eBay (EBAY) 23rd annual dbAccess Global Consumer Conference summary

Strategic focus and business performance

• Renewed emphasis on core strengths, particularly recommerce and customized experiences for buyers and sellers, has driven broad-based growth across categories such as collectibles, fashion, and parts and accessories.

• Consumer-to-consumer (C2C) business now accounts for about 70% of GMV, growing in the high teens, with focused categories showing double-digit growth in Q1.

• U.S. consumer demand remains resilient, while international markets face softer macro conditions, though strategic focus areas outperform broader trends.

• Expansion of focus categories and geographic reach is ongoing, with significant runway for growth in both existing and new verticals.

• eBay Live has seen 8x annual run rate growth year-over-year, with accelerating adoption in core categories like fashion and collectibles.

Technology and innovation

• AI-driven tools such as Magical Listing and agentic search have reduced friction for sellers and buyers, resulting in a 50% increase in new listings and higher GMV.

• Proprietary AI capabilities leverage 30 years of data, enabling personalized experiences and cost efficiency, while also supporting productivity gains for engineering and customer service.

• On-platform agentic search beta has shown a 50% increase in search engagement, and integration with third-party AI models is additive to traffic and engagement.

• Shipping solutions and financial services, including Fitment and Authenticity Guarantee, enhance trust and reduce friction, especially in cross-border trade.

Financial outlook and capital allocation

• Raised GMV and operating income guidance for the year, with Q2 operating margin guided at 27.6%-28.1% and full-year operating income growth at 9%-11%.

• Advertising, now at 2.6% of GMV, is a primary driver of margin and take rate, with a 3% target and significant growth potential ahead.

• Continued investment in growth areas is balanced with shareholder returns, maintaining a 90%-100% free cash flow return target, $2 billion buyback, and the all-cash Depop acquisition.