eBay (EBAY) Stock Forecast & Price Target

eBay is positioned for durable outperformance because its GMV acceleration is increasingly structural, with Focus Categories, C2C, and recommerce each growing more than 20% and together representing over 70% of GMV, while 2Q GMV rose 15% to $22.4 billion and U.S. GMV jumped 24%. Its monetization is strengthening through ads and marketplace fees, as revenue grew 14.8% to $3.134 billion, adjusted EBITDA reached $994 million, and non-GAAP operating income rose 15.2%, showing that growth is still translating into solid profitability. The Depop acquisition adds a younger, fashion-focused audience and is expected to lift GMV growth further in 3Q and FY26, while AI tools and eBay Live create additional long-term operating leverage.

eBay is facing a fundamental growth challenge because its investment case depends on reaccelerating GMV and sustaining active buyer growth, yet traffic and conversion gains in focus categories may moderate, leaving marketplace momentum fragile. With 2025 revenue of $11.1 billion, nearly $80 billion of GMV, 135 million active buyers, and 18 million active sellers, the business still relies heavily on transaction fees and advertising, making it vulnerable if advertising expansion underdelivers or buyer and seller churn rises. Its negative outlook is reinforced by intensifying cross-border competition, slowing eCommerce growth in key markets, potential margin pressure from unproven investments, and the risk that the $1.2 billion Depop acquisition may not be immediately accretive.