eBay Inc Goldman Sachs Communacopia + Technology Conference 2026

In the interest of time, I think we're going to get going. Our next fireside chat is with eBay, where we have two speakers, Jamie Iannone, CEO, Peggy Alford, CFO. Jamie and Peggy, thanks so much for being part of the conference this year.

Thanks for having us. Thanks for having us, Eric.

Okay, so I'm going to do my legal duty first and read the safe harbor. This discussion is publicly available via webcast through the investor relations section of the eBay website at investors.ebayinc.com, where you will also find additional disclaimers. This is the once a year I dust off my old law exam. My law degree. Jamie, let's start with you. I wanted to go back before we go forward. It's been several years now that you've been in the CEO role at eBay. As you look back at that journey, what's changed the most about the business over the last couple of years?

Yeah, look, I feel like the business is performing really well. We just had great Q2 earnings. I think the biggest thing is probably the clarity of focus that we have. We are very focused on 70% of our business now is either focus categories, C2C, or recommerce, which is the areas where we are really leaning in. Each one of those individually and collectively grew 20% in Q2. We see real strength there. We have been complementing that with a real kind of foundational layer, leveraging things like AI, trust, and shipping. Each of those have been game changers for us over the last couple of years, and I am sure we could talk more about that.

Yeah. I think the third thing is probably just the new growth vectors.

C2C has been a great growth vector for us, but we also have great new growth vectors in eBay Live and in vehicles. Live continues to have strong growth and be really complementary to our core business. Vehicles, while new, is now quickly reached hundreds of millions of USD of run rate on the business. We just sold a $5 million Porsche, and it is like this phenomenal end-to-end customer experience. For any of you collector car people out there, you got to go check out what is happening in vehicles. Overall, what I feel great about is just this clarity of focus, the broad-based nature of the growth that we are seeing, and how each of those elements contribute to each other.

Okay. Maybe sticking with the consumer, we kicked off the conference this morning with a talk with our global economist who talked about the consumer relative to the macro backdrop. You guys have a range of exposure to the consumer, from value-seeking shoppers all the way to discretionary enthusiasts. How would you characterize the consumer behavior you are seeing on your platform today?

You want to take that one?

Sure, yeah. We continue to see an environment where the U.S. consumer has been more resilient than outside of the U.S. But coming back to the business a year and a half ago, one of the things that was so exciting is the fact that we tend to thrive in environments when the economy's doing really well, as well as in times when it's tougher. That's because of the diversity of our platform, where you've got enthusiast buyers that are buying in areas that they're really excited about, discretionary purchases, things like that. But at the same time, value seekers in areas like recommerce, these are areas where you can get a real value for your dollar, so we tend to appeal to the consumer that's looking for a deal as well.

We've really focused on making sure that we're just building out the value proposition, as Jamie described, in areas where we're building trust through Authenticity Guarantee, fitment in vehicles and parts, and then combined with the consumer that is excited to get a deal, but also find that item that they've been uniquely looking for enables us to really thrive in periods of the division between U.S. resilient consumer and challenging macro times outside of the U.S.

Okay. Thank you for that, Peggy. Maybe building on Peggy's answer, Jamie, coming back to you, how do you think about continuing to position eBay against the competitive landscape more broadly? You've talked a little bit about product. You've talked a little bit about giving different value propositions to consumers. How do you think about platform differentiation against the landscape?

I think we've built a series of capabilities and assets that's difficult to replicate. When you think about eBay, we have 2.6 billion listings. We have 136 million buyers. We have 30 years of marketplace history and data. We have a whole set of trust and enablement capabilities that we've built. A lot of that is really unique. When you look at those 2.6 billion listings, 90% of that is what we call non-new in-season, so really kind of unmatched inventory from what's generally available on the web. 70% of it is in our key areas of focus categories, which is a huge business for us. That's over 40% of our inventory, last quarter grew 26%, and these are the categories we've been really focused on driving innovation in.

Recommerce and C2C, that group collectively makes up about 70% of our GMV, and it's where we're strategically heavily focused and aligned. I think the other thing is that, speaking of things like C2C, we've seen really nice growth rates across the marketplaces that we've had. Whether that's U.K. or Germany or U.S., we just made some changes in our Australia market to C2C, and we're seeing growth in every single one of those geographies, healthy growth. We're talking 20% plus growth. That's really great inventory for eBay because when we get a buyer to become a seller, they become more effective even as a buyer. That's been important for us. I think the combination of all those, and then the last is that the horizontal investments that we've been able to make really complement what we're doing in focus categories.

When you look at authenticity and trust as an example, we've launched specific things like Authenticity Guarantee in watches, sneakers, handbags, et cetera, but we've launched eBay Guaranteed Fit in our motors parts and accessories business. In the vehicles business that I just talked about, we do everything, financing, delivery, title transfer, et cetera. That's the other kind of thing that really enables us to compete, Eric, is that real end-to-end high-quality value proposition that we've put together.