eBay Q4 GMV Up 8%, Organic Revenue +13%; Depop Deal Costs $1.2B
eBay’s Q4 GMV climbed 8% to $21.2 billion and organic revenue rose 13% to $2.96 billion, driving EPS to $1.41 and returning $756 million to shareholders. It will buy Depop for $1.2 billion, adding 7 million buyers for a 1–2-point GMV lift in 2026, with low-single-digit earnings headwind and accretion by 2028.
1. Q4 Financial Performance
In Q4, eBay reported GMV of $21.2 billion, up 8% organically, and revenue of $2.96 billion, a 13% increase. Trailing-12-month active buyers reached roughly 135 million (over 134 million organically, +1% YoY), with enthusiast buyers stable at 16 million and spend per enthusiast up to $3,300.
2. Monetization and Shareholder Returns
Take rate rose 60 bps to 14%, driven by shipping, buyer protection and a 17% increase in advertising revenue to $544 million. Non-GAAP operating margin stood at 26.1%, and the company returned $756 million to shareholders through buybacks and dividends, while targeting $2 billion of repurchases in 2026 and raising its quarterly dividend to $0.31.
3. Depop Acquisition and Outlook
eBay agreed to acquire Depop for $1.2 billion in cash, expected to close in Q2 2026. Depop adds 7 million buyers, $1 billion in 2025 GMV (60% U.S. growth) and most users under 34. The deal is expected to boost FX-neutral GMV growth by 1–2 points in 2026, create a low-single-digit operating-income headwind initially, and become accretive by 2028.