NIQ Global Intelligence: Strong 2Q26 Results and 2026 Guidance Raised as NIQ Delivers ‘Progression from Top- to Bottom-Line‘

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

11 August 2026

NIQ Global Intelligence

Strong 2Q26 Results and 2026 Guidance Raised as

NIQ Delivers “Progression from Top- to Bottom-Line”

Overweight

NIQ, NIQ US

Price (10 Aug 26):$11.68

▲Price Target (Dec-27):$17.00

Prior (Dec-26):$14.00

After market close, consumer measurement provider NIQ Global Intelligence

(NIQ) reported 2Q26 free cash flow (CFO - capex) of $74mm, exceeding our

expectation for a $21mm outflow. On the P&L, both underlying revenue growth

and margin expansion were stronger than expected, resulting in adjusted EPS

(before stock-based comp) of 27c exceeding our 21c JPMe. On an organic,

constant currency (o/cc) basis, 2Q26 revenues rose by +5.8% y/y o/cc, exceeding

our +5.2%. Adjusted EBITDA margins (also measured pre-SBC) expanded an

impressive +270bps y/y to 23.3%, exceeding the 22.2% we had modeled.

On the firm’s earnings call, management touted NIQ’s ability to deliver

“progression from top- to bottom-line” while simultaneously investing in

innovation. On the financial side, strong underlying revenue growth was wellbalanced across both segments: Intelligence revenues (81% of the 2Q26 total) rose

+5.7% y/y o/cc with annualized Intelligence Subscription revenue (“our version of

ARR”) up a similar amount. Management highlighted this growth was powered by

new customer wins as well as strong upselling. In particular, Intelligence saw

>30% y/y growth in e-commerce as well as strong growth in panel products, which

encompass what we view as two of NIQ’s most vital products: Full View

Measurement and the Omnishopper panel. Switching to Activation (19% of 2Q26

revenues), NIQ reported top-line growth of +6.1% y/y o/cc in 2Q26, accelerating

from +5.3% last quarter. NIQ flagged that “nearly 60%” of YTD Activation

revenues have come from innovation and analytics solutions, with “AI-native

solutions... [driving a] meaningful share of that growth.” Looking ahead, we

assess that management is leaning into the momentum generated in recent

years by its modernized, increasingly AI-forward product suite to spur

further growth. Specific products that caught our attention were Optiq (AI

…