| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 6/12 | 2 high, 2 medium flags | 0 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 10/12 | 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 26, 2026 | 9/12 | 3 medium, 3 low flags | 2 | 3 | Call sheet → |
| Q3'25 | November 4, 2025 | 8/12 | 3 medium, 4 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | "We expect annual margin expansion to resume next year" Q2 still reports margin contraction; no evidence of resumed expansion yet |
| Q1'26 | Delivered | Effective tax rate of 64% for full year 2025 Guided to 75-80% for 2026, showing progression toward normalization |
| Q1'26 | Exceeded | Taiwan next-day delivery expansion Reached 75% of volume vs. previous 70% geographic coverage disclosure |
| Q1'26 | Exceeded | WOW membership trends stabilizing with churn returning to historical levels Not only stabilized but 80% of membership decline recovered by end of April |
| Q1'26 | Delivered | Muted trends in growth and profitability over next few months with impacts diminishing over course of year Q1 results consistent with this guidance, seeing sequential monthly improvement |
| Q1'26 | Pending | Developing Offerings losses between $950M-$1B for full year $329M Q1 loss tracking to guidance, remains on track |
| Q1'26 | Delivered | Q1 consolidated constant currency revenue growth in 5% to 10% range Hit 8% constant currency growth, within guided range |
| Q4'25 | Pending | Product Commerce margins to move well past 10% Currently at 7.7% and declining due to data incident, timeline now uncertain |
| Q4'25 | Delivered | Continue to see strong momentum in Taiwan Triple-digit growth maintained despite data incident impact on other segments |
| Q4'25 | Exceeded | Taiwan rollout of own last mile logistics Reached 70% geography coverage and 75% volume faster than implied, with no variable cost increase |
| Q4'25 | Missed | Developing Offerings losses of $900M-$950M for 2025 Came in at $995M, at higher end due to Taiwan momentum exceeding expectations |
| Q4'25 | Missed | Consolidated margins will continue expanding on an annual basis for the foreseeable future Explicitly abandoned: 'our previous trends of delivering annual consolidated EBITDA margin expansion will be disrupted this year' |
| Q4'25 | Missed | Full year consolidated growth rates to be roughly 20% constant currency Delivered 14% constant currency vs 20% guidance due to December data incident |
| Q3'25 | Delivered | Taiwan growth driven by repeat customers, not just new customer adds Confirmed majority of growth from existing customer spend expansion |
| Q3'25 | Exceeded | Free cash flow timing impacts to normalize by end of year TTM FCF improved to $1.3B from $784M, ahead of normalization timeline |
| Q3'25 | Delivered | Consolidated margins expanding annually despite Developing Offerings investment EBITDA margin +10 bps YoY to 4.5% despite higher Taiwan losses |
| Q3'25 | Pending | Product Commerce margins to move 'well past 10%' Currently at 8.8%, up from 9.0% last quarter but within range of 10% target |
| Q3'25 | Pending | Taiwan triple-digit growth to be 'even higher in Q3' than Q2 They confirmed continued acceleration but didn't give specific Q3 numbers to verify |
| Q3'25 | Delivered | Tech-related spend increase would slow down from Q2 levels OG&A at 27.6% vs 28.3% last quarter, Gaurav confirmed pace of tech investment slowing |
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