Q2 revenue rose 17% YoY to $3.6bn, topping the high end of guidance. Full-year revenue growth guidance was raised from low-to-mid-teens to at least mid-teens, and the Adj. EBITDA margin outlook from 35% to at least 35.5%.

Q2 net sales topped $2.5bn, reaching $2.54bn (+20.2% YoY) with double-digit growth across all regions. However, higher freight and stepped-up marketing lifted the selling expense ratio to 10.6%, and Adj. OP rose only 13.3%, lagging revenue. The company plans selective price increases in the U.S. in Q4 2026.

Vector grew 23% QoQ in Q2, well above the company's 12–13% internal target. Annualized revenue has reached $1bn two quarters ahead of plan, and GAAP net income is now expected to turn positive in Q3 vs. Q4 previously.

Q2 DAU rose 23% YoY, with growth accelerating vs. Q1. The full-year Adj. EBITDA margin target was raised to 26.5% from 25%.

Q2 revenue was $1.92bn (+53% YoY), below the midpoint of guidance, and Adj. EBITDA came in under the guided range. The shortfall reflected lighter-than-usual model upgrades during the quarter, with the next step-up landing just after quarter-end.

Q3 revenue guidance of $2.05–2.085bn incorporates model improvements already rolled out and higher compute costs. The focus shifts to driving traffic for mid-tier e-commerce clients and partners.

Quarterly net revenue topped $10 bn for the first time (+50% YoY). The credit portfolio climbed to $16.4 bn, with NPLs near record lows.

Q2 GMV was $116bn (+32% YoY). Revenue grew 34%, with an FCF margin of 18%.

However, Q3 guidance points to revenue growth 'just over 30%', with GP growth only in the high-20s. The next leg is pinned on agentic commerce, with AI channel traffic and orders up 3x YoY, and 75% of AI-attributed orders coming from outside the top 100 categories.

In Q3, segment OP rose 21% YoY. Experiences revenue reached $10bn, a record for the fiscal quarter. The company raised its buyback guidance to at least $9bn, up from approx. $7bn.

Arc mainnet is slated for Sep 16, and a $242 mn token presale lifted full-year other revenue guidance to $310–330 mn (vs. $150–170 mn).

Gross bookings rose 22% YoY to $58bn, beating the high end of guidance, and TTM FCF topped $10bn for the first time.