WIX: 1Q:26 EPS Preview: Core Growth Slowing While Mix Shift Continues to Create Margin Challenges

研报英文原文证据摘录

WIX: 1Q:26 EPS Preview: Core Growth Slowing While Mix Shift Continues to Create Margin Challenges

Equity Research

Flash Comment — May 13, 2026

Internet

Wix.com Ltd

1Q:26 EPS Preview: Core Growth Slowing While Mix Shift Overweight

Continues to Create Margin Challenges Price Target: $137.00

Ticker WIX

Our Call Upside/(Downside) to Target 80.5%

WIX reported weak 1Q results; creative sub bookings decel'd despite Base44 ramp (now Price (05/12/2026) $75.88

at $150M ARR); suggests AI beginning to pressure core Wix. Faster mix toward Base44 52 Week Range $60.22 - 191.24

heightening margin challenges; FCF / non-GAAP OI missed significantly. Market Cap (MM) $4,169

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

WIX reported 1Q results significantly below expectations; AI starting to weigh on Alec Brondolo

core bookings & impact to margins greater than expected. 1Q total bookings missed Equity Analyst | Wells Fargo Securities, LLC

Alec.Brondolo@wellsfargo.com | 212-214-5435

consensus by 0.4% vs. buy-side expectation of 1-2pts beat; Creative Subscription miss

larger (2%), decel'd 3pts ex. F/X even w/ Base44 ramping ($150M ARR as of May). Implies Drew Daniels

Core Wix ex. F/X CS Bookings decel'd 7pts in 1Q; shareholder letter implies Partner Associate Equity Analyst | Wells Fargo Securities, LLC Drew.Daniels@wellsfargo.com | 212-214-8011

business was materially weaker. 1Q Non-GAAP OI / FCF 64% / 15% below.

While investors were braced for weaker 1Q / 2026 non-GAAP OI, magnitude of miss

significantly larger than expected. Most significant drivers of 64% 1Q non-GAAP

OI miss were Creative Sub non-GAAP GMs (2pts below Street, ~$10M non-GAAP OI

impact) & S&M growth ($30M above Street).