Wayfair (NYSE:W) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Speaker5Hello, everyone. Thank you for joining us, and welcome to the Wayfair Q4 2025 earnings release and conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star one again. I will now hand the call over to Ryan Barney, Investor Relations. Please go ahead.Speaker6Good morning ...

Core Viewpoint - Amazon received a bullish outlook from Bernstein, with a 'Buy' rating and a 12-month price target of $265, representing a 30% increase from the current level of $203.59 [1][2] Group 1: Analyst Ratings and Price Targets - Bernstein analyst Mark Shmulik reiterated a 'Buy' rating for Amazon, setting a price target of $265, which is a downgrade from the previous target of $300 [2] - Wall Street analysts have an average price target of $282.14 for Amazon, indicating a potential upside of 37.77% from the current price of $204.79 [10] - The highest price target among 44 analysts is $325, while the lowest is $175, reflecting a range of expectations for Amazon's stock performance [10] Group 2: Market Performance and Sentiment - Amazon's stock has experienced a decline of 11.87% over the last month and 11.82% year-to-date [4] - Despite recent stock market troubles, Wall Street maintains a generally optimistic outlook for Amazon, with a predicted 38% rally for the stock [9] - The stock is considered oversold, with a 10.19% decline over the past 12 months, despite a rally in the second half of 2025 [7] Group 3: Institutional Actions - Warren Buffett reduced his Amazon stock position by approximately $1.7 billion, nearly 80%, during his final quarter as CEO of Berkshire Hathaway [8]

2 This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include but are not limited to statements relating to: our financial guidance for 2026 and underlying assumptions; expected timing of the closing of the Depop transaction; the impact of AI, ML, and LLMs, including expanded AI-driven tools and insights; the impact of agentic shopping and our partnerships with OpenAI, Google Gemini, Microsoft Copilot, and Stripe; our product de ...

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Group 1: eBay Inc - eBay Inc has shown a significant increase in its revenue, reporting a year-over-year growth of 5% to reach $2.5 billion [1] - The company has successfully expanded its active buyer base, which now stands at 182 million, reflecting a 3% increase compared to the previous year [1] - eBay's gross merchandise volume (GMV) has also seen a positive trend, increasing by 4% to $22 billion [1] Group 2: Etsy Inc - Etsy Inc reported a robust revenue growth of 12% year-over-year, amounting to $600 million [1] - The platform has experienced a surge in active sellers, reaching 5.5 million, which is a 10% increase from the prior year [1] - Etsy's gross merchandise sales (GMS) have risen by 15%, totaling $3.5 billion [1]

Core Insights - Carvana reported record Q4 and full-year results, with stock increasing by 3% following the announcement [1] - The company sold 163,522 vehicles in Q4 and nearly 600,000 vehicles in 2025, marking a 43% year-over-year growth [1][2] Q4 Results - Q4 sales reached $5.6 billion, a 58% increase from $3.54 billion in the same quarter last year, exceeding estimates by 7% [3] - Q4 EPS was $4.22, surpassing expectations of $1.13 by 273% and up from $0.56 per share a year ago [4] - Cash from operating activities increased by 617% year-over-year to $430 million, indicating strong cash generation [5] Full Year Results & Strategic Goals - Total sales for fiscal 2025 rose 49% to $20.3 billion from $13.67 billion in 2024, with net income increasing to $1.9 billion [9] - Full-year EPS surged 405% to a record $8.04, compared to $1.59 per share in 2024 [9] - Carvana aims for significant growth in retail units sold and adjusted EBITDA in 2026, with projected sequential increases in Q1 [10] Valuation Monitoring - Carvana stock is trading at a forward earnings multiple of 43X, closer to the S&P 500 benchmark and the Zacks Internet-Commerce Industry average [11] - The price to forward-sales ratio is under 3X, which is a discount compared to the S&P 500's 5X [11] Bottom Line - Carvana currently holds a Zacks Rank 3 (Hold), with potential for a buy rating as EPS revisions are expected to trend higher for FY26 [13] - The stock's pullback from its all-time high of $486 per share is seen as more attractive as bubble fears diminish [13]

Core Viewpoint - eBay aims to expand its presence in the Gen Z market by acquiring the secondhand fashion marketplace Depop from Etsy for approximately $1.2 billion in cash [1][6]. Group 1: Acquisition Details - The acquisition is expected to close in the second quarter and has been unanimously approved by the boards of eBay and Etsy [8]. - eBay plans to pay for the acquisition in cash, while Etsy intends to use the proceeds for general corporate purposes, share repurchases, and investment in its core marketplace [6]. Group 2: Market Position and Demographics - As of December 31, 2025, Depop had 7 million active buyers, with nearly 90% under the age of 34, and over 3 million active sellers [4]. - eBay's CEO Jamie Ianonne expressed confidence that Depop will be better positioned for long-term growth as part of eBay, benefiting from its scale and operational capabilities [3]. Group 3: Market Reaction - Following the announcement of the acquisition, eBay's shares rose by more than 7%, while Etsy's shares increased by nearly 15% in after-hours trading [9].

Market Overview - Major U.S. indices closed higher, with the Dow Jones Industrial Average rising 0.26% to 49,662.66, the S&P 500 advancing 0.56% to 6,881.31, and the Nasdaq climbing 0.78% to 22,753.63 [1] Carvana Co. (NYSE:CVNA) - Carvana shares rose 3.02% to close at $361.53, with an intraday high of $366.26 and a low of $339.15; however, the stock crashed nearly 15% to $307.70 in after-hours trading [1] - Carvana reported strong fourth-quarter results, with revenue rising 58% year-over-year to $5.60 billion, exceeding the $5.26 billion consensus estimate, and sold 163,522 vehicles, up 43% from a year ago [2] - Adjusted EBITDA reached $511 million with a 9.1% margin, reflecting improved unit economics despite a sequential dip in profitability [2] Figma Inc. (NYSE:FIG) - Figma shares rallied in extended trading after delivering strong fourth-quarter results, reporting EPS of 8 cents, surpassing the 7-cent estimate, and revenue rose to $303.78 million from $216.95 million a year earlier, ahead of the $293.15 million consensus [3] - Looking ahead, Figma guided first-quarter revenue of $315 million to $317 million, well above estimates, and projected full-year fiscal 2026 revenue of $1.37 billion to $1.374 billion, reinforcing confidence in continued growth [4] DoorDash Inc. (NASDAQ:DASH) - DoorDash posted EPS of 48 cents, below the 60-cent consensus, while revenue of $3.96 billion came in just shy of the $3.99 billion estimate, though significantly up from $2.87 billion a year ago [5] - For the first quarter, DoorDash expects marketplace GOV between $31 billion and $31.8 billion and adjusted EBITDA of $675 million to $775 million, as investors weigh continued growth against the earnings miss [5] Occidental Petroleum Corporation (NYSE:OXY) - Occidental Petroleum shares rose 2.55% to $47.11, with an intraday high of $47.43 and a low of $46.26; in after-hours trading, the stock rose 2.95% to $48.50 [6] Rackspace Technology Inc (NASDAQ:RXT) - Rackspace announced a strategic partnership with Palantir Technologies, leading to a dramatic rally as the company aims to enhance its deployment of Palantir's Foundry and AI Platform [7]

Core Insights - The 2026 Fortune World's Most Admired Companies list emphasizes the importance of reputation management and the ability to navigate constant change, highlighting that innovation is now a survival reflex based on human trust [1][2]. Company Rankings - The top companies in the 2026 list include: 1. Apple 2. Microsoft 3. Amazon.com 4. Nvidia 5. JPMorgan Chase 6. Berkshire Hathaway 7. Costco Wholesale 8. Alphabet 9. Walmart 10. American Express 11. Delta Air Lines 12. Netflix 13. Coca-Cola 14. Marriott International 15. Walt Disney 16. Goldman Sachs Group 17. Eli Lilly 18. FedEx 19. Procter & Gamble 20. Salesforce 21. Home Depot 22. BlackRock 23. Toyota Motor 24. Singapore Airlines 25. Nike 26. BMW 27. USAA 28. Starbucks 29. Johnson & Johnson 30. Morgan Stanley 31. Bank of America 32. IBM 33. Accenture 34. Caterpillar 35. Visa 36. Taiwan Semiconductor 37. Samsung Electronics 38. ServiceNow 39. Danaher 40. Mastercard 41. L'Oréal 42. Lowe's Companies, Inc. 43. UPS 44. GE Aerospace 45. Airbus 46. Pfizer 47. Lockheed Martin 48. Advanced Micro Devices (AMD) 49. Workday 50. Publix Super Markets [3][4]. Case Studies - **Walmart (No. 9)**: Walmart has transformed retail by leveraging its physical presence as an innovation asset, introducing the "Agentic AI" assistant, Sparky, to manage grocery budgets and meal planning. This approach has allowed 1.5 million associates to focus on higher-value tasks rather than inventory scanning [5][6]. - **Eli Lilly (No. 17)**: Eli Lilly's ascent into the top 20 is attributed to its partnership with Nvidia to create a powerful AI supercomputer, enhancing the customer experience through "LillyDirect," which streamlines access to medications [7]. - **Nvidia (No. 4)**: Nvidia's rise is linked to its culture of openness and collaboration, where learning is encouraged as a collective effort, allowing the company to outpace competitors in innovation [8]. - **Singapore Airlines (No. 24)**: The airline has invested $1.1 billion in retrofitting its Airbus A350 fleet with satellite internet, addressing the digital isolation of long-haul travel and enhancing the passenger experience [9][10]. Innovation Multiplier - The concept of the "Innovation Multiplier" is crucial for companies on the list, emphasizing the ability to apply new technologies to existing problems to create sustainable value. Companies like Apple maintain their top positions by delivering human-centered technology solutions [12]. Ranking Methodology - The 2026 rankings were determined through a survey of 3,700 executives, directors, and analysts, evaluating companies on nine criteria, including innovation and social responsibility. A company must rank in the top half of its industry to be included [13].

Q4'25 & FY'25 Business & Financial Highlights February 18, 2026 © 2026 eBay | Business & Financial Highlights Q4'25 & FY'25 Disclosures This presentation contains non -GAAP measures relating to our performance. You can find the reconciliation of these measures, exc ept for FX -Neutral basis, to the nearest comparable GAAP measures in the appendix at the end of this presentation. All growth rates represent year -over - year comparisons, except as other wise noted. For numbers in this presentation provided on ...