Did The Market Read eBay Stock Right? Trefis Team Tue, November 10, 2026 at 8:34 PM EST 3 min read EBAY +2.00% ^GSPC -0.38% AMZN +2.31% WMT -0.45% MELI -2.10% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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eBay (EBAY) stock rose 53.7% from February 12 to November 9, 2026, while the S&P 500 returned 11.4%. Over that stretch the company put out four quarterly reports, the last on October 28, and on July 30 it completed its purchase of Depop, a fashion marketplace. How much faster is eBay growing than it was a year ago? The market's read of eBay turns on that, and on whether faster sales lift profit per share, which has barely moved.
eBay's Sales Grew Much Faster Than A Year Earlier
Over the four quarters to September 30, 2026, which are the four eBay reported during the rise, revenue grew 15.7% to $12.4 billion. That is more than three times the 4.4% growth of the four quarters before. Third-quarter revenue alone grew 13.7%, against 9.5% a year earlier, so growth stayed faster than a year before, though below the 15.7% for the four quarters.
How Much Of eBay's Growth Came From Depop?
Depop accounted for a slice of that growth, not most of it. During the October 28 call, management said third-quarter revenue grew 13% excluding currency swings, and that Depop added nearly 2 points of it.
Management expects slower growth in the fourth quarter, forecasting revenue between $3.19 billion and $3.24 billion. Excluding Depop and currency swings, the company projects growth of 5% to 7%, compared with 11% in the third quarter. Management said its fourth-quarter outlook for gross merchandise volume, the value of goods sold on eBay, reflects a very strong quarter a year earlier that was helped in part by trading cards and bullion. The company also expects growth in trading cards to moderate in 2027.
eBay Earned About The Same Per Share
Profit per share did not track the rise in sales. eBay earned $4.58 per share over the four quarters to September 30, 2026, compared with $4.57 a year earlier. Operating income rose with sales, but net income slipped.
Investors are therefore paying more for the same profit per share. At the November 9 close, eBay traded at 25.6 times past-year earnings, compared with 21.8 times for the S&P 500. The stock traded at 19.1 times at the end of September 2025. The current price appears to assume that faster sales will start to show up in profit per share. So far the faster sales are real, but profit per share has not yet followed.
One part of eBay's case has held up over the year, though it slipped in the latest quarter: the share of each sales dollar it keeps as operating profit. Its operating margin was 20.3% over the four quarters to September 30, 2026, against 20.6% a year earlier. In the third quarter alone it was 19.2%, against 20.2% in the third quarter of 2025. When eBay next reports, expected in February 2027, the figures to watch are its operating margin and its profit per share, since net income slipped even as operating income rose.
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