Advertising SlowdownA slowdown in advertising eliminates a key source of margin and reinvestment capabilities for EBAY, resulting in downside risk to both GMV and EBITDA.
Margin PressurePressure remains on 2025 operating income margins, with updated estimates still 2% below consensus.
Tariffs And RegulationsTariffs and changes to de minimis exemptions are potential headwinds, particularly affecting the Parts & Accessories sector.