approach to balance top and bottom-line growth.

Strong Financial Performance

eBay's gross merchandise volume grew by 4% to $19.5 billion, with revenue increasing by more than 4% to $2.73 billion. Non-GAAP operating income increased 8% to $775 million, and non-GAAP earnings per share grew 16% year-over-year to $1.37.

Focus Categories Driving Growth

Focus category GMV grew by over 10%, with collectibles being the largest contributor to growth. The trading cards category experienced triple-digit growth in Pokemon cards for the second straight quarter.

Innovations in AI and Technology

Generative AI is being leveraged to optimize listing titles and images, resulting in higher quality scores and performance. AI-generated CRM emails have increased engagement by over 40%.

U.S. Market Strength

GMV growth in the U.S. accelerated to 7%, driven by broad-based strength across focus and core categories, with strong performance in trading cards.

Advertising Revenue Growth

First-party advertising revenue on the eBay platform grew 17%, with active Promoted Listings reaching nearly 1.2 billion of the total listings.

eBay (GB:0R3D) Earnings, Revenues Date & History

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GB:0R3D Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.33 / -	1.19	―	―	―
Jul 30, 2025	2025 (Q2)	1.30 / 1.37	1.18	16.10% (+0.19)
Apr 30, 2025	2025 (Q1)	1.34 / 1.38	1.25	10.40% (+0.13)
Feb 26, 2025	2024 (Q4)	1.20 / 1.25	1.07	16.82% (+0.18)
Oct 30, 2024	2024 (Q3)	1.18 / 1.19	1.03	15.53% (+0.16)
Jul 31, 2024	2024 (Q2)	1.13 / 1.18	1.03	14.56% (+0.15)
May 01, 2024	2024 (Q1)	1.20 / 1.25	1.11	12.61% (+0.14)
Feb 27, 2024	2023 (Q4)	1.03 / 1.07	1.07	0.00% (0.00)
Nov 07, 2023	2023 (Q3)	1.00 / 1.03	1	3.00% (+0.03)
Jul 26, 2023	2023 (Q2)	0.99 / 1.03	0.99	4.04% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

GB:0R3D Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$77.92	$91.12	+16.94%
Apr 30, 2025	$66.33	$67.62	+1.94%
Feb 26, 2025	$70.28	$63.61	-9.49%
Oct 30, 2024	$61.71	$56.20	-8.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.