eBay (EBAY) Stock Forecast & Price Target

eBay is benefiting from a clear structural turnaround, with 2Q GMV up 15% to $22.4 billion, revenue up 14.8% to $3.134 billion, and non-GAAP operating income up 15.2% as Focus Categories, C2C, and recommerce each grew more than 20% and now represent over 70% of GMV. Its outlook is further strengthened by durable U.S. momentum, advertising revenue up 23.7%, and AI-enabled tools like Magical Listing and agentic search that improve listing efficiency, buyer engagement, and monetization. The Depop acquisition adds a younger, fashion-focused C2C audience and supports management’s raised full-year guidance for 11.5% to 12.5% FX-neutral GMV growth, reinforcing the view that eBay can sustain above-market growth and attractive margins.

eBay is facing a challenging fundamental setup because its growth is increasingly reliant on acquisitions rather than clear, self-sustaining marketplace acceleration, while management itself highlights risks from GMV reversion, buyer and seller churn, and weaker advertising expansion. Depop may lift FY26 GMV by about 1.5 points and revenue by 1 point, but it also creates near-term pressure, including roughly a 2 point drag on operating income growth, about 2.5 points of EPS dilution for the full year, and a mid-single-digit-point EPS headwind in 3Q. Even with 2025 revenue of $11.1 billion, nearly $80 billion of GMV, and 135 million active buyers, the dependence on a costly $1.4 billion purchase to support guidance suggests limited operating leverage and elevated execution risk.