GoDaddy Inc: 2Q26 Review — Solid on Profitability; Airo >$50M annualized bookings; Remain OW and PT to $124/sh (unch)

研报英文原文证据摘录

GoDaddy Inc: 2Q26 Review — Solid on Profitability; Airo >$50M annualized bookings; Remain OW and PT to $124/sh (unch)

J P M O R G A N North America Equity Research

30 July 2026

GoDaddy Inc

2Q26 Review — Solid on Profitability; Airo >$50M Overweight

annualized bookings; Remain OW and PT to $124/sh GDDY, GDDY US

(unch) Price (30 Jul 26):$99.33

Price Target (Dec-27):$124.00

GDDY delivered a 2Q26 beat on profitability and cash generation. The company Vertical SaaS & HealthTech

ACmaintained the midpoint of its FY26 revenue guidance, narrowing to $5,215M– Alexei Gogolev

$5,255M from $5,195M–$5,275M (representing 6% growth at the midpoint). (1-212) 622-9391

NEBITDA margin >33% and FCF ~$1.8B were both reaffirmed. Investors may be alexei.gogolev@jpmorgan.com

disappointed that the FY revenue guidance was maintained and not raised. Another Ella Smith

miss to expectations was around the growth of constant currency bookings, which (1-212) 622-2451

at 5% yoy continued to lag revenue growth by 100bps (despite management ella.smith@jpmchase.com

guidance of anticipated metric conversion). While the 5x sequential surge in Airo's Destiny Jackson

annualized bookings run rate to $50M was unexpected, it was not enough to (1-212) 622-4360

destiny.jackson@jpmorgan.com

translate to a top-line beat or guidance raise, which could exacerbate concerns

Isabella A Camajabout GDDY’s core business facing competitive pressure from AI. In line with

(1-212) 834-2379

broader SaaS universe, GDDY stepped up the pace of capital return:, having bella.camaj@jpmorgan.com

repurchased more than $0.5B worth of shares in 2Q26, reducing fully diluted J.P. Morgan Securities LLC

shares outstanding by 7% YTD.

• Metrics in line. GDDY reported 2Q26 revenue/NEBITDA/FCF of Key Changes (FYE Dec)