eBay Q3 2026 earnings: collectibles, live shopping and Depop lift revenue 14%, a week after job cuts

A week ago, eBay told its staff that about 1,000 jobs would go. On Wednesday, the same company reported a quarter that beat its own forecasts. The eBay Q3 earnings 2026 report makes most sense when you hold both facts side by side.

eBay’s revenue rose 14% to US$3.2 billion in July to September, and the value of everything sold on it grew 15% to US$23.2 billion. Both beat the company’s own forecast. The growth came from trading cards and collectibles, secondhand goods (eBay calls it “recommerce”), live-stream shopping and Depop, the fashion resale app it bought this summer. Shares rose more than 4% in late trading, the Wall Street Journal reported.

eBay Q3 earnings 2026 in numbers: $23.2 billion of goods sold

From eBay’s own release, filed with the US markets regulator on 28 October:

• Revenue: US$3.21 billion, up 14% from US$2.82 billion a year ago. eBay had forecast US$3.07 to 3.12 billion.
• Gross merchandise volume (GMV), the total value of goods sold on eBay: US$23.2 billion, up 15%, above eBay’s forecast of US$22.0 to 22.4 billion.
• Profit on paper (GAAP): US$501 million, down 16%, or US$1.11 per share.
• Adjusted profit, which leaves out items such as staff share awards, job-cut costs and deal costs: US$1.51 per share, up 12%.
• Money back to shareholders: US$827 million in share buybacks and dividends.

eBay closed its US$1.4 billion purchase of Depop from Etsy on 30 July. Its live shopping service, eBay Live, now sells goods at a yearly pace of several billion dollars. Growth is “well into the triple digits” from a year ago.

Growth from each buyer spending more, not from many new buyers

One table deep in the release tells a quieter story. eBay had 147 million active buyers, up 10%. Without Depop and Tise, a Norwegian resale app eBay bought last year, the figure is 136 million, up just 1%.

This suggests most growth comes from existing buyers spending more, not from new shoppers. Much of it goes on high-value items such as graded cards, coins and luxury goods. That works while collectors keep buying, and is harder if that market cools.

The cost of a leaner eBay lands this quarter

On 21 October, chief executive Jamie Iannone told staff in a memo that eBay would cut about 9% of its workforce, Reuters reported. The aim is to simplify the company and move money to faster-growing areas. Reuters put it at about 1,100 jobs; other outlets said about 1,000. It is eBay’s second round of cuts this year, after about 800 roles went in February.

The release now puts a price on it: US$130 million to US$150 million in restructuring costs, mostly severance, expected in October to December. Behind that line are people now looking for work in a hard year for tech jobs, as Microsoft’s paid exit offer to about 60,000 staff also showed.

If you buy or sell secondhand on eBay

For sellers, eBay is spending where it is growing. Free selling for private sellers has expanded in France and Italy. AI-written listings now reach new sellers in six countries. A new shipping service in the UK and Germany lets sellers reach more than 190 markets by sending parcels to an eBay hub in their own country. Live selling is the fastest-growing corner.

For buyers, authentication checks now cover coins in the US, luxury fashion across 23 EU countries and watches in Australia. eBay’s own survey says 47% of people it asked buy secondhand at least once a month, up from 35% last year. That is the company’s figure, not an independent one.

If you hold eBay stock, note the forecast that came with these eBay quarterly results: revenue of US$3.19 to 3.24 billion for October to December. This is not investment advice.

Strong results, but the people cost deserves weight too

There is a lot to respect here. eBay has found a clear identity in collectibles, secondhand fashion and live selling, and it beat its own targets by a wide margin.

The other side matters just as much. Paper profit fell, the buyer count barely moves without acquisitions, and Depop’s boost to growth is likely to fade once it has been part of eBay for a full year. Cutting staff in a strong quarter may make financial sense. But it asks a lot of the people who leave, and of those who stay to support sellers.

On balance, eBay looks healthy and focused. Yet its growth now depends on a narrow set of passionate buyers, and the job cuts make careful execution more important, not less.

The real test comes in the second half of 2027. If eBay can keep growing once Depop’s first-year lift has gone, this quarter will look like a turning point rather than a peak.