eBay Inc. (EBAY) reported third-quarter revenue of $3.2 billion, up 14% as reported and 13% on an FX-neutral basis, a slower pace than the 15% as-reported and 14% FX-neutral increase in the second quarter.

Gross merchandise volume was $23.2 billion, up 15% as reported and 16% FX-neutral, matching the as-reported rate of the prior quarter. The global commerce leader said the results reflected continued momentum in Focus Categories, the C2C marketplace and recommerce.

GAAP net income from continuing operations was $501 million, or $1.11 a share, down from $1.27 a share a year earlier. Non-GAAP net income from continuing operations was $685 million, or $1.51 a share. GAAP operating margin was 19.2% and Non-GAAP operating margin was 26.3%.

U.S. GMV was $12.55 billion, up 27% year over year. International GMV was $10.62 billion, up 4%. Active buyers were 147 million, up 10% year over year. Active buyers excluding Depop and Tise were 136 million, up 1%.

First-party advertising products generated $575 million of revenue, up 16% as reported and 16% FX-neutral. Total advertising offerings generated $607 million.

On July 30, 2026, eBay completed the acquisition of Depop, a C2C fashion marketplace, from Etsy for $1.4 billion in cash, inclusive of a preliminary purchase price adjustment. The company said the deal strengthens its position in circular fashion and recommerce. Fourth-quarter and full-year 2026 guidance includes the expected impact from Depop.

eBay Live delivered another record quarter and is generating GMV at a multibillion-dollar annualized run rate, the company said, with growth remaining well into the triple digits year over year. TCGplayer surpassed $1 billion in GMV over the trailing 12 months. Goldin posted another quarter of record GMV.

The company generated $875 million of operating cash flow and $749 million of free cash flow from continuing operations. It returned $827 million to stockholders, including $689 million of share repurchases and $138 million of cash dividends. Remaining repurchase authorization was about $1.3 billion as of September 30, 2026. Cash and cash equivalents and non-equity investments totaled $3.3 billion.

For the fourth quarter, eBay guides to revenue of $3.19 billion to $3.24 billion, with 7% to 9% FX-neutral growth, GMV of $23.7 billion to $24.1 billion, GAAP diluted EPS of $0.82 to $0.87 and Non-GAAP diluted EPS of $1.48 to $1.53. Full-year 2026 guidance is revenue of $12.62 billion to $12.67 billion, with 12% to 13% FX-neutral growth, GMV of $91.5 billion to $91.9 billion, GAAP diluted EPS of $4.26 to $4.31 and Non-GAAP diluted EPS of $6.25 to $6.30.

The Audit Committee declared a fourth-quarter cash dividend of $0.31 a share, payable December 18, 2026.