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 third 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 third 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. 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 also based on recast financials reflecting our adoption of the new internally developed software accounting guidance in 2026. And all DPOP comparisons will be pro forma, FX neutral, year-over-year comparisons unless noted otherwise. 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 released from earlier today. You should not rely on any forward-looking statements. All information in this presentation is as of October 28th, 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. We delivered strong results in Q3 as our key financial measures exceeded consensus expectations and the high end of our respective guidance ranges. Gross merchandise volume grew by 13% to more than $23 billion. Revenue grew 11% to $3.2 billion. We also delivered 11% year-over-year growth in non-GAAP operating income and nearly 12% growth in non-GAAP earnings per share, even as we continue to invest behind our highest priority growth opportunities. Our outperformance was once again broad based across categories, geographies, and customer segments. Our key strategic priorities, including focus categories, consumer-to-consumer or C2C, and re-commerce, grew GMV by approximately 20% in aggregate and now represent 72% of our total GMV, excluding DPOP. eBay's results also benefited from the continued scaling of emerging growth vectors like eBay Live and Vehicles, which are contributing more meaningfully each quarter, as well as Depop, which accelerated materially and contributed to total FX-neutral GMB growth of nearly 16% year-over-year in Q3. Focus category GMV grew 24% in Q3, led by collectibles, eBay motors, fashion, and refurbished goods. Our continued momentum reflects years of strategic investment in category-specific innovation, trust, selection, community, and tailored selling and buying experiences for our customers. Starting with collectibles, trading cards maintained strong GMV growth even as we lapped increasingly difficult year-over-year comparisons. Pokemon's 30th anniversary releases supported continued growth in collectible card games, while major summer events and the fall sports calendar drove healthy demand for sports trading cards. Excitement for eBay Collectibles was on full display at the National Sports Collectors Convention in Chicago, which drove record usage of our AI-powered card scanning tool. The tool has now surpassed 130 million scans, and in Q3, we expanded card scanning to the UK and began adding proprietary transaction data from TCG Player and Golden to the tool's price guide, giving collectors a broader view of market pricing. In Q3, we expanded authenticity guarantee to lower-priced trading cards in the U.S. and U.K. In the U.S., the change increased the number of sold items eligible for authenticity guarantee by more than 20% and also made those items eligible for grading add-on and vault storage services offered through our partnership with PSA. Thank you for joining us. Our authenticity guarantee surpassed 20 million cumulative items inspected across categories in July, reinforcing our commitment to building trust and confidence across our marketplace. Our off-platform collectibles marketplaces also continued to thrive. TCG Players surpassed $1 billion in trailing 12-month GMV for the first time and opened seller registration in the UK and Canada, extending the reach of its specialized collectible card game marketplace. Our Golden subsidiary had another record GMV quarter and continues to attract some of the world's rarest and most valuable collectibles. In Q3, Golden hosted an auction commemorating the United States' 250th anniversary, highlighted by a rare copy of the Declaration of Independence that sold for over $3.6 million. By bringing together the core eBay marketplace, eBay Live, TCG Player, and Golden, we're serving enthusiasts across all major categories, price points, and transaction formats. Turning to eBay Motors, which remained a material contributor to GMV growth across parts and accessories and vehicles. In P&A, we launched easy and free returns in Germany in Q3, following successful rollouts in the US and UK that drove increased conversion and incremental GMV with stable return rates. We also introduced certified recycled badging in the US, helping buyers identify high-quality recycled OEM parts from qualified sellers. In vehicles, we continue to simplify the end-to-end transaction experience and expand the range of customers and vehicles we can serve. In Q3, we launched Secure Purchase Express to provide a streamlined path to checkout for C2C sellers who do not require our full suite of services. We onboarded hundreds of independent dealers to our new Trusted Dealer program, allowing them to use Secure Purchase within their existing workflows. and we increased vehicle purchase protection coverage to $500,000 to support more high value transactions. These protections and our differentiated buyer reach supported several vehicle sales above $1 million in Q3, including a 2005 Porsche Carrera GT that sold for $5 million from a trusted dealer in Arkansas to a buyer located in Texas. eBay's fashion business continues to be a source of growth, led by luxury, which delivered another quarter of healthy double-digit GMB growth. In Q3, we significantly expanded authenticity guarantee across Europe, enabling buyers in 23 European Union countries to shop for authenticated luxury fashion inventory from sellers in Germany, France, and Italy. In Australia, we launched Authenticity Guarantee for watches and continued broadening eligible brands across apparel, footwear, and accessories. This trust infrastructure has helped make eBay the leading online marketplace for secondhand luxury fashion sales in the U.S. and U.K. Depop complements eBay's broader fashion business and expands our reach with younger consumers through its discovery-led experience optimized for desirable, affordable secondhand fashion. Thank you so much for joining us. Thank you for joining us. Depop continued to improve its product experience in Q3 as it enabled faster personalized discovery on the homepage, simplified its AI-assisted listing flow, and deployed new AI models to prioritize the visibility of higher quality listings. We also introduced new Depop balance features in Q3, allowing customers to keep their sales proceeds in the app and use them for future purchases. This makes it easier for sellers to become buyers as well, encouraging the two-sided engagement we see among Depop's most valuable customers. Marketing and shipping play complementary roles in Depop's growth model. Full funnel marketing has proven effective at raising awareness and bringing more customers into the marketplace. Our investments to lower shipping costs have made lower priced items economical, increased purchase frequency, and improved seller velocity. We'll be right back. Beyond shipping, we continue to explore supply and demand synergies between eBay and Depop. In Q3, we tested a dedicated module of relevant Depop listings adjacent to eBay search results for select fashion queries. We are currently testing the next phase of our inventory integration by exploring how users respond to individual Depop listings directly in eBay search results for relevant queries. Over time, we believe eBay's scaled demand and shopping intent signals can connect more fashion consumers with relevant Depop listings and drive incremental GMV and velocity for Depop sellers. Overall, we are managing eBay and Depop as a portfolio, preserving each brand's distinct experience and allocating investment toward opportunities that generate the strongest long-term returns for the combined company. Deepop's growth builds upon the strong consumer selling momentum on eBay, where global C2C GMB grew by more than 20% in Q3, including healthy double-digit growth across the US, UK, and Australia. Artificial intelligence has an outsized impact on our C2C business as it reduces friction that prevents consumers from listing and selling successfully. We continue to see strong results from the latest generation of our AI-powered magical listing experience. Thank you so much for joining us today. In Australia, active sellers are creating more than one-third more listings per attempter with Magical Listing, while their average listing time has been reduced by approximately one-third, which is similar to the benefits we've observed with new sellers. As we began ramping active seller groups, we upgraded Magical Listing's pricing guidance, including an improved user experience and new AI models with smarter price recommendations, driving measurable improvements in conversion and sell-through. In September, we launched comprehensive improvements to the C2C value proposition in France and Italy, bringing together free selling, buyer protection, magical listing, enhanced local discovery, eBay balanced, and simplified shipping. These launches have driven meaningful uplift in leading indicators such as new and reactivated listers and laid the foundation for a more connected European marketplace overall. Thank you so much for joining us. Thank you for joining us. For buyers, we redesigned the Live Hub with updated search, filters, personalized recommendations, and a feed-based experience, while integrating Live more prominently into services across eBay. This should make relevant events, inventory, and communities easier to discover as Live scales. Trust remains foundational to eBay Live. During Q3, we launched AI-powered moderation across chat, audio and video, added pre-event screening, and strengthened host controls for moderation. We also deployed real-time multimodal AI agents to extract structured item details directly from video streams. These agents were initially focused on trust and over time support automated listing creation tools and more intelligent item discovery. Thank you for joining us. In Q3, we launched eBay international shipping in both the UK and Germany. Sellers will now be able to ship domestically to an eBay hub and seamlessly tap into buyer demand in more than 190 markets, while eBay handles transportation, customs, returns, and post-purchase support. Customer feedback has been extremely positive, and the cost savings from these programs are significant. For instance, in the UK, we estimate EIS can be up to 30% cheaper for customers than our previous global shipping program. In Q3, we also deployed an improved AI delivery date model across six major export markets, expanding the inventory we can show with a fast delivery promise while maintaining reliability. During the quarter, we completed the nationwide rollout of US-managed shipping to all new and reactivated listers. Within the magical listing flow, eBay now estimates the package size and weight with AI, generates a prepaid label, and provides tracking. Sellers are automatically protected against loss or damage. And early results show a double digit percentage reduction in listing time and strong customer satisfaction. In the UK, we are making pickup and drop-off, or PUDO, services more visible and economical across more than 50,000 carrier options at lockers and parcel shops, with approximately 95% of UK buyers living within one mile of a PUDO location. Thank you so much for joining us. In Q4, we are beginning a limited seller drop-off test in several large U.S. metropolitan areas. Our objective is to learn whether greater shipping choice and structurally lower cost delivery options can improve listing activity, conversion, and transaction velocity. We are assessing customer adoption, service quality, and unit economics throughout the test. Before closing, I'd like to share a few highlights from eBay's 2026 Recommerce Report, which we published earlier this month. The report points to a secular shift in recommerce, as 47% of consumers surveyed now buy secondhand at least monthly, up from 35% last year. And 89% expect to spend the same or more on secondhand goods in 2027. It also highlights seller economics. Roughly 85% of sellers source secondhand inventory from their own belongings, and nearly 30% say selling secondhand helps them earn extra income. Younger consumers are accelerating this shift. 53% of 18 to 29-year-olds expect to buy more secondhand in 2027. That reinforces the long-term opportunity for eBay as secondhand becomes a larger part of how people shop. Thank you for joining us. Thank you for joining us. Thank you so much for joining us. With that, I'll turn the call over to Peggy to provide more details on our financial performance and outlook. Peggy, over to you.