This is a maintained, sourced ledger of 2026 earnings from more than 40 public companies that set the weather for consumer and DTC brands, across five layers: ad platforms, commerce infrastructure, payments, public DTC comps, and CPG strategics. Each row carries an operator read on what the print means for a smaller brand.
- Ad costs kept climbing in Q2 2026: Meta's price per ad rose 12% and Amazon retail media accelerated to +26%, while Snap and Pinterest repriced their North American audiences by 23% and 14% on almost no user growth.
- Tariff refunds flattered DTC margins. Warby Parker, Revolve and e.l.f. all posted gross-margin expansion that is substantially a one-time IEEPA refund, so strip it out before you benchmark against them.
- Growth is increasingly bought rather than earned: Celsius grew 11% while its flagship brand shrank about 11.7%, and Block's consumer lending volume grew 59% against Square card volume at 13%.
- Aug 6The Trade Desk
- Aug 6FIGS
- Aug 6Celsius
- Aug 6Warby Parker
- Aug 6Kenvue
The biggest public companies report the weather that smaller brands are about to operate in. Meta and Google tell you where CPMs are heading. Shopify and Klaviyo tell you which features are getting roadmap priority. Affirm and PayPal tell you how the consumer is actually spending. The public DTC brands are your closest comps, and the CPG majors are the acquirers. This tracker logs every 2026 earnings print from that roster, with a plain read on what each one means for you.
It covers all three 2026 reporting waves so far: the Q4 2025 and full-year reports released from late January through March, the Q1 2026 reports released from April through June, and the Q2 2026 reports landing from July into August. Every figure ties to the company's own investor-relations release or its SEC filing. The two sections below give the collective read on the current wave and the one before it; the five layer tables that follow give the company-by-company detail and the operator read on each. If you want to jump straight to the takeaways for a smaller brand, skip to what smaller brands should do.
The Q2 2026 read,
in three parts.
Reported from July into August, the Q2 2026 wave came down to one thing on the media side: reaching a customer got more expensive on every scaled platform at once. Meta's average price per ad rose 12% while impression growth thinned to 14% from 19% a quarter earlier, so the auction is clearing on price rather than on supply. Amazon's advertising line accelerated again to plus 26%, its third consecutive quarter of speeding up. The challengers stopped being a hiding place too. Snap's North American ARPU jumped 23% on a North American audience that shrank 7%, Pinterest's US and Canada ARPU rose 14% on 4% more users, and Reddit's US ARPU rose 51% on 6% more US users. Those are the same sentence written three ways. The platforms are monetizing the audience they already have far harder, because they are not finding many new people. The independent alternative did not participate. The Trade Desk grew 3%, missed the guidance it set in May, and guided Q3 below the quarter it had just finished, in the same fortnight that Amazon's ad line grew 26% and Reddit's grew 64%. That is budget consolidating into the walled gardens, so the open internet is not the cheap escape hatch from CPM inflation. Budget Q4 on higher CPMs everywhere, not just on Meta and Google.
Underneath the media story, a lot of very good-looking gross margins were not what they appeared. IEEPA tariff refunds landed in the June quarter and they are sitting inside the DTC margin lines. Warby Parker printed 57.9% against 53.0% a year ago, but roughly 500 basis points of that was an $11.8 million refund, which puts underlying gross margin at about 52.9%, essentially flat. There were 162 basis points of the same thing inside Revolve's 56.6%. At e.l.f., roughly 1,050 of 1,400 basis points of expansion came from refunds, and Toast booked about $10 million of it straight into adjusted EBITDA. None of that is pricing power and none of it repeats. Do the subtraction before you benchmark against any of these companies, then notice which ones raised guidance afterwards and which only reaffirmed it. FIGS is the one worth studying on that test. It booked the same kind of refund, worth about 780 of its 820 basis points of gross-margin expansion, but the quarter holds up without it. Net revenues grew 28.8%, active customers grew 13.2%, revenue per customer grew 10.1% and order value grew 8.5%, all in the same three months. Then it raised the full year and added $100 million to the buyback. The others needed the refund to make the margin line look like progress. FIGS put its progress in the demand metrics, where a refund cannot reach.
The last thread is that growth is increasingly purchased rather than earned. Celsius grew 11% while the CELSIUS brand itself shrank about 11.7%, with every point of growth coming from Alani Nu and Rockstar, both acquired, and gross margin down 340 basis points to carry them. Block's fastest-growing line was not payment processing at plus 13% but consumer lending originations at plus 59%. HubSpot added 14% more customers and only 4% more revenue per customer, with billings growing six points slower than revenue. Commerce.com's merchants grew GMV 14% while the platform's own revenue was flat. More often than not this quarter, the headline number and the engine underneath it pointed in different directions, which is exactly when a founder should be reading the segment tables instead of the press release.
"Tariff refunds made three DTC gross margins look like pricing power in the June quarter, and none of it repeats. Do the subtraction before you benchmark against anyone."
The Q1 2026 read,
the wave it built on.
The Q1 2026 wave, reported from April into June, set up everything above. Ad costs on the dominant platforms re-accelerated. Meta's average price per ad rose 12% year over year, up from 6% a quarter earlier, on top of 19% more impressions, and it raised full-year capex guidance to $125B to $145B to keep improving the auction. Amazon's advertising grew 24% to a business now over $70B on a trailing basis, and Google Search ads held plus 19% with management saying AI was adding queries rather than eating inventory. The read for a smaller brand is blunt: budget for higher CPMs on Meta, Google, and Amazon, not lower ones.
Underneath the price inflation, the consumer looked resilient but value-conscious. The BNPL names all grew volume in the low-to-mid 30s percent with benign credit, and both Affirm and Klarna described the consumer as financially healthy. But PayPal's branded checkout grew only 2%, and in packaged goods the food and beverage giants still grew almost entirely on price while volumes stayed flat to negative. The genuine volume recovery showed up in home and personal care, beauty, and health-positioned food: P&G returned to volume-led growth across all ten of its categories, Unilever's underlying volume jumped to plus 2.9%, and prestige beauty kept recovering on fragrance and China.
For the public DTC brands, Q1 was a lesson in fragility and discipline. Tariffs hit gross margins across hardgoods and apparel, and the winners defended margin with selective price increases and higher-margin mix rather than discounting, with On and FIGS actually raising guidance through it. The sharpest warning came from Oddity, whose revenue swung from plus 25% to minus 26% purely because one ad platform's acquisition cost roughly doubled. The durable brands leaned on retention (Chewy's 84% Autoship base) and channel mix (YETI's wholesale carrying a soft DTC quarter) rather than paid-traffic volume. That contrast, between brands that own their demand and brands that rent it, is the throughline of the whole wave.
"The Q1 2026 wave rewarded brands that own their demand and punished the ones that rent it. Oddity lost a quarter to a single ad platform. Chewy grew profit on a subscription base it controls."
The Q4 2025 and full-year reports before it, released from late January through March, are the baseline both waves extend. Ad-price inflation was already underway but milder, with Meta's price per ad up 6%. Reddit's ad revenue grew 75% and its ARPU 42%, the first sign of how fast a cheap channel reprices. Shopify posted its first quarter above $100B in GMV and framed 2026 around funding Catalog, Sidekick, and a Google-co-developed Universal Commerce Protocol so AI agents transact through its checkout rather than around it, while Klaviyo, Braze, and HubSpot all shipped AI agents into general availability with usage-based pricing. In packaged goods it was pricing-led and volume-flat: Mondelez grew on nearly 10% pricing while volumes fell almost 5%, and P&G's organic growth was zero. Every 2026 theme in this tracker was visible in those reports first.
Ad platforms:
who sets your CPMs.
These are the companies whose earnings calls move your cost of traffic. The pattern in 2026 is a split: the big three (Meta, Google, Amazon) are getting more expensive, funded by record AI capex that makes their auctions better-targeted and more competitive, while the challengers (Snap, Pinterest) stayed cheap and Reddit and AppLovin are the ones to watch. The latest print for each is below, linked to its filing.
| Company | Latest report | Revenue / YoY | Key signal | Operator read |
|---|---|---|---|---|
Meta (META) | Q2 · Jul 29 | $60.80B, +28% | Ad rev $59.4B +27%; price per ad +12%, impressions +14% (from +19% in Q1); op margin 31% vs 43%, capex $31.1B | Prices keep climbing while impression growth thins, so budget Q3 and peak on Meta CPMs at least 12% above last year. The profit drop traces to $3.6B of legal and severance charges rather than weak ad demand |
Alphabet (GOOGL) | Q2 · Jul 22 | $119.8B, +24% | Search ads +17%, Cloud +82%; FY capex guide up to $205B | AI query growth keeps demand firm; budget firm CPMs, win on feed and creative |
Amazon (AMZN) | Q2 · Jul 30 | $200.6B, +20% | Ads $19.81B, +26%, re-accelerating from +24% in Q1; first $200B quarter; AWS $42.2B, +37%; operating income $27.5B, +43% | Retail-media cost is compounding faster than the retail business it sits on, and it sped up the same week Meta reported ad prices up 12% |
The Trade Desk (TTD) | Q2 · Aug 6 | $715.1M, +3% | Missed its own $750M guide; EBITDA margin 34% vs 39%; Q3 guided to $650M, below the quarter just printed | The open-internet DSP grew 3% while Amazon ads grew 26% and Reddit 64%, so budget is consolidating into the walled gardens |
AppLovin (APP) | Q2 · Aug 5 | $1.92B, +53% | Adjusted EBITDA $1.61B, +58%, an 84% margin against 81% a year ago; total costs and expenses only 22% of revenue; R&D $99.9M against $44.0M, more than double; free cash flow $863M; $551M of stock repurchased and withheld | An 84% EBITDA margin on 53% growth means AppLovin has no reason to discount, so treat it as a premium channel you qualify into and price the test accordingly. The Q3 margin guide steps down a point to 83% and R&D doubled, which is what the self-serve e-commerce push costs to run |
Pinterest (PINS) | Q2 · Aug 4 | $1.18B, +18% | MAU 640M, +11%, an all-time high; global ARPU still only $1.86; U.S. and Canada ARPU $8.30, +14%, on U.S. and Canada users up just 4%; adjusted EBITDA $311M, +24% | Still the cheapest scaled inventory of the three challengers, but the U.S. repricing has started and guidance decelerates to +13% to +15% for Q3. Book Q4 budget on today's economics, and note the user growth is landing in Rest of World at a $0.23 ARPU |
Snap (SNAP) | Q2 · Aug 3 | $1.60B, +19% | North America ARPU $10.26, +23%, while North America DAU fell 7% to 92M; global DAU 493M, +5%; adjusted EBITDA $250M vs $41M, after $128.5M of restructuring charges | Snap's growth now comes from repricing a shrinking home audience rather than reaching a bigger one, so the cheap-prospecting window is closing in the market your customers are in. The volume left is Rest of World at a $1.00 ARPU |
Reddit (RDDT) | Q2 · Jul 30 | $804.9M, +61% | US ARPU +51% on US users +6%; ad revenue +64% | The discount is closing fast, so lock in economics now and stop modelling Reddit search traffic as free demand |
The practical move is diversification before the challengers reprice. Meta and Google will keep taking price because their AI capex keeps making the inventory more valuable, so the offset is creative volume, first-party data, and a deliberate presence on the cheaper channels while they are still cheap. Before you raise a paid budget against these CPMs, it is worth pressure-testing the unit economics: our free break-even ROAS calculator and max allowable CAC tool tell you what a rising CPM environment can actually support.
Commerce infrastructure:
what gets built next.
These earnings calls are the clearest read on which features your platforms will prioritize and where the upsell pressure is heading. The dominant 2026 theme is agentic commerce and AI-native tooling: Shopify is funding it hardest, and Klaviyo, Braze, and HubSpot are all shipping AI agents into production with usage-based pricing. The one laggard is Salesforce Commerce Cloud, flagged as a drag even as Agentforce crossed $1B in ARR.
| Company | Latest report | Revenue / YoY | Key signal | Operator read |
|---|---|---|---|---|
Shopify (SHOP) | Q2 · Aug 5 | $3.58B, +34% | GMV $115.6B, +32%; merchant solutions $2.78B, +37%, against subscription solutions $802M, +22%, so merchant solutions is now about 78% of revenue; operating income $488M, +68%; free cash flow $654M at an 18% margin; transaction and loan losses $141M, +76%, on a $2.18B loan and cash-advance book | Shopify's income is increasingly a take rate on your sales rather than a fee for your software, so model the platform bill as a variable cost of revenue. The loan book is the line to watch: if Shopify Capital gets offered to you, price the money against your own CAC payback |
Klaviyo (KVYO) | Q2 · Aug 5 | $370.6M, +26% | Customers above 205,000, but the cohort over $50,000 of ARR grew 36% to 4,477; NRR 109%; non-GAAP operating margin 14%, guided down to 10.5% to 11% in Q3 on SMS adoption and the Agency acquisition; full-year revenue raised to $1.526B to $1.534B | Klaviyo is being pulled upmarket, so expect agentic and multi-product tiers priced at the enterprise end first. Model your per-message SMS cost rising as you lean into the channel, because it is the line compressing Klaviyo's own margin |
Global-e (GLBE) | Q1 · May 13 | $252.1M, +33% | GMV +40%; Shopify Managed Markets 2.0 | Turnkey cross-border now lives inside Shopify checkout |
Braze (BRZE) | Q1 · May 27 | $211.0M, +30% | NRR 110%; Operator and Agent Console live | Lifecycle spend is consolidating on AI decisioning vendors |
HubSpot (HUBS) | Q2 · Aug 5 | $911.7M, +20% | Calculated billings $929.7M, +14%, six points slower than revenue; customers 306,446, +14%, but revenue per customer only +4% to $11,800; non-GAAP operating margin 20.3% against 17.0%; Q3 guided to +14% | Billings lead revenue, so the deceleration is already in the pipe. Growth is new logos rather than expansion, which means the pricing pressure sits on acquisition. Negotiate hard at signup, not at renewal |
Wix (WIX) | Q2 · Aug 4 | $563.1M, +15% | Bookings $569.1M, +12%, trailing revenue on named Partners softness; ARR $1.96B, +15%; Base44's own LLM takes its guided gross margin from near zero to about 60% in H2 | Owning the model turns AI compute into an engineering variable rather than a fixed tax. If you sell through agencies, the bookings gap is the number to watch |
Salesforce (CRM) | Q1 FY27 · May 27 | $11.1B, +13% | Agentforce ARR over $1B; Commerce Cloud soft | Agentic commerce here is still messaging, not a product |
Commerce.com (CMRC) | Q2 · Aug 6 | $84.5M, +0.1% | GMV $8.8B, +14%, while revenue was flat and subscription revenue fell 1%; ARR $360.5M, +2%; net revenue retention 95.8%, improving for a third straight quarter but still under 100%; second consecutive GAAP-profitable quarter | The merchants are healthy and the platform is not capturing it. Profitable, but the profit came from cost rather than growth, so roadmap investment is funded out of margin. Price your migration option while you are choosing to, not having to |
Lightspeed Commerce (LSPD) | Q1 FY27 · Jul 30 | $322.7M, +6% (+17% organic) | GTV $25.7B and GPV $11.3B, +20% organic, lifting payments penetration to 44% of GTV from 40%; transaction revenue $214.5M against subscription revenue $95.4M; gross margin 43%; net loss narrowed to $2.4M from $49.6M; FY27 guided to $1.225B to $1.265B | Payments penetration is the number that matters to a merchant here, because the platform's economics now sit in the take rate rather than the subscription. If you are on Lightspeed, price the processing spread before you argue about the software fee |
Duolingo (DUOL) | Q2 · Aug 5 | $298.5M, +18.3% | Daily active users +23%, an acceleration from Q1, against monthly actives of 140.6M, +10%; bookings $289.1M; operating profit $33.9M and diluted EPS $0.66; the Q3 guide of $302M landed under a $303.9M consensus and took the stock down 11.1% after the close | A consumer-subscription comp rather than a brand, and the shape is the lesson: engagement compounding faster than audience is the healthiest thing a subscription can print. The market still paid for the guide, not the quarter |
The signal for a Shopify brand or app founder is that the roadmap budget is flowing to AI discovery, agentic checkout, B2B, and Markets. Wiring into those early aligns you with where the platform is investing rather than against it. For how this maps onto the broader stack a brand assembles as it scales, see the agentic commerce playbook for Shopify brands.
Payments and BNPL:
the real-time spend read.
Payments volume is the closest thing to a live feed on discretionary spending, and BNPL is the sharpest slice of it. The 2026 read is a healthy-but-selective consumer: the pay-over-time names grew volume in the low-to-mid 30s percent with benign credit, while the incumbent wallet and seller layer grew only modestly, a sign that growth is concentrated in financing-enabled purchases and new merchant supply, not broad per-customer expansion.
| Company | Latest report | Revenue / YoY | Key signal | Operator read |
|---|---|---|---|---|
Affirm (AFRM) | FQ3 · May 7 | $1.04B, +33% | GMV +35%; consumer called "financially healthy" | BNPL keeps lifting AOV; discretionary demand still healthy |
Klarna (KLAR) | Q1 · May 14 | $1.0B, +44% | GMV +33%; swung to net profit; losses 0.55% | Durable, credit-healthy pay-over-time; offer it at checkout |
Block (XYZ) | Q2 · Aug 5 | GP $3.17B, +25% | Consumer lending originations $18.9B, +59%, against Square GPV $72.8B, +13% (US +10%, International +28%); Cash App gross profit +31%; adjusted operating income $864M, a record 27% margin; full-year guidance raised | Block's fastest-growing line is lending consumers the money they spend, not processing more of it. If pay-over-time keeps growing four to five times faster than card volume, discretionary demand is increasingly credit-funded, which is fine until losses turn |
PayPal (PYPL) | Q2 · Jul 28 | $8.68B, +5% | TPV +10% to $486.4B but transaction margin fell to 44.9% from 46.4% | Volume is growing faster than the money made on it, so do not expect the wallet layer to carry your conversion rate |
Toast (TOST) | Q2 · Aug 4 | $1.91B against $1.55B | GPV $60.7B, +22%, on locations up 22% to roughly 180,000, so volume per restaurant is flat again; ARR $2.41B, +25%; adjusted EBITDA $221M including about $10M of one-time tariff refunds; full-year gross-profit guide raised to +23% to 25% | Toast is signing more restaurants, not seeing existing ones sell more. As the cleanest read here on discretionary out-of-home spend, flat per-location volume says the consumer is showing up but not trading up |
For a DTC brand, the takeaway is to treat BNPL as a live conversion and average-order-value lever, because the data says financing-enabled purchases are where discretionary demand is actually growing, while not assuming a rising-tide checkout environment that PayPal's numbers say does not exist. One more data point for the backdrop: Stripe stayed private through 2026 but disclosed $1.9 trillion in 2025 payment volume, up 34%, so money is still moving at scale even with public-market payments multiples under pressure. In July it reportedly bid $53B for PayPal, and what a Stripe and PayPal merger would mean for your checkout and fees is the read that matters to a merchant.
Public DTC brands:
your closest comps.
These are the brands you can actually learn from, because they disclose the mechanics: gross margin, channel mix, marketing intensity, and how they are handling tariffs and paid acquisition. Three lessons run through the 2026 prints: tariffs are eating margin and the answer is pricing and mix, not discounting; single-channel acquisition is dangerous; and retention plus omnichannel is what separates the durable from the fragile.
| Company | Latest report | Revenue / YoY | Key signal | Operator read |
|---|---|---|---|---|
e.l.f. Beauty (ELF) | Q1 FY27 · Aug 5 | $479.4M, +36% | Gross margin 83%, up about 1,400bps, but roughly 1,050bps of that is IEEPA tariff refunds, so underlying expansion was about 350bps; adjusted EBITDA $168.2M, +93%; full-year growth guide raised to 18% to 20% from 12% to 14%; total debt $834.2M against $256.7M a year ago | The raise is the real signal: a mass-price brand with both retail shelf and its own channel working can add six points to a full-year outlook in one quarter. The 83% margin is not pricing power, and the growth is now partly financed |
Levi Strauss (LEVI) | Q2 · Jul 8 | $1.56B, +8% | Net income $87.3M ($0.22 EPS); raised FY guide to +7% to +7.5% | Premium denim demand strong enough to raise the year; pricing and DTC holding |
On Holding (ONON) | Q1 · May 12 | CHF 831.9M, +26% cc | Gross margin 64.2%, up 430 bps through tariffs | Full-price discipline beats discounting when product commands price |
Chewy (CHWY) | Q1 · Jun 10 | $3.36B, +7.7% | Autoship 84% of sales; guided top line down | Retention carries profit when headline demand cools |
FIGS (FIGS) | Q2 · Aug 6 | $196.6M, +28.8% | Third straight quarter above 25%; active customers +13.2%, revenue per customer +10.1%, AOV +8.5%; non-scrubwear +40%, international +67% | Strip the tariff refund and gross margin is flat, so this quarter was won on demand rather than accounting |
Warby Parker (WRBY) | Q2 · Aug 6 | $235.5M, +9.8% | Gross margin 57.9% against 53.0%, but an $11.8M tariff refund is roughly 500bps of it, leaving underlying margin about flat; active customers +4.1% while revenue per customer rose 6.6% to $336; 352 stores after 15 net openings; full-year guidance reaffirmed, not raised | Growth is coming from selling more to existing customers and from 50 store openings this year, not from new customer acquisition. That is the retail-attachment playbook, and it is worth studying before you buy another channel |
YETI (YETI) | Q1 · May 14 | $380.4M, +8% | Wholesale +19% while DTC was flat | Wholesale strength can carry a soft DTC quarter |
Revolve (RVLV) | Q2 · Aug 4 | $347.4M, +12% | Gross margin 56.6%, up 254bps, but 162bps of that is one-time IEEPA tariff refunds; active customers 3,041,000, +11%, the fastest in nearly three years; marketing up to 16.5% of sales from 15.2% for the REVOLVE Los Angeles owned-label launch; July net sales up about 18% | Strip the tariff refund and the real margin gain is about 90bps, with the back half guided to 53.5% to 54.0%. The trade underneath is a full point of marketing intensity spent to own more of the margin later, and customer growth says it is working so far |
Celsius (CELH) | Q2 · Aug 6 | $817.9M, +11% | CELSIUS-brand revenue fell about 11.7% while Alani Nu contributed roughly $364.4M and Rockstar roughly $66.5M, so all growth came from acquired brands; gross margin 48.1%, down 340bps; net income -45%; about 20.1% US RTD energy dollar share; no guidance given | Acquisition can hold a growth number together long after the original brand stops compounding, and the market finds out through margin first. Notice which brand in the portfolio is actually doing the work |
Oddity Tech (ODD) | Q1 · Jun 2 | $197.9M, -26% | One ad platform's CPA roughly doubled | Single-channel acquisition is fragile; hold a cash cushion |
Capri Holdings (CPRI) | Q1 FY27 · Aug 5 | $769.9M, -3.5% | Michael Kors -7.2% while Jimmy Choo +10%; FY guide cut to ~$3.4B | Two brands in one house can diverge 17 points. Report brand-level, never blended |
Mattel (MAT) | Q2 · Aug 4 | $1.1B, +10% | Swung to an $18M net loss from $53M profit; $100M of buybacks in the quarter | Top-line growth with a loss underneath is a cost problem, not a demand problem |
Topgolf Callaway (MODG) | Q2 · Aug 4 | Reported after the close | Logged for roster completeness; venue and equipment mix still the swing factor | Watch the split before you read the headline number |
Crocs (CROX) | Q2 · Jul 30 | $1.179B, +2.6% | Crocs Brand passed $1B in a single quarter for the first time, about $1.0B and +4.3% led by DTC, while HEYDUDE fell 5.7% to $179M on double-digit wholesale declines; FY26 raised to +1% to 2% with adjusted EPS $13.70 to $14.00 | A record top line built on one brand while the second one shrinks. If you run a house of brands, guide and report them separately, because a blended number lets the weak one hide |
Ralph Lauren (RL) | Q1 FY27 · Aug 6 | $1.96B, +14% | Beat a roughly $1.87B consensus with adjusted EPS $4.59 against $4.32 expected and EPS up 22%; FY27 constant-currency revenue outlook raised to +5% to 6%, with growth attributed to young and affluent demand for higher-priced collections | Trading customers up worked here in the same week Michael Kors fell 7.2% off the same accessible-luxury shelf. Price architecture decided that, not category weather |
Under Armour (UAA) | Q1 FY27 · Aug 7 | $1.10B, -3% (-4% cc) | North America -9% to $610M against international +5% to $490M, footwear -8%; gross margin up 590bps to 54.1%, but that gain is largely refunds of IEEPA duties expensed last year, not underlying margin; FY27 revenue cut to a mid-single-digit decline | The third print of the week where a duty refund carried the margin line, after e.l.f. and Warby Parker. Do the subtraction, then read the guidance cut as the actual signal |
adidas (ADS) | Q2 · Jul 30 | EUR 6.74B, +14% cc | A record quarter, but operating profit of EUR 574M missed by roughly EUR 49M on EUR 924M of marketing spend, +30%, almost all behind the World Cup; FY26 revenue guidance raised to +9% to 10% while operating profit was held at about EUR 2.3B, and the stock fell 18.8% | Volume-led growth with a self-inflicted cost line still gets punished. If you fund a campaign this size, commit to the margin outcome up front, because the market will price the spend before the sales |
Canada Goose (GOOS) | Q1 FY27 · Jul 30 | C$118.9M, +10.3% (+8.6% cc) | DTC revenue grew 8.6% to C$84.8M but DTC comparable sales fell 3.2%, so the growth came from four net new stores taking the fleet to 92; net loss C$90.8M, narrowed from C$125.2M; Q1 is the seasonal trough | Reported DTC growth with negative comps is square footage, not demand. Ask the same question of your own channel: did more people buy, or did you just open more doors |
Carter's (CRI) | Q2 · Jul 31 | $615.5M, about +5% | Beat a $609M revenue consensus and cleared its own $0.02 to $0.06 adjusted EPS guide at $0.26, but GAAP net income of about $105M, or $2.87 per share, implies a sizeable one-time gain the release did not identify; Q3 guided to about $750M | When GAAP earnings sit an order of magnitude above adjusted, the quarter is an accounting event until the reconciliation proves otherwise. Read that before you treat it as a category signal |
Peloton (PTON) | Q4 FY26 · Aug 6 | Q4 $608M, flat (FY $2.446B) | First full year of net profit in company history at $63.2M against a $118.9M loss, FY gross margin 52.6% and free cash flow $378M, but paid connected-fitness subscriptions fell 247,000, down 8.8%, to 2.553M, and FY27 guidance implies about a 4% revenue decline | Profitable shrinkage is a real strategy with a clock on it. If your subscriber base is falling 9% a year, the margin story expires before the cost cuts run out |
Olaplex (OLPX) | Q2 · Aug 6 | $106.3M, +2.3% | Slightly under a roughly $107.1M consensus, but the channel mix diverged hard: specialty retail fell 16.7% to $30.4M while professional rose 12.1% to $37.4M and DTC rose 12.8% to $38.5M | A brand deliberately walking back out of specialty retail and into the salon channel. Retail distribution is reversible, and reversing it is sometimes the right call |
The Honest Company (HNST) | Q2 · Aug 5 | Organic revenue about +7% | The highest profitability in company history: underlying adjusted gross margin 43.8% and underlying adjusted EBITDA margin 9.8%, beating EPS estimates by $0.08; FY26 raised to 5% to 7% organic growth and $23M to $25M of adjusted EBITDA | A DTC-origin brand printing near double-digit EBITDA margin is the benchmark to hold your own numbers against, and it got there on margin discipline rather than a growth burst |
ThredUp (TDUP) | Q2 · Aug 5 | $90.8M, +16.9% | A quarterly record at 79.9% gross margin with positive free cash flow and double-digit growth in both active buyers and orders, then the stock fell about 28% on lowered second-half guidance | The market pays for the guide, not the quarter, the same reaction Commerce.com drew a day later. If you are raising, your forward number carries more weight than your trailing one |
Grove Collaborative (GROV) | Q2 · Aug 6 | $36.6M, -16.9% | Third consecutive quarter of positive adjusted EBITDA at $0.5M, with operating expenses down 27% including advertising more than halved to $1.2M, while DTC orders fell 23.6% and DTC revenue per order rose 6.1% to $69.19; sequential growth came from QVC and Amazon | The cleanest version of the shrink-to-profitability trade on this board. It works, and the cost is that reacceleration has to be bought back later at current CPMs |
Once Upon a Farm (OFRM) | Q2 · Aug 6 | $85.4M, +42.3% | The fastest growth in the table and a second post-IPO raise, with FY26 net sales lifted to $327M to $335M, but gross margin fell to 35.9% from 40.7% and adjusted EBITDA swung to a $1.7M loss from a $2.0M profit; cooler placements and club programs drove volume | Refrigerated placements and club distribution bought the growth and the margin paid for it. Defensible in the first year of being public, not repeatable as a plan |
Monster Beverage (MNST) | Q2 · Aug 6 | $2.54B, +20.2% | A record quarter, though FX was a $48.5M tailwind so FX-adjusted growth was 17.9%; sales outside the US grew 34.6% to $1.16B and are now 46% of the mix; adjusted EPS $0.60 beat, and management flagged possible pricing action this fall | The incremental volume is international while the domestic shelf gets defended. A Monster price move resets the ceiling for every energy brand behind it, so watch the fall |
Black Rifle Coffee (BRCC) | Q2 · Aug 6 | $107.0M, +12.8% | Net loss narrowed to $0.2M from $14.5M and adjusted EBITDA rose to $6.3M from $2.4M, with wholesale and DTC both growing double digits after DTC had been the drag in this name | A genuine turnaround quarter, and the notable part is DTC recovering rather than being wound down. Fixing the direct channel is cheaper than replacing it with wholesale |
Westrock Coffee (WEST) | Q2 · Aug 6 | $305.7M, +8.8% | Beverage Solutions, the branded and extract side, grew 16.8% to $243.9M; the 2026 outlook was reaffirmed and management said the company no longer needs additional capital, closing a multi-year funding overhang on the Conway facility build | The quarter a capacity build stops consuming capital is the quarter the equity story changes. Worth watching in any co-packer or extract supplier you depend on |
Zevia (ZVIA) | Q2 · Aug 5 | About $45M, +1.1% | Growth came entirely from pricing: volume fell 3.7%, mostly against prior-year distribution load-ins; gross margin ticked up to 48.9% from 48.7% as pricing offset higher aluminium costs; next-quarter sales guided above consensus | Lapping a distribution build is not the same as losing consumers, but a 1% quarter on negative volume means the brand reset has to show up in velocity next, not in price |
Beyond Meat (BYND) | Q2 · Aug 5 | $68.8M, -8.2% | Down from $75.0M, with the diluted loss narrowed to $0.06 from $0.42 but the adjusted EBITDA loss widening; the company leaned on Europe as US sales fell further and guided Q3 revenue above consensus | Category demand, not execution, is the binding constraint here. When your product sits in a shrinking category, cost cuts buy time and only a new use case buys growth |
The Oddity print is the one to sit with. A high-margin, high-repeat, 97%-DTC brand lost a quarter and a full-year outlook because its largest ad partner's acquisition cost spiked, and lost first orders compound into lost repeat revenue all year. That is the single-channel risk every DTC founder carries, quantified, and it is the first step in how consumer brands actually shut down, which in 2026 is almost never weak demand and almost always a balance sheet that could not absorb a shock. The healthier model in the same table is Revolve deliberately raising marketing to 16.5% of sales to launch its own label and getting 11% active-customer growth back for it, and Chewy leaning on an 84% subscription base. If you want the framework for which of these levers matters at your stage, the DTC growth inflection points piece maps it out.
CPG strategics:
demand and the acquirers.
The large CPG companies are two signals at once: a read on category demand, and the acquirers who might one day buy your brand. In 2026 the demand read split along category lines, with center-store food and beverage still growing on price while volumes stayed flat, and a real volume recovery in home and personal care, beauty, and health-positioned food. On the deal side, the appetite was unmistakable: the majors kept buying niche, high-velocity brands.
| Company | Latest report | Revenue / YoY | Key signal (volume vs price) | Operator read |
|---|---|---|---|---|
P&G (PG) | Q4 FY26 · Jul 29 | Q4 $21.2B, +2% (FY $87.0B, +3%) | Q4 organic flat with volume, price and mix all neutral; core EPS -3% on a 130 bps core operating-margin drop | The volume recovery stalled in the June quarter and marketing reinvestment ate the productivity savings, so plan on flat category demand |
Coca-Cola (KO) | Q2 · Jul 28 | $13.4B, +7% | Organic +6%: concentrate sales +4, price/mix +2; unit case volume +5%, Coke Zero Sugar +16% | Volume-led quarter, not price-led; full-year organic, EPS and FCF guidance all raised |
PepsiCo (PEP) | Q2 · Jul 9 | $24.18B, +6.4% | Organic +2.4%; global vol up, NA beverages -4% | International volume carried it while the US shopper tightened |
Unilever (UL) | H1 · Jul 28 | USG +4.8% | Volume +4.2 vs price +0.6; Q2 volume +5.5%, best in a decade | Units, not price, drove it; the Foods exit leaves a pureplay HPC buyer |
Nestlé (NSRGY) | H1 · Jul 23 | Organic +3.6% | RIG accelerating to +1.8% in Q2; pricing cooled to +2.1 | Volume leads as pricing fades; the profit drop keeps the pruning going |
Mondelez (MDLZ) | Q2 · Jul 28 | $9.36B, +4.1% | Organic +2.2%: vol/mix +0.7, pricing +1.5; Europe organic -3.5% on -2.1pp volume | Adjusted operating margin -120bps to 13.1% on cocoa while reported margin rose 780bps on a derivative swing. Read the adjusted line |
Danone (BN) | H1 · Jul 29 | H1 EUR 13.94B, +3.5% LFL | Q2 accelerated to +4.2% LFL (volume/mix +1.9, price +2.3); APAC +5.2%, high-protein and medical nutrition leading | Health-positioned categories are still where the volume is; the Huel and MADE Group deals show what a strategic will pay up for |
Estée Lauder (EL) | Q3 FY26 · May 1 | $3.71B, +5% | Fragrance +10%; buying founder-led brands | Beauty rebound has legs; EL is back in buy mode |
Church & Dwight (CHD) | Q2 · Jul 31 | $1.53B, +1.6% | Organic +5.8%, volume +4.3; e-commerce 25.5% of consumer sales, +22.7%; full-year raised | Strategic buyers pay for volume growth and Amazon rank before they pay for a margin story |
Colgate (CL) | Q2 · Jul 31 | $5.36B, +4.9% | Organic +2.4% but North America -3.0%; gross margin +140bps, guide raised to flat; advertising +15% | The home market stopped paying for price, so Colgate is funding share defense out of cost savings |
Kenvue (KVUE) | Q2 · Aug 6 | $3.96B, +3.0% | Organic +1.6% (value +0.9, volume +0.7) on a 1.4pt FX tailwind; Skin Health and Beauty +5.1%; adjusted operating margin 22.1% against 22.7%; no guidance and no earnings call ahead of the Kimberly-Clark close, now expected in Q4 2026 | Volume turned positive, but the underlying business is close to flat. The structural fact matters more. The next two quarters get run for the deal rather than for share, and that is the window a challenger brand uses to take shelf |
Primo Brands (PRMB) | Q2 · Aug 5 | $1,796M, +3% | Premium water +30% but margins tightened; FY outlook raised a second straight quarter | Premium mix can carry a flat category. Check what it costs you in gross margin |
Edgewell Personal Care (EPC) | FQ3 · Aug 5 | $570.1M, +1.7% | Organic +1.1% and back to growth; adjusted EPS and EBITDA both beat | Low-single-digit organic is the personal-care baseline right now. Plan against it |
Perrigo (PRGO) | Q2 · Aug 5 | Continuing operations | Dermacosmetics divested; Infant Formula and Oral Care confirmed as live carve-out reviews | Two sizeable consumer assets may hit the market. Watch it if you are buying |
BellRing Brands (BRBR) | FQ3 · Aug 4 | Premier Protein RTDs +6% | First quarter under new CEO Michael Axelrod, targeting a stronger profit trajectory | Protein RTD is still compounding. A 6% print is the category floor, not the ceiling |
Hershey (HSY) | Q2 · Jul 30 | $2,787.3M, +6.6% | Organic +3.6% is 12 points of price against 8 points of negative volume/mix; North America Confectionery +4.2% on 14 points of price and 10 points of volume decline, yet segment margin rose 830bps to 32.5%; FY26 narrowed up to +4.5% to 5% | The clearest price-versus-volume split of the quarter. Buyers absorbed 14 points of price by buying 10% fewer units, so the earnings recovery is cocoa costs and productivity, not demand |
Reynolds Consumer (REYN) | Q2 · Jul 29 | $944M, +0.6% | Price +7% against volume/mix -5%, with retail volumes down 5% (down 2% excluding foam); net income $89M, +22%, came almost entirely from manufacturing efficiency; the one volume winner was Hefty Storage at +8% on a record $176M quarter | The mirror image of Coca-Cola and Unilever a day earlier. In household staples the shopper is buying 5% fewer units, and the only category growing volume is the one people trade down into |
Conagra (CAG) | Q4 FY26 · Jul 15 | Q4 $2.88B, +3.6% (FY -2.9%) | Q4 organic roughly flat and FY organic -0.4%; adjusted EPS $0.47 beat a $0.40 consensus but the reported diluted loss was $3.37 in the quarter on non-cash goodwill and brand impairments; FY27 organic guided to -3% to -1% | Impairments plus a negative forward organic guide say legacy US packaged food is shrinking, which is exactly what keeps strategics pruning old brands and bolting on growing ones |
Keurig Dr Pepper (KDP) | Q2 · Aug 6 | Not disclosed in granular form | Double-digit beverage growth offset by slipping US coffee sales, with the separation work continuing | The split keeps KDP on the corporate-action watch as much as the earnings roster. If you sell coffee, read the coffee line rather than the company line |
Molson Coors (TAP) | Q2 · Aug 6 | Net sales -3.3% (-3.6% cc) | GAAP net income attributable to the company $231.7M at $1.23 diluted EPS, but underlying non-GAAP diluted EPS fell 22.9% to $1.58 | A shrinking top line with underlying EPS down 23% is the weakest print in this table. If you compete for the same cooler, expect promotional intensity rather than category growth |
Post Holdings (POST) | Q3 FY26 · Aug 6 | $1.9B | Operating profit $189.3M, net earnings $63.4M and adjusted EBITDA $377.3M, with the FY26 adjusted EBITDA outlook narrowed to $1,560M to $1,570M; portfolio reshuffling did not offset declines in the core segments | A serial acquirer whose deals are currently plugging holes rather than adding growth. That is when a strategic pays up for velocity, which is leverage if you are the growing brand |
Prestige Consumer Healthcare (PBH) | Q1 FY27 · Aug 6 | $265.7M, +6.5% | Organic growth 3.2% excluding FX and acquisition contribution, adjusted diluted EPS $0.98 against $0.95, adjusted free cash flow $83.7M, and FY27 raised to $1,290M to $1,315M of revenue; growth led by Gastrointestinal, Dermatological and Breathe Right | Bolt-on acquisitions are working here, with Breathe Right closed in June and LaCorium in July. This is what a disciplined serial buyer of small self-care brands looks like from the inside |
Newell Brands (NWL) | Q2 · Jul 31 | About $2.0B, +3% (core +2.3%) | First year-over-year sales growth in more than four years, with normalized EPS $0.42 against $0.24, but roughly $100M pretax of IEEPA tariff recoveries on duties expensed in 2025 is most of that delta, so the margin gain is a duty refund and not underlying; FY26 raised to +1% to 2% | Another refund-flattered print, and the stock still rose about 13% on it. Normalize before you read a turnaround here, then judge it on the 2.3% core sales number instead |
Sprouts Farmers Market (SFM) | Q2 · Jul 30 | $2.33B, +5% | Comparable store sales fell 1.0%, so the 5% top line is entirely new units; net income $129.2M with diluted EPS $1.37 against $1.35; FY26 guidance holds comps at -0.5% to +0.5% on about 42 net new stores | The natural channel that has been the growth door for emerging brands is now growing on square footage rather than throughput. Expect harder velocity hurdles per store |
Lamb Weston (LW) | Q4 FY26 · Jul 24 | FY $6,612M, +2% | Beat the high end of its own guidance on both sales and profit, with FY adjusted EBITDA $1,147M and adjusted diluted EPS $3.01; North America volume growth led the beat while EMEA was pressured by Middle East disruption and input-cost inflation | Foodservice potato volume is a proxy for out-of-home eating and it held up. Read it next to Toast's flat volume per restaurant: people are still going out, they are just not trading up |
Vita Coco (COCO) | Q2 · Jul 23 | $216.2M, +28.1% | Coconut-water volume +21%, net income up $27M to $49M, adjusted EBITDA up $38M to about $67M at roughly a 31% margin, GAAP EPS $0.82 against $0.38; FY26 raised to $790M to $805M of net sales, and the print landed the day after the Copra acquisition | A single-category beverage brand compounding at 28% on a 31% EBITDA margin is the profile strategics chase. Note that it bought supply capacity, not more marketing |
Diageo (DEO) | Full year · Aug 6 | $1B cost programme with the results | Full-year results came paired with a strategic pivot to ready-to-drink formats and a $1B cost-cutting programme | A billion-dollar cost-out at a major spirits strategic reduces near-term acquisition appetite, so read this as acquirer capacity as much as earnings. RTD is where its shelf attention goes next |
Beiersdorf | H1 · Aug 5 | EUR 4.952B, organic -3.5% | Nivea, more than half of group revenue, fell 6.8% organically, guidance was cut and the brand was placed into an 18-month turnaround; Derma, La Prairie and Healthcare were the bright spots | On the Aug 5 call the CEO said the company needs to acquire brands to dilute its Nivea dependence, while preferring M&A later than sooner. A named, motivated beauty acquirer for late 2026 and 2027 |
Altria (MO) | Q2 · Jul 30 | $6,111M gross, +0.1% | Revenues net of excise taxes were $5.36B against roughly $5.51B expected, which is the line consensus is set on, so the quarter was a miss; oral tobacco adjusted operating income fell 8.0% with margin down 200bps even as the category took 8.1 share points | Share gain bought with margin, and a reminder to check which revenue line a company is measured on before you read a beat. Two aggregators called this same quarter both ways |
The M&A appetite is the part a founder should not miss. Church & Dwight said it plainly, that it is hunting "market-leading" fast-moving-consumable brands and paying up for high-velocity niche names, and PepsiCo, Estée Lauder, Unilever, and Colgate all bought growth in 2026. That is a live exit door for a scaled, growing DTC brand. For the deal-side view of who is buying and at what price, see the 2026 consumer M&A window explainer.
What a smaller brand
should do with this.
The whole point of reading the majors is to act on it before the effect reaches you. Here is the operator translation of the 2026 prints, the specific moves a smaller consumer brand should make off what these companies reported.
Budget for CPM inflation and diversify off it. Meta, Google, and Amazon are taking price and will keep doing so while their AI capex compounds, so model rising blended CPMs into your plan rather than hoping for a reversion. The offset is not a single silver-bullet channel, it is creative volume, first-party data, and a deliberate, funded presence on the cheaper channels (Snap, Pinterest, and Reddit and AppLovin as they open) while they are still underpriced. For a brand that scaled straight through this cost environment, how IM8 grew to $200M in 19 months is worth studying, because it held $1.44 of gross profit for every $1 of CAC while doing it.
Adopt your platform's AI priorities early. Shopify is funding Catalog, Sidekick, and agentic checkout; Klaviyo and Braze are shipping AI agents. When a platform tells you where its roadmap budget is going, the features it names get the investment, the integrations, and eventually the ranking preference. Being early on agentic checkout and AI discovery is cheaper than being late.
Treat BNPL as a conversion and AOV lever, not a nice-to-have. The clearest growth in discretionary spend is running through pay-over-time, with healthy credit behind it. Offering Affirm, Klarna, or Afterpay at checkout is one of the few tailwinds the data actually supports, because the broad rising-tide checkout environment that PayPal's numbers rule out is not coming to rescue your conversion rate.
Build a gross-margin and sourcing cushion for tariffs. Every hardgoods and apparel brand in the comps ate a tariff hit to gross margin, and the ones that held up (On, FIGS) had the margin headroom to absorb it and the pricing power to pass some through. If your margin is thin and your sourcing is single-country, that is the exposure to fix before the next tariff headline, not after.
Go omnichannel and lead with retention. "DTC" now means omnichannel: YETI's wholesale carried a soft direct quarter, Warby and FIGS added stores, and e.l.f. leaned on retail shelf. And the brands that held up did it on retention and subscription (Chewy) rather than paid-traffic volume. Owning your demand is the entire lesson of the Oddity print. To pressure-test where your own economics sit, the free Shopify store audit and the DTC growth scorecard are a fast starting point.
If you run paid media, start with the ad-platform table and the break-even ROAS tool before you set next quarter's budget. If you are on Shopify, read the infrastructure table for what to adopt next. If you are weighing a raise or an exit, read the CPG table for demand and acquirer appetite. And if you want the one-line version, the biggest brands are telling you that traffic is getting more expensive, the consumer is spending carefully, and owning your customer relationship is worth more than ever.
IPO and S-1 watch.
New filings are their own signal: an S-1 is the first time a private brand's real numbers become public, and it resets the comp set. Here is the 2026 consumer and commerce IPO activity worth tracking, updated as new registrations land.
| Company | Event | Detail | Status |
|---|---|---|---|
Reformation Jul 30 · sustainable womenswear | IPO (NYSE: REF) | Priced 14,062,500 shares at $15.00 on July 29, the bottom of the $15 to $17 range, for $210.9M gross, split 9,478,821 primary and 4,583,679 secondary. Opened flat at the $15.00 issue price on its July 30 NYSE debut and closed the first session at $15.08, roughly an $890M market value against the ~$1B target floated at launch. FY25 revenue $507.1M and net income $12.6M, about 90% DTC, 70 stores across the US, UK, Canada and France | Public |
Shein Jul 10 · fast-fashion giant | Hong Kong IPO approved (CSRC) | China's securities regulator approved the Hong Kong listing: up to 341.6M shares (~8% of the company) at a $40B to $50B target valuation, possibly as early as Q3 with a 12-month completion deadline; caps a yearslong odyssey after UK and US attempts were blocked | Approved |
Tailored Brands Jul 10 · menswear retail | S-1 filed (Nasdaq: MENW) | Parent of Men's Wearhouse, Jos. A. Bank, K&G and Moores; ~$2.53B FY25 net sales across 1,006 stores; #1 in US menswear rental at an ~85% rental selling margin; Silver Point-controlled, its first return to public markets since the 2020 Chapter 11 | Filed |
Jersey Mike's Subs Jul 2 · sandwich franchise | S-1 filed (NYSE: JMKE) | Blackstone-controlled, 3,300 locations and 99% franchised, with $4.3B systemwide sales and a $1.4M average unit volume; FY25 revenue of $696M in the successor period plus a $28M predecessor stub, against $653M in FY24 | Filed |
Stripe Feb 24 · payments | Secondary tender | Valued at $159B, up ~74%; 2025 payment volume $1.9T, +34%; no IPO or S-1 | Still private |
Suja Life May 6 · cold-pressed juice and soda | IPO (Nasdaq: SUJA) | Priced 8,888,889 Class A shares at $21.00, the low end of the $21 to $24 range, for ~$186.7M gross and ~$173.6M net; opened at $18.00 and closed the first day at $17.85, down 15%, a ~$689.5M market value. $326.62M FY2025 revenue against a $23.34M net loss; proceeds repaid $141.3M of borrowings, so a deleveraging listing rather than a growth raise | Public |
Once Upon a Farm Feb 5 · organic kids food | IPO (NYSE: OFRM) | Raised $197.9M at $18 per share and closed the first day at $21.05, up 17%, for a ~$847M market value at roughly 3.7x TTM revenue; 12x oversubscribed per Bloomberg despite a $48.1M net loss on $201.6M TTM revenue. The listing that reopened the consumer food IPO window | Public |
IEVA Group Mar 31 · French beauty and wellness | IPO (Euronext Growth Paris) | IOMA Paris, Atelier du Sourcil, myIEVA, My Little Paris; ~EUR 8M raise at EUR 12.79 per share, Bpifrance committed EUR 3M; EUR 43.4M 2025 revenue, plans a 2027 US entry by acquiring a premium beauty brand with $10M to $50M in sales | Public |
PayPay Feb · SoftBank payments app | IPO (Nasdaq: PAYP) | Filed F-1 in February, priced at $16 per ADS, began trading in March | Public |
BitGo Holdings Jan 22 · digital-asset custody | IPO (BTGO) | Priced at $18, raised $212.8M at roughly a $2B valuation; first digital-asset IPO of 2026 | Public |
Nutrabolt (C4) Jul · energy and sports nutrition | IPO prep | Picked underwriters for a US IPO targeting up to a $1B valuation | Rumored |
Skims; Alo Yoga rumored | IPO watch | Both widely rumored with no confirmed 2026 S-1; Alo prep read into its BELLA+CANVAS sale | Rumored |
Reformation is a result now rather than a filing, which makes it the more useful benchmark. A profitable, roughly 90% DTC apparel brand priced at the bottom of its range and opened flat. Public investors will take a healthy DTC P&L. They just will not pay a growth multiple for it, and at $15.00 the deal cleared at under 2x the $507.1M FY25 top line. Once Upon a Farm closed day one up 17%, Suja Life down 15%, and Reformation flat, which is roughly what an open but ungenerous window looks like from the inside. Tailored Brands finds out next what that window pays, having rebuilt out of a 2020 bankruptcy around a rental business running an 85% selling margin.
Jersey Mike's is the biggest of the three, and the odd one out. It is a 3,300-store franchise system, so it collects royalties on stores its franchise owners paid to build. That is why $4.3B in systemwide sales runs through a company booking well under a billion of its own revenue. Reformation and Tailored Brands own their sales. Jersey Mike's owns the brand and lets operators fund the footprint.
How this tracker
is built.
Every figure here ties to a primary source: the company's own investor-relations press release, or its SEC filing (an 8-K, 10-Q, 6-K, or F-1). The links in the tables go to those documents, not to secondary coverage. Where a metric came from an earnings call rather than the release, it is treated as reported. Nothing is estimated or invented. If a number could not be verified against the company's own disclosure, it was left out.
The window covers all three 2026 reporting waves so far: the Q4 2025 and full-year reports released from late January through March, the Q1 2026 reports released from April through June, and the Q2 2026 reports landing from July into August. Fiscal calendars vary, so some companies report offset quarters (Affirm's fiscal year ends in June, e.l.f.'s and Estée Lauder's in June or March, Salesforce and Braze on a January year-end, the European CPG names on half-year and quarterly trading updates), and each row notes the actual period. The "operator read" column is my own interpretation of what each print means for a smaller brand, not the company's guidance.
This page is refreshed daily. As new earnings prints and S-1 filings land, they are added to the tables and the collective reads are updated, and the underlying data lives in a maintained ledger alongside the 2026 consumer M&A and funding tracker. The next full wave, Q2 2026, begins reporting in late July, so expect the tables to fill out through August. If a company you care about is missing, it is either outside the consumer-brand-weather roster or it had not reported inside the window, not an oversight.
Questions I get about
reading these earnings.
Which public companies most affect DTC and consumer brands?
Five layers set the weather. Ad platforms (Meta, Google, Amazon, plus Reddit, Pinterest, Snap, The Trade Desk, AppLovin) set your CPMs. Commerce infrastructure (Shopify, Klaviyo, Global-e, Braze, HubSpot) sets which features get roadmap priority. Payments and BNPL (Affirm, PayPal, Block, Klarna, Toast) are a real-time read on discretionary spend. Public DTC brands (e.l.f., Oddity, Warby Parker, On, Celsius, YETI, FIGS, Chewy) are your closest comps. CPG strategics (P&G, Coca-Cola, PepsiCo, Unilever, Nestlé, Estée Lauder) are the acquirers and a read on category demand.
Are ad CPMs going up in 2026?
On the big platforms, yes, and in Q2 2026 the challengers joined them. Meta's average price per ad rose 12% year over year while impression growth slowed to 14% from 19%, Amazon's advertising revenue accelerated to plus 26%, and Google Search ad revenue held plus 17%. The cheaper channels repriced too: Snap's North American ARPU jumped 23% on a North American audience that shrank 7%, Pinterest's US and Canada ARPU rose 14% on only 4% more users, and Reddit's US ARPU rose 51% on 6% more US users. Pinterest is still the cheapest scaled inventory in absolute terms at $1.86 global ARPU, but budget Q4 on higher CPMs everywhere rather than assuming a cheap channel is waiting.
What do 2026 earnings say about consumer spending?
Spending is resilient but value-conscious. The BNPL names all grew volume in the low-to-mid 30s percent with benign credit (Affirm delinquencies stable near 2.7 to 2.8%, Klarna loss provisions falling to 0.55% of GMV), and both managements described the consumer as financially healthy. But PayPal's branded checkout grew only 1 to 2%, and in CPG the food and beverage giants grew almost entirely on price while volumes were flat to negative, a sign consumers are stretched in center-store categories. The healthiest demand showed up in beauty, personal care, and health-positioned food.
What is Shopify prioritizing in 2026?
AI-native and agentic commerce. Across its Q4 2025 and Q1 2026 reports Shopify said it is funding Catalog, Sidekick, and a Google-co-developed Universal Commerce Protocol so AI agents transact through its checkout rather than around it, while posting its first quarters above $100B in GMV. B2B GMV grew 96% and Shop Pay GMV grew 62% for the year. For a Shopify brand or app founder, the read is that AI discovery, agentic checkout, B2B, and Markets are where roadmap budget is going, so adopting them early aligns you with the platform.
How is this earnings tracker sourced and kept current?
Every row ties to a primary source: the company's investor-relations press release or its SEC filing (8-K, 10-Q, 6-K, F-1). It covers all three 2026 reporting waves so far, the Q4 2025 and full-year reports released from late January through March, the Q1 2026 reports released from April through June, and the Q2 2026 reports landing from July into August. It is refreshed daily as new prints and S-1 filings land, and figures are labeled where a number was reported rather than officially disclosed.
Want the operator read on your own numbers?
I read these earnings the way I ran WIN's operating cadence: to plan media budgets, time feature adoption, and see where category demand and acquirer appetite are heading. If you want that applied to your brand, your channel mix, or your exit timing, that is the work I do with operators. The form takes two minutes.
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