Groupon Inc. (GRPN): Q2’26 Review: Planning for 2H Reacceleration; Focus Remains on Transformation Toward AI First over Next 12-24 Months

研报英文原文证据摘录

Equity Research

9 August 2026 | 11:59PM EDT

Groupon Inc. (GRPN)

Q2’26 Review: Planning for 2H Reacceleration; Focus Remains on Transformation

Toward AI First over Next 12-24 Months

GRPN

12m Price Target: $22.00

Price: $25.03

Downside: 12.1%

In its Q2’26 earnings report, Groupon (GRPN) mgmt highlighted a

few key themes: 1) Q2 operating results fell short of expectations

driven by pressure in North America local (as units declined 6%); 2)

strength seen in July (MSD growth) which give management

confidence in 2H with forward guidance implying a reacceleration

driven by a combination of easier comps and improved

fundamentals underscored by heightened marketing investments; 3)

an increased focus on trust, quality, personalization, purchase

frequency and LTV, with management highlighting improving

marketplace standards; & 4) continued transition toward becoming

an AI-native organization with management outlining plans for AI

adoption across merchant acquisition, customer engagement,

marketing, onboarding and internal workflows, while continuing to

frame AI as a key driver of future efficiency gains. In the short-term,

we would expect investor focus to remain on the company’s ability

to execute in 2H, as well as the pace and tangible impact of its

product and platform improvement over the next 6-12 months. We

maintain our Sell rating as we see risk-reward (from current levels

especially in relation to our broader coverage universe) still skewing

more negatively and adjust our 12-month PT from $13 to $22 on

updated forward operating estimates to reflect this earnings report

and forward mgmt commentary.

SELL

Eric Sheridan

Goldman Sachs & Co. LLC

Sarah Boulos

Goldman Sachs & Co. LLC

Emma Huang

Goldman Sachs & Co. LLC

Key Data _____________________________________

Market cap: $995.0mn

Enterprise value: $1.0bn

3m ADTV: $39.3mn

United States

Americas Internet

M&A Rank: 3

GS Forecast __________________________________

12/25

12/26E

12/27E

Revenue ($ mn) New

498.4

518.5

544.4

12/28E

573.1

Revenue ($ mn) Old

498.4

517.4

543.6

572.3

100.4

EBITDA ($ mn)

69.3

76.6

91.5

EBIT ($ mn)

23.6

10.6

34.1

41.6

EPS ($) New

(1.87)

(0.13)

0.56

0.72

EPS ($) Old

(1.87)

(0.06)

0.54

0.78

P/E (X)

…