CART: 2Q:26 EPS Preview: Healthy GTV Trends

研报英文原文证据摘录

CART: 2Q:26 EPS Preview: Healthy GTV Trends

View CART's improvements to total pricing relative to 3p peers as key to support

GTV growth outlook, see further room for improvement given 47% price premium vs Prior NC 297.4 E 314.9 E 332.8 E 1.25B E

AMZN/WMT in 2Q:26. See increasing grocery delivery investments accelerating further 2027E 341.3 E 343.9 E 359.7 E 381.2 E 1.43B E

online penetration of the category. Encouraged by CART's early progress towards more Prior NC 338.3 E 357.6 E 376.9 E 1.41B E

competitive pricing, but material gap relative to AMZN & WMT limits GTV growth. Believe Source: Company Data, Wells Fargo Securities estimates, and Factset.

CART will need to co-invest w/ merchants, a headwind to margin expansion. NA = Not Available, NC = No Change, NE = No Estimate

Ken Gawrelski

Expect modest deceleration in ad revenue growth from 1Q:26 levels given moderating Equity Analyst | Wells Fargo Securities, LLC

contribution from off-platform +370bps/+250bps/+150bps in 3Q:26/4Q:26/'27 vs Ken.Gawrelski@wellsfargo.com | 617-210-3707

+600bps in 1Q:26. Believe 1Q:26 1p ad revenues accelerated to +10% y/y growth, but Zachary Morrissey

expect 100bps deceleration for remainder of 2026 as macro uncertainty remains. Scaling Associate Equity Analyst | Wells Fargo Securities, LLC

off-platform partnerships contributed 7pts to 2025 total ad revenue growth, but see Zachary.Morrissey@wellsfargo.com | 212-214-5344

diminishing magnitude of contributions through rest of 2026 and 2027. David Umansky

Associate Equity Analyst | Wells Fargo Securities, LLC

David.Umansky@wellsfargo.com | 212-214-1406

Estimates, rating and price target. Modestly increase our '26 / '27 / '28 total orders & Audey Ashkar

GTV estimates by 20bps.