eBay (EBAY) Stock Forecast & Price Target

eBay is showing durable fundamental momentum, with 3Q26 GMV of $23.17B, revenue of $3.206B, Non-GAAP operating income of $843M, and Non-GAAP EPS of $1.51 all beating expectations while 4Q26 guidance also came in ahead of consensus. The bullish case is supported by broad-based growth across Focus Categories, C2C, recommerce, and eBay Live, where triple-digit GMV growth and AI tools like Magical Listing and card scanning are improving seller productivity, discovery, and conversion. Depop adds another growth leg, with US GMV, monthly active users, and sold items more than doubling on a pro forma basis, while strong cash generation, $689M of quarterly buybacks, and a 1.1x net leverage ratio reinforce financial flexibility and shareholder returns.

eBay is facing a challenging fundamental backdrop because its growth depends on reaccelerating GMV and sustaining active buyer growth, yet the company is exposed to buyer and seller churn, slowing eCommerce growth in key markets, and intensifying cross-border competition. With 2025 revenue of $11.1 billion on nearly $80 billion of GMV, the business still relies heavily on marketplace transaction fees and advertising, but any failure to expand advertising or maintain monetization could pressure results. Despite serving 135 million active buyers and 18 million active sellers across more than 190 markets, the 52% U.S. revenue mix and exposure to adverse global regulatory policies leave eBay vulnerable to uneven international performance.