eBay Q3 2026: GMV up 15% to $23.2 billion as Depop deal closes

eBay Inc. reported third-quarter 2026 revenue of $3.2 billion and gross merchandise volume (GMV, the total value of goods sold on the platform) of $23.2 billion on 28 October 2026^1,2. Neither the release nor the SEC exhibit publishes seller counts, seller-level fees or sell-through, so the totals cannot show what a single seller will pay or earn^1,2. eBay's Seller Center fee page sets out the figures that determine a seller's costs³.

What eBay published for Q3 2026

GMV was $23.2 billion for the quarter ended 30 September 2026, up 15% as reported and up 16% on a foreign exchange (FX) neutral basis, which removes the effect of currency movements¹. The SEC Form 8-K exhibit repeats the same GMV and revenue figures². Revenue was $3.2 billion, up 14% as reported and 13% FX-neutral¹.

Excluding acquisitions, management put organic FX-neutral GMV growth at 13%⁵. eBay acquired Depop on 30 July 2026⁶, and management said Depop's U.S. GMV more than doubled year over year on a pro forma basis, contributing nearly 3 percentage points to total FX-neutral GMV growth⁵.

By region, U.S. GMV rose 27% to $12.55 billion and international GMV rose 4% to $10.62 billion⁶.

For Q4 2026, management guided GMV to $23.7 billion to $24.1 billion, implying 8% to 10% organic growth⁵.

What the release does not publish for sellers

The release reports revenue, GMV, margins, cash flow and capital returns¹. It does not report a seller count, seller-level fees, category take rates or sell-through^1,2.

The take rate, which Zacks defines as revenue as a percentage of GMV, eased to 13.8% from 14% a year earlier⁶. That is a company-wide blend. Management said Depop is "operating at a lower take rate than our core marketplace," which it expected to pressure the consolidated take rate until the acquisition anniversary is reached⁵.

Where demand is rising, according to management

These points come from management's statements on the earnings call and in the release, not from verified seller data.

Management said global consumer-to-consumer (C2C) GMV grew 20%, with healthy double-digit growth in the U.S., U.K. and Australia⁵. Focus Category GMV grew 24% on an FX-neutral basis, led by Collectibles, eBay Motors, fashion and refurbished items⁶. eBay Live GMV was at a multibillion-dollar annualised run rate, with growth "well into the triple digits" year over year¹.

Management also warned that "growth will naturally moderate as we lap the extraordinary levels we experienced in 2026," referring to the expected normalisation of the trading cards business in 2027⁵.

Fee schedule: the figures that set seller costs

eBay's Seller Center fee page says the final value fee, the percentage eBay keeps from each sale, ranges from 2.5% to 15.3% depending on category, plus a per-order fee³. Individual sellers get 250 zero-insertion-fee listings a month, and each listing after that costs $0.35³.

eBay's help page states that the final value fee is calculated on "the total amount of the sale," which includes the item price, handling charges, shipping collected from the buyer and sales tax⁴. It describes one final value fee per sale and says sellers "don't have to worry about third-party payment processing fees"⁴. The help page also says the amount depends on "your seller conduct and performance"⁴.

Shipping rules affect the base. If a seller offers 1-day or international shipping as well as a cheaper domestic option, the total is calculated on the cheapest domestic option⁴. An order is any number of items bought by the same buyer at checkout with the same shipping method⁴.

Currency conversion charge and other changes

Value Added Resource, an independent marketplace publication, reports that eBay's currency conversion charge for sellers registered in the US rose from 3% to 3.25% on 14 October 2026⁷. The charge applies when eBay converts funds for listings or sales on another eBay site in a different currency⁷. Value Added Resource also says that, in its UK comparison, this was the only fee rate that changed, with category final value fees and listing fees unchanged⁷.

Value Added Resource reported that eBay added the change to its fee pages without a Seller Update or Community announcement⁷. As this is a secondary report, the live US fee page should be checked before pricing.

eBay also expanded Managed Shipping to all new and reactivated U.S. listers for domestic transactions, and extended its AI-powered Magical Listing to new and reactivated listers in the U.S., U.K., Germany, Australia, France and Italy¹. It launched eBay International Shipping in the U.K. and Germany, which lets sellers reach buyers in more than 190 markets by shipping to a domestic eBay hub¹.

What this means for pricing and stock before Q4

Our analysis: the Q3 totals show demand across the marketplace, not a price signal for any one listing. For a small seller, the practical inputs are the category fee rate, the per-order fee, the currency charge where it applies and the shipping rules. We have not seen evidence that the Q3 take rate change will hold in Q4.

Our suggested pricing check, which is our own advice rather than eBay's:

• Calculate fees on the full amount the buyer pays, including shipping and tax, using the category rate on the fee page, not the 13.8% company take rate⁶.
• Check whether each product sits in a different category, such as trading cards at 13.25% rather than 13.6%³.
• Where a listing or sale involves a different eBay site currency, check whether the 3.25% charge applies³.

Illustrative example, with invented numbers: an item sells for $50 with $5 shipping and no sales tax¹.

Scenarios for Q4, which are our reading rather than eBay's forecasts:

• If Q4 GMV lands within $23.7 billion to $24.1 billion, demand stays strong in the categories management named¹. Sellers in collectibles and C2C may see more buyers, but they may also face more competing listings.
• If growth slows towards the bottom of management's range as it laps 2026 levels, growth in trading cards could slow further, as management's normalisation warning implies.
• Stock and pricing decisions should not assume the Q3 take rate of 13.8% holds, because management said Depop's lower take rate would keep pressuring the consolidated rate until the acquisition anniversary^5,6.

What to watch:

• Q4 results against the $23.7 billion to $24.1 billion guidance, and whether the take rate keeps falling¹.
• Further fee page notices. Value Added Resource reports that the currency charge change appeared on fee pages without an announcement⁷.
• Whether eBay publishes seller counts or sell-through in future filings.

Fee figures in this article were checked on 1 November 2026 against the eBay Seller Center fee page³ and the eBay Help Center selling fees page⁴. Check the live pages before any pricing change, because fees can change.