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GMV growth accelerated to nearly 6% for the full year, driven by a 10% increase in core strategic priorities including focus categories, C2C, and recommerce.<\/p>\n<\/li>\n
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Recommerce now accounts for over 40% of total platform GMV, fueled by ‘magical listing’ AI tools that reduce seller friction and increase supply from consumer closets.<\/p>\n<\/li>\n
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The U.S. market significantly outperformed international segments due to resilient consumer demand and a higher concentration of high-growth collectibles and luxury fashion.<\/p>\n<\/li>\n
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International performance remains pressured by a soft macroeconomic environment in Europe and regulatory headwinds from U.S. trade policy changes regarding de minimis exemptions.<\/p>\n<\/li>\n
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Advertising revenue reached $2 billion annually, acting as a primary driver for revenue outpacing GMV growth by over 1 percentage point.<\/p>\n<\/li>\n
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Management attributes the current momentum to a multi-year investment cycle in ‘focus categories’ that is now yielding broad-based conversion improvements.<\/p>\n<\/li>\n
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The acquisition of Depop is intended to capture the Gen Z demographic and solidify leadership in the rapidly expanding circular fashion market.<\/p>\n<\/li>\n<\/ul>\n
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2026 GMV growth is projected to remain consistent with 2025 levels, assuming continued momentum in core priorities despite lapping difficult comparisons in Pokemon and marketing efficiencies.<\/p>\n<\/li>\n
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The company plans to transition from generative AI pilots to ‘agentic’ experiences, where AI agents autonomously build listings and handle complex buyer natural language queries.<\/p>\n<\/li>\n
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eBay Live is positioned as a major 2026 growth vector, currently tracking at a 7x year-over-year run rate with expansion into five new international markets.<\/p>\n<\/li>\n
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Guidance for Q1 2026 includes a significant but potentially ‘less durable’ contribution from bullion and collectible coins due to recent precious metal demand spikes.<\/p>\n<\/li>\n
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Management expects the Depop acquisition to contribute 1 to 2 percentage points to total FX-neutral GMV growth in 2026 following its expected Q2 close.<\/p>\n<\/li>\n<\/ul>\n
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A $1.2 billion cash acquisition of Depop is expected to be dilutive to non-GAAP EPS and operating income in the short term, with a goal of becoming accretive by 2028.<\/p>\n<\/li>\n
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Accounting policy changes starting January 1, 2026, will shift all internal-use software costs to immediate expenses rather than capitalization, impacting reported product development costs.<\/p>\n<\/li>\n
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Managed shipping revenue recognition is switching from gross to net, which management notes will modestly pressure reported take rates in 2026.<\/p>\n<\/li>\n
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The non-GAAP tax rate is being raised to 17.5% for 2026 to reflect shifting global tax policies and geographic business mix.<\/p>\n<\/li>\n<\/ul><\/div>\n
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