EBay Q3 Beats Estimates, Q4 Guidance Roils Stock

eBay reported stronger-than-expected Q3 2025 results, with revenue of $2.82 billion and adjusted EPS of $1.36, helped by roughly a 10% rise in merchandise volume; GAAP net income was about $632 million ($1.35 per share). The company said operating cash flow improved and highlighted investments in AI, live commerce and sustainable fashion. For the holiday quarter eBay gave revenue guidance with a midpoint of $2.86 billion and projected adjusted Q4 EPS of $1.31–$1.36, below the $1.38 consensus. That guidance shortfall prompted an almost 7% after-hours decline and introduced near-term volatility despite the stock's roughly 57–61% year-to-date gain. Management reiterated confidence in the company's long-term prospects while analysts remained mixed, with some raising targets and others cautious on valuation and guidance.