Consumer & Retail

Last Updated: 25 October 2026

Imperial Brands PLC is an international tobacco company. It makes and sells cigarettes and cigars under brands such as Winston, KOOL, Crowns and Backwoods, focuses on five priority markets (the US, Germany, the UK, Spain and Australia), and is building a business in next generation products (NGP): blu vapes, Pulze heated tobacco and Zone, Skruf and Knox nicotine pouches. It also owns 50.01% of Logista, a Spanish-listed distributor. Imperial is listed in London and reports in sterling for years to 30 September. Since the last version of this report (9 June 2026) Imperial has bought the Black Buffalo and Helwit oral-nicotine brands, confirmed in its 8 October pre-close update that it is on track for FY2026 guidance, and launched a £1.5bn buyback for FY2027. FY2026 results are due on 17 November 2026. Every figure below comes from Imperial's results announcements, trading updates and RNS notices. There are no analyst opinions, price targets or ratings anywhere in it.

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

1. Company Snapshot

Field	Value
Ticker / exchange	Imperial Brands (IMB) — London Stock Exchange; unsponsored ADRs trade over the counter in the US (IMBBY)
Sector	Consumer staples — tobacco and nicotine products
Revenue (FY2025, year to 30 Sep 2025)	£32,171m reported including duty, down 0.7%; tobacco & NGP net revenue £8,316m, up 4.1% at constant currency
Operating profit (FY2025)	Adjusted £3,988m, up 4.6% at constant currency; reported £3,490m, down 1.8%
Earnings per share (FY2025)	Adjusted EPS 315.0p, up 9.1% at constant currency; reported basic EPS 251.1p
Dividend (FY2025)	160.32p per share, up 4.5%
Employees	About 25,100 at 30 Sep 2025 (Fidelity company data); Imperial describes itself as having more than 26,000 employees
CEO / Leadership	Lukas Paravicini, Chief Executive Officer; Murray McGowan, Chief Financial Officer; Thérèse Esperdy, Chair (John Rishton takes over as Chair on 1 Dec 2026)
Reporting currency	Pound sterling (£)

2. The Bull and Bear Case

Bull Case

• Large, steady capital returns: the £1.45bn FY2026 buyback is complete, a £1.5bn FY2027 buyback started on 8 Oct 2026, and Imperial says about £13bn has been returned over FY2021–FY2026, with issued share capital down more than 21% since October 2022.
• Pricing beats volume decline: tobacco net revenue has grown for six years in a row according to the October 2026 pre-close update, and FY2025 tobacco & NGP net revenue rose 4.1% at constant currency.
• Strong cash flow: free cash flow was £2,749m in FY2025, and FY2026 is guided at more than £2.2bn, on net capex of only £338m in FY2025.
• NGP building scale: NGP net revenue rose 13.7% to £368m in FY2025, FY2026 NGP growth is double-digit with share gains in all three categories, and 2026 acquisitions of Black Buffalo and Helwit add oral-nicotine brands.
• Clear 2030 targets: the March 2025 Capital Markets Day set annual targets of 3–5% adjusted operating profit growth, high-single-digit adjusted EPS growth and £2.2–3.0bn of free cash flow, and the pre-close update says FY2026 is on track for each.

Bear Case

• Weak reported profits: H1 FY2026 reported operating profit fell 36.5% to £925m and basic EPS fell 38.1% to 59.9p, after £313m of Delaware settlement costs and £210m of strategy costs.
• Higher German tobacco tax: on 16 Oct 2026 the Bundestag voted for stepped tobacco tax rises from 2027 to 2030 in Germany, one of Imperial's five priority markets.
• Slow growth in the first half: H1 FY2026 tobacco & NGP net revenue grew only 1.8% and adjusted operating profit 0.6% at constant currency, so the year depends on a stronger second half.
• Debt peaked mid-year: adjusted net debt rose to £10,518m at 31 Mar 2026 from £8,406m at 30 Sep 2025, and leverage reached 2.4 times on a 12-month basis.
• Illicit trade and US competition: Australian legal volumes fell about 50% in H1 FY2026 because of illicit trade, and aggressive promotion in US nicotine pouches cut Americas NGP revenue.

3. Business Segments

The table shows FY2025 tobacco & NGP net revenue (£8,316m) by region; shares are worked out from the reported figures. Logista's distribution business is reported separately: FY2025 distribution revenue was £11,448m and adjusted operating profit £316m.

Segment	% of revenue	What it is
Europe (£3,476m)	41.8%	UK, Germany, Spain, France, Italy, Greece, the Nordics, Belgium and the Netherlands. Most NGP sales (£280m in FY2025). H1 FY2026 growth 3.3%.
Americas (£2,892m)	34.8%	The US through ITG Brands: Winston, KOOL and Crowns cigarettes, Backwoods cigars and Zone nicotine pouches. H1 FY2026 growth 0.6%.
AAACE (£1,948m)	23.4%	Africa, Asia, Australasia and Central and Eastern Europe, including Australia, Saudi Arabia, Taiwan, Poland and Morocco. H1 FY2026 growth 1.1%.
Distribution (Logista)	Reported separately	50.01%-owned distributor serving more than 200,000 points of sale in southern Europe; more than half its gross profit is from non-tobacco products.

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4. Business Model and Moat

How it makes money. Imperial manufactures tobacco and nicotine products and sells them to wholesalers and retailers. Governments take a large share of the retail price as excise duty: in FY2025 reported revenue was £32,171m but duty and similar items were £13,187m, and after Logista's distribution revenue the tobacco & NGP net revenue was £8,316m. Cigarette volumes fall every year, so growth comes from price increases and from NGP.

Unit economics. Tobacco needs little capital: net capex was £338m in FY2025 against adjusted operating profit of £3,988m and adjusted EBITDA of £4,299m, which is why free cash flow reached £2,749m. Marketing restrictions limit spending, and established brands keep pricing power.

The moat. Strict regulation makes it hard for new companies to enter combustible tobacco, and Imperial has strong positions in its five priority markets (US, Germany, UK, Spain and Australia), which produce about 70% of adjusted tobacco operating profit. The moat is weaker in NGP, which was only about 4% of tobacco & NGP net revenue in FY2025 and where Philip Morris International and British American Tobacco have larger smoke-free businesses.

Capital allocation. Imperial targets leverage at the lower end of 2.0–2.5 times net debt to EBITDA, a progressive dividend paid in quarterly instalments, and an annual buyback each year from FY2026 to FY2030. It aims to save about £320m a year by 2030.

5. Financial Health

All figures come from Imperial's full-year and half-year results statements. Imperial is not an SEC registrant, so there is no SEC XBRL data; balance-sheet figures were read from the published statements. Revenue is reported revenue including duty. Long-term debt is non-current borrowings at 30 September each year.

Fiscal Year	Revenue (£m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	32,791	+0.7%	299.9p	246.5p	139.08p	£8,715m
FY2022	32,551	−0.7%	165.9p	265.2p	141.17p	£8,996m
FY2023	32,475	−0.2%	252.4p	278.8p	146.82p	£7,882m
FY2024	32,411	−0.2%	300.7p	297.0p	153.42p	£7,506m
FY2025	32,171	−0.7%	251.1p	315.0p	160.32p	£8,524m

GAAP EPS is reported basic EPS; Adjusted EPS is Imperial's adjusted EPS. FY2021 YoY is against FY2020 revenue of £32,562m. Tobacco & NGP net revenue was £7,589m (FY2021, restated), £7,793m, £8,012m, £8,157m and £8,316m (FY2025). Current borrowings were £1,107m, £1,011m, £1,499m, £1,191m and £1,070m, and adjusted net debt £8,615m, £8,054m, £8,026m, £7,740m and £8,406m over the same years.

Quarter / Half	Revenue (£m)	Adjusted EPS	GAAP EPS
H1 FY2026 (Oct 2025–Mar 2026)	14,719 (tobacco & NGP net revenue 3,729)	127.7p	59.9p
H2 FY2025 (Apr–Sep 2025)†	17,567 (tobacco & NGP net revenue 4,652)	About 191.1p	About 154.4p
H1 FY2025 (Oct 2024–Mar 2025)	14,604 (tobacco & NGP net revenue 3,664)	123.9p	96.7p
FY2025 total	32,171	315.0p	251.1p

† H2 FY2025 is derived as FY2025 less H1 FY2025; EPS does not add exactly across halves because the share count falls with buybacks. Imperial reports results only at the half and full year. FY2026 results are due on 17 November 2026.

Cash flow and balance sheet. In FY2025 net cash from operating activities was £3,627m, purchases of property, plant and equipment were £198m and of intangible assets £186m (net capex £338m), and depreciation, amortisation and impairment was £781m (£311m on the adjusted basis). Free cash flow on Imperial's definition was £2,749m. At 30 Sep 2025 cash and cash equivalents were £1,439m, borrowings £9,594m (current £1,070m, non-current £8,524m), reported net debt £8,954m and adjusted net debt £8,406m, or 2.0 times adjusted EBITDA of £4,299m. At 31 Mar 2026 cash was £497m, borrowings £10,828m and adjusted net debt £10,518m.

FY2026 guidance (pre-close update, 8 Oct 2026). Low-single-digit tobacco net revenue growth and double-digit NGP net revenue growth; adjusted operating profit growth within 3–5% at constant currency; high-single-digit adjusted EPS growth; free cash flow above £2.2bn; leverage at the lower end of 2.0–2.5 times. Currency is now expected to add 0–0.5% to net revenue and profit and to reduce EPS by 0–0.5%. The average FY2026 share count was 780.9m.

6. Valuation Metrics

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Free cash flow	£2,749m in FY2025 (Imperial definition); on a simple basis, operating cash flow £3,627m less gross capex £384m gives about £3,243m. FY2026 guided above £2.2bn
Adjusted EBITDA	£4,299m in FY2025
Adjusted net debt	£8,406m at 30 Sep 2025; £10,518m at 31 Mar 2026
Leverage	2.0x adjusted net debt to adjusted EBITDA at 30 Sep 2025; 2.4x at 31 Mar 2026; FY2026 expected at the lower end of 2.0–2.5x
Dividend per share	160.32p for FY2025; FY2026 interim dividend 83.36p, up 4.0%, paid in two instalments of 41.68p
Buyback	£1.45bn FY2026 programme completed; £1.5bn FY2027 programme, first tranche of up to £750m from 8 Oct 2026 to 4 May 2027
Short interest (% of float)	London line: 1.22% of issued shares, the FCA aggregated net short position (19 Oct 2026, via Ticker). US ADR (IMBBY): 91,296 ADRs short, about 0.01% of float (MarketBeat, 30 Sep 2026).
Days to cover	About 0.2 days for the US ADR (MarketBeat, 30 Sep 2026); not published for the London line

7. What Are They Building

The 2030 strategy. Set out at the March 2025 Capital Markets Day, it aims to hold combined market share in the five priority combustible markets while building NGP. Targets for FY2026–2030 are low-single-digit tobacco net revenue growth, double-digit NGP net revenue growth, 3–5% annual adjusted operating profit growth and high-single-digit adjusted EPS growth.

Next generation products. Imperial sells Pulze 3.0 heated tobacco with iD and iSenzia sticks, blu vapes, and Zone, Skruf and Knox nicotine pouches. In 2026 it bought Black Buffalo, a US oral-nicotine brand, for an initial US$150m plus a deferred sum (27 May 2026), and Yoik Group, owner of the Swedish pouch brand Helwit, for an initial SEK 515m, about £39.8m (7 Sep 2026). It is withdrawing the older myblu vape from the US.

A leaner cost base. Imperial aims to save about £320m a year by 2030, at a cash cost of about £600m. It plans to stop production at its Langenhagen factory in Germany in July 2027, has agreed to sell its Taiwan factory, and moved 386 roles to Capgemini in H1 FY2026. In August 2026 Bloomberg reported plans for thousands of job cuts in the US and Europe; Imperial has not published a figure.

8. Competitive Landscape

Imperial competes with the other international tobacco groups in cigarettes and increasingly in heated tobacco, vapes and nicotine pouches.

Peer	Market cap (Oct 2026)	Key 2025 metric
Philip Morris International (PM)	About $311bn (companiesmarketcap.com, 25 Oct 2026)	Q3 2026 net revenues $11.4bn, up 5.5% (7.1% organic); smoke-free products over 40% of net revenues (PMI, 21 Oct 2026)
Altria (MO)	About $124bn (companiesmarketcap.com, 25 Oct 2026)	FY2026 adjusted diluted EPS guidance $5.61–$5.72, 3.5–5.5% growth (Altria Q2 2026 results, 30 Jul 2026)
Japan Tobacco (2914)	About $85bn (companiesmarketcap.com, 25 Oct 2026)	Q2 2026 revenue ¥1,062.1bn, up 20.0%; FY2026 revenue forecast raised to ¥3,885.0bn
British American Tobacco (BATS)	Not shown for London-listed companies	H1 2026 revenue up 1.4% (2.9% at constant currency); New Categories revenue up 18.0% (BAT half-year results, 30 Jul 2026)

Imperial's H1 FY2026 tobacco & NGP net revenue growth of 1.8% at constant currency compares with BAT's H1 2026 revenue growth of 2.9% at constant currency and PMI's Q3 2026 organic growth of 7.1%. NGP was about 4% of Imperial's FY2025 tobacco & NGP net revenue, against more than 40% of net revenues for PMI's smoke-free products.

9. Leadership and Insider Activity

Lukas Paravicini is Chief Executive Officer (CEO), having succeeded Stefan Bomhard; he presented the FY2025 results on 18 Nov 2025 as the new CEO. Murray McGowan is Chief Financial Officer. Thérèse Esperdy, Chair since January 2020, retires on 1 Dec 2026, when John Rishton, former Rolls-Royce CEO and Chair of Informa, takes over; he joined the Board as Chair Designate on 13 Jul 2026. Director and PDMR dealings disclosed by RNS in 2026, excluding the company's buyback:

Name	Date	Type	Shares	Plan Type
Abbe Luersman (Non-Executive Director)	25 Sep 2026	Purchase	1,220 ADRs	Open-market purchase, US over-the-counter
Alan Johnson (Non-Executive Director)	10 Apr 2026	Purchase	645	Open-market purchase
Murray McGowan (CFO)	07 Apr 2026	Purchase	873	Dividend reinvestment
Lukas Paravicini (CEO)	16 Feb 2026	Award	149,026	FY2026 Long Term Incentive Plan grant
Murray McGowan (CFO)	16 Feb 2026	Award	58,926	FY2026 Long Term Incentive Plan grant
Lukas Paravicini (CEO)	16 Feb 2026	Vesting and sale	64,731 exercised; 30,561 sold	2023 LTIP nil-cost options; sale to cover tax
Murray McGowan (CFO)	16 Feb 2026	Vesting and sale	33,794 exercised; 15,955 sold	2023 LTIP nil-cost options; sale to cover tax

Non-executive directors Susan Clark and Ngozi Edozien also bought small numbers of shares each quarter through dividend reinvestment (most recently on 5 Oct 2026). Capital Group's holding rose to 12.03% of voting rights on 14 Oct 2026.

10. Key Risks

• Excise and pricing (Regulatory): tax rises such as Germany's planned 2027–2030 increases can cut volumes or limit price rises; the EU Tobacco Excise Directive is also being revised.
• Product regulation (Regulatory): bans or limits on disposable and flavoured vapes in Europe, US state flavour bans and FDA product reviews for Zone pouches, where one set of applications got a refuse-to-file letter that ITG is challenging, could restrict NGP growth.
• Illicit trade (Commercial): high excise in markets such as Australia, where legal volumes fell about 50% in H1 FY2026, pushes smokers to illegal products.
• Volume decline and down-trading (Commercial): US tobacco volumes fell 6.1% in FY2025, and growth of the deep-discount segment puts pressure on prices.
• Litigation (Legal): the Delaware ruling in favour of R J Reynolds cost about £313m, with about £162m still to be paid over about three years.
• Transformation and currency (Operational): factory closures, outsourcing and planned job cuts must deliver about £320m of savings without disrupting supply, and moves in sterling against the US dollar and euro change reported profit.

11. Recent Developments

• 12 May 2026 — H1 FY2026 results. Tobacco & NGP net revenue up 1.8% and adjusted operating profit up 0.6% at constant currency; adjusted EPS 127.7p; reported operating profit down 36.5% after Delaware and strategy costs; interim dividend up 4.0% to 83.36p.
• 27 May 2026 — Black Buffalo acquired. Imperial bought the US oral-nicotine brand for an initial US$150m plus a three-year performance-based deferred payment.
• 18 Aug 2026 — Job cuts reported. Bloomberg reported plans for thousands of job cuts in the US and Europe; Imperial has not disclosed a target.
• 07 Sep 2026 — Helwit owner acquired. Imperial bought Yoik Group AB, owner of Helwit, with a 3.4% share of Swedish modern oral nicotine, for an initial SEK 515m plus a deferred payment.
• 08 Oct 2026 — Pre-close update and new buyback. FY2026 on track for guidance on every measure; £1.45bn FY2026 buyback complete; £1.5bn FY2027 buyback announced, with a first tranche of up to £750m.
• 16 Oct 2026 — German tobacco tax vote. The Bundestag voted for stepped tobacco tax rises from 2027 to 2030; the Bundesrat had not yet voted.
• 16 Oct 2026 — Capital Group stake. Capital Group disclosed a holding of 12.03% of voting rights.

12. Key Dates to Watch

• 17 Nov 2026 — FY2026 full-year results
• 01 Dec 2026 — John Rishton succeeds Thérèse Esperdy as Chair
• Expected Dec 2026 — third FY2026 dividend instalment (last year ex-dividend 27 Nov and paid 31 Dec; 2026 dates to be confirmed with the results)
• Expected Jan 2027 — Annual General Meeting (2026 AGM held 28 Jan 2026; date not yet published)
• TBC — Bundesrat vote on the German tobacco tax rises
• 04 May 2027 — end of the first £750m tranche of the FY2027 buyback
• Expected May 2027 — H1 FY2027 interim results (date not yet published)

Inflation and consumer-spending releases that move consumer-staples shares are on the ChartsView Economic Calendar. Discuss Imperial Brands with other investors in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 24 October 2026

Diageo plc is one of the world's largest makers of alcoholic drinks. Its brands include Johnnie Walker, Guinness, Smirnoff, Don Julio, Casamigos, Crown Royal, Tanqueray, Captain Morgan and Baileys, sold in nearly 180 countries. Diageo is listed in London, with American Depositary Shares on the New York Stock Exchange (DEO), and reports in US dollars for years to 30 June. Since the last version of this report (8 June 2026) Diageo has reported a 2% fall in organic net sales for FY2026, held its first Capital Markets Day under Chief Executive Sir Dave Lewis, set out a new cost programme and medium-term targets, named a new Chief Financial Officer and moved to a new regional structure. The Q1 FY27 trading statement and AGM are due on 5 November 2026. Every figure below comes from Diageo's results announcements, Form 20-F, RNS notices and SEC XBRL data. There are no analyst opinions, price targets or ratings anywhere in it.

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

1. Company Snapshot

Field	Value
Ticker / exchange	Diageo (DGE) — London Stock Exchange; American Depositary Shares on NYSE (DEO)
Sector	Consumer staples — spirits and beer
Revenue (FY2026, year to 30 Jun 2026)	Net sales US$19,643m, down 3.0% reported and 2.0% organic; gross sales including excise duties US$27,762m
Operating profit (FY2026)	US$3,156m reported (down 27.2% after US$2,527m of exceptional charges); US$5,683m before exceptionals, up 2.0% organic
Earnings per share (FY2026)	Pre-exceptional EPS 165.3 US cents; basic EPS 78.1 US cents
Net profit (FY2026)	US$1,958m
Employees	About 27,900 on average in FY2026 (Form 20-F regional breakdown); the company describes itself as having more than 27,500 employees
CEO / Leadership	Sir Dave Lewis, Chief Executive Officer (since 1 Jan 2026); Nik Jhangiani, Chief Financial Officer; Sir John Manzoni, Chair
Headquarters	London
Reporting currency	US dollar (US$)

2. The Bull and Bear Case

Bull Case

• Guinness momentum: Guinness organic net sales grew 12% in FY2026 and beer, now 18% of net sales, grew 9%; management is putting more investment behind the brand.
• Cost savings ahead of plan: the Accelerate programme delivered US$540m of savings by the end of FY2026, and a new operating framework targets about US$850m more over FY27–28 plus about US$150m from supply chain.
• Cash flow and disposals: free cash flow rose by US$463m to US$3,211m in FY2026, and the sale of Diageo Kenya (owner of 65% of East African Breweries) to Asahi for about US$2.3bn and the Royal Challengers Bengaluru sale are expected to cut debt.
• Clear medium-term targets: the August 2026 Capital Markets Day set FY27–29 targets of low-single-digit organic sales growth, mid-single-digit organic operating profit growth and about US$8bn of cumulative free cash flow.
• Growth outside the US: in FY2026 organic net sales grew 3.4% in Europe, 7.7% in Latin America and Caribbean and 13.3% in Africa.

Bear Case

• North America and tequila weakness: North America, 37% of net sales, fell 8.4% organically in FY2026; tequila fell 16%, with Casamigos down 25% and Don Julio down 14%, and FY27 guidance has North America down mid-single digits.
• Dividend cut: the interim dividend was cut from 40.5 cents to 20 cents in February 2026, and the FY2026 total of 50 cents compares with 103.48 cents for FY2025.
• High leverage: net borrowings were US$20,482m at 30 Jun 2026 and leverage was 3.1 times adjusted EBITDA, above the 2.5–3.0 times target range.
• Large write-downs: FY2026 exceptional charges of US$2,527m included US$1,489m of impairments (Türkiye US$786m, Don Papa US$287m) and US$908m of restructuring costs.
• Flat outlook: FY27 guidance is for broadly flat organic net sales, and Chinese white spirits fell 47% and Asia Pacific 6.3% organically in FY2026.

3. Business Segments

The table shows FY2026 reported net sales by region on the structure used for FY2026. From FY27 Diageo reports North America, EMEA, APAC excluding India, Latin America and Caribbean, and India as separate regions (restated figures published 13 Oct 2026).

Segment	% of revenue	What it is
North America (US$7,249m)	37%	US and Canada. Crown Royal, Don Julio, Casamigos, Johnnie Walker, Smirnoff, Captain Morgan. Organic net sales down 8.4%.
Europe (US$5,097m)	26%	Includes Great Britain, Ireland and Türkiye. Guinness is the largest brand. Organic growth 3.4%.
Asia Pacific (US$3,333m)	17%	Includes India (United Spirits), China and travel retail. Organic net sales down 6.3%.
Latin America and Caribbean (US$2,160m)	11%	Scotch and other spirits, led by Brazil and Mexico. Organic growth 7.7%.
Africa (US$1,642m)	8%	Beer and spirits, including East African Breweries and Nigeria. Organic growth 13.3%.

By category, Scotch was 24% of FY2026 net sales, beer 18%, tequila 12%, vodka 8% and Canadian whisky 6%; spirits as a whole were 75%. Follow consumer-staples names on the ChartsView Live Charts page.

4. Business Model and Moat

How it makes money. Diageo distils, brews, bottles and markets drinks, selling them to distributors, wholesalers and retailers. Governments take a large share of the price as excise duty: in FY2026 gross sales were US$27,762m and excise duties US$8,119m, leaving net sales of US$19,643m. Growth is reported as organic net sales, split into volume and price/mix; in FY2026 volume fell 0.4% and price/mix 1.6%.

Unit economics. Premium brands sell at high prices relative to production cost, so the operating margin before exceptionals was 28.9% in FY2026, up 116 basis points organically. Scotch has to be aged for years, so Diageo holds large stocks of maturing whisky, which ties up cash.

The moat. Brands built over generations, aged-whisky stocks that cannot be replicated quickly, and global distribution give Diageo shelf space and pricing power. Rivals with similar brand portfolios, such as Pernod Ricard, share that moat, and consumers can move away from a category quickly, as tequila showed in FY2026.

Capital allocation. After the February 2026 cut, the dividend policy targets a payout of 30–50% of earnings with a floor of 50 cents a year. Priorities are investment in brands and Guinness capacity, bringing leverage back to the middle of the 2.5–3.0 times range by the end of FY27, and selling non-core assets.

5. Financial Health

Diageo has reported in US dollars since FY2024; FY2022 and FY2023 net sales are the US dollar figures restated in the FY2024 financial statements. Long-term debt is non-current borrowings at each year end, checked against Diageo's SEC XBRL filings (ifrs-full:LongtermBorrowings, CIK 0000835403) for FY2022 to FY2025; FY2026 is from the preliminary results because the FY2026 XBRL data was not yet in the SEC companyfacts file.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022†	20,516	+21.4% (sterling basis)	140.2p	151.9p	76.18p	$17,543m
FY2023	20,555	+0.2%	196.3c	196.5c	98.55c	$18,649m
FY2024	20,269	−1.4%	173.2c	179.6c	103.48c	$18,616m
FY2025	20,245	−0.1%	105.9c	164.2c	103.48c	$20,820m
FY2026	19,643	−3.0%	78.1c	165.3c	50.0c	$19,062m

† FY2022 net sales are shown in US dollars as restated in the FY2024 financial statements; the YoY movement, EPS and dividend are as originally reported in sterling (pence), because Diageo did not restate them in dollars. Revenue is net sales (sales less excise duties). GAAP EPS is basic EPS; Adjusted EPS is Diageo's pre-exceptional EPS. FY2026 dividend is a 20c interim plus a 30c final. Net borrowings were US$17,107m (FY2022), US$19,582m (FY2023), US$21,017m (FY2024), US$21,854m (FY2025) and US$20,482m (FY2026).

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q4 FY26 (Apr–Jun 2026)	4,707	Half-yearly only	Half-yearly only
Q3 FY26 (Jan–Mar 2026)	4,477 (organic +0.3%)	Half-yearly only	Half-yearly only
H2 FY26 (Jan–Jun 2026)	9,183 (organic −1.0%)	Not published	Not published
Q2 FY26 (Oct–Dec 2025)	About 5,585 (derived: H1 less Q1)	Half-yearly only	Half-yearly only
Q1 FY26 (Jul–Sep 2025)	4,875 (organic flat)	Half-yearly only	Half-yearly only
H1 FY26 (Jul–Dec 2025)	10,460 (organic −2.8%)	95.3c	89.7c
FY2026 total	19,643	165.3c	78.1c

Quarterly net sales come from Diageo's FY27 Q1 Aide Memoire (13 Oct 2026). Diageo reports earnings only at the half and full year; H2 EPS was not published separately. Q1 FY27 figures are due on 5 November 2026.

Cash flow and balance sheet. In FY2026 net cash from operating activities was US$4,392m (FY2025: US$4,297m), purchases of property, plant and equipment and computer software were US$1,197m (net capex US$1,181m) and depreciation, amortisation and impairment was US$2,480m, inflated by the impairments. Free cash flow on Diageo's definition was US$3,211m. At 30 Jun 2026 cash and cash equivalents were US$1,520m, borrowings due within one year US$2,449m, borrowings due after one year US$19,062m and net borrowings US$20,482m. SEC XBRL data confirms FY2025 operating cash flow of US$4,297m, cash of US$2,200m and net borrowings of US$21,854m.

FY27 guidance (6 Aug 2026). Broadly flat organic net sales, with North America down mid-single digits; organic operating profit up low to mid-single digits; free cash flow of about US$2bn after about US$850m of exceptional cash costs; capex of about US$1.25bn; a tax rate of about 25%; and leverage around the middle of the 2.5–3.0 times range by the end of FY27.

6. Valuation Metrics

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Free cash flow	US$3,211m in FY2026 (Diageo definition: operating cash flow US$4,392m less net capex US$1,181m); about US$2bn guided for FY27
Operating profit before exceptionals	US$5,683m in FY2026; margin 28.9%
Net borrowings	US$20,482m at 30 Jun 2026 (30 Jun 2025: US$21,854m)
Leverage	3.1x adjusted net debt to adjusted EBITDA at 30 Jun 2026 (FY2025: 3.4x); target 2.5–3.0x
Return on invested capital	13.4% in FY2026
Dividend per share	50.0 US cents for FY2026 (20c interim, 30c final paid 3 Dec 2026); policy of 30–50% payout with a 50c floor
Short interest (% of float)	London line: 4.06% of issued shares, the aggregated net short position published by the FCA (14 Oct 2026). NYSE ADS (DEO): 3.09m shares short, about 0.56% of public float (MarketBeat, settlement 15 Sep 2026).
Days to cover	About 3.1 days for the NYSE ADS (MarketBeat, 15 Sep 2026); not published for the London line

7. What Are They Building

A leaner operating model. Sir Dave Lewis has set three priorities: relevant brands with clear category strategies, a sharper focus on customers, and a more agile operating framework. The new framework targets about US$850m of savings over FY27–28 plus about US$150m from supply chain, at a restructuring cost of about US$1.2bn, of which about US$752m was booked in FY2026. Press reports in August 2026 said the workforce had fallen by nearly 2,000.

More Guinness. Diageo is accelerating investment behind Guinness, its fastest-growing major brand, and FY2026 capital spending included added brewing capacity.

A smaller portfolio. Since July 2025 Diageo has sold Seychelles Breweries, Guinness Ghana Breweries, its Italian bottling plant and the Sheridan's liqueur brand, agreed to sell Diageo Kenya to Asahi (expected to complete by 31 Dec 2026, subject to approvals) and agreed, through United Spirits, to sell the Royal Challengers Bengaluru cricket team (expected to complete in FY27). Cîroc is now held in a joint structure with Main Street Advisors.

New regional structure. From FY27 India and EMEA are reported separately, giving a clearer view of the fast-growing Indian business, which had FY2026 restated net sales of US$1,418m.

8. Competitive Landscape

Diageo competes with the other global spirits groups and, through Guinness, with the big brewers.

Peer	Market cap (Oct 2026)	Key 2025 metric
AB InBev (ABI)	About $166bn (companiesmarketcap.com, Oct 2026)	Q2 2026 revenue $16,660m, organic growth 5.6% (AB InBev results, 29 Jul 2026)
Heineken (HEIA)	About $48bn (companiesmarketcap.com, Oct 2026)	H1 2026 organic net revenue growth 2.7% (Heineken half-year results, 5 Aug 2026)
Constellation Brands (STZ)	About $21.5bn (companiesmarketcap.com, Oct 2026)	Q2 FY27 net sales $2,633m, up 6.1% (Constellation results, 6 Oct 2026)
Pernod Ricard (RI)	About $19.1bn (companiesmarketcap.com, Oct 2026)	Q1 FY27 sales €2,234m, organic −0.9% (Pernod Ricard, 15 Oct 2026)
Brown-Forman (BF.B)	About $13.8bn (companiesmarketcap.com, Oct 2026)	Q1 FY27 net sales $911m, organic −1% (Brown-Forman, 2 Sep 2026)
Campari (CPR)	About $9.0bn (companiesmarketcap.com, Oct 2026)	H1 2026 organic net sales growth 2.7% (Campari results, 29 Jul 2026)

Diageo's FY2026 organic net sales decline of 2.0% was weaker than the brewers and Campari but similar to Pernod Ricard and Brown-Forman, which also face soft US spirits demand.

9. Leadership and Insider Activity

Sir Dave Lewis has been Chief Executive Officer (CEO) since 1 January 2026. Nik Jhangiani is Chief Financial Officer; on 23 Sep 2026 Diageo said Joanne Wilson, currently CFO of WPP, will succeed him in 2027. Sir John Manzoni is Chair. Director and PDMR (persons discharging managerial responsibilities) dealings disclosed by RNS in 2026 include:

Name	Date	Type	Shares	Plan Type
Sir John Manzoni (Chair)	12 Oct 2026	Purchase	400	Monthly purchase arrangement (also monthly from January 2026)
Sir Dave Lewis (CEO)	14 Sep 2026	Award	10,932	Deferred Bonus Share Plan
Nik Jhangiani (CFO)	14 Sep 2026	Award	13,430	Deferred Bonus Share Plan
Dayalan Nayager (Executive Committee)	14 Sep 2026	Award	138,285	LTIP grant (restricted share units)
John Rishton (Non-Executive Director)	18 May 2026	Purchase	3,274	Open-market purchase
Sir Dave Lewis (CEO)	16 Mar 2026	Award	306,039 conditional shares plus 306,039 options	2023 LTIP grant, vesting 8 Sep 2028
Nik Jhangiani (CFO)	09 Mar 2026	Vesting and sale	101,142 released; 47,657 sold	Special Recruitment Award; sale to cover tax

Executive Committee members also received LTIP and Exceptional Stock Award releases on 3–4 Sep 2026, selling part to cover tax. Open-market buying in 2026 has come from the Chair and non-executive directors; no open-market purchase by the CEO was found.

10. Key Risks

• US demand and tequila (Commercial): North America is 37% of net sales and fell 8.4% organically in FY2026; a longer slump in US spirits or tequila would hold back group growth.
• Tariffs and trade (Geopolitical): US tariffs on imported spirits, including Scotch, Irish whiskey and Mexican tequila, have weighed on gross margin; Diageo merged geopolitical, trade and regulatory risks into one principal risk in FY2026.
• Leverage (Financial): net borrowings of US$20.5bn and leverage of 3.1 times are above target; a delay to the Kenya or Bengaluru disposals, or weaker cash flow, would slow debt reduction.
• Restructuring execution (Operational): about US$1.2bn of restructuring and the new operating model must deliver about US$1bn of savings without disrupting sales; Diageo lists its operating model as a new principal risk.
• Changing drinking habits (Consumer): moderation, lower-alcohol and THC products, at-home drinking and GLP-1 weight-loss drugs may reduce alcohol demand, as flagged in the Form 20-F.
• Emerging markets and currency (Macro): high inflation and currency swings in markets such as Türkiye (US$786m impairment) and parts of Africa and Latin America can reduce reported profit.

11. Recent Developments

• 06 Aug 2026 — FY2026 results. Net sales US$19,643m, organic −2.0%; operating profit before exceptionals up 2.0% organic; US$2,527m exceptional charges; free cash flow up US$463m to US$3,211m; final dividend 30c.
• 06 Aug 2026 — Capital Markets Day. Sir Dave Lewis set FY27 guidance of broadly flat organic net sales and FY27–29 targets including about US$8bn of cumulative free cash flow.
• 18 Aug 2026 — Annual Report and board appointment. Diageo published its Annual Report and Form 20-F and appointed R. Alexandra Keith, former CEO of P&G Beauty, as a non-executive director from 5 Nov 2026.
• 19 Aug 2026 — Headcount reduction reported. Press reports said the workforce fell by nearly 2,000 during the restructuring, from about 29,860 average employees in FY2025.
• 23 Sep 2026 — New CFO named. Joanne Wilson, CFO of WPP, will succeed Nik Jhangiani in 2027.
• 13 Oct 2026 — New regional reporting. Diageo restated FY2026 net sales into five new regions, with India reported separately, ahead of Q1 FY27 results.

12. Key Dates to Watch

• 05 Nov 2026 — Q1 FY27 trading statement and Annual General Meeting
• 19 Nov 2026 — sterling equivalent of the 30c final dividend announced
• 03 Dec 2026 — final dividend of 30 US cents paid (record date 16 Oct 2026)
• Expected Dec 2026 — completion of the Diageo Kenya sale to Asahi (by 31 Dec 2026, subject to regulatory approval)
• Expected Feb 2027 — H1 FY27 interim results (date not yet published)
• Expected May 2027 — Q3 FY27 trading statement
• Expected Aug 2027 — FY27 preliminary results

Consumer-spending and inflation releases that move drinks shares are on the ChartsView Economic Calendar. Discuss Diageo with other investors in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 23 October 2026

Unilever PLC is one of the world's largest consumer-goods companies, selling Dove, Vaseline, Persil, Domestos, Sunsilk, Hellmann's and Knorr in more than 190 countries. It is in the middle of a large reshaping: the Ice Cream business was demerged as The Magnum Ice Cream Company in December 2025, and in March 2026 Unilever agreed to combine most of its Foods business with McCormick, which would leave a company focused on beauty, wellbeing, personal care and home care. Since the last version of this report (6 June 2026) Unilever has reported a stronger first half with faster volume growth, raised its 2026 sales guidance, completed its 2026 buyback and moved the McCormick deal into regulatory review. The third-quarter trading statement is due on 28 October 2026. Every figure below comes from Unilever's results announcements, RNS notices and SEC filings. There are no analyst opinions, price targets or ratings anywhere in it.

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

1. Company Snapshot

Field	Value
Ticker / exchange	ULVR.L — London Stock Exchange; also Euronext Amsterdam and NYSE (ADS: UL)
Sector	Consumer staples — beauty, personal care, home care and foods
Revenue (FY2025)	€50,503m turnover from continuing operations (excluding Ice Cream), down 3.8% reported; underlying sales growth (USG) 3.5%
Net profit (FY2025)	€6,213m from continuing operations; €10,011m including discontinued Ice Cream
Earnings per share (FY2025)	Underlying EPS €3.08; diluted EPS €2.59 (continuing)
Underlying operating margin	20.0% in FY2025 (up 60 basis points); 20.3% in H1 2026
H1 2026	Turnover €25,623m; USG 4.8% with volume up 4.2%; underlying EPS €1.61
Employees	About 96,000 (2025 Form 20-F announcement, after the Ice Cream demerger)
CEO / Leadership	Fernando Fernandez, Chief Executive Officer; Srinivas Phatak, Chief Financial Officer; Ian Meakins, Chair
Headquarters	100 Victoria Embankment, London
Reporting currency	Euro (€)

2. The Bull and Bear Case

Bull Case

• Volume-led acceleration: H1 2026 underlying sales growth was 4.8% with volume up 4.2%, Q2 was 5.8%, and on 28 July 2026 management raised 2026 guidance to the full 4–6% range with about 3% volume growth.
• Power Brands pulling ahead: the Power Brands, about 78% of turnover, grew 6.0% in H1 2026 with 5.4% volume, led by prestige beauty, Liquid I.V., Dove and Vaseline.
• Cleaner portfolio after Foods: the McCormick deal brings $15.7bn of cash plus a 9.9% stake, and leaves a business of about €39bn of turnover in which beauty, wellbeing and personal care rise to about 67%.
• Cash and capital returns: free cash flow was €5,921m in FY2025, the quarterly dividend was raised 3% to €0.4664, and €6bn of buybacks are planned over 2026–29.
• Productivity delivered early: the €800m productivity programme was completed ahead of plan, helping H1 2026 underlying operating margin rise to 20.3% despite cost inflation.

Bear Case

• Commodity cost squeeze: management expects about €850m of commodity inflation in 2026, and H1 gross margin fell 70 basis points to 46.8%; H2 growth is guided to be led by pricing.
• Currency drag: exchange rates cut H1 2026 turnover by 4.9% and underlying EPS by 6.0%, and a further hit of about 3% to full-year turnover is guided.
• Deal execution risk: the Foods combination still needs a McCormick shareholder vote and regulatory clearance, including a UK CMA Phase 1 review, and leaves €400–500m of stranded costs to remove over 2027–29.
• Soft spots in Europe and Foods: Europe USG was minus 0.9% in H1 2026 and Foods grew only 0.2% in Q2, while net debt rose to €26.0bn, 2.3 times underlying EBITDA.

3. Business Segments

Unilever reports four Business Groups. Foods stays in the reported numbers until the McCormick combination completes. The table shows FY2025 turnover from continuing operations.

Segment	% of revenue	What it is
Personal Care (€13.2bn)	26%	Deodorants, skin cleansing and oral care — Dove, Rexona, Lifebuoy, Vaseline, Dr. Squatch. FY2025 USG 4.7%; underlying operating margin 22.6%.
Foods (€12.9bn)	26%	Knorr, Hellmann's and other cooking and condiment brands. Most of it is being combined with McCormick. FY2025 USG 2.5%; margin 22.6%.
Beauty & Wellbeing (€12.8bn)	25%	Hair care, skin care, prestige beauty (Hourglass, K18, Tatcha, Paula's Choice, Dermalogica) and wellbeing (Liquid I.V., Nutrafol, Olly). FY2025 USG 4.3%; margin 19.2%.
Home Care (€11.6bn)	23%	Laundry and household cleaning — Persil/Omo, Comfort, Domestos, Cif, Sunlight. FY2025 USG 2.6%; margin 14.9%.

In H1 2026 Home Care grew fastest (USG 7.6%), followed by Beauty & Wellbeing (5.9%), Personal Care (4.8%) and Foods (1.2%). Track consumer-staples names on the ChartsView Live Charts page.

4. Business Model and Moat

How it makes money. Unilever sells everyday branded products at modest prices but in enormous volumes, through supermarkets, convenience stores, distributors and online. Growth is reported as underlying sales growth, split into volume and price. In FY2025 USG was 3.5% (1.5% volume, 2.0% price); in H1 2026 it was 4.8% (4.2% volume, 0.6% price).

Unit economics. A gross margin of about 47% pays for heavy brand and marketing investment and still leaves an underlying operating margin of about 20%. FY2025 underlying operating profit was €10.1bn and underlying EBITDA €11,394m.

The moat. Trusted, often category-leading brands, very deep distribution in emerging markets (about 60% of turnover) and scale in buying, advertising and logistics give Unilever shelf space and pricing power. The moat is shared with rivals of similar size, and private label competes on price.

Capital allocation. The framework is a dividend payout of about 60%, about €1.5bn a year of bolt-on acquisitions, leverage of about 2 times EBITDA, and €6bn of buybacks over 2026–29 funded by separation cash and trading.

5. Financial Health

Unilever reports in euros under IFRS. FY2021 to FY2024 are shown as originally reported, including Ice Cream and before the 8-for-9 share consolidation of December 2025. FY2025 is continuing operations only. Long-term debt is non-current financial liabilities at each year end, checked against Unilever's SEC XBRL filings (ifrs-full:NoncurrentFinancialLiabilities, CIK 0000217410).

Fiscal Year	Revenue (€m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	52,444	+3.4%	€2.32	€2.62	€1.71	€22,881m
FY2022	60,073	+14.5%	€2.99	€2.57	€1.71	€23,713m
FY2023	59,604	−0.8%	€2.56	€2.60	€1.71	€24,535m
FY2024	60,761	+1.9%	€2.29	€2.98	€1.76	€25,066m
FY2025†	50,503	−3.8%	€2.59	€3.08	€1.82	€25,696m

† FY2025 is continuing operations (excluding Ice Cream) and EPS reflects the share consolidation. The −3.8% is measured against restated FY2024 continuing turnover of €52,479m (restated FY2024 diluted EPS €2.44, underlying EPS €3.06); USG was +3.5%, currency −5.9% and net disposals −1.2%. Adjusted EPS is Unilever's underlying EPS. Dividend per share is the sum of the four quarterly dividends declared for each year (€0.4268 a quarter through 2023; €0.4664 from Q4 2025).

Quarter / Half	Revenue (€m)	Adjusted EPS	GAAP EPS
Q2 2026	13,046 (USG 5.8%)	Half-yearly only	Half-yearly only
Q1 2026	12,562 (USG 3.8%)	Half-yearly only	Half-yearly only
H1 2026	25,623 (USG 4.8%)	€1.61	€1.38
H2 2025	24,997 (derived: FY less H1)	Not published	Not published
H1 2025	25,506 (re-presented, continuing)	€1.57	€1.42
FY2025 total (continuing)	50,503	€3.08	€2.59

Unilever gives turnover and growth each quarter but earnings only at the half and full year. H1 2026 net profit from continuing operations was €3,291m, down 3.5%. Q3 2026 turnover is not yet published; the trading statement is due on 28 October 2026.

Cash flow and balance sheet. In FY2025 cash flow from operating activities before tax was €10,772m, income tax paid €2,720m, net capital expenditure €1,465m and depreciation and amortisation €1,310m, giving free cash flow of €5,921m. At 31 December 2025 cash was €3,941m, financial liabilities €28,278m (current €2,582m, non-current €25,696m) and net debt €23,076m. At 30 June 2026 cash was €4,726m, financial liabilities €32,110m and net debt €25,961m. SEC XBRL data confirms the FY2025 balance-sheet figures and D&A.

2026 guidance (raised 28 July 2026, repeated 5 October 2026). Underlying sales growth of 4–6% with about 3% volume, H2 USG of 4–5% led by price, a modest improvement in underlying operating margin from 20.0%, capex above 3% of turnover, an underlying tax rate of about 26% and currency impact of about −3% on turnover.

6. Valuation Metrics

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Free cash flow	€5,921m in FY2025 (Unilever definition, after tax, interest and net capex of €1,465m); €1,549m in H1 2026
Underlying EBITDA	€11,394m in FY2025 (underlying operating profit €10.1bn plus D&A)
Net debt	€25,961m at 30 June 2026 (31 December 2025: €23,076m)
Net debt / underlying EBITDA	2.3x at 30 June 2026 on a rolling 12-month basis (2.0x at 31 December 2025); target about 2x
Underlying operating margin	20.3% in H1 2026 (FY2025: 20.0%)
Dividend per share	€0.4664 a quarter for Q1 and Q2 2026, up 3%; Q3 dividend to be declared on 28 October 2026; payout policy about 60%
Share buyback	€1.5bn 2026 programme completed 5 June 2026 (30,703,780 shares); €6bn planned over 2026–29
Shares in issue	2,154,327,953 voting shares at 1 October 2026, excluding treasury shares
Short interest (% of float)	London line: no aggregate net short position published — Unilever does not appear in the FCA's aggregated net short file (positions at or above 0.2%) as of 23 October 2026. NYSE ADS: 4,575,254 shares short, about 0.21% of total shares (MarketBeat, settlement 15 September 2026). Verify at fca.org.uk.
Days to cover	About 1.2 days for the NYSE ADS (MarketBeat, 15 September 2026); not published for the London line

7. What Are They Building

A pure-play home and personal care company. On FY2025 pro forma figures, Unilever without most of Foods has about €39bn of turnover, 67% of it in beauty, wellbeing and personal care, 38% from the US and India combined, a 48% gross margin and an underlying operating margin of about 19%. Management targets mid-single-digit USG with at least 2% volume growth. An investor event in New York on 4 November 2026 is expected to set out the plan in more detail.

Prestige beauty and wellbeing. Prestige brands (Hourglass, K18, Tatcha, Paula's Choice, Dermalogica) accelerated in Q2 2026, with K18 growing strong double digits. In wellbeing, Liquid I.V. grew high single digits and Olly double digits in H1 2026, and Unilever bought Grüns, a US greens-supplement brand, in June 2026.

Bolt-ons in, smaller businesses out. Recent personal-care acquisitions include Wild (2025), Dr. Squatch (2025) and Minimalist in India (2025). Disposals in 2026 include Graze, the Indonesian tea business, Home Care in Colombia, Ecuador, Central America and the Caribbean, and Sariwangi; Colman's mustard has been put up for sale.

Social-first marketing. Unilever is moving more of its marketing to social media and creators, and pushing premium products and digital commerce. It has not disclosed AI spending figures.

8. Competitive Landscape

Unilever competes with the largest global consumer-goods groups in personal care, beauty, home care and foods.

Peer	Market cap (Oct 2026)	Key 2025 metric
Procter & Gamble (PG)	About $385bn (companiesmarketcap.com, 22 Oct 2026)	FY2025 (to June) net sales $84.3bn, flat; organic sales +2% (P&G results release)
Nestlé (NESN)	About $264bn (companiesmarketcap.com, Oct 2026)	2025 organic growth 3.5%, real internal growth 0.8% (Nestlé full-year 2025 results)
L'Oréal (OR)	About $241bn (companiesmarketcap.com, Oct 2026)	2025 sales €44.05bn, +4.0% like-for-like (L'Oréal 2025 annual report)
Colgate-Palmolive (CL)	About $78bn (companiesmarketcap.com, 22 Oct 2026)	2025 net sales $20,382m; organic sales +1.4% (Colgate Q4 2025 release)
Reckitt (RKT.L)	Not shown (London-listed)	2025 Core Reckitt like-for-like net revenue +5.2% (Reckitt full-year results 2025)

Unilever's FY2025 USG of 3.5% and H1 2026 USG of 4.8% sit within the range of these peers, with a higher share of sales from emerging markets than P&G, L'Oréal or Colgate.

9. Leadership and Insider Activity

Fernando Fernandez is Chief Executive Officer (CEO), Srinivas Phatak is Chief Financial Officer and Ian Meakins is Chair. Director and PDMR (persons discharging managerial responsibilities) dealings disclosed through RNS notices in 2026 include:

Name	Date	Type	Shares	Plan Type
Heiko Schipper (President, Foods)	23 Sep 2026	Sale	345	Discretionary sale (Euronext)
Srinivas Phatak (CFO)	23 Sep 2026	Purchase	About 451 (London) plus 34 (euro line)	Dividend reinvestment
Fabian Garcia (President, Personal Care)	21 Aug 2026	Sale	15,643 ADSs	Discretionary sale (NYSE)
Heiko Schipper (President, Foods)	31 Jul 2026	Sale	1,400	Discretionary sale
Ruby Lu (Non-Executive Director)	08 Jun 2026	Purchase	8,915 ADSs	Open-market purchase
Benoît Potier (Non-Executive Director)	29 May 2026	Purchase	2,040	Open-market purchase
Judith McKenna (Non-Executive Director)	28 May 2026	Purchase	4,295 ADSs	Open-market purchase
Fernando Fernandez (CEO)	14 May 2026	Award	About 116,372	Performance Share Plan grant
Srinivas Phatak (CFO)	14 May 2026	Award	About 65,113	Performance Share Plan grant

Three non-executive directors bought shares in the open market in May and June 2026; the executive sales were small relative to holdings.

10. Key Risks

• Foods deal execution (Strategic): the McCormick combination needs McCormick shareholder approval, competition clearances including a UK CMA Phase 1 decision due by 11 November 2026, and works-council consultation. About 65% of the value comes as McCormick shares, and Unilever must remove €400–500m of stranded costs.
• Commodity inflation (Financial): about €850m of commodity cost inflation is expected in 2026; if pricing does not offset it, the guided margin improvement is at risk.
• Currency (Macro): reporting in euros with about 60% of turnover from emerging markets; currency cut H1 2026 underlying EPS by 6.0%.
• Emerging-market disruption (Macro): Brazil's tax reform may cause retailer destocking in Q4 2026, Argentina and Turkey are under hyperinflation accounting, and India is tightening food front-of-pack labelling rules.
• Competition and Europe (Operational): Europe USG was minus 0.9% in H1 2026, US condiments are losing share, and P&G, L'Oréal, Reckitt and private label compete hard.
• Leverage and shareholder pressure (Financial): net debt rose to €26.0bn (2.3x EBITDA) at H1 2026, and a former shareholder has publicly criticised the McCormick deal.

11. Recent Developments

• 05 Jun 2026 — 2026 buyback completed. The €1.5bn programme finished, buying back 30,703,780 shares.
• 09 Jul 2026 — Deal criticised by former investor. Fund manager Terry Smith, a former shareholder, accused Unilever of misleading shareholders over the McCormick Foods deal, as reported by FoodNavigator.
• 23 Jul 2026 — Combined company plans set out. McCormick named the operating model and executive team for the combined Foods business and confirmed a London secondary listing alongside its NYSE primary listing.
• 28 Jul 2026 — H1 2026 results and guidance raised. Turnover €25,623m, USG 4.8% with 4.2% volume, underlying EPS €1.61 and margin 20.3%; 2026 guidance raised to USG of 4–6% with about 3% volume; the €800m productivity programme was completed early.
• 28 Aug 2026 — Colman's put up for sale. Unilever began a sale process for Colman's mustard, which stays outside the McCormick deal, according to trade press reports.
• 17 Sep 2026 — CMA Phase 1 review. The UK Competition and Markets Authority opened a Phase 1 inquiry into the McCormick and Unilever Foods combination, with a decision due by 11 November 2026.
• 01 Oct 2026 — Regulatory filings on schedule. McCormick said merger filings had been submitted on schedule across jurisdictions; completion is still expected by mid-2027 at the latest.

12. Key Dates to Watch

• 28 Oct 2026 — Q3 2026 trading statement and Q3 dividend declaration
• 04 Nov 2026 — Unilever Investor Event, New York
• 11 Nov 2026 — UK CMA Phase 1 decision deadline on the McCormick Foods combination
• 12 Nov 2026 — Q3 dividend ex-dividend date for ordinary shares (13 Nov 2026 for ADSs; record date 13 Nov 2026)
• 18 Dec 2026 — Q3 dividend payment date
• Expected Feb 2027 — FY2026 results (date not yet published)
• Expected mid-2027 — completion of the Foods combination with McCormick, at the latest

Central bank decisions and inflation releases that move consumer-goods shares are on the ChartsView Economic Calendar. Discuss Unilever with other investors in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 29 Sep 2026

The Home Depot (NYSE: HD) is the world's largest home-improvement retailer. It sells to do-it-yourself customers and to professional contractors ("Pros") through 2,364 stores in the US, Canada and Mexico and through online channels. Its SRS Distribution arm, which now includes GMS and Mingledorff's, sells specialty trade products through more than 1,340 branch locations.

FY2025 (to 1 Feb 2026) net sales rose 3.2% to $164,683m, helped by acquisitions, but comparable sales grew only 0.3% and adjusted EPS fell to $14.69. Q2 FY2026 sales rose 5.7% with comparable sales up 1.7%, and management reaffirmed full-year guidance. Customer transactions are still falling, debt is about $52.9bn after the SRS and GMS deals, and buybacks remain paused. CEO Ted Decker began a temporary medical leave on 12 Aug 2026.

This refresh draws on Home Depot earnings releases, the FY2025 Form 10-K, the Q2 FY2026 Form 10-Q, SEC XBRL company facts and Form 4 filings, all retrieved on 29 Sep 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	The Home Depot, Inc.
Ticker	HD (NYSE)
Sector	Consumer & Retail
Industry	Home-improvement retail and specialty trade distribution
Headquarters	2455 Paces Ferry Road, Atlanta, Georgia
Founded	1978 (incorporated in Delaware)
CEO / Leadership	Ted Decker (Chair, President and CEO), on temporary medical leave since 12 Aug 2026. During his leave, Ann-Marie Campbell (Senior EVP) runs day-to-day operations, Richard McPhail (EVP and CFO) oversees finance and the Pro businesses, and lead director Greg Brenneman chairs the board
Market cap	~$289.2bn (share price $289.89 at the 28 Sep 2026 close)
Revenue (FY2025)	$164,683m net sales (+3.2% YoY; comparable sales +0.3%), year to 1 Feb 2026
Net income (FY2025)	$14,156m GAAP, per FY2025 10-K
Employees	About 472,400 associates at FY2025 year-end, per FY2025 10-K
Locations	2,364 stores plus more than 1,340 SRS branch locations at 2 Aug 2026
Dividend	$2.33 per quarter ($9.32 annualised), raised 1.3% in Feb 2026

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Pro platform built out at scale: SRS ($18.25bn enterprise value, 2024), GMS ($5.5bn, Sep 2025) and Mingledorff's (about $1.1bn, May 2026) give HD more than 1,340 branches. Home Depot puts its total addressable market at $1.2 trillion, about $700bn of it Pro.
• Sales growth has resumed: Q2 FY2026 net sales rose 5.7% to $47,861m, comparable sales rose 1.7% and adjusted EPS was $4.92. Full-year guidance of 2.5–4.5% sales growth was reaffirmed on 18 Aug 2026.
• Strong cash generation and dividend: FY2025 operating cash flow was $16,325m against capex of $3,679m. The dividend is $9.32 a year, a yield of about 3.2%.
• Fulfilment advantage: Nationwide 3-hour Express Delivery now runs from more than 2,000 US stores. Next-day appliance delivery reaches 60% of the US population.

Bear Case

• Customer transactions still falling: Comparable customer transactions fell 1.0% in Q2 FY2026 and 1.2% in H1 FY2026, so growth is coming from a higher average ticket.
• Higher leverage and buybacks paused: Total debt is about $52.9bn against $2.1bn of cash. No shares have been bought back since March 2024, and trailing ROIC fell to 24.8% from 27.2%.
• Housing sensitivity: Big-ticket and project demand depends on housing turnover and mortgage rates, and FY2025 comparable sales grew just 0.3%.
• Leadership uncertainty: The Chair and CEO is on medical leave, with an interim structure in place. This comes as HD reorganises its Pro businesses into a new Office of Pro Acceleration.

3. What Does This Company Actually Do?

Home Depot stores sell building materials, lumber, tools, hardware, garden products, paint, flooring, kitchen and bath fittings and appliances. They also offer installation services and tool and truck rental. Pro customers, such as remodelers, electricians, plumbers and property managers, are served through stores, HD Supply (maintenance, repair and operations products) and the SRS specialty distribution businesses.

Segment / category	% of revenue	What it is
Primary segment: Building Materials	31.8% ($52,439m)	Building materials, electrical, lumber, millwork, plumbing
Primary segment: Décor	31.4% ($51,679m)	Appliances, bath, flooring, kitchen and blinds, lighting, paint
Primary segment: Hardlines	29.1% ($47,848m)	Hardware, indoor and outdoor garden, power tools, storage
Other (SRS, including GMS)	7.7% ($12,717m)	Specialty trade distribution: roofing (53% of Other sales), interior and construction products, landscape and pool supplies

Shares of FY2025 net sales of $164,683m, per the FY2025 10-K segment and category disclosures. The Primary segment (Home Depot stores and online in the US, Canada and Mexico, plus HD Supply) had FY2025 sales of $151,966m and operating income of $20,574m. The Other segment had sales of $12,717m and operating income of $316m. In Q2 FY2026, Other segment sales rose about 62% to $5,055m after the GMS acquisition.

4. The Business Model

How it makes money. Home Depot buys products in very large volumes and sells them through a dense store network backed by distribution centres and delivery fleets. Its margin comes from purchasing scale, private-label brands and fast inventory turnover. FY2025 operating margin was 12.7% (13.1% adjusted). The Pro business adds repeat, larger-ticket orders through trade credit, delivery to job sites and SRS's branch network.

Where the moat sits. The moat is scale and logistics. HD has more than 2,360 stores, about 1,300 SRS branches, about 325 customer-facing warehouses and about 16,000 delivery assets. Few competitors can match its product range, local availability and delivery speed. Supplier relationships and the Pro Xtra loyalty programme deepen the advantage.

What changed in 2025–2026. HD has pushed into specialty trade distribution to grow with Pros. It bought GMS on 4 Sep 2025 and Mingledorff's (an HVAC distributor) on 11 May 2026. On 30 Jul 2026 it created an Office of Pro Acceleration, led by CFO Richard McPhail, to coordinate Home Depot Pro, HD Supply, SRS and Construction Resources. HD also received about $730m of IEEPA tariff refunds after the Supreme Court struck those tariffs down, and booked about $685m of this against cost of goods sold.

5. Financial Health

Sources: Home Depot quarterly and annual earnings releases (SEC 8-K exhibits), the FY2025 Form 10-K, the Q2 FY2026 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for debt, cash, cash flow, D&A and operating income. Fiscal years end on the Sunday nearest 31 January; FY2024 had 53 weeks.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$151,157m	+14.4%	$15.53	$15.53†	$6.60	$36,604m
FY2022	$157,403m	+4.1%	$16.69	$16.69†	$7.60	$41,962m
FY2023	$152,669m	−3.0%	$15.11	$15.25	$8.36	$42,743m
FY2024	$159,514m	+4.5%	$14.91	$15.24	$9.00	$48,485m
FY2025	$164,683m	+3.2%	$14.23	$14.69	$9.20	$46,341m

† Home Depot did not report adjusted EPS for FY2021 or FY2022; its adjusted measure, which excludes acquired intangible amortisation, began with FY2024 reporting and restated FY2023. GAAP EPS is repeated for those years. The 53-week FY2024 included about $2.5bn of sales and about $0.30 of EPS from the extra week. Dividend/share is dividends per share for the fiscal year. Long-term debt is the noncurrent portion, including finance leases, at year-end. Current installments were a further $4,967m and commercial paper $4,464m at 1 Feb 2026.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 FY2026 (to 2 Aug 2026)	$47,861m	$4.92	$4.79
Q1 FY2026 (to 3 May 2026)	$41,765m	$3.43	$3.30
Q4 FY2025 (to 1 Feb 2026)	$38,198m	$2.72	$2.58
Q3 FY2025 (to 2 Nov 2025)	$41,352m	$3.74	$3.62
H1 FY2025 (Q1 + Q2)‡	$85,133m	$8.23	$8.03
FY2025 total	$164,683m	$14.69	$14.23

‡ H1 FY2025 is derived as the FY2025 total less Q3 and Q4, so the EPS figures are approximate. Comparable sales: Q2 FY2026 +1.7%, Q1 FY2026 +0.6%, Q4 FY2025 +0.4%, Q3 FY2025 +0.2%. Q4 FY2025 had 13 weeks against 14 a year earlier.

Cash flow and balance sheet.

• Cash flow (FY2025).
  • Operating cash flow was $16,325m and capital expenditure $3,679m, giving free cash flow of $12,646m.
  • Depreciation and amortisation was $3,514m, plus $607m of intangible amortisation, a total of $4,121m. Operating income was $20,890m.
  • Dividends paid were $9,152m. There were no share repurchases.
• Balance sheet at 2 Aug 2026.
  • Cash and cash equivalents were $2,085m.
  • Commercial paper was $4,248m, current installments of long-term debt $4,697m and long-term debt $43,951m. Stockholders' equity was $16,617m.
  • Goodwill was $22.9bn and intangible assets $10.5bn.
• FY2026 guidance (reaffirmed 18 Aug 2026): sales growth of 2.5–4.5%; comparable sales flat to +2%; about 15 new stores; adjusted operating margin of 12.8–13.0%; net interest expense of about $2.3bn; GAAP and adjusted EPS growth flat to +4%.

6. Valuation & Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$289.2bn (share price $289.89 at the 28 Sep 2026 close)
Enterprise value	~$340.0bn. Calculated as market cap ~$289.2bn + total debt ~$52.9bn (commercial paper $4.2bn + current installments $4.7bn + long-term debt $44.0bn) − cash ~$2.1bn, per the 2 Aug 2026 balance sheet
Trailing P/E (GAAP)	~20.3x ($289.89 / TTM GAAP diluted EPS of $14.29, the sum of Q3 FY2025 to Q2 FY2026). On TTM adjusted EPS of $14.81 the multiple is ~19.6x
P/E (forward)	~19.4x ($289.89 / FY2026 adjusted EPS guidance midpoint of ~$14.98, i.e. flat to +4% on $14.69)
P/S (TTM)	~1.71x (market cap / TTM net sales of $169.2bn, Q3 FY2025 to Q2 FY2026)
EV/EBITDA (TTM)	~13.6x (EV ~$340.0bn / FY2025 EBITDA ~$25.0bn). EBITDA = operating income $20.89bn + total depreciation and amortisation $4.12bn (the wider figure, including $607m of intangible amortisation)
P/FCF	~22.9x. Calculated as market cap ~$289.2bn / FCF ~$12.6bn, where FCF = operating CF $16.33bn − capex $3.68bn per the FY2025 cash flow statement
52-week high	$410.95
52-week low	$289.10
Short interest (% of float)	1.06% (10.57m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	2.8 (MarketBeat, 15 Sep 2026)
Dividend yield	~3.2% ($9.32 annualised / $289.89)

Share-price-based metrics use the 28 Sep 2026 close, when the shares traded close to their 52-week low. For live prices see ChartsView Live Charts.

7. What Are They Building

An integrated Pro ecosystem. The Office of Pro Acceleration, set up on 30 Jul 2026, is building three shared capabilities across Home Depot Pro, HD Supply, SRS and Construction Resources:

• customer-relationship tools;
• a product catalogue;
• joined-up fulfilment.

The 10-K also highlights expansion of Pro Trade Credit, preferred pricing and the Pro Xtra loyalty programme.

Faster delivery. On 18 Aug 2026 Home Depot launched nationwide 3-hour Express Delivery from more than 2,000 US stores for a flat fee, with no membership needed. The network also includes:

• flatbed distribution centres;
• a new "FDC Relay" delivery method;
• free same-day delivery on qualifying orders.

New stores. Home Depot plans about 80 new stores over five years, finishing in FY2027, and 15 to 20 a year after that. It opened 12 stores in FY2025 and guides to about 15 in FY2026.

AI and digital tools. The main tools are:

• the Magic Apron AI assistant, expanded with localised in-store guidance across US stores in Aug 2026;
• AI Blueprint Takeoffs and Material List Builder, which help Pros produce materials lists and quotes;
• computer vision to track on-shelf availability;
• the Sidekick associate app.

8. Competitive Landscape

Peer	Market cap (Sep 2026)	Key 2025 metric
Lowe's (LOW)	~$105.3bn	FY2025 revenue $86.29bn (year to Jan 2026); Q2 2026 comparable sales +0.2%. It bought Foundation Building Materials for $8.8bn in Oct 2025 (stockanalysis.com; Lowe's release)
Tractor Supply (TSCO)	~$16.7bn	2025 revenue $15.52bn; closing 75 Petsense stores (stockanalysis.com)
Builders FirstSource (BLDR)	~$6.2bn	2025 revenue $15.19bn, −7.4%; removed from the S&P 500 effective 21 Sep 2026 (stockanalysis.com)
Floor & Decor (FND)	~$5.2bn	2025 revenue $4.68bn; Q2 2026 comparable sales −2.1% (stockanalysis.com)

Market caps are late-Sep 2026 figures from stockanalysis.com quote pages; the Floor & Decor figure uses the 23 Sep 2026 price.

Where Home Depot competes with each peer:

• DIY customers: Lowe's is the closest competitor. HD also competes with Walmart, Amazon and specialty chains such as Floor & Decor and Tractor Supply.
• Pro customers: HD, through SRS, GMS and HD Supply, competes with Lowe's (now with FBM and Artisan Design Group), Builders FirstSource and specialty distributors.

9. Leadership and Ownership

Ted Decker is Chair, President and CEO. On 12 Aug 2026 Home Depot announced that he was taking a temporary medical leave and was expected back within the next few months. During his absence:

• Senior EVP Ann-Marie Campbell oversees day-to-day operations.
• CFO Richard McPhail oversees financial management and the Pro subsidiaries.
• Lead director Greg Brenneman chairs the board.

All insider transactions found in 2026 were sales, and there were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
Kimberly Scardino (SVP Finance, CAO)	10 Sep 2026	Sale	675	$305.95	~$0.21m	Not marked 10b5-1 on Form 4
Teresa Roseborough (EVP, General Counsel)	28 Aug 2026	Sale	2,455	$328.77	~$0.81m	Not marked 10b5-1 on Form 4
Michael Rowe (EVP, Pro)	26 Aug 2026	Sale	710	$336.76	~$0.24m	Not confirmed
Richard McPhail (EVP and CFO)	19 Aug 2026	Option exercise ($147.36) and sale	5,989	$348.40	~$2.09m	Not marked 10b5-1 on Form 4
Richard McPhail (EVP and CFO)	04 Mar 2026	Sale	2,550	$368.89	~$0.94m	Not confirmed
John Deaton (EVP, Supply Chain)	04 Mar 2026	Sale	1,793	$369.00	~$0.66m	Not confirmed

Sources: SEC Form 4 filings via EDGAR and openinsider.com.

10. Risks and Challenges

• Housing and consumer demand (Macro): Home Depot's sales depend on housing turnover, home prices and mortgage rates. Comparable transactions fell 1.0% in Q2 FY2026, and Q3 FY2025 fell short without storm-related demand.
• Leverage and interest cost (Financial): Debt is about $52.9bn against $2.1bn of cash, with FY2026 net interest guided at about $2.3bn. Buybacks have been paused since March 2024, and trailing ROIC fell to 24.8%.
• Tariffs and input costs (Regulatory): Trade policy remains uncertain after the IEEPA ruling. Guidance counts on tariff refunds to partly offset unplanned fuel, energy and input costs.
• Acquisition integration (Operational): SRS, GMS and Mingledorff's have added $22.9bn of goodwill and $10.5bn of intangibles, which the 10-K flags as impairment and integration risks.
• Pro trade credit (Financial): Expanding trade credit to contractors exposes HD to losses if Pro customers cannot pay in a downturn.
• Competition and shrink (Competitive): Lowe's is building a rival Pro distribution platform through FBM and ADG. AI tools increase price transparency, and the 10-K cites heightened shrink from organised retail crime.
• Key person (Operational): The Chair and CEO is on temporary medical leave, and the company is run under an interim structure.

11. Recent Developments

• 28 Sep 2026 — Shares near 52-week low. The stock closed at $289.89, just above its 52-week low of $289.10 and about 29% below its 52-week high of $410.95.
• 10 Sep 2026 — Insider sale. Chief Accounting Officer Kimberly Scardino sold 675 shares at $305.95, per a Form 4 filing.
• 27 Aug 2026 — Magic Apron expanded. Home Depot extended its Magic Apron AI assistant with localised in-store guidance across all US stores.
• 20 Aug 2026 — Dividend declared. The board declared a quarterly dividend of $2.33 per share, paid 17 Sep 2026.
• 18 Aug 2026 — Q2 FY2026 results.
  • Net sales were $47,861m (+5.7%), comparable sales +1.7% and adjusted EPS $4.92.
  • Full-year guidance was reaffirmed.
• 18 Aug 2026 — Nationwide Express Delivery. 3-hour delivery launched from more than 2,000 US stores for a flat fee, with no membership needed.
• 12 Aug 2026 — CEO medical leave. Ted Decker began a temporary medical leave, with Ann-Marie Campbell and Richard McPhail sharing interim responsibilities.
• 30 Jul 2026 — Organisational realignment. Home Depot created an Office of Pro Acceleration under CFO Richard McPhail and combined credit, loyalty and online under one leader.

12. Key Dates Coming Up

• Expected Nov 2026 — Next quarterly dividend declaration. The date has not yet been announced.
• 17 Nov 2026 — Q3 FY2026 results, with a conference call at 9:00am ET.
• TBC — Ted Decker's return from medical leave. The company said it expects him back within the next few months.
• 31 Jan 2027 — FY2026 year-end (52 weeks).
• Expected Feb 2027 — Q4 and FY2026 results and FY2027 guidance. The date has not yet been confirmed.

Macro events are on the ChartsView Economic Calendar, and you can discuss Home Depot on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 30 Sep 2026

Walmart Inc. (Nasdaq: WMT) is the world's largest retailer by revenue. It runs about 4,600 Walmart U.S. stores, about 5,700 international stores in 18 countries, 601 Sam's Club warehouse clubs, and a fast-growing eCommerce, marketplace and advertising business. The company is based in Bentonville, Arkansas, and moved its stock listing from the NYSE to Nasdaq on 9 Dec 2025.

In FY2026 (year to 31 Jan 2026), total revenues rose 4.7% to $713,163m and global eCommerce reached about $150bn. Q2 FY2027 revenue rose 5.9% to $187,937m and adjusted EPS was $0.81. On 20 Aug 2026 Walmart raised its full-year guidance, but US comparable sales slowed to 2.6% and the shares fell about 9% that day. John Furner became CEO on 1 Feb 2026, succeeding Doug McMillon.

This refresh draws on Walmart earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, SEC XBRL company facts and Form 4 filings, all retrieved on 30 Sep 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Walmart Inc.
Ticker	WMT (Nasdaq Global Select Market since 9 Dec 2025)
Sector	Consumer & Retail
Industry	Discount retail, warehouse clubs, eCommerce and retail media
Headquarters	Bentonville, Arkansas
Founded	1962 (first store in Rogers, Arkansas)
CEO / Leadership	John Furner (President and CEO since 1 Feb 2026); John David Rainey (EVP and CFO)
Market cap	~$847.3bn (7.93bn shares × $106.80 at the 29 Sep 2026 close)
Revenue (FY2026)	$713,163m total revenues (+4.7% YoY); net sales $706,413m
Net income (FY2026)	$21,893m GAAP (attributable to Walmart); diluted EPS $2.73
Employees	About 2.1 million associates at 31 Jan 2026 (about 1.6m US), per the FY2026 10-K
Dividend	$0.99 per share for FY2027 ($0.2475 quarterly), the 53rd consecutive annual increase

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• High-margin growth engines: In Q2 FY2027 global eCommerce grew 23%, advertising 38% and membership fee revenue 17%. FY2026 advertising revenue was nearly $6.4bn.
• Guidance raised: On 20 Aug 2026 Walmart raised FY2027 guidance to net sales growth of 4.0–5.0% and adjusted EPS of $2.80–$2.87. Q2 operating income rose 28.8%.
• Scale and fulfilment: Stores fulfil about 80% of eCommerce orders. Delivery in under 30 minutes is available in 38 US markets, and drone delivery is expanding to about 20 markets.
• Steady capital returns: The dividend has risen for 53 years in a row. A $30bn buyback approved in Feb 2026 had $25.1bn remaining at 31 Jul 2026.

Bear Case

• Slowing US comparable sales: US comparable sales growth fell to 2.6% in Q2 FY2027, which CBS reported as the slowest in six years. The Q3 guide calls for net sales growth of just 3.0–3.75%.
• Premium valuation: The shares trade at about 39x trailing GAAP earnings and about 63x trailing free cash flow, high multiples for a grocery-led retailer.
• Tariff refund flattering margins: Q2 operating income included about $2.9bn of IEEPA tariff refunds. Walmart is putting that money back into lower prices, and a class action claims it should go to consumers.
• Rising capex, falling cash conversion: Capex guidance rose to about 4% of sales. Q2 free cash flow fell $1.4bn, and insiders, led by the Walton trust, sold more than $2bn of stock in 2026.

3. What Does This Company Actually Do?

Walmart sells groceries, general merchandise, health and wellness products and services. It sells through supercentres, neighbourhood markets, Sam's Club warehouses, online (walmart.com, Flipkart in India, and others) and a third-party marketplace. It also earns membership fees (Walmart+ and Sam's Club), advertising revenue (Walmart Connect, VIZIO and Vibe.co) and financial-services income.

Segment	% of revenue	What it is
Walmart U.S.	68.4% ($482,975m, +4.4%)	4,611 US supercentres, discount stores and neighbourhood markets, plus walmart.com, the marketplace and US advertising
Walmart International	18.5% ($130,423m, +7.0%)	About 5,743 stores across 18 countries, including Walmex (Mexico and Central America), Flipkart and PhonePe (India), Canada and China
Sam's Club U.S.	13.2% ($93,015m, +3.1%)	601 membership warehouse clubs and samsclub.com

Shares of FY2026 consolidated net sales of $706,413m, per the FY2026 Q4 release and 10-K. Total revenues of $713,163m also include $6,750m of membership and other income. International operating income fell to $5.1bn from $5.5bn, including an approximately $0.7bn non-cash PhonePe share-based charge.

4. The Business Model

How it makes money. Walmart runs a high-volume, low-margin model: everyday low prices, huge purchasing scale and fast inventory turnover. FY2026 operating income was $29,825m on $713bn of revenue, a margin of about 4.2%. Profit growth is increasingly coming from higher-margin income streams built on top of store traffic: advertising, membership fees, marketplace seller fees and fulfilment services.

Where the moat sits. Walmart's advantage rests on three things:

• logistics density: about 4,600 US stores within reach of most Americans, and 192 US distribution facilities;
• buying power as the largest US grocer;
• a customer base of its size, which makes its first-party shopper data valuable to advertisers.

Heavy automation spending is intended to lower unit costs further.

What changed in 2025–2026.

• Walmart moved its listing to Nasdaq in Dec 2025.
• John Furner became CEO on 1 Feb 2026.
• The company has leaned into AI shopping agents, including its Sparky assistant inside ChatGPT and a partnership with Google Gemini.
• After the Supreme Court struck down the IEEPA tariffs on 20 Feb 2026, Walmart received about $2.9bn of refunds, which it is reinvesting in lower prices.

5. Financial Health

Sources: Walmart quarterly and annual earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for debt, cash, cash flow, D&A and operating income. The fiscal year ends 31 January. Per-share figures are adjusted for the 3-for-1 stock split in Feb 2024.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	$572,754m	+2.4%	$1.62	$2.15†	$0.73	$34,864m
FY2023	$611,289m	+6.7%	$1.42	$2.10†	$0.75	$34,649m
FY2024	$648,125m	+6.0%	$1.91	$2.22	$0.76	$36,132m
FY2025	$680,985m	+5.1%	$2.41	$2.51	$0.83	$33,401m
FY2026	$713,163m	+4.7%	$2.73	$2.64	$0.94	$34,624m

Revenue is total revenues (net sales plus membership and other income). FY2021 total revenues were $559,151m (the base for the FY2022 YoY). † FY2022 and FY2023 adjusted EPS are the reported pre-split figures ($6.46 and $6.29) divided by 3. Dividend/share is dividends declared per share in the fiscal year, split-adjusted. Long-term debt is the noncurrent portion at year-end, from SEC XBRL (LongTermDebtNoncurrent), excluding lease obligations.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 FY2027 (to 31 Jul 2026)	$187,937m	$0.81	$0.80
Q1 FY2027 (to 30 Apr 2026)	$177,751m	$0.66	$0.67
Q4 FY2026 (to 31 Jan 2026)	$190,656m	$0.74	$0.53
Q3 FY2026 (to 31 Oct 2025)	$179,496m	$0.62	$0.77
H1 FY2026 (Q1 + Q2)‡	$343,011m	$1.28	$1.43
FY2026 total	$713,163m	$2.64	$2.73

‡ H1 FY2026 revenue and GAAP EPS are from the Q2 FY2026 10-Q. H1 adjusted EPS is derived as the FY2026 total less Q3 and Q4, so it is approximate. Walmart U.S. comparable sales: Q2 FY2027 +2.6%, Q1 FY2027 +4.1%.

Cash flow and balance sheet.

• Cash flow (FY2026).
  • Operating cash flow was $41,565m and capital expenditure $26,642m, giving free cash flow of $14,923m.
  • Depreciation and amortisation was $14,203m, and operating income was $29,825m.
  • Walmart bought back 85.0m shares for $8.1bn.
• Cash flow (H1 FY2027). Operating cash flow was $19,710m and capex $14,181m, against $11,409m a year earlier.
• Balance sheet at 31 Jul 2026.
  • Cash and cash equivalents were $11,529m.
  • Short-term borrowings were $10,479m, long-term debt due within one year $3,470m and noncurrent long-term debt $36,462m, a total of about $50.4bn.
  • Noncurrent finance lease obligations of $5,952m are excluded from that total.
• FY2027 guidance (raised 20 Aug 2026, constant currency):
  • net sales growth of 4.0–5.0%;
  • adjusted operating income growth of 7.0–8.5%;
  • adjusted EPS of $2.80–$2.87;
  • capex of about 4.0% of net sales.

6. Valuation & Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$847.3bn (7.93bn shares × $106.80 at the 29 Sep 2026 close)
Enterprise value	~$886.2bn. Calculated as market cap ~$847.3bn + total debt ~$50.4bn (short-term borrowings $10.5bn + current long-term debt $3.5bn + noncurrent long-term debt $36.5bn) − cash ~$11.5bn, per the 31 Jul 2026 balance sheet. Lease liabilities are excluded
Trailing P/E (GAAP)	~38.7x ($106.80 / TTM GAAP diluted EPS of $2.76, Q3 FY2026 to Q2 FY2027). On TTM adjusted EPS of about $2.83 the multiple is ~37.7x
P/E (forward)	~37.7x ($106.80 / midpoint of FY2027 adjusted EPS guidance, $2.835)
P/S (TTM)	~1.15x (market cap / TTM total revenues of $735.8bn, Q3 FY2026 to Q2 FY2027)
EV/EBITDA (TTM)	~18.7x (EV ~$886.2bn / TTM EBITDA ~$47.4bn). EBITDA = TTM operating income $32.3bn + TTM depreciation and amortisation $15.1bn, from XBRL. TTM operating income includes the Q2 FY2027 tariff-refund benefit, which Walmart says it is reinvesting in price
P/FCF	~63x. Calculated as market cap ~$847.3bn / TTM FCF ~$13.5bn, where FCF = operating CF $42.9bn − capex $29.4bn (FY2026 less H1 FY2026 plus H1 FY2027). On FY2026 FCF of $14.9bn the multiple is ~57x
52-week high	$135.16
52-week low	$98.88
Short interest (% of float)	1.02% (80.6m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	3.9 (MarketBeat, 15 Sep 2026)
Dividend yield	~0.93% ($0.99 annual / $106.80)

Share-price-based metrics use the 29 Sep 2026 close, when the shares were about 21% below their 52-week high. For live prices see ChartsView Live Charts.

7. What Are They Building

An automated supply chain. FY2026 capex was $26.6bn, and FY2027 capex is guided at about 4% of net sales. Most of this goes to supply-chain automation and technology. Walmart has started combining the Sam's Club and Walmart U.S. supply chains. Stores fulfil about 80% of eCommerce orders, and delivery in under 30 minutes is available in 38 US markets.

AI and agentic commerce. Walmart's Sparky assistant has run inside ChatGPT since late Mar 2026, and a Google Gemini partnership was announced on 11 Jan 2026. Walmart says Sparky users spend about 40% more per order. In India, Google began testing direct purchases from Flipkart inside Gemini and AI Mode on 26 Sep 2026. As it expands digital shelf labels, Furner has said Walmart will not use personal data to set prices.

Drone delivery. With Wing, Walmart plans 150 more drone-delivery stores in 2026 and a network of more than 270 locations reaching over 40 million Americans by 2027. Seven new metro areas were added on 8 Jun 2026.

Advertising and marketplace. Walmart Connect grew 43% in Q2 FY2027, excluding VIZIO. Walmart completed its purchase of Vibe.co, a self-serve streaming-TV advertising platform, on 4 Aug 2026 (the WSJ reported a price of about $1.4bn). Marketplace growth was above 50% in early 2026, per management at a Sep 2026 investor conference.

8. Competitive Landscape

Peer	Market cap (Sep 2026)	Key 2025 metric
Amazon (AMZN)	~$2.66tn (29 Sep 2026)	2025 net sales $716.9bn, +12% (Amazon Q4 2025 release)
Costco (COST)	~$409.0bn (25 Sep 2026)	FY2025 (to 31 Aug 2025) net sales $269.9bn, +8.1% (Costco FY2025 release)
Target (TGT)	~$70.9bn (about 25 Sep 2026)	FY2025 net sales $104.8bn, −1.7%; comparable sales −2.6% (Target FY2025 release)
Kroger (KR)	~$36.3bn (14 Sep 2026)	FY2025 identical sales ex-fuel +2.9%; adjusted EPS $4.85 (Kroger FY2025 release)

Market caps are from stockanalysis.com quote pages on the dates shown. Walmart's FY2026 total revenues of $713.2bn are close to Amazon's 2025 net sales. Walmart competes with Amazon in eCommerce and advertising, with Costco through Sam's Club, and with Target and Kroger in general merchandise and grocery.

9. Leadership and Ownership

John Furner has been President and CEO since 1 Feb 2026, succeeding Doug McMillon, who stayed on the board until the 2026 annual meeting. John David Rainey is EVP and CFO, and Dave Guggina leads Walmart U.S. The Walton family remains the controlling holder; the Walton Family Holdings Trust held about 502.3m shares after its June 2026 sales. Every insider transaction found in 2026 was a sale; there were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
John Furner (President and CEO)	17 Sep 2026	Sale	13,125	~$106.66	~$1.40m	10b5-1
Christopher Nicholas (EVP)	17 Sep 2026	Sale	2,900	~$106.65	~$0.31m	10b5-1
Daniel Bartlett (EVP)	01 Sep 2026	Sale	3,950	$105.14	~$0.42m	10b5-1
Daniel Danker (EVP)	26 Aug 2026	Sale	50,644	$105.35	~$5.34m	10b5-1
Christopher Nicholas (EVP)	20 Aug 2026	Sale	2,900	$106.34	~$0.31m	Not confirmed
Daniel Bartlett (EVP)	03 Aug 2026	Sale	3,710	$113.10	~$0.42m	Not confirmed
Walton Family Holdings Trust (10% owner)	16 Jun 2026	Sale	4,424,704	$120.99–$122.42	~$535.8m	No 10b5-1 footnote

Sources: SEC Form 4 filings via EDGAR and openinsider.com. The Walton trust also sold stock on eight earlier dates between 23 Feb and 2 Jun 2026.

10. Risks and Challenges

• Consumer weakness and fuel (Macro): Management saw shoppers trading down in June, when petrol topped $4. Incremental fuel costs are about $2bn, and US comparable sales slowed to 2.6% in Q2 FY2027.
• Tariffs and the refund dispute (Regulatory): The $2.9bn tariff refund boosted Q2 margins, but Walmart is reinvesting it in price during the second half. The class action Glase v. Walmart (N.D. Ohio, filed 27 Apr 2026) claims Walmart could keep about $10.2bn of refunds after passing tariffs on to shoppers.
• Margin pressure (Financial): Operating expenses deleveraged 72bp in Q2 FY2027 on claims, depreciation and healthcare costs. Pharmacy maximum-fair-price rules cost 125bp of US comparable sales, and rising capex is squeezing free cash flow.
• Competition (Competitive): Amazon is investing heavily in faster grocery and local delivery, Costco competes directly with Sam's Club, and AI shopping agents may weaken store loyalty.
• Litigation and regulatory scrutiny (Legal): Recent matters include:
  • a $100m FTC settlement over Spark Driver pay claims (Feb 2026);
  • a $50m DOJ opioid settlement (28 Aug 2026);
  • a request from two US senators, on 17 Sep 2026, for an FTC probe of AI chatbot “Made in USA” labelling;
  • scrutiny of digital pricing.
• Holder selling (Market): The Walton family trust sold more than $2.3bn of stock in 2026 filings, and GuruFocus shows about $2.9bn of insider sales over 12 months with no purchases.

11. Recent Developments

• 29 Sep 2026 — Shares slip. The stock fell 1.8% to $106.80. Business Insider reported that Walmart has banned AI-generated display signage in stores.
• 26 Sep 2026 — Flipkart in Gemini. Google began testing purchases from Walmart-owned Flipkart inside Gemini and AI Mode in India, with a wider rollout planned for October.
• 25 Sep 2026 — No personalised pricing. In a memo on digital shelf labels, CEO John Furner said Walmart will not use AI or personal data to set individual prices.
• 17 Sep 2026 — Senators seek FTC probe. Two US senators asked the FTC to examine Walmart and Amazon AI shopping chatbots over “Made in USA” labelling.
• 16 Sep 2026 — Medicare Advantage plan. Walmart and SCAN Health Plan announced a co-branded Medicare Advantage plan in two states, pending approval.
• 28 Aug 2026 — Opioid settlement. Walmart settled the DOJ opioid lawsuit for $50m without admitting liability.
• 20 Aug 2026 — Q2 FY2027 results.
  • Revenue was $187,937m (+5.9%) and adjusted EPS $0.81.
  • Guidance was raised, but US comparable sales slowed to 2.6% and the shares fell about 9% intraday.
• 04 Aug 2026 — Vibe.co acquisition completed. The deal adds self-serve connected-TV advertising to Walmart Connect.

12. Key Dates Coming Up

• 15 Oct 2026 — Enrolment is scheduled to open for the Walmart–SCAN Medicare Advantage plan, subject to approval.
• 19 Nov 2026 — Q3 FY2027 results: materials at about 6:00am CT, call at 7:00am CT.
• 11 Dec 2026 — Record date for the next $0.2475 quarterly dividend.
• 04 Jan 2027 — Dividend payment date.
• 31 Jan 2027 — FY2027 year-end.
• Expected Feb 2027 — Q4 FY2027 results, FY2028 guidance and the FY2028 dividend. The date has not yet been announced.

Macro events are on the ChartsView Economic Calendar, and you can discuss Walmart on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 29 Sep 2026

Procter & Gamble (NYSE: PG) is the world's largest household and personal-care products company. Its brands include Tide, Pampers, Gillette, Crest, Oral-B, Charmin, Head & Shoulders and Olay. More than half of sales come from outside the US. P&G's fiscal year ends on 30 June.

FY2026 net sales rose 3% to $87,032m, but organic sales grew only 1% and were flat in the fourth quarter. Core EPS rose 1% to $6.89. For FY2027 management guides core EPS of flat to +3% ($6.89–$7.11) and absorbs about $1bn of after-tax commodity, energy and transport cost headwinds. Shailesh Jejurikar became CEO on 1 Jan 2026 and Chairman on 1 Aug 2026. In August P&G agreed to buy the supplements brand Thorne for $3.8bn.

This refresh draws on P&G earnings releases, the FY2026 Form 10-K, SEC XBRL company facts and Form 4 filings, all retrieved on 29 Sep 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	The Procter & Gamble Company
Ticker	PG (NYSE)
Sector	Consumer & Retail (consumer staples)
Industry	Household and personal products
Headquarters	One P&G Plaza, Cincinnati, Ohio
Founded	1837, by William Procter and James Gamble
CEO / Leadership	Shailesh Jejurikar (President and CEO since 1 Jan 2026; also Chairman since 1 Aug 2026); Andre Schulten (CFO)
Market cap	~$346.2bn (share price $149.03 at the 28 Sep 2026 close)
Revenue (FY2026)	$87,032m net sales (+3% YoY; organic +1%), year to 30 Jun 2026
Net income (FY2026)	$16,046m GAAP attributable to P&G, per FY2026 10-K
Employees	About 104,000 at 30 Jun 2026, down 4% year on year, per FY2026 10-K
Dividend	$1.0885 per quarter ($4.354 annualised), raised 3% in Apr 2026; 70 consecutive years of increases
Shares outstanding	2,324.4m at 31 Jul 2026

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• Category leadership at global scale: P&G holds over 35% of global fabric care, over 30% of baby care, nearly 30% of oral care and over 60% of blades and razors, per the FY2026 10-K.
• Heavy and consistent cash returns: FY2026 operating cash flow was $19,556m. P&G paid $10,232m of dividends and bought back $5,028m of stock, and it has raised its dividend for 70 consecutive years.
• Productivity engine funds reinvestment: Q4 FY2026 gross productivity was 460bp (160bp cost of goods, 300bp SG&A). Supply Chain 3.0 targets up to $1.5bn of cost-of-goods savings.
• Portfolio moving into premium health: The $3.8bn Thorne acquisition, agreed on 4 Aug 2026, adds a premium supplements brand to Personal Health Care. Health Care sales grew 4% in FY2026 and Beauty grew 7%.

Bear Case

• Organic growth has stalled: Organic sales grew 1% in FY2026 and were flat in Q4, when Q4 core EPS fell 3%. FY2027 guidance includes a 30–50bp drag from brand and market exits.
• Large cost headwind in FY2027: Management expects about $1bn after tax from raw materials, energy and transport, plus interest, non-operating and FX headwinds. Together they total $0.56 a share, about an 8-point drag on core EPS growth.
• Premium multiple on low growth: The shares trade at ~22.5x trailing GAAP EPS, while the FY2027 guide is core EPS growth of flat to +3%.
• Customer concentration: Walmart accounts for about 16% of sales and the top 10 customers for about 43%. Private label and hard discounters compete on price.

3. What Does This Company Actually Do?

P&G makes and markets branded consumer goods used daily in the home: detergents, dish soap and air care; nappies, feminine care, paper towels and toilet tissue; toothpaste, toothbrushes and over-the-counter medicines; shampoo, skin care and deodorants; and razors and shavers. It sells mainly through mass merchants, grocery stores, pharmacies, club stores and e-commerce.

Segment	% of revenue	What it is
Fabric & Home Care	35% ($30,314m, +2%)	Tide, Ariel, Gain, Downy, Dawn, Cascade, Febreze, Swiffer. Global fabric care leader with over 35% share
Baby, Feminine & Family Care	24% ($20,401m, +1%)	Pampers, Always, Tampax, Bounty, Charmin. Global leader in baby care and feminine care
Beauty	19% ($16,023m, +7%)	Head & Shoulders, Pantene, Olay, SK-II, Old Spice, Native, Secret. About 20% of global hair care
Health Care	14% ($12,456m, +4%)	Crest and Oral-B (nearly 30% of global oral care), Vicks, Metamucil, Pepto-Bismol, Neurobion
Grooming	8% ($6,918m, +4%)	Gillette, Venus, Braun. Over 60% of global blades and razors

Shares of FY2026 net sales excluding Corporate, per the FY2026 10-K and 2026 Annual Report; segment sales and growth from the FY2026 Q4 earnings release (29 Jul 2026). By region, North America is 51% of sales, Europe 23%, Greater China 7%, Latin America 7%, Asia Pacific 7% and India, Middle East & Africa 5%.

4. The Business Model

How it makes money. P&G sells high-frequency, low-ticket consumables at premium prices. It spends heavily on brand building and product innovation so consumers pay more for performance, then leans on scale in manufacturing, logistics and media buying to keep costs down. FY2026 GAAP operating margin was 22.7% (23.6% core), and adjusted free cash flow productivity was 100%.

Where the moat sits. The moat is brand strength and scale. P&G leads its main categories globally, and this gives it negotiating weight with retailers and media owners. Its research and development spend lets it upgrade products regularly. Its category-leading positions also make it a key partner for retailers planning shelf space.

Capital allocation. P&G's long-term algorithm is organic sales growth above market growth, core EPS growth in the mid-to-high single digits and adjusted FCF productivity of 90% or more. For FY2027 it plans about $10bn of dividends and about $5bn of buybacks.

What changed in 2025–2026. In June 2025 P&G announced a restructuring that cuts up to 7,000 non-manufacturing roles by the end of FY2027 and exits some brands, product forms and markets. FY2026 carried about $903m of after-tax non-core restructuring charges ($0.37 per share). Tariff costs weighed on FY2026. After the Supreme Court struck down the IEEPA tariffs on 20 Feb 2026, about $200m already paid may be recoverable; the 10-K says half of this was recognised in Q4.

5. Financial Health

Sources: P&G quarterly and annual earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, and SEC XBRL company facts (data.sec.gov) for debt, cash, cash flow, D&A and operating income. Fiscal years end 30 June.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	$80,187m	+5.3%	$5.81	$5.81	$3.5227	$22,848m
FY2023	$82,006m	+2.3%	$5.90	$5.90	$3.6806	$24,378m
FY2024	$84,039m	+2.5%	$6.02	$6.59	$3.8286	$25,269m
FY2025	$84,284m	+0.3%	$6.51	$6.83	$4.0763	$24,995m
FY2026	$87,032m	+3.3%	$6.62	$6.89	$4.2589	$22,842m

Adjusted EPS is P&G's core EPS, which excludes restructuring above normal levels and other non-core items. In FY2022 and FY2023 core EPS equalled GAAP diluted EPS. FY2024 GAAP EPS includes Argentina/Nigeria restructuring and a Gillette intangible impairment. FY2026 GAAP EPS includes $0.37 of restructuring charges and a $0.11 gain on the Glad joint-venture exit. Dividend/share is dividends declared in the fiscal year. Long-term debt is the noncurrent portion at 30 June. Debt due within one year, including commercial paper, was a further $11,296m at 30 Jun 2026.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q4 FY2026 (Apr–Jun 2026)	$21,203m	$1.43	$1.26
Q3 FY2026 (Jan–Mar 2026)	$21,235m	$1.59	$1.63
Q2 FY2026 (Oct–Dec 2025)	$22,208m	$1.88	$1.78
Q1 FY2026 (Jul–Sep 2025)	$22,386m	$1.99	$1.95
FY2026 total	$87,032m	$6.89	$6.62

Organic sales growth by quarter: Q1 +2%, Q2 0%, Q3 +3%, Q4 0%. Q3 GAAP EPS included the Glad joint-venture gain.

Cash flow and balance sheet.

• Cash flow (FY2026).
  • Operating cash flow was $19,556m and capital expenditure $4,409m, giving free cash flow of $15,147m. P&G's adjusted free cash flow was $15,835m.
  • Depreciation and amortisation was $3,160m. GAAP operating income was $19,748m (−3%) and core operating income $20,497m.
  • Dividends paid were $10,232m and share repurchases $5,028m.
• Balance sheet at 30 Jun 2026.
  • Cash and cash equivalents were $9,942m.
  • Debt due within one year was $11,296m, of which commercial paper was $4,837m and current long-term debt $6,457m. Long-term debt was $22,842m.
• FY2027 guidance (29 Jul 2026): all-in and organic sales growth of +1% to +3%; GAAP EPS growth of +1% to +5%; core EPS of $6.89–$7.11; capex of 4.5–5.5% of sales; adjusted FCF productivity of 85–90%.

6. Valuation & Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$346.2bn (share price $149.03 at the 28 Sep 2026 close)
Enterprise value	~$370.4bn. Calculated as market cap ~$346.2bn + total debt ~$34.1bn (debt due within one year $11.3bn + long-term debt $22.8bn) − cash ~$9.9bn, per the 30 Jun 2026 balance sheet
Trailing P/E (GAAP)	~22.5x ($149.03 / FY2026 GAAP diluted EPS of $6.62). On FY2026 core EPS of $6.89 the multiple is ~21.6x
P/E (forward)	~21.3x ($149.03 / FY2027 core EPS guidance midpoint of $7.00)
P/S (TTM)	~3.98x (market cap / FY2026 net sales of $87.0bn)
EV/EBITDA (TTM)	~16.2x (EV ~$370.4bn / EBITDA ~$22.9bn). EBITDA = FY2026 GAAP operating income $19.75bn + depreciation and amortisation $3.16bn from the cash flow statement. GAAP operating income includes $749m of pre-tax restructuring; on core operating income of $20.50bn the multiple is ~15.7x
P/FCF	~22.9x. Calculated as market cap ~$346.2bn / FCF ~$15.1bn, where FCF = operating CF $19.56bn − capex $4.41bn per the FY2026 cash flow statement
52-week high	$167.25
52-week low	$137.62
Short interest (% of float)	1.04% (24.21m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	2.8 (MarketBeat, 15 Sep 2026)
Dividend yield	~2.9% ($4.354 annualised / $149.03)

Share-price-based metrics use the 28 Sep 2026 close. For live prices see ChartsView Live Charts.

7. What Are They Building

Supply Chain 3.0. The programme has moved into full-scale rollout, targeting up to $1.5bn of cost-of-goods savings with implementation by 2030. It automates warehouse loading and unloading, raises warehouse density by about 50% and lifts throughput two to three times. A fully automated night shift in Berlin is one of nine pilots, with productivity gains of 15–60%.

Productivity and restructuring. The restructuring announced in June 2025 removes up to 7,000 non-manufacturing overhead roles by the end of FY2027. P&G is reinvesting most of the productivity savings in marketing and innovation.

AI and digital. The FY2026 10-K describes AI use across research and development and marketing. At the Barclays consumer conference on 10 Sep 2026, CFO Andre Schulten pointed to automation and AI-driven R&D as priorities, with effects expected over 12–24 months.

Portfolio. Recent moves:

• Thorne, a premium supplements brand, is being acquired from L Catterton for $3.8bn. Closing is expected in fiscal Q2 2027 (Oct–Dec 2026), subject to approvals.
• P&G exited the Glad joint venture with Clorox in Jan 2026. Clorox paid $476m for P&G's stake, and P&G booked a $261m after-tax gain.
• Selected brand, product-form and go-to-market discontinuations continue through FY2027.

8. Competitive Landscape

Peer	Market cap (Sep 2026)	Key 2025 metric
L'Oréal (EPA: OR)	~€203.3bn	H1 2026 sales €23.77bn; Q2 2026 sales +6.3% (stockanalysis.com, company results)
Unilever (UL)	~$133.3bn	2025 revenue €50.5bn, −3.8%. Most of its foods business is being merged into McCormick (stockanalysis.com)
Colgate-Palmolive (CL)	~$69.0bn	Q2 2026 net sales +4.9%, organic +2.4% (stockanalysis.com, company results)
Kenvue (KVUE)	~$34.3bn	Q2 2026 revenue $3.96bn. Its acquisition by Kimberly-Clark is still pending regulatory approvals (stockanalysis.com)
Kimberly-Clark (KMB)	~$32.9bn	2025 revenue $16.45bn. It cut its 2026 outlook on 4 Aug 2026 because of a China nappy disruption (stockanalysis.com)

Market caps are at the 28 Sep 2026 close, per stockanalysis.com quote pages.

Where P&G competes with each peer:

• Beauty and hair care: L'Oréal and Unilever.
• Oral care: Colgate-Palmolive.
• Nappies, tissue and feminine care: Kimberly-Clark.
• Over-the-counter health: Kenvue.
• Across most categories: retailer private label.

9. Leadership and Ownership

Shailesh Jejurikar, previously Chief Operating Officer, became President and CEO on 1 Jan 2026, succeeding Jon Moeller. Moeller served as Executive Chairman until he retired from the Board on 31 Jul 2026 and from the company on 14 Aug 2026. Jejurikar was appointed Chairman effective 1 Aug 2026. Andre Schulten is CFO. All insider transactions found in 2026 were sales. Many of the August sales were made to cover taxes on stock awards, and there were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
Sundar Raman (CEO, Fabric & Home Care)	21 Aug 2026	Sale	3,435	$143.02	~$0.49m	Not confirmed
Shailesh Jejurikar (Chairman and CEO)	20 Aug 2026	Sale to cover taxes on stock award	6,176	$143.79	~$0.89m	Tax cover, per Form 4 footnote
Andre Schulten (CFO)	20 Aug 2026	Sale to cover taxes on stock award	5,402	$143.79	~$0.78m	Tax cover, per Form 4 footnote
Susan Street Whaley (Chief Legal Officer)	18 Aug 2026	Sale	8,644	$144.00	~$1.24m	Not marked 10b5-1 on Form 4
Ma. Fatima Francisco (CEO, Baby, Feminine & Family Care)	27 Feb 2026	Option exercise and sale	5,549	$165.29	~$0.92m	Not confirmed
Gary Coombe (CEO, Grooming)	12 Feb 2026	Option exercise and sale	36,093	$162.33	~$5.86m	Not confirmed
Jon Moeller (then Executive Chairman)	11–12 Feb 2026	Option exercise and sale	173,268	~$162.30 (weighted)	~$28.1m	Not marked 10b5-1 on Form 4
Marc Pritchard (Chief Brand Officer)	23 Jan 2026	Option exercise and sale	95,903	$151.15	~$14.5m	Not confirmed

Sources: SEC Form 4 filings via EDGAR and openinsider.com. Seven other executives also sold at $143.79 on 19–20 Aug 2026, in amounts from about $35k to $580k.

10. Risks and Challenges

• Commodity and cost inflation (Macro): Management expects about $1bn of after-tax headwinds in FY2027 from raw materials, energy and transport. Pricing may not fully offset this if consumers trade down.
• Tariffs and trade policy (Regulatory): FY2026 tariff costs were estimated at about $400m after tax. Replacement tariffs after the February 2026 Supreme Court ruling remain a source of uncertainty.
• Currency and international exposure (Macro): More than half of sales are outside the US. FY2027 guidance includes a $50m FX headwind and $150m of higher net interest. Greater China, where SK-II and oral care volumes fell in Q4, is 7% of sales.
• Volume and demand weakness (Operational): Organic sales were flat in Q4 FY2026. Volumes fell in North American oral care and in family care. The US consumer backdrop is a stated risk.
• Retailer concentration and private label (Competitive): Walmart is about 16% of sales and the top 10 customers about 43%. Private label and hard discounters compete on price.
• Restructuring execution (Operational): Cutting up to 7,000 roles and exiting brands and markets could disrupt operations. The planned exits already cost 30–50bp of organic growth in FY2027.
• Litigation (Legal): On 30 Jul 2026 a US appeals court revived parts of nationwide false-advertising litigation over decongestant claims against drugmakers including P&G, according to a Reuters report.

11. Recent Developments

• 25 Sep 2026 — Italian probe closed. Italy's competition authority closed its investigation into claims for a P&G hair-removal device after P&G offered commitments, according to a Reuters report.
• 24 Sep 2026 — Q1 date set. P&G will report Q1 FY2027 results on 22 Oct 2026, with a webcast at 8:30am ET.
• 10 Sep 2026 — Barclays consumer conference. CFO Andre Schulten said there was no change to the core strategy and pointed to automation and AI-driven R&D as priorities.
• 04 Aug 2026 — Thorne acquisition agreed. P&G agreed to buy Thorne, a premium supplements brand, from L Catterton for $3.8bn. Closing is expected in fiscal Q2 2027.
• 30 Jul 2026 — Decongestant litigation revived. A US appeals court revived parts of false-advertising claims over decongestant products against several drugmakers, including P&G, according to a Reuters report.
• 29 Jul 2026 — FY2026 results and FY2027 guidance.
  • Q4 net sales were $21,203m (+2%), organic sales were flat and core EPS was $1.43 (−3%).
  • FY2027 guidance is core EPS of $6.89–$7.11, with about $1bn of after-tax cost headwinds.
• 29 Jul 2026 — Jejurikar named Chairman. Shailesh Jejurikar was appointed Chairman from 1 Aug 2026 as Jon Moeller retired from the Board.
• 14 Jul 2026 — Dividend declared. The board declared a quarterly dividend of $1.0885 per share, paid on or after 17 Aug 2026.

12. Key Dates Coming Up

• 13 Oct 2026 — Annual Meeting of Shareholders, held virtually at 9:00am ET. The agenda includes 12 director nominees, say-on-pay, auditor ratification and three shareholder proposals.
• Expected Oct 2026 — Next quarterly dividend declaration. The date has not yet been announced.
• 22 Oct 2026 — Q1 FY2027 results, with a webcast at 8:30am ET.
• TBC — Closing of the $3.8bn Thorne acquisition, guided for fiscal Q2 2027 (Oct–Dec 2026) and subject to regulatory approvals.
• Expected Jan 2027 — Q2 FY2027 results. The date has not yet been confirmed.

Macro events are on the ChartsView Economic Calendar, and you can discuss Procter & Gamble on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Read more: Procter & Gamble (PG) — Company Research

Last Updated: 14 May 2026

MercadoLibre, Inc. is Latin America's dominant e-commerce and fintech ecosystem, operating across 18 countries and serving over 220 million registered users. Founded in Buenos Aires in 1999 by Marcos Galperin, the company has evolved from an online auction site into a vertically integrated platform combining a marketplace, logistics network, payments system, credit arm, and digital bank. The business competes in the fastest-growing e-commerce region on Earth, where online penetration still trails mature markets by a wide margin.

1. Company Snapshot

Field	Value
Full name	MercadoLibre, Inc.
Ticker	MELI (NASDAQ)
Sector / Industry	Consumer Discretionary & Fintech / E-Commerce & Digital Payments
Founded	1999 (incorporated in Delaware; operations headquartered in Buenos Aires, Argentina and Montevideo, Uruguay)
CEO	Ariel Szarfsztejn (since 1 Jan 2026); Marcos Galperin, Executive Chairman (founder)
CFO	Martín de los Santos (since Aug 2023)
Market cap	~$79B (May 2026, ~$1,557/share)
Revenue (FY2025)	$28.89B
Net income (FY2025)	$1,997M
Employees	~123,670 (as at 31 Dec 2025, per FY2025 10-K)
Key exchange	NASDAQ
Website	mercadolibre.com | investor.mercadolibre.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• Fastest revenue growth in four years: Q1 2026 revenue surged 49% YoY to $8.85B — the fastest pace since Q2 2022 — driven by the Brazil free-shipping strategy and Mercado Pago expansion, demonstrating the flywheel is still accelerating.
• Fintech monetisation maturing: Mercado Pago AUM grew 77% YoY to $19.9B in Q1 2026; credit portfolio reached $14.6B (up ~90% YoY); monthly active users at ~80M, making Mercado Pago one of the largest digital banks in Latin America by active users.
• Structural market-share leader: Approximately 28% share of LatAm online retail GMV; ranked first in e-commerce in Brazil, Argentina, and Mexico; proprietary fulfilment network now processes millions of packages daily with growing same-day delivery capability.
• Massive addressable market still early: Latin America e-commerce growing 1.5x faster than the global average; online retail projected at $200B+ by 2026; smartphone and fintech penetration still below developed-market levels, leaving substantial headroom.
• Capital commitment creating moat: $3.4B committed to Argentina in 2026 alone (+30% YoY); AI-driven logistics automation, Mercado Ads 2.0 bidding platform, and AI customer service agents (handling 85%+ of queries) are building switching-cost infrastructure rivals cannot match.

Bear Case

• Margin sacrifice from investments: Q1 2026 operating income fell 20% YoY as the company absorbed free-shipping costs in Brazil; GAAP EPS of $8.23 missed expectations by 12%; the stock fell 13% on the day of the earnings release (7 May 2026).
• Shopee competition intensifying: Sea Limited’s Shopee now ranks first in Brazil by app usage volume; its aggressive pricing, localised logistics, and SeaMoney fintech push directly attack MercadoLibre’s core strengths in its largest market.
• Rapid credit-book growth adds balance-sheet risk: The Mercado Crédito portfolio grew ~90% YoY to $14.6B at Q1 2026; this is largely unsecured consumer and seller lending in high-inflation LatAm markets, where Argentina inflation was ~31% in late 2025.
• FX and macro exposure: Brazil (~55% of revenue), Argentina (~18%), and Mexico (~22%) are all exposed to currency depreciation and political risk; the company reports in USD but generates revenues in BRL, ARS, MXN, and other currencies.
• Valuation premium requires sustained execution: At ~41x trailing GAAP P/E with net income growing only 4.5% in FY2025 on 39% revenue growth, the stock is priced for a margin recovery; any further delays compress the investment case. MELI is already 41% below its June 2025 all-time high of ~$2,645.

3. What Does This Company Actually Do?

MercadoLibre operates what management calls the “leading commerce and fintech ecosystem in Latin America.” In plain terms: it is Amazon, PayPal, and a digital bank rolled into one, built for 18 LatAm markets that Western incumbents have historically underserved.

The Commerce arm is a third-party marketplace where sellers list products and buyers browse, pay, and receive delivery. MercadoLibre does not primarily hold inventory — it takes a commission (take rate) on each transaction while providing fulfilment, payments, and advertising services on top. In Q1 2026 GMV reached $19.0B (+42% YoY). Brazil is the largest single market (~55% of group revenue), followed by Mexico (~22%) and Argentina (~18%).

The Fintech arm, trading as Mercado Pago, began as a payment solution to solve trust problems on the marketplace but has grown into a standalone financial services business. It now offers: digital wallets, QR-code point-of-sale acceptance, peer-to-peer payments, money market funds (Mercado Fondos), credit cards, buy-now-pay-later, consumer loans (Mercado Crédito), small business loans, insurance products, and crypto custody. Mercado Pago processes payments both on and off the MercadoLibre marketplace and has ~80M monthly active users as of Q1 2026.

Supporting both segments is the proprietary logistics network Mercado Envíos, which operates fulfilment centres, cross-docking hubs, and last-mile delivery. Control of logistics is what differentiates MercadoLibre from most pure marketplaces — it can guarantee same-day and next-day delivery in core cities, matching or exceeding Amazon’s service level.

Segment	% of revenue	What it is
Commerce	~56% (~$16.3B, FY2025)	Third-party marketplace GMV-based revenue: transaction fees (take rate ~21%), advertising (Mercado Ads), and first-party sales. Commerce revenue grew 34% YoY in FY2025. Brazil, Mexico, and Argentina are the three key markets.
Fintech (Mercado Pago)	~44% (~$12.6B, FY2025)	Payments processing, digital wallet, money market funds (AUM $19.9B at Q1 2026), consumer and SME credit (portfolio $14.6B at Q1 2026), insurance, and crypto. Fintech revenue grew 46% YoY in FY2025, primarily driven by a $1.2B+ increase in credit revenues. Services on- and off-marketplace.

Note: Revenue figures per FY2025 10-K (filed Feb 2026). MercadoLibre reports a single “net revenues and financial income” line that aggregates commerce and fintech. The segment split above is derived from segment disclosures within the 10-K. Geographic breakdown: Brazil ~55%, Mexico ~22%, Argentina ~18%, Other ~5% (per Q4 2025 and Q1 2026 press releases).

4. The Business Model

How MercadoLibre makes money. The company earns revenue through several distinct streams. In Commerce, the primary driver is the marketplace take rate: MercadoLibre charges sellers a percentage of each completed transaction (approximately 21.3% of GMV in Q1 2026, down 10 basis points YoY as the company scales). Above the take rate, it earns from advertising (Mercado Ads), fulfilment fees (Mercado Envíos), and classifieds. In Fintech, revenue comes from payment processing fees on off-marketplace transactions, interest income from the credit book (~$14.6B at Q1 2026), and financial income from AUM held in money market accounts. The two business lines are deeply intertwined: Mercado Pago usage is anchored by marketplace transactions, and marketplace growth drives Pago adoption off-platform.

Unit economics. MercadoLibre’s gross margin is approximately 44.5% in FY2025 (down from 46.1% in FY2024), primarily pressured by the deliberate decision to lower the free-shipping threshold in Brazil, which absorbs more logistics cost on the income statement in exchange for accelerated GMV growth. Operating margin was 11.1% in FY2025 (vs 12.7% in FY2024). Net margin was approximately 6.9% in FY2025. The company is in a stated “investment phase” during which near-term margins are being sacrificed for market-share and ecosystem lock-in.

Moat. MercadoLibre’s competitive advantage is layered. First, network effects: more buyers attract more sellers; more sellers improve selection and price competitiveness; more transactions make Mercado Pago more useful. Second, logistics infrastructure: the proprietary fulfilment and last-mile network, which rivals cannot replicate overnight, enables delivery speed that commoditises competitor propositions. Third, data compounding: transaction history, credit behaviour, and financial data across 220M+ users create a credit underwriting engine that improves with scale. Fourth, ecosystem lock-in: a merchant using Mercado Envíos, Mercado Pago, and Mercado Ads simultaneously faces high switching costs to any alternative. Fifth, brand trust in markets with historically low fintech penetration: in Brazil and Argentina, Mercado Pago is often users’ first formal financial product.

Subsidies / regulatory credits. MercadoLibre does not derive material revenue from government subsidies or regulatory credits. In Argentina, the company benefits indirectly from programmes encouraging domestic digital payments (Ahora 12 instalment plans, which it supports on the marketplace) and has received some tax incentives for technology investment in Mendoza, Argentina. The $3.4B Argentina investment commitment in 2026 includes benefits under Argentina’s technology investment promotion frameworks. No material subsidy dependency relative to the company’s $28.9B revenue base.

Fintech credit risk mechanic. MercadoLibre funds its credit book primarily through Mercado Pago customer deposits, institutional borrowing, and ABS issuance. The credit book grew from $1.7B in 2022 to $14.6B in Q1 2026. The provision for doubtful accounts rose to 10.7% of revenue in FY2025 (vs 8.9% in FY2024), reflecting increased credit losses as the book matures. Management monitors non-performing loans and has historically used the transaction data advantage to maintain below-industry-average default rates, though this has not been stress-tested through a severe regional recession.

5. Financial Health

All figures sourced from the FY2025 10-K (filed 25 Feb 2026) and Q1 2026 10-Q (filed 8 May 2026) unless otherwise stated. FCF = operating cash flow minus capital expenditures (from the cash flow statement). MercadoLibre does not report adjusted/non-GAAP EPS; all EPS figures are GAAP diluted.

Five-year revenue and earnings trend:

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$7.07B	+78.1%	$1.67	—	None	$3.5B
FY2022	$10.78B	+52.5%	$9.53	—	None	$4.8B
FY2023	$15.11B	+40.1%	$19.46	—	None	$4.5B
FY2024	$20.78B	+37.5%	$37.69	—	None	$5.7B
FY2025	$28.89B	+39.1%	$39.40	—	None	$9.2B

Note: Revenue is “net revenues and financial income” per MercadoLibre’s GAAP reporting, which consolidates commerce and fintech revenues. Long-term debt sourced from SEC EDGAR XBRL 10-K filings (LongTermDebt tag); includes senior notes and fintech funding liabilities; represents noncurrent long-term debt as reported in the annual balance sheet. The FY2025 increase from $5.7B to $9.2B reflects new senior notes issuances including a $750M offering completed December 2025. MercadoLibre does not report non-GAAP/adjusted EPS as a primary metric; the Adjusted EPS column is not applicable. GAAP diluted EPS sourced from SEC EDGAR XBRL (EarningsPerShareDiluted tag), 10-K annual figures.

Quarterly revenue trend (most recent first):

Quarter	Revenue	Operating EPS	GAAP EPS (diluted)
Q1 2026	$8.85B (+49% YoY)	—	$8.23
Q4 2025	$8.80B (+45% YoY)	—	$11.02
Q3 2025	$7.40B (+39% YoY)	—	$8.30
Q2 2025	$6.80B (+34% YoY)	—	$10.32
Q1 2025	$5.90B (+37% YoY)	—	$9.75
FY2025 Total	$28.89B	—	$39.40

Note: GAAP EPS figures for Q1–Q4 2025 derived from quarterly net income divided by weighted average diluted shares (~50.7M throughout 2025). Q1 2026 GAAP diluted EPS of $8.23 per Q1 2026 earnings press release (7 May 2026). Operating EPS not applicable; MercadoLibre does not report this metric.

Cash flow and capital allocation: FY2025 operating cash flow was $12.1B and capital expenditures were $1.3B, giving a standard FCF (operating cash flow minus capex) of $10.8B. However, because MercadoLibre’s operating cash flow is significantly affected by movements in its Mercado Crédito loan portfolio (growing credit extensions show up as large operating cash flows due to deposit-funded lending mechanics), management reports a company-defined “adjusted free cash flow” of $1.5B for FY2025, which strips out net credit portfolio changes. This $1.5B figure better represents the cash the company can deploy for capex beyond its lending business. The company is not capital-constrained but is deliberately reinvesting aggressively into logistics, technology, and market expansion.

Debt and liquidity: Long-term debt of $9.2B at FY2025 year-end (per balance sheet), partially offset by $3.7B in cash and equivalents. The company regularly accesses debt capital markets to fund its credit book growth; this is normal for a fintech lender but differs from the capital-light model of a pure marketplace. There is no dividend history; MercadoLibre does not pay dividends and has not announced any buyback programme, reinvesting all cash into growth.

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Current price	~$1,557 (12 May 2026)
Market cap	~$79B
Enterprise value	~$89.7B
Trailing P/E (GAAP)	~40.9x (TTM)
P/E (forward)	~37.3x
P/S (TTM)	~2.7x
EV/EBITDA (TTM)	~24.7x
P/FCF	~7.3x (using standard FCF of $10.8B)
52-week high	~$2,645 (Jun 2025)
52-week low	~$1,537 (May 2026, post-earnings)
Short interest (% of float)	~2.04% of float (~1.04M shares short)
Days to cover	~3.2 days (est., based on ~1.04M shares short and avg daily volume ~325k; source: Fintel, May 2026)

Sources: Yahoo Finance, StockAnalysis, Fintel, GurFocus — retrieved May 2026. MELI does not pay a dividend. The stock fell ~13% on 8 May 2026 following Q1 2026 earnings (7 May 2026) due to margin compression concerns. At ~$1,557 the stock sits ~41% below its June 2025 all-time high of ~$2,645. Michael Burry (via Scion Asset Management) publicly disclosed a new full position purchased in the $1,600s range in May 2026.

7. What Are They Building / What’s Coming?

MercadoLibre is simultaneously investing across logistics infrastructure, fintech products, and AI tooling — all building on the same ecosystem.

Logistics automation: In Mexico, the new XEM3 Cross-Dock centre is being equipped with robotic sorting systems capable of handling 1 million packages daily. The company is rolling out AI-powered demand forecasting and inventory placement algorithms to reduce last-mile delivery cost and time. In Brazil, fulfilment capacity is expanding in parallel with the free-shipping strategy, which requires handling significantly higher package volumes.

Mercado Pago: From payments to full-service digital bank: Mercado Pago has added crypto-asset management and insurance products across its core markets. Assets under management grew 77% YoY to $19.9B in Q1 2026. The credit book grew 91% YoY to $14.6B. Management targets expanding Mercado Pago into all 18 MELI countries, many of which are still at early stages of fintech adoption. Per the Q4 2025 earnings call, the company is deepening its credit card product, expanding BNPL at point of sale, and growing its payroll-advance (crédito nómina) product in Mexico.

Mercado Ads 2.0: An AI-driven advertising bidding platform that allows small and medium sellers to automate their advertising spend on the marketplace. This product increases the advertising take-rate above the base commission, and AI automation lowers the barrier for smaller sellers who previously could not actively manage bids. Management flagged this as a meaningful incremental revenue stream in FY2026.

AI customer service and operational efficiency: AI agents now handle over 85% of customer service inquiries with high resolution rates, significantly reducing headcount costs at scale. The company is deploying AI to improve fraud detection in its credit underwriting, logistics routing, and real-time pricing on the marketplace.

Argentina investment commitment — $3.4B in 2026: MercadoLibre announced in March 2026 that it would invest approximately $3.4B in Argentina in 2026, roughly 30% above its 2025 commitment. The investment covers new distribution centres, logistics infrastructure, technology platform upgrades, and Mercado Pago expansion, along with ~2,000 new local jobs. This is a major commitment in a market with significant macro volatility, and reflects management’s long-term confidence in Argentina’s digital economy recovery (management stated on X and in the press release).

Regulatory credit products in Brazil: Following Brazil’s central bank open banking regulation, MercadoLibre is building infrastructure to allow Mercado Pago to offer payroll-deductible (consignado) loans, which carry significantly lower default rates than unsecured consumer credit. This expansion has been flagged as a key credit-quality improvement initiative for FY2026–FY2027.

8. Competitive Landscape

MercadoLibre operates in a competitive environment that spans both e-commerce and fintech, meaning it faces different competitor sets simultaneously. In e-commerce, its primary rivals are Sea Limited (Shopee), Amazon, and emerging Chinese cross-border players. In fintech, it competes with Nu Holdings (Nubank), traditional banks, and newer neobanks. The company’s integrated model is both its defence and its structural advantage — no single-segment competitor can attack the entire ecosystem simultaneously.

E-commerce market context: Latin America’s retail e-commerce market is projected to grow to $200B+ in 2026, expanding approximately 12% per year and 1.5x faster than the global average. MercadoLibre holds approximately 28% of the region’s online retail GMV, making it the dominant single player. However, the gap with competitors is narrowing in some markets, particularly Brazil.

Shopee (Sea Limited — SE): Shopee’s Brazil operation now ranks first by app usage volume, having overtaken MercadoLibre in that metric by deploying heavy subsidies, a mobile-first social commerce model, and aggressive logistics investment. Sea Limited reported FY2025 total revenue of $22.9B (Shopee is its largest segment). Management acknowledged reducing operations in Chile and Colombia but is actively exploring Argentina re-entry. Shopee carries less fintech and logistics infrastructure than MercadoLibre, but its user engagement in Brazil is notable. Per Motley Fool (Sep 2025), “MercadoLibre’s most formidable competitor is Shopee, not Amazon.”

Amazon (AMZN): Amazon has been increasing marketing spend, adding fulfilment capacity, and improving product selection in Brazil and Mexico. However, as of 2023, Amazon’s combined Brazil and Mexico revenue was approximately $1B, compared to MercadoLibre’s much larger local presence. Amazon’s brand is globally recognised, its logistics playbook is proven, and its financial firepower is vast. In 2025, Amazon partnered with Nu Holdings (Nubank) to offer expanded credit and payment options to Brazilian consumers, signalling a coordinated fintech-e-commerce push.

Nu Holdings (NU / Nubank): Nubank is the world’s largest neobank by number of customers (110M+), primarily in Brazil, Mexico, and Colombia. FY2025 revenue was $16.3B (+45% YoY); net income was $2.9B. Nubank competes directly with Mercado Pago for wallet share, credit card customers, and investment products. Its market cap of ~$73B (May 2026) reflects the market’s view that it is a structurally similar opportunity to MELI’s fintech arm. Unlike MELI, Nubank is pure-play fintech with no e-commerce marketplace.

Policy and subsidy impact: In Brazil, the government’s PIX instant payment system (launched 2020) has benefited all digital payment platforms but also commoditised the basic P2P transfer product. MercadoLibre and Nubank have both adapted by layering higher-margin credit products on top of free PIX transfers. Chinese cross-border platforms (Temu/PDD, AliExpress/Alibaba) have received scrutiny from Brazilian regulators over customs duties; Brazil implemented a 20% tax on imports under $50 in 2024, which limited Temu’s margin advantage but has not eliminated cross-border competition at lower price points.

Peer	Market Cap (May 2026)	FY2025 Revenue	P/E (TTM, May 2026)	Primary product / differentiator
Sea Limited (SE — NYSE)	~$53B	$22.9B (per FY2025 annual report)	—	Shopee: mobile-first, app-ranked-#1 in Brazil by usage; low-price model; SeaMoney fintech. Lacks MELI’s logistics depth and credit book.
Amazon (AMZN — NASDAQ)	~$2.9T	~$637B (FY2024; AWS + global e-commerce)	~32.6x	Global logistics/cloud powerhouse; LatAm e-commerce sub-scale (~$1B Brazil+Mexico); partnered with Nubank in Brazil; financial firepower is extraordinary.
Nu Holdings / Nubank (NU — NYSE)	~$73B	$16.3B (per FY2025 20-F)	~22.5x	Pure-play neobank; 110M+ customers; competes directly with Mercado Pago for credit cards, investments, and loans. No marketplace or logistics.
PDD Holdings / Temu (PDD — NASDAQ)	—	~$70B (FY2024, est.)	—	Cross-border ultra-low-price goods from China; flooding LatAm via direct shipping; partially constrained by Brazil’s 20% small-parcel import tax since 2024.

Note: All competitor figures sourced from live web searches conducted during this research session (May 2026). Sea Limited market cap per public.com and companiesmarketcap.com (May 2026). Nu Holdings figures per FY2025 20-F (filed Feb 2026). Amazon figures per publicly available FY2024 annual report. PDD FY2025 revenue not confirmed during this session; FY2024 estimate used.

9. Leadership and Ownership

CEO — Ariel Szarfsztejn (since 1 Jan 2026): Szarfsztejn joined MercadoLibre in 2017 as VP of Strategy and Corporate Development. He then led Mercado Envíos for four years, transforming the logistics arm from zero direct involvement to a proprietary network processing millions of daily packages. He subsequently served as President of Commerce, overseeing regional operations across all markets. Prior to MercadoLibre he was at Despegar (LatAm travel) and Boston Consulting Group. Education: BA in Economics, University of Buenos Aires; MBA, Stanford Graduate School of Business. He is an internal promotion with deep operational roots in the core business.

Executive Chairman — Marcos Galperin (founder): Galperin co-founded MercadoLibre in 1999 (with Stanford classmates) and served as CEO for 26 years. He remains Executive Chairman, continuing to contribute to long-term strategy, culture, product, and capital allocation. Galperin is one of the wealthiest individuals in Argentina and a vocal public figure on economic policy (see Section 11 for recent controversy). He owns approximately 456,662 shares of MELI (~$710M at current prices). No material Form 4 insider transactions have been filed by Galperin in the past 12 months; his most recent recorded transaction on file was a sale in August 2013.

CFO — Martín de los Santos (since Aug 2023): Succeeded Pedro Arnt, who departed after 24 years. De los Santos joined MELI in 2008 and held roles in corporate development, treasury, investor relations, and SVP of Mercado Crédito before becoming CFO. Prior to MELI he was CFO at Vostu, and earlier at Goldman Sachs and McKinsey. Education: MBA, Stanford; BS, University of North Carolina.

Insider transactions:

No material insider transactions found in SEC Form 4 filings for Marcos Galperin or other named executives in the 12 months to May 2026. Galperin holds ~456,662 shares; no recent open-market purchases or sales on record. For the full Form 4 register, see SEC EDGAR: CIK 1099590.

Name	Date	Type	Shares	Price	Value	Plan Type
No material insider transactions found via SEC Form 4 search for the 12 months to May 2026. See SEC EDGAR for full historical records.

Institutional ownership: MercadoLibre’s largest institutional shareholders include Baillie Gifford & Co, Capital Research Global Investors (American Funds), Morgan Stanley, Capital International Investors, Capital World Investors, T. Rowe Price Associates, BlackRock, and JPMorgan Chase. The free float is approximately 99% institutional and retail (Galperin’s direct holdings are ~1%). The company has 50,697,182 common shares outstanding as of 25 Feb 2026 (per FY2025 10-K cover page). Specific percentage holdings for each institution were not confirmed from primary filing sources during this research session; for the most current 13F data, see Nasdaq institutional holdings at investor.mercadolibre.com.

10. Risks and Challenges

• Credit book growth and default risk (Financial): The Mercado Crédito portfolio has grown ~90% YoY to $14.6B at Q1 2026. This is largely unsecured consumer and SME lending. The provision for doubtful accounts rose to 10.7% of revenue in FY2025. A regional recession, rise in unemployment, or spike in local interest rates could materially increase non-performing loans and require large provisions that would erase net income.
• FX and macro volatility (Macro): The company reports in USD but earns BRL, ARS, MXN, and other currencies. Argentine peso devaluation has historically created large FX translation losses. Argentina inflation was ~31% in late 2025. Brazil and Mexico expose the company to commodity cycles, political instability, and monetary policy shifts. A strong USD cycle could materially reduce reported USD revenue.
• Shopee and competitive encroachment (Competitive): Sea Limited’s Shopee is ranked first by app usage in Brazil (MELI’s largest single market). Cross-border players (Temu, AliExpress) continue to pressure pricing. Amazon’s LatAm build-out is gradual but carries unlimited financial resources. Any sustained loss of GMV share in Brazil would disproportionately impact profitability given Brazil’s ~55% revenue weight.
• Margin compression from logistics investment (Operational): The decision to absorb free-shipping costs in Brazil is a deliberate market-share strategy but depresses margins in the near term. If GMV growth does not materialise at the pace required to justify the cost, or if Shopee matches the free-shipping offer, the strategic sacrifice may not produce the anticipated market-share gain.
• Regulatory risk across 18 jurisdictions (Regulatory): MercadoLibre operates under payments licences, banking regulations, consumer credit regulations, data protection laws, and competition law across Brazil, Argentina, Mexico, Chile, Colombia, Uruguay, and 12+ other countries. Any adverse regulatory change (e.g., interest rate caps, payment interchange fee regulation, digital banking capital requirements) could impact fintech margins. Brazil’s central bank (Banco Central do Brasil) is actively regulating neobanks and digital payment platforms.
• Key-person and succession risk (Operational): Marcos Galperin has transitioned from CEO to Executive Chairman, and a new CEO (Szarfsztejn) took charge in January 2026. While the succession was planned and the incoming CEO is a long-tenured internal hire, any execution misstep or strategic disagreement during the transition could destabilise the management team or investor confidence.
• Reputational and political risk (Macro): Galperin’s public statements on Argentine economic policy, including a May 2026 X post that generated widespread criticism for appearing to mock a retiree struggling with medication costs, created significant negative press. While not a direct business risk, reputational incidents for the founder/Executive Chairman can affect brand perception in key markets and create regulatory scrutiny.
• Technology and cybersecurity (Cyber): As a platform holding financial data, payment credentials, and credit information for 220M+ users, a material data breach or system outage would carry regulatory, legal, and reputational consequences across multiple jurisdictions simultaneously.
• Concentration risk (Concentration): Brazil represents approximately 55% of group revenue. A Brazil-specific shock — economic, regulatory, or competitive — would have outsized impact on group results.

11. Recent Developments

• 07 May 2026 — Q1 2026 earnings released. Revenue grew 49% YoY to $8.85B — the fastest pace since Q2 2022. GAAP net income was $417M; GAAP diluted EPS $8.23, below expectations of $9.37. Operating income declined 20% YoY to $611M (6.9% margin), as the company absorbed higher free-shipping costs in Brazil. GMV grew 42% YoY to $19.0B. Mercado Pago AUM grew 77% to $19.9B; credit portfolio $14.6B. Stock fell ~13.1% on the day of the release.
• 08 May 2026 — MELI stock hit 52-week low ~$1,537. Post-earnings selloff brought the stock to its lowest level in over 12 months, approximately 41% below the June 2025 all-time high of ~$2,645. Michael Burry (Scion Asset Management) subsequently disclosed on Substack that he purchased a new full position in the $1,600s, describing the selloff as an opportunity.
• 13 May 2026 — Shares fell a further 2.9% as the April 2026 US PPI report drove 10-year Treasury yields to a 10-month high of 4.49%, eliminating remaining 2026 Fed rate-cut expectations and raising the discount rate applied to long-duration growth stocks globally.
• 03–04 May 2026 — Galperin X controversy in Argentina. Marcos Galperin posted on X appearing to mock an Argentine retiree describing inability to afford medication, generating widespread national backlash and a public dispute with Argentine gaming streamer Coscu. Galperin escalated by posting a Cocteau quote widely interpreted as dismissing criticism. While a social media controversy rather than a material corporate event, it raised reputational and regulatory profile issues in Argentina.
• Mar 2026 — $3.4B Argentina investment commitment announced. MercadoLibre announced it would invest approximately $3.4B in Argentina in 2026 (+30% vs 2025), covering logistics centres, technology infrastructure, and Mercado Pago expansion, with ~2,000 new jobs. Attributed to company press release, March 2026.
• 24 Feb 2026 — FY2025 and Q4 2025 results. Full-year revenue $28.89B (+39.1% YoY); net income $1,997M; GAAP diluted EPS $39.40. Q4 2025 revenue $8.8B (+45% YoY); Q4 net income $559M (declined 13% YoY due to normalisation of tax rate vs unusually low Q4 2024). Adjusted FCF for FY2025 of $1.5B.
• Dec 2025 — $750M senior notes offering completed. MercadoLibre completed a $750M senior unsecured notes offering, advised by Cleary Gottlieb, to fund general corporate purposes including credit book growth. This contributed to the increase in total long-term debt from $5.7B (FY2024) to $9.2B (FY2025).
• 01 Jan 2026 — CEO transition. Ariel Szarfsztejn became CEO; Marcos Galperin moved to Executive Chairman. The transition was announced in September 2025 and executed on schedule.

12. Key Dates Coming Up

• 06 Aug 2026 (est.) — Q2 2026 earnings release (expected). MercadoLibre typically reports ~5–6 weeks after quarter-end. Q2 ends 30 Jun 2026. No official date announced as of 14 May 2026. Confirm at investor.mercadolibre.com.
• 25 Jun 2026 (est.) — Annual General Meeting 2026 (expected). Typically held in June; 2026 proxy statement (DEF 14A) filed with SEC covers CEO transition, board pay, and shareholder votes. Confirm at investor.mercadolibre.com. Note: MercadoLibre does not pay a dividend and has never declared one.
• 05 Nov 2026 (est.) — Q3 2026 earnings (expected). Based on historical release timing (~5 weeks post-quarter-end). Q3 ends 30 Sep 2026. Confirm at investor.mercadolibre.com.

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Last Updated: 12 August 2026

Airbnb is having its best year since the post-pandemic travel rebound, and it is doing it by deliberately walking away from where the rest of the travel industry is heading. Second-quarter 2026 revenue rose 17% to $3,608m, full-year guidance was raised for the second time in six months, and the shares jumped 17.4% in a single session on 7 August. At the same time Brian Chesky has declined to put Airbnb inside ChatGPT, stayed out of Google Hotels, and is absent from Google's new agentic-booking pilot that Booking, Expedia, Marriott and IHG have all joined. His argument is that owning the whole experience is the only real defence against disintermediation. Meanwhile the newer businesses — Experiences, Services and now hotels — are scaling faster than expected, and the regulatory map keeps getting more complicated. This report sets out what the filings say, and leaves the conclusions to you.

1. Company Snapshot

Field	Value
Company	Airbnb, Inc.
Ticker / Exchange	ABNB / NASDAQ
Headquarters	San Francisco, California, United States
Founded / IPO	Founded 2008; listed December 2020
Sector	Consumer and Retail — online travel marketplace
CEO / Leadership	Brian Chesky, co-founder, Chief Executive Officer and Chairman. Ellie Mertz, Chief Financial Officer (since 1 March 2024). Nathan Blecharczyk, co-founder and Chief Strategy Officer. Dave Stephenson, Chief Business Officer.
Employees	Approximately 8,200 as at 31 December 2025, plus around 13,000 third-party community-support workers (FY2025 Form 10-K)
Revenue (FY2025, ended 31 Dec 2025)	$12,241m ($12.24bn), up 10.3% year over year
Net income (FY2025)	$2,511m; GAAP diluted EPS $4.03; Adjusted EBITDA $4,297m (35% margin)
Revenue (trailing twelve months to 30 Jun 2026)	$13,159m ($13.16bn)
Most recent quarter	Q2 2026, ended 30 June 2026, reported 6 August 2026: revenue $3,608m, GAAP diluted EPS $1.37
Scale metrics (FY2025)	533.0m Nights and Seats Booked; Gross Booking Value $91.3bn; over 9 million active listings
Market cap	~$110.8bn at the 10 August 2026 close of $184.70
Dividend	None. Airbnb has never paid a dividend and states it does not anticipate doing so.
Fiscal year end	31 December

2. Bull Case & Bear Case

Bull Case

• Growth is accelerating, not maturing: revenue growth ran +18% in Q1 2026 and +17% in Q2 2026 against +10% for full-year 2025. Nights and Seats Booked grew 10% to 148.3m and Gross Booking Value 16% to $27.2bn. Management raised full-year guidance twice in six months, from "at least low double digits" in February to "at least mid teens" in August.
• Cash conversion is exceptional: trailing-twelve-month free cash flow of $4,827m on $13,159m of revenue is a 37% margin, and Q2 alone delivered $1,253m. That funds the entire investment programme and $2,139m of buybacks in the first half of 2026 without touching the balance sheet.
• The new businesses are working faster than expected: Experiences supply grew roughly 80% year over year in Q2 2026, hotel nights are growing about three times as fast as the core homes business, and around 35% of first-time hotel guests come back to book a home. Chesky described the hotel initiative as going "significantly better than I expected, and I had high expectations."
• AI is showing up in the cost line, not just the pitch: the support assistant now operates in over 50 languages and resolves roughly 45% of issues without a human, up from about 33% in Q4 2025. Customer-support cost per booking fell 16% year over year, and app nights grew 23% to reach 64% of all nights booked.
• Fortress balance sheet with no dilution overhang: $12,136m of cash and short-term investments against $2,476m of newly issued fixed-rate debt leaves roughly $9.6bn net cash. The $2.0bn zero-coupon convertible was repaid in full at maturity in March 2026, removing the last equity-dilution instrument, and fully diluted share count is down about 10% since buybacks began.

Bear Case

• Regulatory attrition never stops: Barcelona's 10,101 tourist licences all expire in November 2028 and will not be renewed, a €64m Spanish fine must be paid while it is appealed, Amsterdam cut its central cap to 15 nights in April 2026, Florence tripled the area covered by its new-let ban in June 2026, and New York City's registrations sit around 3,000 against an estimated 38,000 listings before Local Law 18. The EU's Affordable Housing Act, expected in 2026, may add caps and licence freezes.
• The AI distribution bet could be the wrong one: Airbnb has no ChatGPT app, avoids Google Hotels and is not in Google's agentic-booking pilot launched on 7 August 2026, which Booking, Expedia, Marriott, Wyndham and IHG have joined. Adobe measured AI-sourced traffic to US travel sites up 194% year over year in May 2026. If AI agents become a genuine booking channel, Airbnb has chosen not to be in it.
• Insiders are selling heavily into strength: six insiders sold roughly 6.14m shares for about $904.6m in 2026 to date, with zero open-market purchases. Joe Gebbia took his direct holding from 2,093,518 shares down to 215 in late July, and Chesky, Blecharczyk and Chenault all sold into the post-earnings spike above $174 on 7 August.
• The valuation now assumes execution: at roughly 42 times trailing GAAP earnings, 8.4 times sales and 22 times TTM free cash flow, with the shares effectively at their 52-week high, the multiple embeds successful delivery of Experiences, Services, hotels and AI simultaneously. Booking Holdings trades on around 24 times trailing earnings.
• Reported profit is flattered by adjustments and flattered comparisons are ending: stock-based compensation of $1,592m in FY2025 is the gap between $4,297m of Adjusted EBITDA and $2,544m of GAAP operating income. GAAP net income has now fallen two years running, from $4,792m in FY2023 (inflated by a $2,690m net tax benefit) to $2,648m and then $2,511m, while sales and marketing spend rose 27% year over year in Q2 2026.

3. Revenue Segments

Airbnb operates as a single reportable segment and does not break out revenue for Experiences, Services or hotels. It does disaggregate revenue by the location of the listing, which is the disclosed split below for FY2025.

Segment / region	% of revenue	What it is
North America	42.4% ($5,196m)	The largest and most mature market, growing 3.8% in FY2025 but reaccelerating to 15.8% in Q2 2026 with average daily rates up 7%.
Europe, Middle East and Africa	38.6% ($4,729m)	Second-largest region and the main locus of regulatory risk, spanning Spain, Italy, Greece, France and the Netherlands. Grew 14.4% in FY2025 and 15.6% in Q2 2026.
Latin America	9.5% ($1,160m)	Fastest-growing region at 19.7% in FY2025 and 26.0% in Q2 2026. Brazil origin nights grew about 30% with first-time bookers up around 40%.
Asia Pacific	9.4% ($1,156m)	Grew 16.5% in FY2025 and 16.9% in Q2 2026. India nights grew around 60% in Q2 2026 with first-time bookers more than doubling; Japan grew in the high teens.

Airbnb's revenue is earned as a service fee on completed bookings. In Q2 2026 the implied take rate was 13.2% of Gross Booking Value, flat year over year. From late 2025 the company began migrating hosts from a split fee — roughly 3% charged to the host plus a separate guest fee — to a single 15.5% host service fee, with migration of most remaining hosts due to complete during 2026.

4. Business Model & Competitive Moat

How it makes money. Airbnb takes a percentage of the value of each completed booking and holds none of the underlying inventory. Because guests pay at booking and hosts are paid at check-in, the company sits on a large float — $12,224m of funds payable to hosts at 30 June 2026, exactly matched by funds held on their behalf. That structure produces the striking gap between a 21% net income margin and a 37% trailing free cash flow margin, and it means growth consumes no capital: FY2025 capital expenditure was around $33m against $4,646m of operating cash flow.

Where the moat comes from. The two-sided network is the substance of it. Over 9 million active listings that no competitor can replicate, matched against demand that arrives largely direct — 64% of nights are now booked in the app. Brand is doing unusual work here: "Airbnb" has become the generic verb for the category in a way "Booking.com" has not, which keeps customer acquisition cost low and gives the company the option to layer new categories onto existing demand. Supply quality is actively managed rather than merely aggregated: more than 550,000 listings have been removed since the 2023 hosting-quality system was introduced.

Where the model is being extended. Experiences, Services and hotels all reuse the same guest relationship and the same payments rails at near-zero incremental customer-acquisition cost. Almost half of Experiences bookings in Q4 2025 were not attached to an accommodation booking, which suggests the marketplace can stand on its own rather than merely upselling stays. The 11 August 2026 Tripadvisor partnership, opening a catalogue of over 425,000 tours and activities, accelerates that but also concedes that building the supply alone was slower than buying access to it.

5. Financial Health

Five-year annual record from Airbnb's Form 10-K filings and shareholder letters. Airbnb publishes no adjusted EPS, so the adjusted column repeats GAAP except where a disclosed one-off distorts the comparison. The company holds net cash, so the final column shows total debt.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (31 Dec 2021)	5,992	+77.4%	−$0.57	−$0.57 †	Nil	$1,983m
FY2022 (31 Dec 2022)	8,399	+40.2%	$2.79	$2.79 †	Nil	$1,987m
FY2023 (31 Dec 2023)	9,917	+18.1%	$7.24	$3.18 ‡	Nil	$1,991m
FY2024 (31 Dec 2024)	11,102	+11.9%	$4.11	$4.11 †	Nil	$1,995m
FY2025 (31 Dec 2025)	12,241	+10.3%	$4.03	$4.03 †	Nil	$1,999m

† Airbnb reports on a GAAP basis and publishes no adjusted earnings per share, so GAAP diluted EPS is repeated in the adjusted column. Its preferred non-GAAP measures are Adjusted EBITDA and Free Cash Flow.
‡ FY2023 GAAP diluted EPS of $7.24 is not comparable. The year carried a net income tax benefit of $2,690m, principally the release of a deferred tax valuation allowance recognised in the third quarter. Removing that benefit from net income of $4,792m and dividing by 662 million weighted-average diluted shares gives approximately $3.18. This is a clearly-labelled derivation from disclosed totals, not a company-published measure.

Revenue compounds at 19.6% a year across the five years, though the trajectory decelerated from the pandemic-recovery surge to a 10.3% low in FY2025 before reaccelerating in 2026. Adjusted EBITDA grew every year, from roughly $1.6bn in FY2021 to $4,297m in FY2025, while the margin drifted from 37% in FY2023 to 35% in FY2025 as investment in new businesses stepped up. The debt column is unusually static because it was a single $2.0bn zero-coupon convertible note carried close to par throughout — that instrument was repaid in full at maturity on 16 March 2026 and replaced the same day by $2.5bn of senior unsecured notes across 2029, 2031 and 2036 maturities, at coupons of 4.40%, 4.65% and 5.25%.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (ended 30 Jun 2026)	$3,608m	$1.37 †	$1.37
Q1 2026 (ended 31 Mar 2026)	$2,678m	$0.26 †	$0.26
Q4 2025 (ended 31 Dec 2025)	$2,778m	$0.56 †	$0.56
Q3 2025 (ended 30 Sep 2025)	$4,095m	$2.21 †	$2.21
Q2 2025 (ended 30 Jun 2025)	$3,096m	$1.03 †	$1.03
FY2025 total (ended 31 Dec 2025)	$12,241m	$4.03 †	$4.03

Seasonality is pronounced and runs in two directions. The third quarter is by far the largest for revenue and profit — Q3 2025 delivered a 50% Adjusted EBITDA margin — because northern-hemisphere summer stays are recognised then. The first quarter is the smallest by revenue but among the largest by bookings and free cash flow, because guests pay when they book rather than when they stay. Q2 2026 net income of $816m included a $77m benefit from tax guidance relating to prior years.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price	$184.70 (close, 10 August 2026)
Market cap	~$110.8bn ($184.70 × 598,785,682 shares across all classes, per the Q2 2026 Form 10-Q cover)
Trailing P/E (GAAP)	~42.0x ($184.70 / TTM diluted EPS $4.40, being the sum of the four quarters to 30 Jun 2026: $2.21 + $0.56 + $0.26 + $1.37). Airbnb publishes no adjusted EPS, so there is no separate adjusted multiple; its preferred profitability measures are Adjusted EBITDA and Free Cash Flow, shown below.
P/E (forward)	~30.1x (on a consensus forward EPS estimate of ~$6.13)
P/S (TTM)	~8.4x (market cap ~$110.8bn / TTM revenue $13,159m)
EV/EBITDA (TTM)	~36.6x on GAAP EBITDA of ~$2,761m (EV ~$101.2bn; EBITDA = TTM operating income $2,738m + depreciation and amortisation of roughly $23m). GAAP EBITDA understates cash profitability here because Airbnb expenses $1.6bn a year of stock-based compensation; on the company's own Adjusted EBITDA of $4,617m for the same twelve months, the multiple is ~21.9x. Note that Airbnb's asset-light model means depreciation is almost immaterial, so EBITDA and operating income are nearly the same number.
P/FCF	~22.9x (market cap ~$110.8bn / TTM free cash flow $4,827m; FCF = operating cash flow less capital expenditure, with FY2025 showing $4,646m of operating cash flow against roughly $33m of capex)
Enterprise value	~$101.2bn (market cap ~$110.8bn + total debt $2,476m − cash and short-term investments $12,069m, per the 30 June 2026 balance sheet). The $12,224m of funds held on behalf of customers is excluded because it is exactly offset by funds payable to hosts.
Price/book	~14.0x (book value per share $13.22 on total stockholders' equity of $7,799m at 30 June 2026)
52-week high	$187.12 intraday; $184.70 on a closing basis (10 August 2026) — the shares are effectively at their high
52-week low	$110.81 intraday; $111.54 on a closing basis
Short interest (% of float)	3.12% (12,914,119 shares short against a float of ~388m, settlement date 31 July 2026). Vendor float estimates vary widely, from about 388m to 439m shares, which moves the percentage to a 2.94–3.12% range. Short interest is down 40.5% from the September 2025 peak of 21.69m shares and is the lowest reading in two years.
Days to cover	3.87 days (3.78 days on the exchange-reported Nasdaq figure)
Dividend yield	Nil — Airbnb pays no dividend and does not anticipate declaring one

Compare these levels against the live price action on the ChartsView Live Charts page.

7. What Are They Building

An owned AI layer rather than a distribution deal. Airbnb's stated strategy is the opposite of its peers': build the AI inside the app rather than list the inventory inside someone else's assistant. The support assistant already runs in over 50 languages and resolves roughly 45% of contacts without a human, up from about 33% two quarters earlier, and a voice version is due later in 2026. Conversational search is rolling out iteratively toward what Chesky describes as an AI travel concierge that stays with the guest for the whole trip. AI-generated home comparisons and AI-assisted host listing and pricing tools are also in flight. Airbnb says the approach has cut concept-to-delivery time by up to 60% and let it ship around 80% more features than the same period a year earlier.

Hotels, expanding from a standing start. The pilot began in the fourth quarter of 2025 in New York, Los Angeles, Madrid and San Francisco, and by Q2 2026 covered thousands of boutique and independent hotels in over 20 destinations. Hotel nights are growing roughly three times as fast as the homes business off a single-digit share of total nights, and about 35% of first-time hotel guests return to book a home — the cross-sell that justifies the category. Featured hotels carry a price-match guarantee and up to 15% Airbnb credit, valid to 31 December 2026.

Experiences at scale through partnership. Supply grew roughly 80% year over year in Q2 2026, and on 11 August 2026 Airbnb announced a partnership with Tripadvisor to make Viator tours, activities and attraction tickets bookable on Airbnb, opening a catalogue of over 425,000 experiences later in 2026. This is a change of approach: Airbnb had been building supply itself since the May 2025 relaunch.

Services and payments. The Services category has expanded through 2026 into grocery delivery, car rentals, airport pickups, luggage storage and most recently resort passes giving day access to hotel amenities. Reserve Now, Pay Later exceeded 70% adoption among eligible US bookings by Q4 2025 and is rolling out internationally with interest-free instalments in Mexico and Brazil, though it defers cash collection and therefore drags on quarterly free cash flow.

Loyalty and advertising, both signalled but unlaunched. Chesky has indicated a loyalty programme will not be a conventional points scheme but priority booking, exclusive discounts and enhanced services. Advertising products are described as on the roadmap. Neither has a launch date. The major-events playbook continues after the 2026 FIFA World Cup, for which Airbnb was an official Tournament Supporter with more than 150,000 homes listed across host cities.

8. Competitive Landscape

Market capitalisations below were re-checked live on 12 August 2026 against the most recent closes. Note that Booking Holdings completed a 25-for-1 forward stock split distributed on 2 April 2026, so any pre-April share price for that company is not comparable.

Peer	Market cap (August 2026)	Key 2025/26 metric
Booking Holdings (BKNG)	~$164.9bn	Q2 2026 room nights 325m (+5.3%), gross bookings $51.0bn (+9%), revenue $7,352m. Alternative-accommodation listings reached 9.1m (+8%) but those room nights grew only 4%, below the 5% total — the first time supply growth has outrun demand growth.
Marriott International (MAR)	~$91.1bn	Q2 2026 revenue $7,071m, net income $766m, worldwide RevPAR +3.4% in constant currency. Homes & Villas listed over 180,000 whole-home rentals as at August 2025; launched the Ask Bonvoy AI search experience on 16 June 2026.
Hilton Worldwide (HLT)	~$70.8bn	Q2 2026 revenue $3,341m, net income $482m, RevPAR +3.9% in constant currency, net unit growth 6.1%.
Expedia Group (EXPE)	~$38.5bn	Q2 2026 gross bookings $33.9bn (+12%), revenue $4,315m (+14%), room nights 111.5m (+6%). Vrbo is being folded from a standalone brand into Expedia-wide distribution; acquired AI trip-planning app Layla in July 2026.
Trip.com Group (TCOM)	~$29.1bn	Q1 2026 net revenues RMB 16,208m (about $2,350m), up 17%, with net income of RMB 2,525m. Q2 2026 not yet reported.
Hyatt Hotels (H)	~$16.3bn	Q2 2026 revenue $1,829m, net income $110m against a $3m loss a year earlier, RevPAR +5.9% in constant currency.
TripAdvisor (TRIP)	~$1.28bn	Q2 2026 revenue $441.9m, down 7%, with Hotels and Other down 21% under AI search pressure; guiding Q3 down 7–10%. Agreed to sell TheFork to American Express for $700m cash on 2 August 2026, and became an Airbnb Experiences partner on 11 August 2026.

On the most recent category-level estimate, from Skift Research covering 2024, Airbnb held about 44% of $183bn of global short-term rental revenue against Booking.com's 18% and Expedia and Vrbo's combined 9%. Phocuswright sized global short-term rental gross bookings at $219.9bn in 2025, growing at a 5.3% compound rate to $270.6bn by 2029. On the AI question, Booking Holdings gave the clearest disclosure anyone has offered: on its 4 August 2026 call the company said large-language-model referral traffic, paid and unpaid, represented less than 1% of total room nights with no material change over recent quarters.

9. Insider Activity

Brian Chesky, co-founder, chairman and chief executive, is among the most active sellers on the register. Across 2026 to date six insiders sold approximately 6.14 million shares for around $904.6m, and there were no open-market purchases by any insider during 2025 or 2026 — all 219 Form 4 filings in that period are free of purchase transactions. The selling is executed under Rule 10b5-1 plans, which blunts the signal, though the plans Chesky and Gebbia are selling under were adopted only in late February 2026, and Chesky, Blecharczyk and Chenault all sold into the spike above $174 on the day after Q2 results.

Name	Date	Type	Shares	Price	Value	Plan Type
Nathan Blecharczyk (Chief Strategy Officer, co-founder)	07 Aug 2026	Sale	531,000	$174.41 avg	$92.6m	10b5-1 plan adopted 28 Aug 2025
Brian Chesky (Chief Executive Officer)	07 Aug 2026	Sale	200,000	$174.79 avg	$35.0m	10b5-1 plan adopted 26 Feb 2026
Kenneth I. Chenault (Director)	07 Aug 2026	Exercise and sale	8,346	$170.00	$1.42m	Option exercise and sale
Ellie Mertz (Chief Financial Officer)	03 Aug 2026	Sale	3,748	$153.34	$574,718	10b5-1 plan adopted 30 May 2025
Joe Gebbia (Director, co-founder)	27 Jul 2026	Sale	2,093,303	$150.92 avg	$315.9m	10b5-1 plan adopted 27 Feb 2026
Brian Chesky (Chief Executive Officer)	15 Jun 2026	Sale	30,743	$138.40 avg	$4.25m	10b5-1 plan adopted 26 Feb 2026
Brian Chesky (Chief Executive Officer)	27 May 2026	Sale	515,296	$132.67 avg	$68.4m	10b5-1 plan adopted 26 Feb 2026

The Gebbia disposal is the most notable single item: it reduced his direct holding from 2,093,518 shares to 215, effectively liquidating the position. Chesky retains 10,501,685 Class A shares directly after the August sale, and Mertz holds 441,542. By seller across 2026: Gebbia 4,028,860 shares for about $587.5m, Chesky 1,260,000 for about $177.9m, Blecharczyk 796,684 for about $131.3m, Mertz 37,989 for about $5.2m and Chenault 16,692 for about $2.7m.

10. Key Risks

• Regulatory contraction in core European cities: Barcelona's 10,101 tourist-apartment licences expire in November 2028 and will not be renewed, a position the Constitutional Court reaffirmed on 21 May 2026. Amsterdam cut its cap to 15 nights a year across eight central neighbourhoods from 1 April 2026, and Florence extended its new-let ban to nine further neighbourhoods from 20 June 2026, tripling the coverage to over 100,000 properties.
• Spanish enforcement and an unpaid fine: Spain fined Airbnb €64,055,311 in December 2025 over 65,100 non-compliant listings, and on 24 March 2026 the High Court of Justice of Madrid refused to suspend payment pending appeal. Although Spain's Supreme Court struck down the national rental registry on 21 May 2026, it expressly preserved platforms' data-sharing obligations, and the tourist-flat stock fell 12.5% year over year to November 2025.
• Adverse platform-liability precedent: on 5 August 2026 the Fifth Circuit decided Bodin v. City of New Orleans against Airbnb as a named plaintiff, affirming dismissal of both the Takings Clause challenge to the one-rental-per-block lottery and the Section 230 preemption challenge, holding that a duty not to profit from unlawful activity is not a publication function. Chicago separately sued Airbnb in June 2026.
• Disintermediation by AI travel agents: Google launched agentic hotel booking in a limited US test on 7 August 2026 with Booking, Expedia, Marriott, Wyndham and IHG participating, while Airbnb is absent by choice. Adobe measured AI-sourced traffic to US travel sites up 194% year over year in May 2026 and Similarweb found travel is the most-cited category in ChatGPT. TripAdvisor's 21% decline in hotel revenue shows what happens when search intermediation is lost.
• New-business investment compressing margin: Adjusted EBITDA margin guidance for full-year 2026 of at least 35.5% sits only marginally above FY2025's 35%, and management explicitly guided Q3 2026 margin below the prior year's 50% on investment timing. Sales and marketing spend rose 27% year over year in Q2 2026 to $875m, the fastest-growing cost line, while Experiences, Services and hotels contribute no disclosed revenue yet.
• Key-person and governance concentration: Chesky confirmed in June 2026 that he is building a separate personal AI company, declining to elaborate. He simultaneously holds the chief executive and chairman roles, and the founder group has been the dominant seller of stock through 2026. The chief technology officer also changed in early 2026 and the policy chief in July 2026.
• Coming European legislation: Regulation (EU) 2024/1028 on short-term rental data sharing became applicable on 20 May 2026, requiring listing-level monthly reporting to national entry points that Airbnb has publicly said not all member states were ready to operate. The Affordable Housing Act, expected during 2026, may add overnight caps, seasonal restrictions and licence freezes in areas of housing stress, and from 1 July 2028 platforms become the VAT deemed supplier across the EU.

11. Recent Developments

• 11 Aug 2026 — Tripadvisor partnership announced. Select Tripadvisor and Viator tours, activities and attraction tickets will become bookable on Airbnb later in 2026, opening a catalogue of over 425,000 experiences and marking a shift away from building Experiences supply entirely in-house.
• 07 Aug 2026 — Shares jump 17.4% on the results. The stock closed at $178.07 against $151.64 the day before, its largest single-day gain in sixteen months, and reached $184.70 by 10 August — effectively a 52-week high.
• 06 Aug 2026 — Q2 2026 results beat and guidance raised again. Revenue rose 17% to $3,608m, net income 27% to $816m, diluted EPS 33% to $1.37 and Adjusted EBITDA 21% to $1,261m. Nights and Seats Booked grew 10% to 148.3m and Gross Booking Value 16% to $27.2bn. Full-year revenue growth guidance was lifted to at least mid teens and Adjusted EBITDA margin to at least 35.5%.
• 05 Aug 2026 — Fifth Circuit rules against Airbnb in New Orleans case. The court affirmed dismissal of both the Takings Clause and Section 230 preemption challenges to the city's short-term rental ordinances.
• 02 Aug 2026 — Peer restructuring at TripAdvisor. TripAdvisor agreed to sell TheFork to American Express for $700m cash following a 21% decline in hotel revenue driven by AI search pressure.
• 28 Jul 2026 — Policy leadership change. Jay Carney is departing and David Spielfogel, formerly chief business officer at Lime, was appointed policy chief.
• 27 Jul 2026 — Co-founder Joe Gebbia liquidates his direct holding. Gebbia sold 2,093,303 shares at an average of $150.92, taking his direct position from 2,093,518 shares to 215.
• 20 May 2026 — EU short-term rental data regulation becomes applicable. Regulation (EU) 2024/1028 requires platforms to verify registration numbers and transmit monthly listing-level activity data to national single digital entry points. Airbnb said it was ready but was concerned not all member states were.
• 20 May 2026 — 2026 Summer Release ships 220 new features. Announced in San Francisco, it extended the platform into hotels, expanded Services and broadened the AI tooling for both guests and hosts.
• 16 Mar 2026 — Balance sheet restructured. The $2.0bn zero-coupon convertible notes were repaid at maturity and replaced the same day with $2.5bn of senior unsecured notes in three tranches maturing 2029, 2031 and 2036 — Airbnb's investment-grade bond market debut.

12. Key Dates

• 16 Sep 2026 — first semi-annual interest payment on the $2.5bn senior unsecured notes
• Expected Nov 2026 — Q3 2026 results. Third-party trackers indicate 5 November 2026 but Airbnb has not confirmed a date; the last two years fell on 6 November 2025 and 7 November 2024
• Expected 2026 — European Commission proposal for the Affordable Housing Act, expected to cover short-term rentals in areas of housing stress
• Expected Q4 2026 — France's national registration portal for meublés de tourisme becomes operational, having slipped from the statutory 20 May 2026 deadline
• 31 Dec 2026 — Airbnb's up-to-15% hotel credit promotion expires; the Athens short-term rental registration freeze and Venice's premium-track moratorium also run to this date
• Expected Feb 2027 — Q4 and full-year 2026 results (the FY2025 results were released on 12 February 2026)
• 01 Jul 2028 — under the EU VAT in the Digital Age directive, platforms become the deemed supplier for VAT on short-term accommodation across the European Union
• 24 Nov 2028 — Barcelona's 10,101 tourist-apartment licences expire and will not be renewed
• 16 Mar 2029 — $850m 4.40% senior notes mature
• 16 Mar 2031 — $850m 4.65% senior notes mature
• 16 Mar 2036 — $800m 5.25% senior notes mature

Airbnb has not scheduled an investor day and its published events calendar was empty at the time of writing. Track scheduled macro releases alongside these company dates on the ChartsView Economic Calendar, and discuss the setup with other members in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 30 August 2026

DoorDash operates local commerce marketplaces in more than 40 countries under the DoorDash, Wolt and Deliveroo brands, alongside a growing merchant software and advertising business. The $3.7 billion Deliveroo acquisition completed in October 2025 roughly doubled international revenue's share of the group and drove a step-change in both reported growth and amortisation. This report sets out what DoorDash actually reported through its second quarter of 2026, published 5 August 2026, using only company filings and primary sources. No analyst opinions, no price targets.

1. Company Snapshot

Field	Value
Exchange and ticker	Nasdaq Global Select Market, DASH (SEC CIK 0001792789). DoorDash listed on the NYSE at its December 2020 IPO and transferred to Nasdaq effective 27 September 2023
Sector	Consumer cyclical — internet retail and local commerce
Headquarters	San Francisco, California, USA
Founded	2013
Employees	Over 31,400 worldwide at 31 December 2025, per the FY2025 Form 10-K
CEO / Leadership	Tony Xu, co-founder, Chief Executive Officer and Chair of the Board; Ravi Inukonda, Chief Financial Officer since March 2023; Prabir Adarkar, President and Chief Operating Officer
Revenue (FY2025)	$13,717m, up 27.9% year-on-year
Net income (FY2025)	$935m attributable to common stockholders; GAAP diluted EPS $2.13
Most recent quarter	Q2 2026, reported 5 August 2026: revenue $4,454m, GAAP diluted EPS $0.46, Adjusted EBITDA $914m
Market cap	$102.58bn (30 August 2026, on the 28 August 2026 close), counting Class A and Class B together
Share price	$236.74 (close, 28 August 2026)
Shares outstanding	433,295,654 at 30 July 2026: 408,992,917 Class A, 24,302,737 Class B, nil Class C
Dividend	None. DoorDash has never declared or paid a cash dividend

DoorDash joined the S&P 500 before the open on 24 March 2025. It is reincorporating from Delaware to Nevada by conversion, approved by written consent of holders of roughly 54.2% of voting power on 6 August 2026; Class A shares continue trading on Nasdaq as DASH without interruption. No stock split has ever occurred.

2. Bull and Bear Case

Bull Case

• Growth has accelerated rather than decayed: Q2 2026 revenue rose 36% year-on-year to $4,454m, and 24% excluding Deliveroo. Total Orders reached 970 million, up 27% reported and 17% excluding Deliveroo, on Marketplace gross order value of $33.1 billion.
• Adjusted EBITDA is compounding far faster than revenue: the measure has gone from $289m in FY2021 to $2,779m in FY2025, and reached $914m in Q2 2026 alone, up 40% year-on-year and described by management as well above expectation. Q3 2026 guidance is $950 million to $1.1 billion.
• Membership and density reinforce each other: over 35 million DashPass, Wolt+ and Deliveroo Plus members and over 56 million monthly active users at December 2025, with DashPass members placing approximately 75% of Total Orders in US grocery and retail in Q2 2026. Management says it added more US paid DashPass members in the twelve months to Q2 2026 than in the previous twenty-four combined.
• The merchant software line is scaling independently of delivery: Q2 2026 saw newly signed SevenRooms venues up over 100% year-on-year, digital ordering used by more than 150,000 merchants with revenue up over 40%, and marketplace reservations up over 150% quarter-on-quarter, plus native integration into the Shopify App Store from 14 July 2026.
• Balance sheet supports both buybacks and autonomy investment: $5.35 billion of cash and short-term investments against $2.73 billion of zero-coupon convertible notes due 2030, with $1,049 million of shares repurchased in the first half of 2026 and roughly $3.95 billion still authorised.

Bear Case

• GAAP profit is going backwards while adjusted metrics improve: Q2 2026 GAAP net income fell 30% year-on-year to $200 million, and first-half 2026 income from operations of $307m was below the $318m of first-half 2025 despite revenue growing 34%. Deliveroo intangible amortisation and a 52% jump in Q2 research and development spend are the causes.
• Stock compensation exceeds the entire GAAP profit: share-based compensation was $1,051m in FY2025, 7.7% of revenue, with a further $193m capitalised into software, and is guided at $1.2–1.3 billion for FY2026. Diluted shares still rose from 430.2m to 439.7m across FY2024 to FY2025 despite buybacks.
• The valuation leaves little room: at $236.74 the shares trade on roughly 124 times trailing GAAP diluted EPS of $1.91 and about 6.5 times trailing revenue, on a business whose GAAP operating margin was 3.5% in Q2 2026.
• Worker classification is an unresolved and already-accrued liability: DoorDash has recorded an accrual for a California Employment Development Department payroll-tax assessment, and its Adjusted EBITDA add-backs for classification-related legal costs ran at roughly $135m across FY2025 — a recurring cost presented as non-recurring.
• The Deliveroo integration is unfinished and already shrinking: within five months of closing, DoorDash was exiting Qatar, Singapore, Japan and Uzbekistan and closing Deliveroo's Bengaluru engineering hub, taking $50m of restructuring charges in the first half of 2026. The unified global technology platform is not expected to complete rollout until the first half of 2027.

3. Business Segments

DoorDash reports a single reportable operating segment; the chief operating decision maker reviews consolidated results only, so there is no segment revenue table in the filings. The only disaggregation DoorDash discloses in dollars is by geography, determined by merchant address, or consumer address for membership products. FY2025 figures below are from Note 3 of the Form 10-K.

Segment / category	% of revenue	What it is
United States	83.5% ($11,460m of $13,717m in FY2025; $6,561m or 77.3% in H1 2026)	Revenue from the DoorDash Marketplace, DashMart, the Commerce Platform (Drive white-label fulfilment, online ordering, SevenRooms) and advertising generated by US-based merchants and US DashPass members.
International	16.5% ($2,257m in FY2025; $1,929m or 22.7% in H1 2026)	Revenue from the Wolt and Deliveroo marketplaces and international Commerce Platform activity across more than 40 countries. No single non-US country reached 10% of consolidated revenue.
Total revenue	100% ($13,717m FY2025; $8,490m H1 2026)	Comparatives: FY2024 $10,722m (US $9,403m, international $1,319m); FY2023 $8,635m (US $7,781m, international $854m).

DoorDash describes three offerings qualitatively but does not publish dollar revenue for them: the consumer marketplaces, which earn merchant commissions plus consumer delivery and service fees plus membership fees; the Commerce Platform of white-label fulfilment, online ordering, branded apps and SevenRooms reservations; and advertising, sold to merchants and consumer packaged goods brands. International's share of revenue has roughly doubled since FY2024 entirely because of Deliveroo.

4. Business Model and Moat

How it makes money. DoorDash takes a percentage of the value flowing across its marketplaces. Its published US merchant commission tiers are 15% Basic, 25% Plus and 30% Premier on delivery orders and 6% on pickup across all plans, with roughly 2.5–3% payment processing on top and no activation or subscription fee. Its own headline metric, net revenue margin — revenue as a percentage of Marketplace gross order value — ran 13.5% in Q2 2025, 13.8% in Q3, 13.3% in Q4, 12.8% in Q1 2026 and back to 13.5% in Q2 2026. Deliveroo dilutes the blended rate.

Where the moat comes from. Density. Q2 2026 saw 970 million Total Orders against $33.1 billion of Marketplace gross order value, an implied average order value of roughly $34. FY2025 generated nearly $75 billion of sales for local merchants and over $20 billion of earnings for Dashers across more than 40 countries. Management's stated thesis is cohort maturation: as US consumer cohorts age, DashPass penetration, order rates and adjusted gross profit per monthly active user all rise, which funds tighter delivery times, which raises order rates again.

Margin trajectory. Contribution profit ran $1,147m in Q2 2025, $1,268m in Q3, $1,405m in Q4, $1,380m in Q1 2026 and $1,641m in Q2 2026, equal to 4.7%, 5.1%, 4.7%, 4.4% and 5.0% of gross order value respectively. Adjusted EBITDA over the same quarters was $655m, $754m, $780m, $754m and $914m, or 2.7%, 3.0%, 2.6%, 2.4% and 2.8%. Adjusted gross margin rose from 51.2% of revenue in Q4 2024 to 52.6% in Q4 2025.

Advertising and international footprint. DoorDash and Wolt Ads crossed an annualised advertising run rate of more than $1 billion across 30-plus countries in 2024, the last figure the company has published; Symbiosys was acquired on 28 May 2025 for $121 million to add offsite retail-media capability, and DoorDash says it nearly doubled its advertising partners between June and December 2025. Three consumer brands operate the marketplaces: DoorDash in the US, Canada, Australia and New Zealand; Wolt across the Nordics, Eastern Europe and Central Asia; and Deliveroo in the UK and Ireland, France, Italy, Belgium, the UAE, Kuwait and Hong Kong.

5. Financial Health

All figures below come from DoorDash's own quarterly shareholder letters and earnings releases (Form 8-K Exhibit 99.1), the FY2025 Form 10-K and SEC XBRL company facts. Fiscal years end 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$4,888m	+69.4%	$(1.39)	$(1.39)†	Nil	Nil
FY2022	$6,583m	+34.7%	$(3.68)	$(3.68)†	Nil	Nil
FY2023	$8,635m	+31.2%	$(1.42)	$(1.42)†	Nil	Nil
FY2024	$10,722m	+24.2%	$0.29	$0.29†	Nil	Nil
FY2025	$13,717m	+27.9%	$2.13	$2.13†	Nil	$2,724m

† DoorDash does not report an adjusted, non-GAAP or core earnings per share figure for any year, so the GAAP figure is repeated in that column. Its named non-GAAP measures are adjusted gross profit and margin, contribution profit and margin, Adjusted EBITDA, free cash flow and revenue excluding Deliveroo. The corresponding Adjusted EBITDA series is $289m (FY2021), $361m (FY2022), $1,190m (FY2023), $1,900m (FY2024) and $2,779m (FY2025).

The long-term debt line changed for the first time in company history in FY2025. In May 2025 DoorDash issued $2.75 billion aggregate principal of 0% Convertible Senior Notes due 15 May 2030, raising net proceeds of approximately $2.72 billion to help fund the Deliveroo and SevenRooms acquisitions. The notes are senior unsecured, pay no regular cash interest, and carry an initial conversion rate of 3.425 Class A shares per $1,000 of principal, implying a conversion price of roughly $291.97. The revolving credit facility remained undrawn at both 31 December 2024 and 31 December 2025.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (reported 5 Aug 2026)	$4,454m	$0.46†	$0.46
Q1 2026 (reported 6 May 2026)	$4,036m	$0.42†	$0.42
Q4 2025 (reported 18 Feb 2026)	$3,955m	$0.48†	$0.48
Q3 2025	$3,446m	$0.55†	$0.55
Q2 2025	$3,284m	$0.65†	$0.65
Q1 2025	$3,032m	$0.44†	$0.44
FY2025 total	$13,717m	$2.13†	$2.13

Adjusted EBITDA across those same quarters was $590m, $655m, $754m, $780m, $754m and $914m in chronological order, totalling $2,779m for FY2025 and $3,202m on a trailing twelve-month basis to 30 June 2026. Note the divergence the tables make visible: Adjusted EBITDA rose 40% year-on-year in Q2 2026 while GAAP net income fell 30% to $200 million, because acquired-intangible amortisation from Deliveroo and a 52% year-on-year increase in research and development spend to $535m sit below the adjusted line.

Cash flow and balance sheet inputs. FY2025 net cash from operating activities was $2,431m against $257m of property and equipment purchases and $348m of capitalised software, giving free cash flow of $1,826m on DoorDash's own definition. Depreciation and amortisation was $747m. For the first half of 2026, operating cash flow was $1,538m, property and equipment purchases $118m, capitalised software $258m and free cash flow $1,162m, with depreciation and amortisation nearly doubling to $564m on Deliveroo intangibles. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $2,830m and free cash flow $2,139m. At 30 June 2026 the balance sheet carried $4,424m of cash and equivalents plus $923m of short-term investments, $2,727m of convertible notes as the only funded debt, and total stockholders' equity of $9,921m.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$102.58bn at $236.74 per share, close of 28 August 2026, on 433,295,654 shares across Class A and Class B. Using the Class A count alone would understate the figure by roughly $5.7bn
Trailing P/E (GAAP)	124x on trailing twelve-month GAAP diluted EPS of $1.91 ($0.55 + $0.48 + $0.42 + $0.46). DoorDash publishes no adjusted EPS, so there is no adjusted alternative; on trailing Adjusted EBITDA of $3,202m the market cap is 32x
P/E (forward)	29.1x on consensus forward EPS of $8.14. DoorDash issues no revenue or EPS guidance of any kind, so this is a sell-side construct rather than a company figure
P/S (TTM)	6.46x (market cap $102.58bn / trailing twelve-month revenue of $15,891m, built from $3,446m + $3,955m + $4,036m + $4,454m)
Enterprise value	~$99.96bn (market cap $102.58bn + convertible notes $2.727bn − cash and short-term investments $5.347bn, per the 30 June 2026 balance sheet). Excludes $869m of long-term investments and $308m of restricted cash
EV/EBITDA (TTM)	~58x on GAAP-derived EBITDA of ~$1,712m (EV $99.96bn / EBITDA; EBITDA = trailing income from operations $712m + trailing D&A $1,000m, each built as FY2025 less H1 2025 plus H1 2026). On DoorDash's own trailing Adjusted EBITDA of $3,202m, which adds back roughly $1.1bn of stock compensation and classification legal costs, the multiple is ~31x
P/FCF	~48x (market cap $102.58bn / trailing free cash flow $2,139m; FCF = trailing operating cash flow $2,830m less property and equipment purchases and capitalised software, per DoorDash's own definition). Management has guided that FY2026 reported free cash flow will be reduced by $700–800m purely from year-end merchant payment timing
Price/book	10.3x on book value per share of approximately $22.90 (stockholders' equity $9,921m at 30 June 2026)
52-week high	$285.50 intraday on 16 October 2025; the highest close was $281.74 on 6 October 2025
52-week low	$143.30 intraday on 27 March 2026, which was also the lowest close of the period at $146.60
Short interest (% of float)	4.23% — 16,166,524 shares short against a float of 382,166,767, settlement date 14 August 2026. At the prior 15 July 2026 settlement the figure was 18,781,477 shares, down 12.2% on the period before
Days to cover	4.05 days at the 14 August 2026 settlement; 4.69 days at the 15 July 2026 settlement on average daily volume of roughly 4.0 million shares

You can follow the price action on ChartsView Live Charts and track the reporting dates on the Economic Calendar.

7. What Are They Building

Dot, the autonomous ground robot. Unveiled in 2025 and running in the Phoenix metro with early access in Tempe and Mesa, Dot travels at up to 20 mph and operates on bike lanes, roads, sidewalks and driveways. A phased Fremont, California launch ran alongside Restaurant Week from 6 to 15 March 2026, starting with up to three chaperoned robots and expanding to up to thirty autonomous units across Downtown, Centerville and Irvington. As of Q2 2026 DoorDash disclosed that it had increased both the number of robots operating and the average deliveries per robot per day, and expects Dot to handle a high single-digit percentage of orders in its largest test market by the end of 2026.

DoorDash Air. On 29 July 2026 DoorDash announced it had earned FAA Part 135 air-carrier certification, becoming the eighth US drone operator to hold one. It plans a custom aircraft and merchant-to-doorstep handling systems aimed at three-to-five-mile deliveries, which took roughly 25% longer than short trips in 2025. Commercial in-house drone deliveries are expected to begin in the US in autumn 2026. Existing partnerships with Wing and Flytrex continue alongside, and Waymo vehicles have been making DashMart deliveries in metro Phoenix since October 2025.

The unified global technology platform. The largest internal investment of 2026 is merging the DoorDash, Wolt and Deliveroo marketplaces onto a single technology stack, with several components rolled out in the first half of 2026 and full rollout expected in the first half of 2027. It is accompanied by reorganising international operations around functions rather than brands. Management has named it as a driver of the pre-announced Q4 2026 margin step-down.

Commerce Platform and merchant software. This is the fastest-growing non-marketplace line. Q2 2026 brought newly signed SevenRooms venues up over 100% year-on-year, digital ordering revenue up over 40% across more than 150,000 merchants, and a new consumer-facing reservations service with marketplace reservations up over 150% quarter-on-quarter. On 14 July 2026 DoorDash launched as a native sales channel inside the Shopify App Store for US brick-and-mortar Shopify merchants, and on 13 July 2026 agreed to rebuild Hungry Howie's website, app and loyalty programme on its own stack.

Artificial intelligence and grocery. DoorDash launched "Ask", an AI assistant for restaurant discovery and grocery basket building, alongside AI applied to personalisation, merchant onboarding, catalogue ingestion, ad monetisation and Dasher routing. Q2 2026 research and development expense rose 52% year-on-year to $535m. In grocery and retail, over 30% of US monthly active users engaged with the category in December 2025, and management expects unit economics in that vertical to turn positive in the second half of 2026.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
Uber Technologies (NYSE: UBER)	$160.99bn	FY2025 gross bookings of $193bn and revenue of $52.02bn, up 18.3%, with Adjusted EBITDA of $8.7bn (reported 4 February 2026). Also DoorDash's antitrust litigation adversary
Grab Holdings (NASDAQ: GRAB)	$14.77bn	FY2025 revenue of $3,370m, up 20% from $2,797m, delivering its first full-year net profit (FY2025 Form 20-F)
Maplebear, trading as Instacart (NASDAQ: CART)	$11.70bn	FY2025 gross transaction value of $37.22bn, up 11%, on revenue of $3.74bn and GAAP net income of $447m
Delivery Hero SE (Xetra: DHER)	€11.35bn	FY2025 gross merchandise value of €49.2bn, up 9% like-for-like, on total segment revenue of €14.8bn and adjusted EBITDA above €900m (reported February 2026)
Prosus N.V. (Euronext: PRX), owner of Just Eat Takeaway	€81.09bn	Just Eat Takeaway contributed $1.9bn of revenue and $83m of adjusted EBITDA in the roughly six months after Prosus acquired it; Prosus targets $3.6bn of JET revenue by end-FY2027

All market capitalisations were pulled live on 30 August 2026 on the 28 August 2026 close; Delivery Hero and Prosus are quoted in euros. Just Eat Takeaway.com is no longer independently listed — Prosus completed its acquisition and the shares were delisted from Euronext Amsterdam effective 17 November 2025, so Prosus is substituted here. DoorDash at $102.58bn is the second most valuable listed operator in the category behind Uber.

9. Insider Activity

Tony Xu is co-founder, Chief Executive Officer and Chair of the Board, and there was no change at chief executive or chief financial officer level in 2026. The pattern in DoorDash's 2026 Form 4 record is heavily one-directional. Across the whole year there has been exactly one open-market purchase, a token 40-share trade by a newly appointed director; every other transaction is a sale, a Code A equity grant, or an option exercise immediately followed by a sale. Officers sold well over $80 million of stock during 2026, with disposals accelerating into the August price strength.

Name	Date	Type	Shares	Price	Value	Plan Type
Milan Kovac, Director	23 Feb 2026	Buy (Code P)	40	$155.94	$6,237	Open market — the only purchase of 2026
Prabir Adarkar, President and COO	25 Aug 2026	Option exercise then sell	55,289	$7.16 / $231.76	$12,813,899	Code M exercise, Code S sale
Tony Xu, CEO	24 Aug 2026	Option exercise then sell	33,334	$7.16 / $230.00	$7,666,938	Code M exercise, Code S sale
Stanley Tang, Director and co-founder	20 Aug 2026	Sell (Code S)	84,526	$225.03	$19,020,838	Largest single 2026 disposal; monthly 10b5-1 cadence
Ravi Inukonda, CFO	20 Aug 2026	Sell (Code S)	19,505	$220.62	$4,303,271	Same-day cluster sale, consistent with a common 10b5-1 plan
Andy Fang, Director and co-founder	3 Aug 2026	Option exercise then sell	20,000	$200.31	$4,006,200	Code M exercise, Code S sale
Eight directors (annual grant)	10 Jun 2026	Grant (Code A)	1,986 each	$0.00	$0	Annual director equity award — a grant, not a purchase

Stanley Tang sells roughly 23,125 shares on the first trading day of most months, a clear pre-established plan cadence, with larger blocks added in August. Annual officer equity grants dated 20 April 2026 awarded 144,263 shares to Prabir Adarkar and 109,567 to Ravi Inukonda among others; these are Code A grants and carry no cash outlay.

10. Key Risks

• Dasher classification litigation is structural and already on the balance sheet: the FY2025 Form 10-K describes putative class actions, PAGA representative actions and individual claims in court and arbitration challenging independent-contractor status, with many further claims threatened. DoorDash has recorded an accrual for a California Employment Development Department payroll-tax assessment issued in January 2023, which it is appealing; the amount is not disclosed. Classification legal costs excluded from Adjusted EBITDA totalled roughly $135m across FY2025.
• The EU Platform Work Directive is a hard dated cliff: member states must transpose it into national law by 2 December 2026, creating a rebuttable presumption of employment for platform workers contracted on or after that date plus binding rules on algorithmic management. Most member states had not completed transposition by mid-2026, so divergent national standards will land through the rest of the year — directly on Wolt and Deliveroo, which are 22.7% of first-half 2026 revenue.
• Uber's antitrust suit has survived dismissal and is in discovery: Uber sued in California state court in February 2025 alleging DoorDash punishes partner restaurants that do not use its first-party white-label delivery. In June 2026 a Superior Court judge rejected five of DoorDash's six objections and sent the case to discovery. The claim attacks the Commerce Platform, one of the fastest-growing lines in the business. No trial date has been set.
• US city fee caps compress margin by regulation: Seattle imposes a 15% delivery fee cap plus driver pay rules requiring roughly $30 an hour before mileage and tips, and DoorDash has publicly blamed that regime for making Seattle its most expensive US market. New York City's minimum-earnings standard has forced a $1.99 regulatory response fee on every order there. The 10-K warns that where such rules force fee increases, consumer demand could be reduced.
• Deliveroo integration and international execution remain unproven: $3,724m was paid, driving goodwill from $2,315m to $5,519m and intangibles from $510m to $2,260m, with roughly $450m of acquired-intangible amortisation expected in FY2026 alone. Four country exits and a hub closure were announced within five months of completion. The unified platform will not finish rolling out before the first half of 2027, and Deliveroo revenue introduces sterling and euro currency exposure.
• Competition and take-rate pressure are persistent: net revenue margin fell to 12.8% in Q1 2026 from 13.5% a year earlier before recovering. DoorDash's own risk factor concedes it may need to cut consumer fees or merchant commissions, or raise marketing spend, to retain participants. Uber Eats, Instacart, Grubhub, Amazon and Walmart-owned delivery compete for the same restaurant and grocery supply, and merchant multi-homing is near universal.
• Stock compensation dilutes and flatters: $1,051m of share-based compensation in FY2025 with a further $193m capitalised, guided to $1.2–1.3 billion for FY2026, against Q2 2026 GAAP net income of just $200 million. The entire GAAP profit is smaller than the quarterly compensation add-back, and diluted share count still rose despite $1,049m of first-half buybacks.
• Governance concentrates control and the Nevada move reduces recourse: Class B shares carry twenty votes each and are held only by the three co-founders and affiliates, who controlled roughly 54.2% of voting power at the 6 August 2026 written consent. Public Class A holders had no vote on the Delaware-to-Nevada reincorporation; it was approved by written consent and disclosed via an information statement on which they cannot act. Nevada law offers shareholders fewer fiduciary-duty remedies than Delaware.
• Other disclosed exposures are unquantified: consumer-protection and Dasher-pay class actions, personal-injury claims from Dasher accidents, intellectual property claims and regulatory investigations spanning classification, consumer protection, privacy, cybersecurity, tax and workers' compensation. For some reasonably possible material losses the 10-K states that an estimate of the amount or range is not possible.

11. Recent Developments

• 27 Aug 2026 — Nevada reincorporation information statement mailed. DoorDash filed its DEF 14C and began mailing the information statement covering the Delaware-to-Nevada conversion. The reincorporation becomes effective no earlier than twenty calendar days after mailing began, and Class A shares continue trading on Nasdaq as DASH without interruption.
• 11 Aug 2026 — Controlling holders' approval of the Nevada move disclosed. A Form 8-K revealed that on 6 August 2026 stockholders holding at least a majority of voting power — Tony Xu, Andy Fang, Stanley Tang and related family trusts, together roughly 54.2% — adopted the reincorporation resolutions by written consent. The board backed the move unanimously.
• 05 Aug 2026 — Q2 2026 results beat and the Q3 outlook was raised. Revenue of $4,454 million rose 36% year-on-year and 24% excluding Deliveroo, on 970 million Total Orders and $33.1 billion of Marketplace gross order value. Adjusted EBITDA of $914 million was up 40% and described as well above expectation, while GAAP net income fell 30% to $200 million on Deliveroo amortisation and higher research spend. Q3 2026 guidance is gross order value of $33.0–34.0 billion and Adjusted EBITDA of $950 million to $1.1 billion, with FY2026 stock compensation guidance trimmed to $1.2–1.3 billion.
• 29 Jul 2026 — DoorDash Air launched after FAA Part 135 certification. DoorDash became the eighth US drone operator to hold a Part 135 air-carrier certificate and launched an in-house drone delivery programme targeting three-to-five-mile deliveries, with commercial US deliveries expected in autumn 2026. Wing and Flytrex partnerships continue.
• 14 Jul 2026 — Shopify sales-channel integration went live. DoorDash launched as a native sales channel in the Shopify App Store, letting US Shopify merchants with physical stores offer on-demand delivery to DoorDash's user base.
• 13 Jul 2026 — Hungry Howie's Commerce Platform agreement signed. DoorDash will rebuild the chain's website and native mobile app, launch a new loyalty programme and consolidate its technology stack — a flagship first-party win for the merchant software line.
• 06 May 2026 — Q1 2026 results and a $48 million restructuring charge. Revenue of $4,036 million rose 33% on 933 million Total Orders and $31,604 million of gross order value, with Adjusted EBITDA of $754 million and GAAP diluted EPS of $0.42. Net income of $184 million was 5% lower year-on-year. Operating cash flow was $594 million and free cash flow $420 million. A Form 10-K/A was filed the same day to correct a clerical omission in the auditor's report, with no financial restatement.
• 25 Feb 2026 — Four-country exit and international restructuring announced. DoorDash said it would wind down Deliveroo and Wolt operations in Qatar, Singapore, Japan and Uzbekistan and close Deliveroo's Bengaluru engineering hub while adding UK engineering roles. Guidance issued a week earlier was left unchanged; a $48 million restructuring charge was booked in Q1 2026.
• 18 Feb 2026 — FY2025 results delivered the first year above $2 billion of Adjusted EBITDA. Revenue of $13,717 million rose 27.9%, GAAP diluted EPS was $2.13, Adjusted EBITDA $2,779 million and free cash flow $1,826 million. DoorDash exited 2025 with over 56 million monthly active users and over 35 million paid members, having generated nearly $75 billion of sales for merchants and over $20 billion of Dasher earnings across more than 40 countries.
• 16 Jan 2026 — A robotics executive joined the board. The board expanded to eleven directors and elected Milan Kovac, formerly Tesla's Vice President for Optimus and an Autopilot engineering leader, now also a Boston Dynamics director — a direct signal about the autonomy roadmap.

12. Key Dates to Watch

• 16 Sep 2026 — Earliest effective date for the Delaware-to-Nevada reincorporation, being twenty calendar days after mailing of the information statement began on or about 27 August 2026. The board retains the right to delay or abandon the conversion before the effective time.
• Expected Nov 2026 — Q3 2026 results, with 4 November 2026 the consensus estimate. DoorDash had not issued its own announcement as of 30 August 2026; its pattern is to confirm the date roughly a month ahead, as it did on 6 July 2026 for the 5 August report.
• 02 Dec 2026 — EU Platform Work Directive transposition deadline. All member states must have national law in force, applying a rebuttable presumption of employment to platform workers contracted on or after that date. Directly affects Wolt and Deliveroo.
• 31 Dec 2026 — Management's stated milestone for Dot to deliver a high single-digit percentage of orders in DoorDash's largest test market.
• Expected Oct 2026 — Commercial launch of in-house DoorDash Air drone deliveries in the United States, guided to autumn 2026 following the July certification.
• Expected Feb 2027 — Q4 and FY2026 results. FY2025 results were released on 18 February 2026 and FY2024 results on 11 February 2025.
• Expected Jun 2027 — Completion of the unified global technology platform rollout across the DoorDash, Wolt and Deliveroo marketplaces, guided to the first half of 2027. Benefits are not expected before then.
• 15 Nov 2029 — Earliest scheduled conversion window for the 2030 Notes. Holders may convert earlier if the Class A price exceeds 130% of the roughly $291.97 conversion price for twenty of thirty trading days in a quarter; at $236.74 the notes are out of the money.
• 15 May 2030 — Maturity of the $2.75 billion principal 0% Convertible Senior Notes, DoorDash's only funded debt.

Two forward items carry no date. Uber's antitrust case is in discovery following the June 2026 denial of DoorDash's demurrer, with no trial date announced. Separately, management has pre-announced that Adjusted EBITDA as a percentage of gross order value will decline quarter-on-quarter in Q4 2026 on seasonal Dasher costs, the annual insurance increase and higher platform and autonomy investment, and that FY2026 reported free cash flow will be reduced by $700–800 million purely from year-end merchant payment timing versus 2025. Compare notes with other readers in the ChartsView Forum.

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