Online marketplace eBay (NASDAQ: EBAY) reported Q3 2026 results beating Wall Street’s revenue expectations, with revenue up 13.7% year on year to $3.21 billion. The company expects next quarter’s revenue to be around $3.22 billion, close to analysts’ consensus estimates. Its non-GAAP profit of $1.51 per share was 6.7% above analysts’ consensus estimates.

For more on eBay, read our full research report, available free.

"eBay's strong third quarter results reflect continued momentum across our business priorities and customer segments as more consumers embrace recommerce," said Jamie Iannone, Chief Executive Officer at eBay. "Our Focus Categories, C2C marketplace, and Recommerce leadership are driving strong, sustained growth, while innovations across eBay Live, Shipping, and our portfolio are making the platform more trusted, seamless, and compelling for buyers and sellers around the world."

Revenue growth

Examining a company’s long-term performance can provide clues about its quality. Even a bad business can perform well for one or two quarters, but a top-tier one grows for years. eBay’s revenue grew at a tepid 7.2% compounded annual growth rate over the last three years, falling short of the consumer internet sector standard.

This quarter, eBay reported year-on-year revenue growth of 13.7%, and its $3.21 billion of revenue exceeded Wall Street’s consensus estimates by 2.8%. Company management is currently guiding for an 8.4% year-on-year increase in revenue next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 6.6% over the next 12 months, according to S&P, similar to its three-year rate. This projection is underwhelming and implies its newer products and services will not accelerate its top-line performance yet.

Active buyers

Buyer growth

As an online marketplace, eBay generates revenue growth by increasing both the number of users on its platform and the average order size in dollars.

Over the last two years, eBay’s active buyers, a key performance metric for the company, increased by 2.3% annually to 147 million in the latest quarter. This growth rate is one of the lowest in the consumer internet sector, largely a function of its already large scale and saturated market. If eBay wants to reaccelerate growth, it likely needs to innovate with new products.

In Q3, eBay added 13 million active buyers, leading to 9.7% year-on-year growth. The quarterly print was higher than its two-year result, suggesting its new initiatives are accelerating buyer growth.

Revenue per buyer

Average revenue per buyer (ARPB) is a critical metric to track because it measures how much the company earns in transaction fees from each buyer. ARPB also provides insight into a user’s average order size and eBay’s take rate, or “cut”, on each order.

eBay’s ARPB growth has been impressive over the last two years, averaging 7.6%. Its ability to increase monetization while growing its active buyers demonstrates its platform’s value, as its buyers continue to spend more each year.

This quarter, eBay’s ARPB was $21.81. It grew by 3.6% year on year, slower than its buyer growth.

Key takeaways from eBay’s Q3 results

With full-year EPS guidance above analysts’ consensus estimates and quarterly revenue topping Wall Street’s estimates, eBay’s results had some key positives. Shares rose 4.2% to $124.01 immediately after the release.

eBay had a solid quarter, but looking at the bigger picture, is this stock a buy? The latest quarter matters, but not nearly as much as longer-term fundamentals and valuation when deciding if the stock is a buy. For more on that, read our full research report here (it’s free).