You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with “Forward-Looking Statements” and the condensed consolidated financial statements and the related notes included in this report, and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. This section of this Form 10-Q generally discusses items relating to the three and six-month periods ended June 30, 2026 and 2025 and comparisons between the respective periods. OVERVIEW Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “eBay” or the “Company” in this Quarterly Report on Form 10-Q, we mean eBay Inc. and its consolidated subsidiaries. Business eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces, and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. As a global commerce leader and third-party marketplace, our technologies and services are designed to provide our buyers choice and a breadth of relevant inventory from around the globe and to enable our sellers to access eBay’s 136 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping. eBay’s strategy is centered on reinventing the future of ecommerce for enthusiasts by delivering trusted, engaging shopping experiences for our customers. Our approach leverages our 30+ years of global commerce expertise and data with advanced technology, including the use of artificial intelligence (“AI”), to enhance the marketplace experience, reduce transactional friction and drive operational efficiency. Our Marketplace platforms enable our buyers and sellers to benefit from our global scale and continued investments in technology, marketing and customer service. We provide a comprehensive suite of features and services designed to enhance the overall customer experience, leveraging innovation and trust-based programs to simplify commerce, improve efficiency and strengthen engagement and consumer confidence across our global marketplaces. FX-Neutral Presentation In addition to presenting net revenues in accordance with U.S. generally accepted accounting principles (“GAAP”), we also present foreign exchange neutral (“FX-Neutral”) net revenues to supplement our results of operations presented in accordance with GAAP and to enhance investors’ understanding of our global business performance by excluding the positive or negative year-over-year impact of foreign currency movements on reported net revenues. We define FX-Neutral net revenues as GAAP net revenues minus the exchange rate effect, which we calculate by applying prior period foreign currency exchange rates to current year transactional currency amounts, excluding hedging activity. We believe presenting FX-Neutral net revenues provides useful information to both management and investors by isolating the effects of foreign currency exchange rate fluctuations that may not be indicative of our core operating results. In addition, as we have historically reported certain FX-Neutral results to investors, we believe that continuing to include these FX-Neutral measures provides consistency in our financial reporting. FX-Neutral net revenues are non-GAAP financial measures that are not based on any comprehensive set of accounting rules or principles and may be calculated differently than other “FX-Neutral,” “constant currency,” or similarly titled measures used by other companies. FX-Neutral net revenues are not presented as an alternative to GAAP net revenues and should only be used to evaluate our results of operations in conjunction with GAAP net revenues. 43 Table of Contents Quarter Highlights Net revenues increased 15% to $3.1 billion for the three months ended June 30, 2026 compared to $2.7 billion during the same period in 2025. Operating margin increased to 21.6% for the three months ended June 30, 2026 compared to 17.6% during the same period in 2025. We generated cash flow from continuing operating activities of $549 million for the three months ended June 30, 2026 compared to $340 million used in continuing operating activities in the same period in 2025. We repurchased $310 million of common stock and paid $138 million in cash dividends during the three months ended June 30, 2026. We repaid the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 on the date of maturity and issued $750 million aggregate principal amount of commercial paper notes. In July 2026, our Audit Committee declared a quarterly cash dividend of $0.31 per share of common stock to be paid on September 11, 2026 to stockholders of record as of August 28, 2026. In February 2026, we entered into a definitive agreement to acquire all of the outstanding equity interests of Depop Limited, a leading consumer-to-consumer (“C2C”) fashion marketplace, for $1.2 billion in cash, subject to certain purchase price adjustments. The transaction closed on July 30, 2026. We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization. 44 Table of Contents RESULTS OF OPERATIONS We have one reportable segment, which reflects how our chief operating decision maker, our President and Chief Executive Officer, reviews and assesses performance of the business. This reportable segment includes our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces, and our suite of mobile apps. The accounting policies of this segment are the same as those described in “Note 1 — The Company and Summary of Significant Accounting Policies” in our condensed consolidated financial statements included elsewhere in this report. Net Revenues We generate revenues from the following activities: Marketplace revenues primarily consist of commissions related to the connection service including final value fees, listing fees, feature fees, and foreign exchange fees. Marketplace revenues also include store subscription fees, shipping fees, and certain other fees. Marketplace revenues are reduced by customer incentive programs, including discounts, coupons, and rewards. Advertising revenues primarily consist of fees charged to sellers to promote their listings on our Marketplace platforms, as well as third-party advertising fees. The following table presents net revenues for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Marketplace revenues $ 2,538 $ 2,248 13 % $ 5,046 $ 4,391 15 % Advertising revenues 596 482 24 % 1,177 924 27 % Net revenues $ 3,134 $ 2,730 15 % $ 6,223 $ 5,315 17 % Seasonality We expect volume on our Marketplace platforms to trend with general consumer buying patterns. Seasonal trends in net revenues have been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as new and updated products and initiatives by us and our competitors. The following table presents our total net revenues and the sequential quarterly movements of these net revenues for the periods indicated (in millions, except percentages): Quarter Ended March 31 June 30 September 30 December 31 2024 Net revenues $ 2,556 $ 2,572 $ 2,576 $ 2,579 % change from prior quarter — % 1 % — % — % 2025 Net revenues $ 2,585 $ 2,730 $ 2,820 $ 2,965 % change from prior quarter — % 6 % 3 % 5 % 2026 Net revenues $ 3,089 $ 3,134 $ — $ — % change from prior quarter 4 % 1 % 45 Table of Contents Net Revenues by Geography Revenues are attributed to the United States and international geographies primarily based upon the country in which the customer is located. The following table presents net revenues by geography for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change United States $ 1,757 $ 1,397 26 % $ 3,490 $ 2,743 27 % Percentage of net revenues 56 % 51 % 56 % 52 % International 1,377 1,333 3 % 2,733 2,572 6 % Percentage of net revenues 44 % 49 % 44 % 48 % Net revenues (1) $ 3,134 $ 2,730 15 % $ 6,223 $ 5,315 17 % (1)Net revenues included $1 million and $14 million of hedging losses for the three and six months ended June 30, 2026, respectively, compared to $6 million of hedging losses and $2 million of hedging gains during the same periods in 2025. Our Marketplace platforms operate globally, resulting in certain revenues that are denominated in foreign currencies, primarily the British pound and euro. Year-over-year appreciation or depreciation of the U.S. dollar may have a material impact to our financial results; we have experienced and may continue to experience elevated foreign currency volatility in the future, including as a result of tariffs, global trade announcements, war and other uncertainties. Through our hedging programs, we actively monitor foreign currency volatility and attempt to mitigate significant movements. As shown in the table above, we generate nearly half of our net revenues internationally. Therefore, we are subject to the risks related to conducting business in foreign countries as discussed in “Part I — Item 1A: Risk Factors” of the 2025 Form 10-K. Foreign currency movements relative to the U.S. dollar had favorable impacts of $22 million and $100 million on net revenues for the three and six months ended June 30, 2026, respectively, compared to favorable impacts of $32 million and $11 million during the same periods in 2025. The effect of foreign currency exchange rate movements for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily attributable to the weakening of the U.S. dollar against the euro and other major currencies. Key Operating Metrics GMV and take rate are significant factors that we believe affect our net revenues. GMV consists of the total value of all paid transactions between users on our Marketplace platforms during the applicable period inclusive of shipping fees and taxes, without adjustment for returns or cancellations. We believe that GMV provides a useful measure of the overall volume of paid transactions that flow through our Marketplace platforms in a given period. FX-Neutral GMV is defined as GMV minus the exchange rate effect, which we calculate by applying prior period foreign currency exchange rates to current year transactional currency amounts. Take rate is defined as net revenues divided by GMV and represents net revenue as a percentage of overall volume on our Marketplace platforms. We believe that take rate provides a useful measure of our ability to monetize volume through services on our Marketplace platforms in a given period. We use take rate to identify key revenue drivers. 46 Table of Contents The following table presents net revenues and our key operating metrics of GMV and take rate for the periods indicated. The following table also presents a reconciliation of FX-Neutral net revenues and FX-Neutral GMV (each as defined above) to our reported net revenues and GMV for the periods indicated (in millions, except percentages): Three Months Ended June 30, 2026 2025 % Change As Reported (1) Exchange Rate Effect FX-Neutral As Reported As Reported FX-Neutral Net revenues $ 3,134 $ 22 $ 3,112 $ 2,730 15 % 14 % GMV $ 22,398 $ 168 $ 22,230 $ 19,514 15 % 14 % Take rate 13.99 % 13.99 % — % Six Months Ended June 30, 2026 2025 % Change As Reported (1) Exchange Rate Effect FX-Neutral As Reported As Reported FX-Neutral Net revenues $ 6,223 $ 100 $ 6,123 $ 5,315 17 % 15 % GMV $ 44,595 $ 917 $ 43,678 $ 38,267 17 % 14 % Take rate 13.95 % 13.89 % 0.06 % (1)Net revenues included $1 million and $14 million of hedging losses for the three and six months ended June 30, 2026, respectively, compared to $6 million of hedging losses and $2 million of hedging gains during the same periods in 2025. Net revenues increased during the three and six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher GMV, increased first party advertising penetration, and higher volume and favorable rates associated with our U.S. net shipping program. The increase in first party advertising revenue was driven by increased adoption and attribution changes that enhanced our ability to convert first-party ads, which increased monetization during the period. The increase in GMV during the three and six months ended June 30, 2026 compared to the same period in 2025 was primarily driven by the continued execution of our strategic initiatives and improved U.S. consumer demand with growth improving sequentially across all our major categories. GMV growth across Focus Categories, C2C and Recommerce, which includes pre-owned and refurbished goods, outpaced the remainder of our Marketplace, with particularly strong performance in Collectibles, Motors Parts & Accessories, Fashion and Refurbished Goods. C2C growth outpaced B2C growth across the United States, the United Kingdom and Germany. These increases were partially offset by continued challenging macroeconomic conditions across certain international markets. 47 Table of Contents Cost of Net Revenues Cost of net revenues represents costs associated with customer support, site operations and payment processing. Significant components of these costs primarily consist of employee compensation (including stock-based compensation), contractor costs, facilities costs, depreciation of equipment and amortization expense, bank transaction fees, credit card interchange and assessment fees, authentication costs, shipping costs and indirect tax expenses. The following table presents cost of net revenues for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Cost of net revenues (1)(2) $ 832 $ 750 11 % $ 1,634 $ 1,447 13 % Percentage of net revenues 27 % 27 % 26 % 27 % (1)Cost of net revenues was net of immaterial hedging activity for the three and six months ended June 30, 2026 and 2025. (2)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $3 million and $20 million on cost of net revenues for the three and six months ended June 30, 2026, respectively, compared to unfavorable impacts of $8 million and $3 million during the same periods in 2025. The increase in cost of net revenues for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $44 million in payment processing costs driven by higher payment processing volume, $20 million of promoted offsite advertising costs and $16 million of data center and site operations costs. The increase in cost of net revenues for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $82 million in payment processing costs driven by higher payment processing volume, $36 million of promoted offsite advertising costs, $28 million of data center and site operations costs and $20 million due to the unfavorable impact of foreign currency movements. Operating Expenses The following table presents operating expenses for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Sales and marketing $ 697 $ 586 19 % $ 1,370 $ 1,122 22 % Percentage of net revenues 22 % 21 % 22 % 21 % Product development 484 452 7 % 934 845 11 % Percentage of net revenues 15 % 17 % 15 % 16 % General and administrative 306 371 (17) % 716 632 13 % Percentage of net revenues 10 % 14 % 12 % 12 % Transaction losses 133 86 54 % 271 167 62 % Percentage of net revenues 4 % 3 % 4 % 3 % Amortization of acquired intangible assets 6 6 (9) % 11 12 (8) % Total operating expenses (1) $ 1,626 $ 1,501 8 % $ 3,302 $ 2,778 19 % (1)Foreign currency movements relative to the U.S. dollar had unfavorable impacts of $9 million and $54 million on operating expenses for the three and six months ended June 30, 2026, respectively, compared to an unfavorable impact of $12 million and an immaterial favorable impact during the same periods in 2025. 48 Table of Contents Sales and Marketing Sales and marketing expenses primarily consist of marketing program costs, employee compensation (including stock-based compensation), certain user coupons and rewards, contractor costs, facilities costs and depreciation on equipment. Marketing program costs represent promotional expenses incurred across various channels, such as paid search, affiliate marketing, display advertising, brand campaigns and buyer/seller communications. The increase in sales and marketing expenses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $81 million in marketing program costs and $21 million in employee-related costs. The increase in sales and marketing expenses for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $170 million in marketing program costs, $37 million in employee-related costs and $33 million due to the unfavorable impact of foreign currency movements. Product Development Product development expenses primarily consist of employee compensation (including stock-based compensation), contractor costs, facilities costs and depreciation on equipment. Our top technology priorities include improving seller tools and buyer experiences across our Marketplace platforms powered by intelligent computing at scale. The increase in product development expenses for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to an increase in employee-related costs. General and Administrative General and administrative expenses primarily consist of employee compensation (including stock-based compensation), contractor costs, facilities costs, depreciation of equipment, legal expenses, restructuring, insurance premiums and professional fees. Our legal expenses, including those related to various ongoing legal proceedings, may fluctuate substantially from period to period. The decrease in general and administrative expenses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to $42 million of lower legal and transaction related costs and $55 million of restructuring costs recorded in 2025 that did not reoccur in the current year, partially offset by an increase of $18 million of employee-related costs. The increase in general and administrative expenses for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to increases of $53 million of employee-related costs, $50 million of restructuring costs, partially offset by $29 million of lower legal and transaction related costs. Transaction Losses Transaction losses consist primarily of losses resulting from our buyer protection programs, chargebacks for unauthorized credit card use, and merchant-related chargebacks due to non-delivery of goods or services. We expect our transaction losses to fluctuate depending on many factors, including changes to our protection programs, macroeconomic conditions and volume. The increase in transaction losses for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to $31 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $14 million from higher volume. The increase in transaction losses for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to $68 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $32 million from higher volume. 49 Table of Contents Gain (loss) on equity investments and warrants, net Gain (loss) on equity investments and warrants, net primarily consists of gains and losses related to our various types of equity investments. Gain (loss) on equity investments and warrants, net was immaterial for the three and six months ended June 30, 2026 and 2025. Refer to “Note 5 — Investments” for further details about our equity investments. Interest Expense, Interest Income and Other, Net Interest expense primarily consists of interest charges on amounts borrowed, commitment fees on unborrowed amounts under our credit agreement and interest expense on our outstanding debt securities and commercial paper, as applicable. Interest income and other, net primarily consists of interest earned on cash, cash equivalents, investments and customer accounts, gains and losses on foreign exchange transactions and transaction costs of acquisitions. The following table presents interest expense and interest income and other, net for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Interest expense $ (65) $ (62) 5 % $ (126) $ (123) 2 % Percentage of net revenues (2) % (2) % (2) % (2) % Interest income $ 58 $ 64 (9) % $ 116 $ 141 (18) % Foreign exchange and other (6) (5) ** 2 (1) ** Total interest income and other, net $ 52 $ 59 (12) % $ 118 $ 140 (16) % Percentage of net revenues 2 % 2 % 2 % 3 % ** Percentage change not meaningful The increase in interest expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to a higher average yield on outstanding debt. The decrease in interest income for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to a lower average notional amount of fixed-income investments and lower yields. Income Tax Provision The following table presents provision for income taxes and the effective tax rate for the periods indicated (in millions, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income tax provision $ (113) $ (107) $ (219) $ (235) Effective tax rate 17.1 % 22.6 % 17.1 % 21.4 % The decrease in our effective tax rate for the three and six months ended June 30, 2026 compared to the same periods in 2025 was primarily due to an increase in excess tax benefits on stock-based compensation as well as a non-recurring remeasurement of deferred tax liabilities due to enacted Illinois legislation regarding the taxability of foreign earnings in 2025. We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations. 50 Table of Contents Liquidity and Capital Resources Cash Flows Six Months Ended June 30, 2026 2025 (In millions) Net cash provided by (used in): Continuing operating activities $ 1,519 $ 415 Continuing investing activities 199 1,444 Continuing financing activities (1,025) (1,964) Effect of exchange rates on cash, cash equivalents and restricted cash (23) 50 Net decrease in cash, cash equivalents and restricted cash - discontinued operations (27) — Net increase (decrease) in cash, cash equivalents and restricted cash $ 643 $ (55) Continuing Operating Activities Our operating cash flows are largely dependent on the amount of revenue generated on our Marketplace platforms, offset by cash payments for marketing programs, employee-related costs, payment processing and taxes. Cash provided by continuing operating activities increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in cash paid for income taxes of $794 million, an increase in net revenues and other working capital movements. Continuing Investing Activities Cash provided by continuing investing activities of $199 million for the six months ended June 30, 2026 was primarily attributable to proceeds of $1.1 billion from the maturities of investments, $684 million from the sale of investments and $194 million from shareholder distributions from equity investments, partially offset by cash paid for investments of $1.4 billion and property and equipment of $295 million. Cash provided by continuing investing activities of $1.4 billion for the six months ended June 30, 2025 was primarily attributable to proceeds of $6.5 billion from the maturities of investments and $225 million from the Aurelia shareholder distribution, partially offset by cash paid for investments of $5.0 billion and property and equipment of $212 million. Continuing Financing Activities Cash used in continuing financing activities of $1.0 billion for the six months ended June 30, 2026 was primarily attributable to the $809 million paid to repurchase common stock, the repayment of the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 and $277 million paid in cash dividends, partially offset by proceeds of $739 million from the issuance of commercial paper. Cash used in continuing financing activities of $2.0 billion for the six months ended June 30, 2025 was primarily attributable to the $1.2 billion paid to repurchase common stock, the $818 million repayment of commercial paper, the repayment of the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 and $268 million paid in cash dividends, partially offset by proceeds of $943 million from the issuance of commercial paper. The negative effect of exchange rate movements on cash, cash equivalents and restricted cash for the six months ended June 30, 2026 compared to the 2025 was due to the strengthening of the U.S. dollar against other currencies. 51 Table of Contents Liquidity and Capital Resource Requirements As of June 30, 2026 and December 31, 2025, we had assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments, in an aggregate amount of $4.9 billion and $4.8 billion, respectively. These amounts do not include cash held on behalf of customers related to marketplace activity of $1.2 billion and $1.0 billion, respectively, which are recognized separately within “Customer accounts and funds receivable” with a corresponding liability within “Customer accounts and funds payable” on our condensed consolidated balance sheet. These amounts also do not include restricted cash related to safeguarding customer funds, our global sabbatical program, and other compensation arrangements held in escrow totaling $157 million and $171 million, respectively. We believe these assets, together with cash expected to be generated from operations, borrowings available under our credit agreement and commercial paper program, and our access to capital markets, will be sufficient to satisfy our material cash requirements over the next 12 months and for the foreseeable future. Geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates, and changes in and uncertainty regarding global tariffs and trade policies have caused material disruptions in both the United States and international financial markets and economies, and the duration of these disruptions remains uncertain. The impact of these events has increased, and may continue to increase, our borrowing costs and other costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity. The future impact of these events cannot be predicted with certainty and we cannot provide assurance that we will have access to external financing at times and on terms we consider acceptable, or at all, or that we will not experience other liquidity issues going forward. We have certain fixed contractual obligations and commitments that include future estimated payments for general operating purposes. Changes in our business needs, contractual cancellation provisions, fluctuating interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty regarding the timing and amounts of these payments. The following sections summarize our fixed contractual obligations and commitments and other material cash requirements. Senior Notes In May 2026, we repaid the $750 million aggregate principal amount of our previously outstanding 1.400% senior notes due 2026 on the date of maturity. Cash paid related to the repayment was classified as a financing activity on our condensed consolidated statement of cash flows. In November 2025, we issued $1.0 billion aggregate principal amount of senior notes, which consisted of $600 million aggregate principal amount of 4.250% fixed rate notes due 2029 and $400 million aggregate principal amount of 5.125% fixed rate notes due 2035. In October 2025, we redeemed the $425 million aggregate principal amount of our previously outstanding 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the principal amount. In March 2025, we repaid the $800 million aggregate principal amount of our previously outstanding 1.900% senior notes due 2025 on the date of maturity. As of June 30, 2026, we had fixed-rate senior notes outstanding with an aggregate principal amount of $6.0 billion, with $850 million aggregate principal amount payable within 12 months. Commercial Paper We have a commercial paper program pursuant to which we may issue commercial paper notes in an aggregate principal amount at maturity of up to $1.5 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is carried at amortized cost, which approximates its fair value due to the short-term nature of these instruments. 52 Table of Contents During the six months ended June 30, 2026, we issued $750 million aggregate principal amount of commercial paper notes with original maturities greater than 90 days. As of June 30, 2026, we had $750 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.12% per annum and a weighted average remaining term of 76 days. During the six months ended June 30, 2025, we repaid the $830 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $955 million aggregate principal amount of commercial paper notes, of which $567 million aggregate principal amount had original maturities less than 90 days and $388 million aggregate principal amount had original maturities greater than 90 days. As of December 31, 2025, we had no commercial paper notes outstanding. Credit Agreement We have a credit agreement maturing in January 2029 that provides for an unsecured $2.0 billion five-year revolving credit facility. We may also, subject to the agreement of the applicable lenders, increase the commitments under the revolving credit facility by up to $1.0 billion. Funds borrowed under the credit agreement may be used for working capital, capital expenditures, acquisitions and other general corporate purposes and will bear interest at either (i) a customary forward-looking term rate based on the secured overnight financing rate published by CME Group for the relevant interest period plus an adjustment of 0.1% or (ii) a customary base rate formula, plus a margin (based on our public debt ratings) ranging from 0% to 0.375%. The covenants of the credit agreement are discussed in “Note 9 — Debt” to the condensed consolidated financial statements included in this report. As of June 30, 2026, we had $750 million aggregate principal amount of commercial paper notes outstanding; therefore, $1.3 billion of borrowing capacity was available for other purposes permitted by the credit agreement. Income Taxes As of June 30, 2026, our assets classified as cash and cash equivalents as well as short-term and long-term non-equity investments included assets held in certain of our foreign operations totaling $1.1 billion. As we repatriate these funds to the United States, we will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes on those amounts during the period when such repatriation occurs. We have accrued deferred taxes for the tax effect of repatriating the funds to the United States. For additional details related to our income taxes, please see “Income Tax Provision” in our Results of Operations above and “Note 13 — Income Taxes” to the condensed consolidated financial statements included in this report. Acquisition of Depop Limited In February 2026, we entered into a definitive agreement to acquire all of the outstanding equity interests of Depop Limited, a leading C2C fashion marketplace, for $1.2 billion in cash, subject to certain purchase price adjustments. The transaction closed on July 30, 2026. We paid $1.4 billion in cash, inclusive of preliminary purchase price adjustments, subject to finalization. See “Note 3 — Goodwill” to the condensed consolidated financial statements included in this report for more information about our acquisition of Depop Limited. Stock Repurchases Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count and return value to stockholders. Any share repurchases under our stock repurchase programs will be funded from our working capital or other financing alternatives. We expect to continue making opportunistic and programmatic repurchases of our common stock, subject to market conditions and other uncertainties. However, our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash. 53 Table of Contents In February 2026, our Audit Committee authorized an incremental $2.0 billion under our stock repurchase program in addition to the $5.0 billion previously authorized in 2024. Our stock repurchase program has no expiration from the date of authorization. During the six months ended June 30, 2026, we repurchased $810 million of our common stock under our stock repurchase program. As of June 30, 2026, a total of $2.0 billion remained available for future repurchases of our common stock. See “Note 11 — Stockholders’ Equity” to the condensed consolidated financial statements included in this report for more information about our stock repurchase program. Dividends During the three and six months ended June 30, 2026, we paid a total of $138 million and $277 million in cash dividends, respectively, compared to $134 million and $268 million paid during the same periods in 2025. In July 2026, our Audit Committee declared a cash dividend of $0.31 per share of common stock to be paid on September 11, 2026 to stockholders of record as of August 28, 2026. Other Capital Resource Requirements We actively monitor significant counterparties that hold our cash and cash equivalents and non-equity investments, focusing primarily on the safety of principal and secondarily on improving yield on these assets. We diversify our cash and cash equivalents and investments among various counterparties in order to reduce our exposure should any one of these counterparties fail or encounter difficulties. To date, we have not experienced any material loss or lack of access to our invested cash, cash equivalents or short-term investments; however, we can provide no assurances that access to our invested cash, cash equivalents or short-term investments will not be impacted by adverse conditions in the financial markets, including, without limitation, as a result of the impact of geopolitical events, inflationary pressure, changes in and uncertainty regarding global tariffs and global trade policies, and foreign exchange rate volatility. At any point in time, we have funds in our operating accounts and customer accounts that are deposited and invested with various third-party financial institutions. We have entered into various indemnification agreements and, in the ordinary course of business, we have included limited indemnification provisions in certain of our agreements with parties with which we have commercial relations. It is not possible to determine the maximum potential loss under these various indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recognized on our condensed consolidated statement of income in connection with our indemnification provisions have not been significant, either individually or collectively. See “Note 10 — Commitments and Contingencies” to the condensed consolidated financial statements included in this report for more information about our indemnification provisions. 54 Table of Contents