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Call sheet · Q1'26

eBay (EBAY)

Q1'26 earnings call · held April 29, 2026 · compared with the Q4'25 call · management-credibility review
7/12
Disclosure score
2 medium, 4 low flags
Financial quality
Bottom line
The sleeper story everyone's missing: eBay's C2C business is quietly becoming their growth engine, now 25%+ of GMV and significantly outpacing B2C in major markets. Yes, 27% U.S. GMV growth looks monster, but strip out the precious metals bubble (already normalizing) and you still have solid double-digit underlying acceleration. The binding constraint isn't demand - it's international market recovery and their ability to scale emerging vectors like Live beyond the early adopter base. Most revealing quote: 'We saw that momentum continue in Q1, as C2C delivered double-digit GMV growth across the U.S., U.K., and Germany, meaningfully outpacing B2C growth' - this is the structural shift driving sustainable growth. My view changes if international markets don't show sequential improvement by Q3 or if they start missing their own C2C expansion timelines in Australia.

The 30-second version

  • SLEEPER: C2C business is quietly becoming eBay's growth engine
  • 27% U.S. GMV growth looks monster but has sustainability issues
  • They stopped reporting key seller metrics and are gaming ad penetration

What changed this quarter

MetricQ4'25Q1'26Change
GMV$21.2B (+8% YoY in Q4)$22.2B (+14% YoY)+600 bps acceleration driven by precious metals
Revenue$2.96B (+13% YoY in Q4)$3.09B (+17% YoY)+400 bps acceleration, outpacing GMV
U.S. GMV+19% YoY in Q4+27% YoY+800 bps acceleration, unsustainable pace
International GMV-1% YoY in Q4+2% YoYTurned positive but still weak
Focus Category GMV+16% YoY in Q4+24% YoY+800 bps acceleration
Active Buyers134M (+1% YoY in Q4)136M (+1% YoY)Flat growth rate, concerning
U.S. Buyer GrowthMid-single digit in Q4+6% YoYStrong but decelerating from recent peaks
Take Rate14.0% in Q413.9%-10 bps decline
Advertising Revenue$544M in Q4$581M+$37M sequential growth
Non-GAAP Operating Income$775M (+11% YoY in Q4)$907M (+18% YoY)+700 bps acceleration

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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