eBay (EBAY) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Strategic focus and business evolution

• Refocused on non-new, in-season goods, now 90% of sales, with three main strategic areas: focus categories, C2C, and recommerce, which together represent two-thirds of the business and grew 10% last year.

• Focus categories, especially fashion, have outpaced overall growth, with fashion alone growing 10% in the U.S. and driving $500 million in incremental GMV.

• C2C business has expanded through marketing and technology, particularly in Europe, converting more buyers into sellers and simplifying listing.

• Recommerce (used and refurbished goods) now exceeds 40% of platform inventory and is growing faster than new products.

• Acquisition of Depop targets Gen Z and millennials, leveraging eBay’s assets to accelerate growth in pre-loved fashion and C2C.

Financial performance and growth drivers

• GMV growth accelerated in 2025, with 8% FX-neutral growth in Q3 and Q4, driven by broad-based strength across focus areas.

• Focus categories grew 12%, and strategic areas now account for two-thirds of GMV, growing at 10%.

• Shipping improvements, partly in response to trade policy and tariffs, have strengthened the marketplace and CBT business.

• Collectibles, including trading cards and bullion, show durable, structural growth due to innovation, partnerships, and acquisitions.

• Pokémon growth expected to moderate after Q1 due to high comps, but overall category strength remains.

Innovation and technology

• eBay Live, a new live commerce vertical, has grown 7x year-over-year, expanding into multiple countries and adding new features.

• Agentic commerce and AI-driven tools like Magical Listing and agentic search are transforming the listing and buying experience, increasing listings per lister by over 50% and reducing listing time by more than a quarter.

• AI is used across customer support, marketing, and product development, improving efficiency and customer engagement.

• Proprietary models and a hybrid cloud approach have enabled significant AI advancements without increasing CapEx beyond 4%-5%.

• Off-site agentic commerce partnerships (e.g., Google Shopping, Facebook Marketplace, OpenAI) extend inventory reach and leverage unique data sets.