eBay's fourth quarter delivered GMV, revenue and EPS all above consensus as U.S. GMV outperformed while international volumes lagged due to European macro pressures. Focus categories including collectibles and fashion saw 16% year-over-year growth, and emerging vectors like live commerce and vehicles contributed meaningfully to overall momentum.

Goldman Sachs upgraded eBay to Neutral and lifted its 12-month price target from $77 to $88, citing durable growth from earlier investments in platform capabilities. The firm forecasts sustained positive revenue momentum over the next 12–18 months, stable margins and consistent shareholder returns following the new $2 billion repurchase authorization.

eBay’s planned $1.2 billion acquisition of Depop aligns with its strategy to expand in faster-growing categories but is expected to impose a low-single-digit operating income headwind due to integration costs. Management views the deal as a key lever to scale exposure to the growing resale market while maintaining cost discipline.