The operator, Megan, introduces the call and sets the stage for the discussion. John Eckbert, the VP of investor relations, welcomes participants and outlines the call's structure. He emphasizes the use of non-GAAP measures, forward-looking statements, and risks associated with predictions. The call is set to feature insights from eBay's leadership on Q4 2025 financials and future strategies.

eBay achieved strong 2025 results with 6% global GMV growth, highlighting recommerce's role in 40% of GMV. Strategic investments in C2C, focus categories, and financial services drove top-line growth and shareholder value, alongside an acquisition to strengthen CDC offerings.

eBay's Q4 GMV growth was significantly fueled by the collectibles category, especially trading cards, thanks to AI-powered enhancements and partnerships. Fashion also played a crucial role, bolstered by strategic collaborations and the acquisition of C2C marketplaces like Ties and Depop. Motors and fashion together contributed over one point to GMV growth, showcasing eBay's diversified and expanding marketplace.

Depop, a leading C2C fashion marketplace, is acquired for its fast-growing, socially-driven user base, complementing eBay's global scale. eBay Live sees significant growth, particularly in luxury watches, achieving record GMV on Black Friday. eBay's AI advancements, including the Magical Listing Experience and Genetic Search, enhance seller and buyer experiences, driving efficiency and personalization. Cross-border shipping solutions, like EIS and Speed Pack, streamline international trade, supporting eBay's commitment to expanding its global footprint and addressing the evolving recommerce environment.

eBay surpassed its 2025 impact goals, achieving $25 billion in positive economic impact, preventing 8.2 million metric tons of carbon emissions, and diverting over 360,000 metric tons of waste from landfills. The company accelerated GMB growth by nearly 6%, with strategic priorities driving two-thirds of GMV. eBay plans to scale established priorities and accelerate emerging growth vectors, including secure digital vehicle transactions and eBay Live, while advancing its AI roadmap for hyper-personalized experiences.

The company celebrated a robust Q4 with an 8% GMV growth to $21.2 billion, driven by strong performance in focus categories like collectibles and luxury items, particularly in the US. Revenue surged over 13% to $2.96 billion, supported by non-operating income growth and capital returns to shareholders. International markets faced macroeconomic challenges, but the US saw a 19% GMV growth, fueled by enthusiast buyers and emerging sectors.

Generated $2.96B Q4 revenue with 13% organic FX neutral growth, 14% take rate up 60 bps, 1.2B listings promoted, 4.8M sellers adopted promoted listings, first party ads grew 17% to $517M, legacy third party ads declined 41% to $7M, off platform ads $21M.

The dialogue discusses Q4 non-GAAP financial results, highlighting gross margin decline due to strategic initiatives and cost efficiencies. It outlines Q1 2026 guidance, projecting GMV and revenue growth, emphasizing advertising contributions and managed shipping accounting changes. Strategic investments in seller and buyer experiences are noted, with expectations for improved program efficiency over time.

The dialogue outlines a strategic financial plan for 2026, focusing on GMV growth, revenue trends, non-operating income, and capital allocation. It highlights investments in strategic priorities, operational efficiencies, and shareholder returns, including share repurchases and dividends. The pending acquisition of Depo is detailed, with its financial implications and expected closing in Q1, subject to conditions and approvals.

eBay announces its acquisition of Depop, a fast-growing fashion marketplace, aiming to boost annual GMV by 100-200 basis points and invest in future synergies. Despite short-term dilution in operating income and EPS, eBay anticipates long-term accretion, leveraging AI and innovation to deliver balanced top and bottom line growth, marking a pivotal step in expanding its fashion category leadership.

A discussion on eBay's significant Q4 growth, attributing it to years of investment and strategic priorities. The analysis covers core business strengths, emerging growth areas, and guidance for 2026, highlighting the broad-based nature of the company's growth momentum.

Discusses the differing macroeconomic impacts on US and international markets, highlighting successful initiatives like focus categories and C2C in Europe, while acknowledging lower consumer confidence in Europe.

eBay leverages AI technology to enhance user experience, particularly in listings and search functionalities, with high customer satisfaction. The company's unique inventory composition, trust mechanisms, and transactional protections position it well in the evolving agentic AI commerce landscape, capitalizing on investments in AI-driven experiences.

The dialogue discusses the growth expectations for 26, addressing the durable and non-durable growth factors, particularly the deceleration of Pokemon and bullion growth, and the impact of the eBay-Depop merger on advancing the fashion segment in international markets, notably UK and Australia.

The acquisition of DePop is expected to significantly boost eBay's C2C strategy, particularly in the US market, where strong growth in fashion and a younger consumer base align with eBay's strategic focus. This move builds on eBay's existing momentum, with US C2C business growing mid-teens year-over-year in 2025 and fashion GMV increasing by 10%, showcasing the potential for further growth in both marketplaces.

The dialogue discusses the potential revenue synergies from the DPOC deal and the integration of eBay and Depop, emphasizing the opportunity to drive listings across both platforms. It also clarifies the acceleration in growth, noting that the majority of the Q4 to Q1 acceleration was attributed to coins and bullion, but growth remains robust even excluding this impact.

Plans to leverage eBay's developed assets, such as authenticity guarantees and payment services, to support Depop's standalone brand growth in fashion, drawing parallels with successful collectibles strategy.

The dialogue highlights the continued acceleration in demand for precious metals, particularly bullion and coins, into Q1, noting broad-based strength in GMV growth that is expected to endure beyond near-term dynamics.

Discussion on the company's strategies for earnings growth, emphasizing strong non-GAAP operating income growth, targeted share repurchases, and dividends. Highlights the evolution of agentic commerce, particularly AI's role in enhancing marketplace experiences, and the company's balanced approach to capital allocation, focusing on organic investment while returning value to shareholders.

Discusses eBay Live's role in driving transactions, attracting new buyers, and enhancing seller trust, highlighting its global scalability. Also covers progress in the Facebook Marketplace partnership, expanding eBay inventory search and categories, benefiting both seller communities and users.

The dialogue discusses the growth and sustainability of the trail car business, emphasizing the expansion of the user base and appreciation for non-price factors. It also explores the effects of AI on user behavior, specifically higher conversion rates and product clicks for high-consideration goods when directed from AI search platforms to eBay's website.

The trading card market is experiencing secular growth, attributed to innovation and renewed consumer interest. Key drivers include broad-based strength across sports and collectible card games, with Pokemon and emerging games like One Piece gaining traction. Growth is fueled by new buyers, higher-priced items, and innovations such as AI card scanning, positioning the company as a leader in the industry.

Discusses leveraging AI for high-intent traffic, improving user experience through conversational genetic search, and unlocking recommerce potential by simplifying listings, aiming to convert offline inventory into online sales.