eBay Inc. (EBAY) Q2'26 Earnings Review

Equity Research 6 August 2026 | 7:23AM EDT

eBay Inc. (EBAY) Q2’26 Earnings Review

EBAY Price Target: -- Price: $111.15 Upside: -- NOT RATED Eric Sheridan In its Q2’26 earnings report, eBay (EBAY) highlighted the following | Goldman Sachs & Co. LLC key themes: 1) All Q2 key metrics exceeded the high ends of prior Sarah Boulos guidance, with mgmt highlighting continued outperformance in the | Goldman Sachs & Co. LLC US and improving trends across international markets; 2) mgmt pointed to its key strategic priorities (incl. focused categories, C2C, Emma Huang | Goldman Sachs & Co. LLC and recommerce) as drivers of growth that made up more than 70% of total GMV in the quarter and framed AI/LLMs as driving execution against these priorities; 3) eBay Live posted record growth Key Data _____________________________________ Market cap: $50.8bn with GMV increasing ~8x YoY in the quarter, alongside growth in Enterprise value: $53.6bn 3m ADTV: $477.2mn viewers, watch time, and sold items; 4) closed the acquisition of United States Depop for $1.4bn in cash in July – which mgmt sees as Americas Internet

complementary to eBay’s existing fashion business and outlined GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E initiatives to support Depop’s growth; & 5) mgmt raised their FY26 Revenue ($ mn) 11,100.0 12,117.7 12,801.4 13,524.8

guidance for GMV (from 7.0-7.5% YoY to 11.5-12.5% YoY) and EBITDA ($ mn) 3,272.0 3,576.4 4,014.3 4,325.6 EBIT ($ mn) 2,258.0 2,571.3 2,936.3 3,183.0 Non-GAAP Operating Income (from 9-11% YoY to 10-12% YoY) to EPS ($)

reflect a stronger outlook for growth driven by the core marketplace P/E (X) EV/EBITDA (X) (and noted expectations for Depop to be a ~2ppt headwind to FCF yield (%) 4.0 5.4 6.7 7.2 Dividend yield (%) 0.0 0.0 0.0 0.0 growth). Looking ahead, we expect eBay management to provide Net debt/EBITDA (X) 1.5 0.8 (0.0) (0.8) more details around progress against its strategic priorities, 3/26 6/26E 9/26E 12/26E integration of Depop, and updates on the broader macroeconomic EPS ($) environment as the company moves through 2H26. We are Not Source: Company data, Goldman Sachs Research estimates. See disclosures for details. Rated on eBay.

Positives: a) Q2 GMV, revenue, and operating income exceeded Street expectations and management guidance, supported by broad-based marketplace momentum and accelerating strength across strategic priorities; b) Continued outperformance in Focus Categories, C2C and Recommerce each growing more than 20% YoY and now representing over 70% of total GMV; & c) Commitment to returning capital to shareholders through $310 million of share repurchases and $138 million paid in cash dividends.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs eBay Inc. (EBAY)

eBay Inc. (EBAY) Balance Sheet ($ mn) _______________________________________ NR Rating since May 4, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 1,867.0 3,992.9 6,032.4 8,211.0 Accounts receivable 1,280.0 1,376.0 1,560.6 1,663.9 Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets 1,939.0 1,528.0 1,400.0 1,367.9 12/25 12/26E 12/27E 12/28E Total current assets 5,086.0 6,896.9 8,993.0 11,242.9 P/E (X) Net PP&E 1,766.0 1,812.6 1,939.5 2,059.1 EV/EBITDA (X) Net intangibles 4,467.0 4,463.0 4,463.0 4,463.0 EV/sales (X) 3.7 4.3 3.8 3.3 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) 4.0 5.4 6.7 7.2 Other long-term assets 6,291.0 4,673.4 4,070.4 3,781.8 EV/DACF (X) Total assets 17,610.0 17,845.9 19,465.9 21,546.8 CROCI (%) NM NM NM NM ROE (%) Accounts payable 1,522.0 1,524.2 1,638.8 1,657.3 Net debt/EBITDA (X) 1.5 0.8 (0.0) (0.8) Short-term debt Net debt/equity (%) ) Current…