eBay reports $3.21B revenue

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

21 unchanged paragraphs

As of July 31, October 23, 2026, there were 445 439 million shares of the registrant s common stock, $0.001 par value, outstanding, which is the only class of common or voting stock of the registrant issued.

1 unchanged paragraph

Forward-looking statements 1 change

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements related to expectations, plans and intentions regarding our business strategies, focus categories, country-specific investments, horizontal initiatives, macroeconomic conditions, seasonal trends, new and updated products and initiatives, technology priorities, consumer confidence, demand and spending, geopolitical events, tariffs, cross-border trade, global trade policy, foreign exchange rate fluctuations and volatility, income taxes, elevated interest rates, the impact of new and changing regulations and standards, restructuring plans, and inflationary pressure on our business and operations, as well as any trends relating to any of the foregoing. You can generally identify these forward-looking statements by words such as ability, aim, anticipate, believe, commit, continue, could, design, develop, estimate, expect, forecast, future, goal, impact, intend, likely, maintain, may, ongoing, opportunity, outlook, plan, possible, potential, predict, probable, pursue, remain, seek, should, strategy, strive, target, value, will, would and other similar expressions or variations. Our forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, among others:

32 unchanged paragraphs

Financial Statements (unaudited) 5 changes

Condensed Consolidated Balance Sheet as of June September 30, , 2026 and December 31, 2025

Condensed Consolidated Statement of Income for the three and six nine months ended June September 30, , 2026 and 2025

Condensed Consolidated Statement of Comprehensive Income for the three and six nine months ended June September 30, , 2026 and 2025

Condensed Consolidated Statement of Stockholders Equity for the three and six nine months ended June September 30, , 2026 and 2025

Condensed Consolidated Statement of Cash Flows for the six nine months ended June September 30, , 2026 and 2025

Note 15: Accumulated Other Comprehensive Income 138 changes

Note 1 6 Subsequent Events

2 unchanged paragraphs

Goodwill 4,471 4,467

Cash and cash equivalents $ 2,310 1,166 $ 1,867

Short-term investments 997 809 1,052

Customer accounts and funds receivable 1,589 1,624 1,280

Other current assets 1,107 1,187 887

Total current assets 6,003 4,786 5,086

Long-term investments 2,317 2,171 2,767

Property and equipment, net 1,301 1,303 1,165

Goodwill 5,242 4,467

Operating lease right-of-use assets 394 456 428

1 unchanged paragraph

Other assets 518 565

Total assets $ 17,933 $ 17,437

Other assets 1,119 565

Total assets $ 18,006 $ 17,437

2 unchanged paragraphs

Accounts payable 353 242

Other liabilities 510 575

Short-term debt $ 1,593 1,599 $ 750

Accounts payable 339 242

Customer accounts and funds payable 1,589 1,624 1,280

Accrued expenses and other current liabilities 2,334 2,542 2,257

Income taxes payable 23 22 108

Total current liabilities 5,892 6,126 4,637

Operating lease liabilities 278 343 315

Deferred tax liabilities 1,446 1,457 1,431

Long-term debt 5,142 5,134 5,996

Other liabilities 534 575

Total liabilities 13,268 13,594 12,954

Commitments and Contingencies (Note 10) 11)

1 unchanged paragraph

Common stock, $ 0.001 par value; 3,580 shares authorized; 445 440 and 449 shares outstanding

Additional paid-in capital 19,009 19,115 18,785

Treasury stock at cost, 1,316 1,322 and 1,307 shares

Retained earnings 40,072 40,426 39,296

Accumulated other comprehensive income 203 185 207

Total stockholders equity 4,665 4,412 4,483

Total liabilities and stockholders equity $ 17,933 18,006 $ 17,437

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Net revenues $ 3,134 $ 2,730 $ 6,223 $ 5,315

Cost of net revenues 832 750 1,634 1,447

Gross profit 2,302 1,980 4,589 3,868

Sales and marketing 697 586 1,370 1,122

Product development 484 452 934 845

General and administrative 306 371 716 632

Total operating expenses 1,626 1,501 3,302 2,778

Income from operations 676 479 1,287 1,090

Interest expense ( 65 ) ( 62 ) ( 126 ) ( 123 )

Income from continuing operations before income taxes 665 472 1,283 1,101 ( 113 ) ( 107 ) ( 219 ) ( 235 )

Net revenues $ 3,206 $ 2,820 $ 9,429 $ 8,135

Cost of net revenues 887 794 2,521 2,241

Gross profit 2,319 2,026 6,908 5,894

Sales and marketing 747 606 2,117 1,728

Product development 517 455 1,451 1,300

General and administrative 303 282 1,019 914

Amortization of acquired intangible assets 6 14 6 11 12 25 18

Total operating expenses 1,703 1,455 5,005 4,233

Income from operations 616 571 1,903 1,661

Gain (loss) on equity investments and warrants, net 2 6 ( 4 10 ) 4 10 ( 6 16 )

Interest expense ( 64 ) ( 62 ) ( 190 ) ( 185 )

Interest income and other, net 52 59 118 140 47 69 165 209

Income from continuing operations before income taxes 605 568 1,888 1,669

Income tax benefit (provision) ( 104 ) 25 ( 323 ) ( 210 )

1 unchanged paragraph

Income (loss) from discontinued operations, net of income taxes ( 4 ) 35 ( 6 ) 32

1 unchanged paragraph

Continuing operations $ 1.24 $ 0.79 $ 2.38 $ 1.86

Continuing operations $ 1.13 $ 1.30 $ 3.51 $ 3.16

Discontinued operations ( 0.01 ) 0.08 ( 0.01 ) 0.07

2 unchanged paragraphs

Continuing operations $ 1.21 $ 0.78 $ 2.33 $ 1.83

Continuing operations $ 1.11 $ 1.27 $ 3.44 $ 3.10

Discontinued operations ( 0.01 ) 0.07 ( 0.01 ) 0.07

2 unchanged paragraphs

Basic 445 461 447 465

Diluted 455 470 457 473

Basic 444 456 445 461

Diluted 453 467 455 471

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

3 unchanged paragraphs

Tax benefit (expense) on unrealized gains (losses) on investments, net 1 7 ( 2 1 ) 4 11 ( 4 5 )

Unrealized gains (losses) on hedging activities, net 9 ( 55 4 ) 36 28 32 ( 114 86 )

Tax benefit (expense) on unrealized gains (losses) on hedging activities, net 1 ( 2 6 ) 11 ( 7 6 ) 25 19

4 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

5 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

and 58 more changes in the filing

Note 2: Net Income Per Share 12 changes

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Income (loss) from discontinued operations, net of income taxes ( 4 ) 35 ( 6 ) 32

Weighted average shares of common stock - basic 444 456 445 461 447 465

Dilutive effect of equity incentive awards 10 9 11 10 8 10

Weighted average shares of common stock - diluted 453 467 455 470 457 473 471

1 unchanged paragraph

Continuing operations $ 1.24 $ 0.79 $ 2.38 $ 1.86

Continuing operations $ 1.13 $ 1.30 $ 3.51 $ 3.16

Discontinued operations ( 0.01 ) 0.08 ( 0.01 ) 0.07

2 unchanged paragraphs

Continuing operations $ 1.21 $ 0.78 $ 2.33 $ 1.83

Continuing operations $ 1.11 $ 1.27 $ 3.44 $ 3.10

Discontinued operations ( 0.01 ) 0.07 ( 0.01 ) 0.07

2 unchanged paragraphs

Note 5: Segments 14 changes

1 unchanged paragraph

June 30, Six Months Ended

The following table summarizes presents net revenues by activity for the periods indicated (in millions):

September 30, Nine Months Ended

4 unchanged paragraphs

June 30, Six Months Ended

United Kingdom 387 381 774 712

China 330 314 653 611

Rest of world 660 638 1,306 1,249

Total net revenues $ 3,134 $ 2,730 $ 6,223 $ 5,315

The following table summarizes presents net revenues based on geography for the periods indicated (in millions):

September 30, Nine Months Ended

United Kingdom 396 422 1,170 1,134

China 312 324 965 935

Rest of world 667 621 1,973 1,870

Total net revenues $ 3,206 $ 2,820 $ 9,429 $ 8,135

Note 6: Investments 7 changes

The following tables summarize present the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):

3 unchanged paragraphs

Government and agency securities 24 24 25 ( 2 ) 23

4 unchanged paragraphs

Our fixed-income investments predominantly consist of investment grade corporate bonds, commercial paper and government and agency securities. The corporate bonds, commercial paper and government and agency securities that we invest in are generally deemed to be low risk based on their credit ratings from the major rating agencies to minimize exposure to credit losses. As of June September 30, 2026, unrealized losses on available-for-sale debt securities were primarily related to continued market volatility. The Company does not intend and is not more likely than not required to sell the investments before the recovery of the amortized cost basis. We did not recognize any credit-related impairment through an allowance for credit losses as of June September 30, 2026.

The following tables present fair values and gross unrealized losses recorded to Accumulated other comprehensive income ( AOCI ) as of June 30, 2026 and December 31, 2025, the dates indicated, aggregated by the length of time that individual securities have been in a continuous loss position (in millions):

2 unchanged paragraphs

Corporate bonds $ 1,240 $ ( 6 ) $ 12 $ $ 1,252 $ ( 6 )

Corporate bonds $ 1,812 $ ( 29 ) $ $ $ 1,812 $ ( 29 )

Government and agency securities 48 ( 2 ) 38 86 ( 2 )

Note 7: Derivative Instruments 1 change

4 unchanged paragraphs

For derivative instruments that are designated as cash flow hedges, the derivative s gain or loss is initially reported as a component of AOCI and subsequently reclassified into earnings in the same period the forecasted hedged transaction affects earnings. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable that the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Unrealized gains and losses in AOCI associated with such derivative instruments are immediately reclassified into earnings. As of June September 30, 2026, we have estimated that $ 7 10 million of net derivative losses related to our foreign exchange cash flow hedges and $ 6 million of net derivative gains related to our interest rate cash flow hedges included in AOCI will be reclassified into earnings within the next 12 months. We classify cash flows related to our cash flow hedges as operating activities on our condensed consolidated statement of cash flows.

1 unchanged paragraph

Note 8: Fair Value Measurement of Assets and Liabilities 13 changes

1 unchanged paragraph

June September 30, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1)

3 unchanged paragraphs

Cash and cash equivalents $ 2,310 1,166 $ 2,310 1,166 $ $

Restricted cash included in other current assets 156 156 179 179

1 unchanged paragraph

Total cash, cash equivalents and restricted cash 3,698 3,698 2,612 2,612

1 unchanged paragraph

Commercial paper 149 149

Commercial paper 40 40

1 unchanged paragraph

Total short-term investments 997 997 809 809

1 unchanged paragraph

Total financial assets $ 6,306 $ 3,698 $ 2,605 $ 3

Derivatives $ 31 $ $ 31 $

Government and agency securities 24 24 23 23

Total long-term investments 1,544 1,544 1,372 1,372

Total financial assets $ 4,841 $ 2,612 $ 2,229 $

Derivatives $ 28 $ $ 28 $

Note 9: Supplemental Consolidated Financial Information 10 changes

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represents amounts invoiced and revenue recognized prior to invoicing when we have satisfied our performance obligation and have the unconditional right to payment. The allowance for doubtful accounts and authorized credits is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions, reasonable and supportable forecasts, and other factors that may affect our customers ability to pay. The allowance for doubtful accounts and authorized credits is immaterial as of both June September 30, 2026 and December 31, 2025.

Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized for both the six nine months ended June September 30, 2026 and June September 30, 2025 that was included in the deferred revenue balance at the beginning of the respective periods was immaterial.

1 unchanged paragraph

Customer accounts $ 1,231 1,266 $ 1,017

1 unchanged paragraph

Customer accounts and funds receivable $ 1,589 1,624 $ 1,280

1 unchanged paragraph

Prepaid expenses 144 126

Income and other tax receivable $ 338 406 $ 194

Accounts receivable, net 155 147 135

Prepaid expenses 143 126

Short-term derivative assets 50 36 17

Other current assets $ 1,107 1,187 $ 887

Note 10: Debt 5 changes

The following table summarizes presents the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):

June September 30, 2026 Effective Interest Rate

15 unchanged paragraphs

Total long-term debt 5,142 5,134 5,996

3 unchanged paragraphs

Total short-term debt 1,593 1,599 750

Total Debt $ 6,735 6,733 $ 6,746

4 unchanged paragraphs

Notes to the financial statements 17 changes

Note 1 The Company and Summary of Significant Accounting Policies 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.

When we refer to we, our, us, the Company or eBay in this Quarterly Report on Form 10-Q, we mean the Delaware corporation (eBay Inc.) and its consolidated subsidiaries, unless otherwise expressly stated or the context otherwise requires.

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ( GAAP ) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including but not limited to those related to transaction losses, legal contingencies, income taxes, revenue recognition, stock-based compensation, investments, including Level 3 investments, warrants and the recoverability of goodwill. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Principles of Consolidation and Basis of Presentation

The accompanying financial statements are consolidated and include the financial statements of eBay Inc. and our wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. A qualitative approach is applied to assess the consolidation requirement for variable interest entities. Generally, investments in entities where we hold at least a 20% ownership interest and have the ability to exercise significant influence, but not control, over the investee are accounted for using the equity method of accounting, including those in which the fair value option has been elected.

For equity method investments, our share of the investees results of operations is included in Gain (loss) on equity investments and warrants, net and investment balances are included in Long-term investments. For equity method investments under the fair value option, the change in fair value of the investment is included in Gain (loss) on equity investments and warrants, net and investment balances are included in Long-term investments. Investments in entities where we hold less than a 20% ownership interest are generally accounted for as equity investments to be measured at fair value, under an election, or at cost if it does not have readily determinable fair value, in which case the carrying value would be adjusted upon the occurrence of an observable price change in an orderly transaction for identical or similar instruments or impairment. For investments in entities where we hold less than a 20% ownership interest, the change in fair value of, or any impairment related to, the investment is included in Gain (loss) on equity investments and warrants, net and investment balances are included in Long-term investments.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K ). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

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. Cash paid related to the repayment was classified as a financing activity on our condensed consolidated statement of cash flows.

We may redeem some or all of our outstanding fixed rate notes at any time prior to maturity, generally at a make-whole redemption price, plus accrued and unpaid interest.

If a change of control triggering event (as defined in the applicable series of notes) occurs with respect to any of our outstanding fixed rate notes that provide for a change of control repurchase right, we must, subject to certain exceptions, offer to repurchase all of the notes of the applicable series at a price equal to 101 % of the principal amount, plus accrued and unpaid interest. Our 4.00 % senior notes due 2042 do not provide for such a repurchase right.

The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default with customary grace periods in certain circumstances, including payment defaults and bankruptcy-related defaults.

In connection with the November 2025 issuance of senior notes, we entered into interest rate swap agreements that effectively converted $ 400 million of our fixed rate debt to floating rate debt based on the SOFR. These swaps were designated as fair value hedges against changes in the fair value of certain fixed rate senior notes resulting from changes in interest rates. The gains and losses related to changes in the fair value of interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to changes in market interest rates.

The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount and premium on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with these senior notes, including amortization of debt issuance costs, was $ 58 million and $ 176 million for the three and nine months ended September 30, 2026, respectively, compared to $ 55 million and $ 167 million for the same periods in 2025. As of September 30, 2026 and December 31, 2025, the estimated fair value of these senior notes, using Level 2 inputs, was $ 5.3 billion and $ 6.3 billion, respectively.

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.

During the nine months ended September 30, 2026, we issued $ 1.3 billion aggregate principal amount of commercial paper notes, of which $ 50 million aggregate principal amount had original maturities less than 90 days and $ 1.2 billion aggregate principal amount had original maturities greater than 90 days, and repaid the $ 500 million aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity. As of September 30, 2026, we had $ 750 million aggregate principal amount of commercial paper notes outstanding with a weighted average interest rate of 4.17 % per annum and a weighted average remaining term of 65 days.

During the nine months ended September 30, 2025, we repaid the $ 1.5 billion aggregate principal amount of the previously outstanding commercial paper notes on the dates of maturity and issued $ 1.6 billion aggregate principal amount of commercial paper notes, of which $ 1.2 billion aggregate principal amount had original maturities less than 90 days and $ 0.4 billion aggregate principal amount had original maturities greater than 90 days. As of December 31, 2025, we had no commercial paper notes outstanding.

Cash proceeds related to the issuance of commercial paper and cash used to repay commercial paper were classified as financing activities on our condensed consolidated statement of cash flows.

Note 11: Commitments and Contingencies 3 changes

1 unchanged paragraph

As of June September 30, 2026, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.

2 unchanged paragraphs

Amounts accrued for legal and regulatory proceedings were not material as of June September 30, 2026 and December 31, 2025. We have concluded, based on currently available information, that reasonably possible losses arising directly from the proceedings (i.e., monetary damages or amounts paid in judgment or settlement) in excess of our recognized accruals are also not material. However, legal and regulatory proceedings are inherently unpredictable and subject to uncertainties. If one or more matters were resolved against us in a reporting period for amounts in excess of management s expectations, the impact on our operating results or financial condition for that reporting period could be material.

3 unchanged paragraphs

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, including our standard marketing, promotions and application programming interface license agreements. Under these contracts, we may indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party in connection with claims by a third party with respect to intellectual property infringement, including to our trademarks, logos and proprietary software, and other branding elements, such as domain names, to the extent that such are applicable to our performance under the subject agreement. In certain cases, we have agreed to provide indemnification for gross negligence, willful misconduct, fraud and breach of representations, warranties and applicable law. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each eBay Inc.

Note 12: Stockholders Equity 4 changes

3 unchanged paragraphs

The following table summarizes presents stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):

2 unchanged paragraphs

Repurchase of shares of common stock 9 15 $ 94.95 99.90 $ 810 1,500 ( 810 1,500 )

Balance as of June September 30, 2026 $ 1,988 1,298

2 unchanged paragraphs

During the three and six nine months ended June September 30, 2026, we paid a total of $ 138 million and $ 277 415 million in cash dividends, respectively, compared to $ 134 132 million and $ 268 400 million paid during the same periods in 2025. In July October 2026, our Audit Committee declared a cash dividend of $ 0.31 per share of common stock to be paid on September 11, December 18, 2026 to stockholders of record as of August 28, December 4, 2026.

Note 13: Employee Benefit Plans 13 changes

3 unchanged paragraphs

Outstanding as of June September 30, 2026 20 19

The weighted average grant date fair value for RSUs awarded for the six nine months ended June September 30, 2026 was $ 92.83 95.54 per share.

2 unchanged paragraphs

June 30, Six Months Ended

Cost of net revenues $ 13 $ 10 $ 24 $ 19

Sales and marketing 27 24 49 44

Product development 86 86 162 155

General and administrative 56 45 103 83

September 30, Nine Months Ended

Cost of net revenues $ 12 $ 11 $ 36 $ 30

Sales and marketing 25 21 74 65

Product development 86 73 248 228

General and administrative 50 42 153 125

Total stock-based compensation expense $ 182 173 $ 165 147 $ 338 511 $ 301 448 eBay Inc.

Note 14: Income Taxes 1 change

We are subject to both direct and indirect taxation in the United States and various states and foreign jurisdictions. We are under examination by certain tax authorities for the 2015 2017 to 2024 tax years. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these or other examinations. The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2009 include, among others, the United States (at the federal level and in the State of California), Germany, India, Switzerland and the United Kingdom.

2 unchanged paragraphs

MD&A 1 change

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 nine-month periods ended June September 30, 2026 and 2025 and comparisons between the respective periods.

1 unchanged paragraph

Business 113 changes

1 unchanged paragraph

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 136 147 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.

3 unchanged paragraphs

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 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.

Net revenues increased 15% 14% to $3.1 $3.2 billion for the three months ended June September 30, 2026 compared to $2.7 $2.8 billion during the same period in 2025.

Operating margin increased to 21.6% of 19.2% for the three months ended June September 30, 2026 compared to 17.6% 20.3% during the same period in 2025.

We generated cash flow from continuing operating activities of $549 $875 million for the three months ended June September 30, 2026 compared to $340 $900 million used in continuing operating activities in during the same period in 2025.

We repurchased $310 $689 million of common stock and paid $138 million in cash dividends during the three months ended June September 30, 2026.

On July 30, 2026, we completed the acquisition of Depop, a leading C2C fashion marketplace, in exchange for $1.4 billion in cash, inclusive of a preliminary purchase price adjustment.

In July October 2026, our Audit Committee declared a quarterly cash dividend of $0.31 per share of common stock to be paid on September 11, December 18, 2026 to stockholders of record as of August 28, December 4, 2026.

6 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

3 unchanged paragraphs

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 competitive landscape. 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):

5 unchanged paragraphs

Net revenues $ 3,089 $ 3,134 $ 3,206 $

% change from prior quarter 4 % 1 % 2 %

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

International 1,377 1,333 3 % 2,733 2,572 6 %

Percentage of net revenues 56 57 % 51 52 % 56 % 52 %

International 1,375 1,367 1 % 4,108 3,939 4 %

Percentage of net revenues 44 43 % 49 48 % 44 % 48 %

(1) Net revenues included $1 $2 million and $14 $16 million of hedging losses for the three and six nine months ended June September 30, 2026, respectively, compared to $6 $24 million of hedging losses and $2 $22 million of hedging gains losses 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 a significant portion 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 an unfavorable impact of $22 $7 million and $100 a favorable impact of $93 million on net revenues for the three and six nine months ended June September 30, 2026, respectively, compared to favorable impacts of $32 $20 million and $11 $31 million during the same periods in 2025, respectively. The effect of foreign currency exchange rate movements for the three and six nine months ended June September 30, 2026 compared to the same periods in 2025 was primarily attributable to the strengthening and weakening of the U.S. dollar against the euro and other major currencies, respectively.

6 unchanged paragraphs

Three Months Ended June September 30,

2 unchanged paragraphs

GMV $ 22,398 $ 168 $ 22,230 $ 19,514 15 % 14 %

Take rate 13.99 % 13.99 % %

Six Months Ended June 30,

GMV $ 23,166 $ (60) $ 23,226 $ 20,105 15 % 16 %

Take rate 13.84 % 14.03 % (0.19) %

Nine Months Ended September 30,

2 unchanged paragraphs

GMV $ 44,595 $ 917 $ 43,678 $ 38,267 17 % 14 %

Take rate 13.95 % 13.89 % 0.06 %

GMV $ 67,761 $ 857 $ 66,904 $ 58,372 16 % 15 %

Take rate 13.91 % 13.94 % (0.02) %

(1) Net revenues included $1 $2 million and $14 $16 million of hedging losses for the three and six nine months ended June September 30, 2026, respectively, compared to $6 $24 million of hedging losses and $2 $22 million of hedging gains losses during the same periods in 2025.

Net revenues increased during the three and six nine months ended June September 30, 2026 compared to the same period periods in 2025 primarily due to higher GMV growth, increased first party advertising penetration, and higher volume and favorable rates associated with one of our U.S. net shipping program. programs. 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 decrease in take rate during the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily due to faster growth in eBay Live and C2C and ongoing changes in category and average selling price mix, partially offset by increases from our shipping programs and first party advertising revenue. During the three months ended September 30, 2026 compared to the same period in 2025, Depop shipping incentives also contributed to the decrease in take rate.

The increase in GMV during the three and six nine months ended June September 30, 2026 compared to the same period periods 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 In the United States, the United Kingdom increase in GMV was driven by growth across all major categories led by Collectibles, Electronics and Fashion, including Depop. International GMV growth was primarily driven by Focus Categories and C2C in the U.K. and Germany. These increases were partially offset by continued challenging macroeconomic conditions across certain international markets.

2 unchanged paragraphs

June 30, Six Months Ended

September 30, Nine Months Ended

2 unchanged paragraphs

Percentage of net revenues 27 % 27 % 26 % 27 %

Percentage of net revenues 28 % 28 % 27 % 28 %

(1) Cost of net revenues was net of immaterial hedging activity for the three and six nine months ended June September 30, 2026 and 2025.

(2) Foreign currency movements relative to the U.S. dollar had unfavorable impacts a favorable impact of $3 $1 million and $20 an unfavorable impact of $19 million on cost of net revenues for the three and six nine months ended June September 30, 2026, respectively, compared to unfavorable impacts of $8 $9 million and $3 $12 million during the same periods in 2025.

The increase in cost of net revenues for the three months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $44 $56 million in payment processing costs driven by higher payment processing volume, $22 million of authentication and shipping costs, $20 million of promoted offsite advertising costs and $16 $9 million of data center and site operations costs, partially offset by $32 million of lower shipping costs related to the modification of our U.K. shipping program which resulted in a change from gross to net revenue recognition at the beginning of 2026.

The increase in cost of net revenues for the six nine months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $82 $138 million in payment processing costs driven by higher payment processing volume, $36 $67 million of authentication and shipping costs, $56 million of promoted offsite advertising costs, $28 $37 million of data center and site operations costs and $20 $19 million due to the unfavorable impact of foreign currency movements, partially offset by $59 million of lower shipping costs related to the modification of our U.K. shipping program which resulted in a change from gross to net revenue recognition at the beginning of 2026.

1 unchanged paragraph

June 30, Six Months Ended

September 30, Nine Months Ended

1 unchanged paragraph

Sales and marketing $ 697 $ 586 19 % $ 1,370 $ 1,122 22 %

Product development 484 452 7 % 934 845 11 %

General and administrative 306 371 (17) % 716 632 13 %

Amortization of acquired intangible assets 6 6 (9) % 11 12 (8) %

Sales and marketing $ 747 $ 606 23 % $ 2,117 $ 1,728 22 %

Percentage of net revenues 22 23 % 21 % 22 % 21 %

Product development 517 455 14 % 1,451 1,300 12 %

Percentage of net revenues 15 16 % 17 16 % 15 % 16 %

General and administrative 303 282 8 % 1,019 914 12 %

Percentage of net revenues 10 % 14 10 % 12 11 % 12 11 %

Percentage of net revenues 4 % 3 4 % 4 % 3 %

Amortization of acquired intangible assets 14 6 120 % 25 18 35 %

1 unchanged paragraph

(1) Foreign currency movements relative to the U.S. dollar had unfavorable impacts a favorable impact of $9 $4 million and $54 an unfavorable impact of $50 million on operating expenses for the three and six nine months ended June September 30, 2026, respectively, compared to an unfavorable impact of $12 $17 million and an immaterial favorable impact during for both the same periods in three and nine months ended September 30, 2025.

1 unchanged paragraph

The increase in sales and marketing expenses for the three months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $81 $120 million in marketing program costs, primarily related to Depop and $21 eBay Live, and $24 million in employee-related costs.

The increase in sales and marketing expenses for the six nine months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $170 $290 million in marketing program costs, $37 primarily related to C2C and eBay Live, $61 million in employee-related costs and $33 $31 million due to the unfavorable impact of foreign currency movements.

We expect to continue to invest in marketing programs that we believe will generate long-term returns for eBay's on and off-platform Marketplaces.

1 unchanged paragraph

The increase in product development expenses for the three and six nine months ended June September 30, 2026 compared to the same periods in 2025 was primarily due to an increase increases in employee-related and AI-related costs.

2 unchanged paragraphs

The decrease increase in general and administrative expenses for the three months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $42 million of lower legal and in transaction related and legal costs and $55 $12 million in employee-related costs, partially offset by $24 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 nine months ended June September 30, 2026 compared to the same period in 2025 was primarily due to increases of $53 $65 million of in employee-related costs, $50 $26 million of in restructuring costs partially offset by $29 million of lower legal and $13 million in transaction related and legal costs.

1 unchanged paragraph

The increase in transaction losses for the three months ended June September 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 driven by volume.

The increase in transaction losses for the six nine months ended June September 30, 2026 compared to the same period in 2025 was primarily due to $68 $73 million from unfavorable fluctuations in buyer and seller fraud and recovery rates and $32 $41 million from higher volume.

1 unchanged paragraph

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 nine months ended June September 30, 2026 and 2025. Refer to Note 5 6 Investments for further details about our equity investments.

1 unchanged paragraph

June 30, Six Months Ended

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 investment related transaction costs. of acquisitions. The following table presents interest expense and interest income and other, net for the periods indicated (in millions, except percentages):

September 30, Nine Months Ended

1 unchanged paragraph

Interest expense $ (65) $ (62) 5 % $ (126) $ (123) 2 %

Interest expense $ (64) $ (62) 3 % $ (190) $ (185) 3 %

1 unchanged paragraph

Interest income $ 58 $ 64 (9) % $ 116 $ 141 (18) %

Interest income $ 49 $ 65 (25) % $ 165 $ 206 (20) %

Foreign exchange and other (6) (5) ** (2) (1) 4 ** 3 **

1 unchanged paragraph

Percentage of net revenues 2 1 % 2 % 2 % 3 %

1 unchanged paragraph

The increase in interest expense for the three and six nine months ended June September 30, 2026 compared to the same periods in 2025 was primarily due to a higher average yield on outstanding debt.

2 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

6 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

2 unchanged paragraphs

and 33 more changes in the filing

Market risk 11 changes

1 unchanged paragraph

The primary objective of our investment activities is to preserve principal while at the same time improving yields without significantly increasing risk. To achieve this objective, we maintain our cash equivalents, customer accounts and short-term and long-term investments in a variety of asset types, including bank deposits, corporate bonds, commercial paper and government and agency securities. As of June September 30, 2026, approximately 50% 43% of our total cash and investments were held in Cash and cash equivalents and Customer accounts. As such, changes in interest rates will impact interest income. As discussed below, the fair market values of our fixed-rate securities may be adversely affected due to a rise in interest rates, and we may suffer losses in principal if we are forced to sell securities that have declined in market value due to changes in interest rates.

As of June September 30, 2026, the balance of our corporate bonds, commercial paper and government and agency securities was $2.5 $2.2 billion, which represented approximately 36% 39% of our total cash and investments. Investments in both fixed-rate and floating-rate interest-earning instruments carry varying degrees of interest rate risk. The fair market value of our fixed-rate investment securities may be adversely impacted due to a rise in interest rates. In general, fixed-rate securities with longer maturities are subject to greater interest rate risk than those with shorter maturities. While floating rate securities generally are subject to less interest rate risk than fixed-rate securities, floating-rate securities may produce less income than expected if interest rates decrease and may also suffer a decline in market value if interest rates increase. Due in part to these factors, our investment income may fall short of expectations or we may suffer losses in principal if we sell securities that have declined in market value due to changes in interest rates. A hypothetical 1% (100 basis point) increase in interest rates would have resulted in a decrease in the fair value of our investments of $37 $34 million and $30 million as of June September 30, 2026 and December 31, 2025, respectively.

Further changes in interest rates will impact Interest expense on any borrowings under our revolving credit facility, which bear interest at floating rates, and the interest rate on any commercial paper borrowings we make and any debt securities we may issue in the future and, accordingly, will impact interest expense. For additional details related to our debt, see Note 9 10 Debt to the condensed consolidated financial statements included in this report.

Our equity investments are primarily investments in privately-held privately held companies. Our consolidated results of operations include, as a component of Interest income and other, net, our share of the net income or loss of the equity investments accounted for under the equity method of accounting, and as a component of Gain (loss) on equity investments and warrants, net, the change in fair value of the equity investments accounted for under the fair value option and our share of the net income or loss of the equity investments accounted for under the equity method of accounting. Equity investments without readily determinable fair values are accounted for at cost, less impairment and adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. Such changes in the basis of the equity investment are recognized in Gain (loss) on equity investments and warrants, net.

As of June September 30, 2026, our equity investments totaled $773 $799 million, which represented approximately 11% 14% of our total cash and investments.

For additional details related to these investments, please see Note 5 6 Investments to our condensed consolidated financial statements included in this report.

2 unchanged paragraphs

We have a foreign exchange exposure management program designed to identify material foreign currency exposures, manage these exposures and reduce the potential effects of currency fluctuations in our reported condensed consolidated statement of cash flows and results of operations through the purchase of foreign currency exchange contracts. The effectiveness of the program and resulting usage of foreign exchange derivative contracts is at times limited by our ability to achieve cash flow hedge accounting. For additional details related to our derivative instruments, please see Note 6 7 Derivative Instruments to our condensed consolidated financial statements included in this report.

1 unchanged paragraph

The following table illustrates the fair values of outstanding foreign exchange contracts designated as cash flow hedges and foreign exchange contracts not designated for hedge accounting and the before-tax effect on fair values of a hypothetical adverse change in the foreign exchange rates that existed as of June September 30, 2026. The sensitivity for foreign currency contracts is based on a 20% adverse change in foreign exchange rates, against relevant functional currencies.

1 unchanged paragraph

Foreign exchange contracts - Cash flow hedges $ 37 35 $ (115) (95)

Foreign exchange contracts - Not designated for hedge accounting $ 4 1 $ (39) (60)

2 unchanged paragraphs

We considered the historical trends in currency exchange rates and determined that it was reasonably possible that adverse changes in exchange rates of 20% for all currencies could be experienced in the near term. Taking into consideration the offsetting effect of foreign exchange forwards in place, these changes would have resulted in an immaterial adverse impact of approximately $169 million on income from continuing operations before income taxes as of June September 30, 2026.

Controls and procedures 1 change

(a) Evaluation of disclosure controls and procedures. Based on the evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act) required by Exchange Act Rules 13a-15(b) or 15d-15(b), our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were effective as of June September 30, 2026.

1 unchanged paragraph

Legal proceedings 1 change

The information set forth under Note 10 11 Commitments and Contingencies Litigation and Other Legal Matters to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

Risk factors 4 changes

Stockholder activism or unsolicited acquisition proposals could disrupt our business, divert management s attention, and adversely affect our ability to execute our long-term strategy.

Publicly traded companies are increasingly subject to campaigns by activist stockholders seeking operational, governance, or strategic changes. Activist stockholders may undertake proxy solicitations, advance stockholder proposals, or otherwise attempt to assert influence on our Board and management, including through the media. The Company may also, from time to time, receive unsolicited acquisition proposals. Responding to this activity can be costly and time-consuming, may divert management attention, may generate substantial legal, advisory, and public relations costs, may adversely impact our ability to recruit and retain employees or enter into agreements with potential business partners, and may cause fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals or prospects of our business. Any of these factors could materially adversely affect our business, cash flows, financial condition, and results of operations.

We have been the subject of activist campaigns in the past and any of the actions and risks above may occur in the future. For example, on May 3, 2026, the Company received an unsolicited, non-binding acquisition proposal from a third party. Although our Board determined on May 12, 2026 that the proposal was neither credible nor attractive and, to date, no changes to this proposal that would alter our Board s view have been proposed, we cannot predict whether this party or any other party will take further actions.

We are subject to various risks and uncertainties that may affect our business, results of operations and financial condition including, but not limited to, those described in Part I Item 1A: Risk Factors in our 2025 Form 10-K. Current global economic and geopolitical events and conditions may amplify many of these risks. These risks are not the only risks that may affect us. Additional risks that we are not aware of or do not believe are material at the time of this filing may also become important factors that adversely affect our business. Except as set forth below, There have been no material changes to the Company s risk factors from those disclosed in our 2025 Form 10-K filed with the SEC on February 19, 2026 and in our Quarterly Report on Form 10-Q filed with the SEC on August 6, 2026.

Unregistered sales of stock 8 changes

1 unchanged paragraph

The following table presents stock repurchase activity for the three months ended June September 30, 2026:

5 unchanged paragraphs

April 30, 2026 1,674,001 $ 99.76 1,674,001 $ 2,131,474,492

May 31, 2026 536,788 $ 110.43 536,788 $ 2,072,198,378

June 30, 2026 776,969 $ 108.60 776,969 $ 1,987,822,898

July 31, 2026 500,360 $ 112.62 500,360 $ 1,931,474,578

August 31, 2026 2,663,191 $ 104.82 2,663,191 $ 1,652,324,033

September 30, 2026 3,313,414 $ 106.79 3,313,414 $ 1,298,474,681 (1) Our stock repurchase program is 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 program may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives.

1 unchanged paragraph

For the three months ended June September 30, 2026, we repurchased $310 $689 million of our common stock under our stock repurchase program. As of June September 30, 2026, a total of $2.0 $1.3 billion remained available for future repurchases of our common stock.

2 unchanged paragraphs

Other information 4 changes

On August 20, 2026 , Jamie Iannone , our President and Chief Executive Officer , adopted a written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a 10b5-1 Plan ), which is designed to be in effect until May 26, 2027 , subject to customary exceptions. His 10b5-1 Plan provides for sales from time to time of a portion of his shares of eBay common stock, up to a maximum of 250,000 shares in the aggregate.

On August 21, 2026 , Jordan Sweetnam , our Senior Vice President, Chief Commercial Officer , modified a 10b5-1 Plan that he had previously adopted on August 1, 2025, which extends his 10b5-1 Plan s duration to be in effect until December 31, 2027 , subject to customary exceptions. His modified 10b5-1 Plan provides for exercise of options (if applicable) and sales from time to time of a portion of (i) the shares of eBay common stock underlying his options and (ii) his shares of eBay common stock that he could receive upon the future vesting of certain outstanding equity awards, in each case net of any shares withheld by us to satisfy applicable taxes and, in the case of an option exercise, payment of the aggregate exercise price. The number of shares to be withheld, and the number of shares available to be sold pursuant to Mr. Sweetnam s modified 10b5-1 Plan, can only be determined upon the occurrence of future equity award vesting events and option exercises. For purposes of this disclosure, without subtracting any shares to be withheld upon future equity award vesting events or option exercises, the maximum aggregate number of shares to be sold pursuant to Mr. Sweetnam s modified 10b5-1 Plan is 243,824 .

On August 21, 2026 , Mazen Rawashdeh , our Senior Vice President, Chief Technology Officer , modified a 10b5-1 Plan that he had previously adopted on February 20, 2026, which extends his 10b5-1 Plan s duration to be in effect until September 30, 2027 , subject to customary exceptions. His modified 10b5-1 Plan provides for exercise of options (if applicable) and sales from time to time of a portion of (i) the shares of eBay common stock underlying his options and (ii) his shares of eBay common stock that he could receive upon the future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and the number of shares available to be sold pursuant to Mr. Rawashdeh s modified 10b5-1 Plan, can only be determined upon the occurrence of future equity award vesting events. For purposes of this disclosure, without subtracting any shares to be withheld upon future equity award vesting events, the maximum aggregate number of shares to be sold pursuant to Mr. Rawashdeh s modified 10b5-1 Plan is 257,993 . This amount includes target amounts of shares that may be earned pursuant to outstanding performance-based equity awards. The actual number of such shares earned, if any, could be higher or lower depending on attainment of performance goals during the applicable performance period.

On August 27, 2026 , Cornelius Boone , our Senior Vice President, Chief People Officer , modified a 10b5-1 Plan that he had previously adopted on March 6, 2026, which extends his 10b5-1 Plan s duration to be in effect until December 31, 2027 , subject to customary exceptions. His modified 10b5-1 Plan provides for sales from time to time of a portion of his shares of eBay common stock that he could receive upon the future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and the number of shares available to be sold pursuant to Mr. Boone s modified 10b5-1 Plan, can only be determined upon the occurrence of future equity award vesting events. For purposes of this disclosure, without subtracting any shares to be withheld upon future equity award vesting events, the maximum aggregate number of shares to be sold pursuant to Mr. Boone s modified 10b5-1 Plan is 97,988 . This amount includes target amounts of shares that may be earned pursuant to outstanding performance-based equity awards. The actual number of such shares earned, if any, could be higher or lower depending on attainment of performance goals during the applicable performance period.

Exhibits 7 changes

8 unchanged paragraphs

101 X The following materials from the Company s Quarterly Report on Form 10-Q for the period ended June September 30, 2026 were formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheet, (ii) Condensed Consolidated Statement of Income, (iii) Condensed Consolidated Statement of Comprehensive Income, (iv) Condensed Consolidated Statement of Stockholders Equity and (v) Condensed Consolidated Statement of Cash Flows. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

5 unchanged paragraphs

Date: August 6, 2026

Date: October 29, 2026

3 unchanged paragraphs

Date: August 6, 2026

Date: October 29, 2026

3 unchanged paragraphs

Date: August 6, 2026

Date: October 29, 2026