Strong Financial Performance: eBay reported Q2 2025 gross merchandise volume (GMV) growth of 4% year-over-year (YOY), reaching $19.5 billion, while revenue also grew by over 4% to $2.73 billion. Non-GAAP operating income rose 8% to $775 million, and non-GAAP earnings per share (EPS) increased 16% YOY to $1.37. This indicates robust operational strength and effective execution of strategic initiatives.

Focus Category Growth: The company¡¯s focus categories significantly outperformed, with GMV growth over 10% in Q2, driven largely by collectibles, particularly in trading cards which showed triple-digit growth. This trend underscores the importance of niche categories in driving overall revenue, and eBay plans to continue investing in these areas.

Challenges in International Markets: Despite the strength in the U.S. market, international GMV only grew nearly 2% (with favorable foreign exchange rates contributing to overall growth). Europe remains challenging, impacting overall performance. The elimination of de minimis exemptions for imported goods has created uncertainty, hindering cross-border sales.