Q3 2025 eBay Inc Earnings Call Transcript
Key Points
- eBay Inc (EBAY) reported better-than-expected results with gross merchandise volume (GMV) growing 8% to $20.1 billion and revenue increasing by over 8% to $2.82 billion.
- Focus category GMV growth accelerated to over 15% in Q3, driven by strong performance in collectibles, motor parts and accessories, and fashion.
- eBay Live continues to build momentum with significant growth in viewers, watch time, sold items, and GMV, indicating strong engagement with live commerce.
- The company has made significant advancements in AI, enhancing the selling experience and improving buyer engagement through personalized recommendations and AI-powered tools.
- eBay Inc (EBAY) has expanded its authenticity guarantee program in the UK, covering 70 luxury and premium brands, which reduces buyer friction and unlocks more high-value transactions.
- The elimination of the de minimis exemption for imports under $800 has created incremental cost and friction for cross-border trade into the US, impacting GMV growth.
- Despite strong growth, the non-GAAP operating margin decreased slightly due to continued investment in strategic initiatives and product development expenses.
- Transaction losses increased by 19% due to higher consumer protection losses and fluctuations in buyer and seller fraud.
- The company faces challenges in maintaining growth momentum in trading cards due to potential non-linear GMV growth and more challenging comps starting in Q4.
- eBay Inc (EBAY) anticipates a modest deceleration in GMV growth during Q4 due to lapping dynamics and the full quarter impact of the de minimis exemption removal.
Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the eBay third-quarter 2025 earnings call. (Operator Instructions)
At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.
Good afternoon. Thank you all for joining us for eBay's third-quarter 2025 earnings conference call. Joining me today on the call are Jamie Iannone, our Chief Executive Officer; and Peggy Alford, our Chief Financial Officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the Investor Relations section of the eBay website at investors.ebayinc.com.
Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find a reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all
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