eBay Inc.

Good day, everyone. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome you to the eBay second quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, and if you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. At this time, I would like to turn the call over to John Egbert, Vice President of Investor Relations.

Good afternoon. Thank you all for joining us for eBay's second quarter 2026 earnings conference call. Joining me today on the call are Jamie Iannone, our chief executive officer, and Peggy Alford, our chief financial officer. We're providing a slide presentation to accompany our commentary during the call, which is available through the investor relations section of the eBay website at investors.ebayinc.com. Before we begin, I'll remind you that during this conference call, we will discuss certain non-GAAP measures related to our performance. You can find the reconciliation of these measures to the nearest comparable GAAP measures in our accompanying slide presentation. Additionally, all growth rates noted in our prepared remarks will reflect organic, FX-neutral, year-over-year comparisons, and all earnings per share amounts reflect earnings per diluted share, unless indicated otherwise. Additionally, all year-over-year growth rates versus 2025 are based on recast financials reflecting our adoption of the new internally developed software accounting guidance in 2026. During this conference call, management will make forward-looking statements including, without limitation, statements regarding our future performance and expected financial results. These forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from our forecasts for a variety of reasons. You can find more information about risks, uncertainties, and other factors that could affect our operating results in our most recent periodic reports on Form 10-K, Form 10-Q, and our earnings release from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of August 5, 2026. We do not intend and undertake no duty to update this information. With that, I'll turn the call over to Jamie.

Thanks, John. Good afternoon, and thank you all for joining us today. eBay delivered another strong quarter in Q2, with results that exceeded consensus expectations and the high ends of our guidance ranges across all key financial metrics. Gross merchandise volume grew 14% year-over-year to more than $22 billion. Revenue also grew 14% to over $3 billion. Thank you so much for joining us. Thank you so much for joining us. This momentum was further supported by emerging growth vectors and platform capabilities, including eBay Live, vehicles, and shipping. Focus categories remain a significant engine of growth for eBay, reflecting the cumulative impact of our investments in trust, innovation, and full funnel marketing. Focus category GMV grew 26% in Q2 and eclipsed 40% of total GMV for the first time. The strength and focus categories was broad-based, with collectibles, motors, fashion, and refurbished all contributing to growth. Collectibles GMV growth continued to be led by strength and trading cards, where we saw sustained momentum across all of the major sports and collectible card game genres, including notable strength in basketball cards through the NBA Finals and accelerating demand for soccer cards around the World Cup. Thank you for joining us. In addition, our AI-powered card scanning experience exited beta and now has surpassed 80 million cumulative scans, making it easier for collectors to identify cards, understand pricing, and list or shop with confidence. We also recently enhanced trading card listings with richer market data on the view item page, including card ladder indexes that track values across specific players, characters, sports, and genres over time. Our collectibles momentum is also extending to a number of subcategories as we continue to see strong growth in coins, toys, and sports memorabilia. In Q2, we introduced new condition grading standards for collectible coins to improve trust and discovery. Gold and silver bullion remained a positive contributor to GMV in Q2, although they were much more modest drivers than the prior two quarters as expected. Our off-platform collectibles marketplaces also continued to perform well. TCG players saw strength across Pokemon, One Piece, and Magic the Gathering, while its latest Roka sorting devices are now helping thousands more hobby shops and high-volume sellers ingest and organize their customers' inventory. The Golden Marketplace had another record quarter, with several landmark sales across sports cards and memorabilia, including the most valuable solo Michael Jordan card ever sold and an all-time public record for a hockey jersey with the sale of Wayne Gretzky's final Edmonton Oilers jersey. eBay Motors was another meaningful contributor in Q2, contributing nearly two points of GMV girth. Our motors, parts, and accessories business continues to benefit from eBay's unmatched breadth and depth of inventory as we expand our selection of new, used, and recycled parts across our major markets. In Q2, we launched easy and free returns in the UK, which strengthens buyer confidence and improves conversion as buyers shop for auto parts on eBay. In Canada, we launched Guaranteed Fit, extending fitment protection to a fifth eBay market. We also brought automated fitment capabilities to Canadian sellers, which augments their listing with vehicle compatibility data so buyers can discover a broader selection of relevant parts and shop with greater confidence. Our vehicles GMV also continues to scale rapidly, with particularly strong growth among C2C sellers and smaller dealers. In Q2, we launched native vehicle listing in the eBay mobile app, driving a notable increase in C2C inventory. We are also using AI and automation to simplify the transaction process, including verifying title, VIN, and odometer images against verified DMV records and sale documentation with significantly less manual intervention. Alongside broader process improvements, this has helped reduce the average time to vehicle pickup from over two weeks to roughly four days. By making it easier to list, verify, and complete a secure transaction, we are improving the customer experience and supporting continued momentum in GMV. Fashion also contributed positively to GMV growth, led by luxury and pre-loved inventory. Thank you so much for joining us. combined with eBay's breadth of inventory and AI-powered selling tools, these investments are strengthening our position in preloved and luxury fashion on the eBay platform. Last week, we completed our acquisition of Depop. I'm excited to officially welcome the Depop team and community to eBay. Epop joins us with incredible momentum and strengthens our leadership positions in C2C and e-commerce while extending our reach with a younger generation of buyers and sellers. It is also highly complimentary to eBay's existing fashion business. eBay offers broad global selection across pre-loved and authenticated luxury, while Depop brings a social forward and discovery-led experience with particular strength in pre-loved fashion inventory at accessible price points. These complementary strengths allow the combined company to serve a broader range of consumers and unlock more of the inventory sitting in closets around the world. As we look at ways to support Depop's outstanding growth, our first priority is to maintain the brand, community, and product experience that make Depop special while helping the team accelerate its existing roadmap. At the same time, we see clear opportunities to use eBay's scale and capabilities to support Depop's growth, including introducing Depop to relevant customers on eBay to stimulate demand, making shipping more affordable and convenient, and offering our expertise in trust and marketplace safety. We are still in the early days of bringing these complementary businesses together, but believe the strategic fit is compelling. Pairing Depop's differentiated audience and user experience with eBay's scaled global user base and marketplace capabilities allows us to build on our established strengths in fashion, broaden our reach with younger consumers, and unlock more of our total addressable market in C2C and e-commerce. Our acquisition of Depop builds on the strong consumer selling momentum across eBay's core marketplace as C2C GMV grew by over 20% in Q2, outpacing overall GMV. C2C GMV continued to grow and mix in the US, our largest market for consumer selling, driven by healthy double-digit growth in both sellers and supply. Collectibles, electronics, and fashion were the largest contributors to this continued momentum, while the latest generation of magical listing is further accelerating consumer supply by making it dramatically easier to list and sell on eBay. In the UK, C2C GMV trends were particularly strong, supported by broad-based supply growth and continued outperformance in focus categories. Active sellers reached their highest level since 2023, while UK C2C GMB saw its strongest growth in many years outside the pandemic period. In Germany, we're seeing healthy growth in C2C GMB as we intentionally shift investment toward the categories and experiences where eBay has the strongest right to win. may create some near-term pressure on overall GMV and buyers in Germany as we continue to navigate a challenging macro backdrop. But we are seeing encouraging early results from this pivot that suggest it will increase penetration of strategic GMV and strengthen the long-term health of this market. In Australia, we saw an acceleration in C2C GMB growth to double digits, which helped the region overall post its strongest growth in several years during Q2. New and reactivated listers, listing creation rates, and other leading KPIs have notably increased since we launched our Australian C2C initiative in May, providing encouraging early evidence that our enhanced value proposition is resonating with consumers. Thank you for joining us. Now, let's turn to eBay Live, which posted another record quarter as GMV grew by roughly 8x year over year in Q2, alongside rapid growth in viewers, watch time, and sold items. Based on our growth and available market benchmarks, we believe eBay Live is gaining share across all seven markets where it operates. Thank you so much for joining us. From a product perspective, we continue to improve eBay Live for both buyers and sellers. New discovery surfaces across the eBay homepage and mobile app make relevant events easier for buyers to find, while simpler event setup, inventory preparation and live item management reduce the workload for sellers. We have also improved bidding responsiveness, making events faster and more seamless for participants. Importantly, we're seeing eBay Live's benefits extend beyond each event. Among established sellers who stream regularly, over 90% grow their GMV on eBay, and the median GMV increase for live sellers is roughly three times that of similar sellers who do not use live. and we're seeing similar results on the buyer side. For instance, first-time live buyers shopping in collectibles are spending approximately 70% more than comparable non-live buyers with roughly half of the incremental spend occurring outside of live events. These results reinforce our confidence that live can deepen engagement, broaden discovery and increase velocity across the broader eBay marketplace. Next, I'll discuss how we're leveraging AI to reimagine the buying and selling experiences on an ongoing basis. For sellers, the next generation of our magical listing experience is making selling on eBay dramatically easier by leveraging AI and our product knowledge graph to do most of the hard work on their behalf. We have now fully ramped the latest generation of magical listing to all new and reactivated listers in the UK, Germany and Australia. and are seeing compelling uplift on key KPIs directionally similar to what we observed in the US. Australia is our first market where we have released the latest magical listening experience to all C2C sellers, an important step toward extending these benefits to our broader seller base. In Q2, we began integrating enhanced pricing guidance into magical listing to help sellers balance velocity and price realization, and we improved the accuracy of package size estimates to help manage shipping costs more efficiently. For buyers, our agentic search pilot reinforced the value of natural language understanding in helping customers uncover more of the products they'll love within eBay's 2.6 billion listings. We are now working to bring more natural language capabilities into core search to deliver greater density of relevant results while developing more conversational multi-turn experiences in the parts of the shopping journey where they add the most value. These innovations build on eBay's structural advantages, 30 years of commercially relevant data, tens of billions of cumulative listings and product images, and our ability to train and deploy AI models efficiently on our private cloud infrastructure. Shipping services are becoming an increasingly important part of our platform and a meaningful enabler of marketplace velocity. Thank you so much for joining us. Through our partnerships with InPost and Royal Mail, buyers and sellers can access approximately 50,000 lockers and parcel shops nationwide. With 95% of UK buyers now living within one kilometer of a pickup or drop-off location, this network offers a convenient, lower-cost alternative to home delivery, particularly for lower ASP inventory. We recently announced that eBay international shipping will also launch in the UK later this month. Following successful launches of this program in the US and Canada, eligible UK sellers will now have access to over 190 countries with lower shipping costs and a simpler end-to-end experience with customs, returns, and international delivery, all managed by eBay. Before closing, I'd like to share a few highlights on eBay's impact. Thank you for watching. This included an auction for a private lunch with Warren Buffett and Steph and Ayesha Curry. The winning bid exceeded $9 million and matching contributions from Mr. Buffett brought the total raise to $27 million for the Glide and Eat Learn Play organizations. We also partnered with The Late Show with Stephen Colbert to auction iconic memorabilia from the Ed Sullivan Theater during the show's final season, raising more than $2 million for World Central Kitchen. eBay was also recognized by the Wall Street Journal as one of the best companies for the future and by the U.S. News & World Report as one of the best companies to work for, reflecting how our culture and commitment to impact support our long-term success. Thank you so much for joining us. Vehicles GMV is growing rapidly as we improve the end-to-end transaction experience, and shipping is lowering costs and friction across domestic and cross-border transactions. Thank you so much for joining us. And finally, we continue to balance investments in long-term growth with disciplined execution. Q2 once again demonstrated our ability to invest behind our strategic priorities while still delivering strong growth in operating income and in EPS. I want to thank our employees for the continued execution and our global community of sellers and buyers for their trust and partnership. With that, I'll turn the call over to Peggy to provide more details on our financial performance and outlook. Peggy, over to you.