Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Peggy Alford: We expect consolidated GMV between $22 billion and $22.4 billion in Q3, including the impact of recently acquired Depop, which represents total FX-neutral growth between 10% and 12% year-over-year or organic growth between 7% and 9%.Demand and orders: Jamie Iannone: Collectibles GMV growth continued to be led by strength in trading cards, where we saw sustained momentum across all of the major sports and collectible card game genres, including notable strength in basketball cards through the NBA finals and accelerating demand for soccer cards around the World Cup.Margins: Peggy Alford: We expect consolidated non-GAAP operating income growth to be between 1% and 5% year-over-year in Q3, which implies non-GAAP operating margin between 25.1% and 25.6%, this includes an expected 3- to 4-point headwind to non-GAAP operating income growth from Depop.Analyst Q&A
Analyst Michael McGovern asked: I just want to ask about the advertising penetration. I saw it ticked up to 2.7% in the quarter, still seeing really strong growth. But as we get closer to that 3% target, is there a time frame for when we might see ad growth converge a little bit with GMV growth? Management Jamie Iannone answered: Look, Q2 was another strong quarter for ads growth at 23% FX-neutral growth. And it was really across all of our 1P ad products, which grew 24%, CPA, CPC, and offsite ads. As you said, it now represents 2.7%, but we've always said that, that 3% is just a midterm goal, and that we continue to believe that our advertising revenue will outpace the growth of the business, the growth of GMV. And we continue to have multiple levers, including seller adoption, listings penetration, ad rate optimization, as well as scaling new products.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：佩吉·奥尔福德：我们预计第三季度合并商品交易总额（GMV）在220亿至224亿美元之间，包括近期收购Depop带来的影响，这意味着按外汇中性计算的同比总增长率在10%至12%之间，有机增长率在7%至9%之间。需求与订单：杰米·亚诺内：收藏品商品交易总额（GMV）的增长继续由交易卡业务的强劲表现引领，我们看到所有主要体育和集换式卡牌游戏品类均保持持续势头，包括NBA总决赛期间篮球卡的显著强势，以及世界杯期间足球卡需求的加速增长。利润率：佩吉·奥尔福德：我们预计第三季度合并非GAAP营业收入同比增长率在1%至5%之间，这意味着非GAAP营业利润率在25.1%至25.6%之间，其中包含Depop带来的3至4个百分点的非GAAP营业收入增长逆风。分析师问答
分析师迈克尔·麦戈文问道：我想询问一下广告渗透率的情况。本季度该指标升至2.7%，增长依然强劲。随着我们接近3%的目标，我们何时能看到广告增长与GMV的增长略微趋同？管理层成员杰米·亚诺内回应称：第二季度广告业务按固定汇率计算实现23%的强劲增长，覆盖所有平台自营广告产品，增幅达24%，包括按点击付费CPC、按转化付费CPA及站外广告。目前广告占比为2.7%，但3%只是中期目标，我们认为广告收入增速将超过公司整体业务及GMV增速，且仍有卖家渗透率、上架商品渗透率、广告费率优化及拓展新产品等多种增长手段。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
