Observed Signal · Feb 23, 2026 · M&A · Source: ExchangeWire · Impact: 4/5 · Sentiment: Neutral
eBay Acquires Depop; Amazon Surpasses Walmart in Revenue
This ExchangeWire digest covers three corporate developments: eBay has agreed to acquire London-based resale platform Depop from Etsy for about $1.2 billion in cash, with Depop retaining its brand and platform. Amazon reported USD $716.9 billion in revenue for 2025, surpassing Walmart’s USD $713.2 billion—driven in part by growth in higher-margin businesses including cloud, advertising and seller services; Amazon’s advertising business generated over $68 billion versus Walmart’s retail media revenue of $6.4 billion. Scopely has struck a deal to acquire Turkish studio Loom Games, creator of the Pixel Flow app, in a transaction that could reach up to USD $1 billion; Scopely said its revenues exceeded $4 billion last year and cited rapid sales growth since its 2023 acquisition by Savvy.
Major commerce and media shifts: a sizable marketplace acquisition (eBay/Depop), a significant change in global retail revenue rankings (Amazon surpassing Walmart) and a large consolidation in mobile gaming (Scopely/Loom) that affect retail, retail media and gaming ad markets.
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Key Takeaways & Evidence Grounding
- eBay agreed to acquire Depop from Etsy for approximately USD $1.2 billion in cash.
- Depop will retain its brand, platform and culture after the acquisition.
- Amazon reported USD $716.9 billion in revenue for 2025, surpassing Walmart’s USD $713.2 billion.
- Amazon’s advertising division generated more than USD $68 billion in 2025; Walmart’s retail media revenues were USD $6.4 billion.
- Scopely agreed to acquire Turkish studio Loom Games (creator of Pixel Flow) in a deal that could reach USD $1 billion.
Connected Companies & Entities
8 Entities mappedRelated Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Etsy Soars 17% After $1.2B Depop Sale to eBay
Etsy announced it will sell secondhand clothing marketplace Depop to eBay for about $1.2 billion in cash, prompting Etsy shares to jump more than 14% in extended trading. Etsy purchased Depop roughly five years ago for about $1.62 billion and said the sale lets it refocus on growing the core Etsy marketplace. eBay said the acquisition expands its presence in fashion and helps reach younger recommerce shoppers; roughly 90% of Depop users are under 34. The transaction is expected to close in the second quarter of 2026. The announcement coincided with eBay’s strong fourth-quarter results: adjusted EPS of $1.41 on $2.97 billion revenue, GMV growth to $21.2 billion, and upbeat Q1 guidance.
10-Q Financial Filing Analysis for eBay (2026-08-06)
eBay Inc. delivered strong financial performance for Q2 2026, generating net revenues of $3.134 billion, an increase of 15% year-over-year (14% FX-neutral), and net income of $550 million. Top-line expansion was primarily propelled by accelerating Gross Merchandise Volume (GMV), enhanced first-party advertising penetration, and favorable fee dynamics within the U.S. net shipping program. Operationally and strategically, eBay completed the acquisition of C2C fashion marketplace Depop Limited for a preliminary adjusted total of $1.4 billion, authorized an additional $2.0 billion share repurchase program, managed debt maturities by repaying $750 million in senior notes via commercial paper, and officially rejected an unsolicited, non-binding acquisition bid received in May 2026.
Etsy Sells Depop to eBay for $1.2 Billion
Etsy agreed to sell Depop, the secondhand clothing marketplace popular with Gen Z, to eBay for $1.2 billion in cash. Etsy acquired Depop nearly five years earlier for $1.62 billion and said the sale will let it focus on its core marketplace. Depop, founded in 2011, generated about $1 billion in gross merchandise sales in 2025, grew nearly 60% year-over-year in the U.S., and had seven million active buyers (approximately 90% under 34) and more than three million active sellers as of December 31, 2025. eBay and Etsy executives commented that Depop will benefit from eBay’s scale; the transaction is expected to close in Q2 2026. Etsy has previously bought and divested other niche marketplaces such as Elo7 and Reverb.
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