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eBay posted a strong performance in Q3 2025, with revenue and gross merchandise volume (GMV) both rising year-over-year and above analyst expectations. At the same time, the company issued guidance for Q4 that prompted caution in the market. The update is relevant for marketplace sellers using eBay, as it reflects evolving platform dynamics and tools.

Key Highlights

  • Revenue: US $2.82 billion, up ~9 % on an as-reported basis, ~8 % FX-neutral.
  • GMV: US $20.1 billion, up ~10 % as-reported, ~8 % FX-neutral.
  • Non-GAAP diluted EPS: US $1.36, up ~14 % year-over-year, beating analyst estimates (~US $1.33).
  • Active buyers: 134 million, up ~1 % year-over-year.
  • Capital returned to stockholders: ~$757 million, including ~$625 million in share repurchases and ~$132 million in cash dividends.

What This Means for Sellers

For sellers on eBay, this quarter signals a few important takeaways:

  • The marketplace is growing in transaction volume, particularly in focus categories like collectibles and resale items; aligning your inventory with these growth zones may offer an edge.
  • The modest growth in active buyer numbers indicates increased competition for attention — standing out (via quality listings, optimized titles/descriptions, and advertising) remains critical.
  • eBay’s continued investment in marketplace capabilities — such as AI-powered listing tools, Live commerce, and enhanced authenticity programs — suggests that sellers who adopt platform-provided tools early may capture the benefit.
  • While the current quarter is strong, the forward guidance has raised caution. Sellers should monitor eBay’s Q4 guidance and prepare for possible shifts in buyer behaviour, promotional intensity, or shipping/return dynamics.

Additional Notes / Compliance Updates

  • eBay’s Q4 2025 guidance: revenue expected between US $2.83 billion and US $2.89 billion; full-year revenue expected between US $10.97 billion–US $11.03 billion.
  • Despite the beat on Q3, eBay shares declined in after-hours trading due to concerns over margin pressures and slower projected GMV growth for Q4.

CedCommerce Takeaway

For eBay sellers, this is a moment to refine and scale. With eBay extending its focus on high-growth segments (collectibles, resale, live shopping) and platform enhancements (AI listings, seller protections, enhanced trust programs), sellers who optimise listings, leverage advertising effectively, and diversify inventory across trending categories will be best positioned to benefit.

At the same time, keep a close eye on the holiday-season dynamics and eBay’s guidance — flexibility and readiness for change will matter.

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