eBay bought Depop, a brand popular with younger consumers, for $1.4 billion in cash, closing the deal on July 30, 2026, and management expects it to start adding to adjusted operating profit in 2028. Depop's buyer count rose from about 7 million when the deal was announced to close to 9 million by the end of June, while eBay's consumer-to-consumer GMV grew over 20% in the June quarter, outpacing total GMV growth of 14%. Management expects Depop to add roughly 1 percentage point to eBay's 2026 revenue growth but to hold back adjusted operating income growth by about 2 points against guidance of 10% to 12%. Excluding Depop, management guides third-quarter revenue growth of about 7% to 9%, versus 14% in the June quarter, mainly due to lapping last year's gains. eBay stock returned 30.1% over the past year, compared with 16.5% for the S&P 500.
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