The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 and Asia Database. China’s JD.com saw 14.9% revenue growth year over year in its Q3. There, food delivery proved to be a growing line of business. Meanwhile, Disney reported flat revenue growth in its fiscal fourth quarter, though CEO Bob Iger noted that he saw new potential for commerce in Disney’s streaming services.
Parentheses indicate the merchant’s ranking in the Top 2000, unless otherwise noted. The database ranks North America’s largest ecommerce retailers by their annual web sales.
This week’s ecommerce earnings takeaways
- JD.com net revenue was up 14.9% year over year in Q3 as its CEO identified synergies in its retail and food delivery business.
- The Walt Disney Company’s revenues stayed flat year over year in Q4, even as full-year revenues grew.
JD.com Inc. (No. 1 in the Asia Database)
Q3 2025 net revenue: JD.com Inc. reported that net revenue increased 14.9% year over year to $142.0 billion (299.1 yuan) in its fiscal third quarter ended Sept. 30. The company’s leadership highlighted success in its retail business and food delivery.
“Our quarterly active customer number was up over 40% year on year in Q3, sustaining the momentum built in the previous quarters, thanks to both organic growth of JD Retail as well as contributions from our new businesses such as JD Food Delivery and Jingxi,” said Sandy Ran Xu, CEO and executive director at JD.com, during its Q3 earnings call.
In addition, she shared that the company had upgraded its retail technology infrastructure, including its platform for ecommerce-enabled livestreaming and short video production. The platform, JoyStreamer, “has served over 40,000 brands so far with significantly lower cost and better sales performance compared to real human livestreaming costs,” Xu said.
Food delivery growth at JD.com: Xu cited “strong synergies” between JD.com’s retail business and food delivery, calling the latter an area where the company would continue to invest.
“Going forward, we will focus on further growing the food delivery business scale, [unit economics] optimization and unlocking stronger synergies with retail, logistics and other businesses across our ecosystem,” she stated.
The Walt Disney Company (No. 88)
Q4 2025 total revenues: The Walt Disney Company’s total revenues remained flat year over year at $22.5 billion in its fiscal fourth quarter ended Sept. 27. Nevertheless, revenue for Disney’s full fiscal year 2025 was up 3.4% from a year earlier.
Flat growth for the quarter was weighed down by Disney’s entertainment business, where revenue fell 5.7% from the same period a year ago.
Commerce opportunities: During the quarterly earnings call with investors, Bob Iger, the CEO and director at Disney, twice cited commerce as an area for potential growth on the company’s streaming platforms. Iger mentioned this in the context of sports with the ESPN app, as well as Disney+, where he sees other parts of Disney’s business benefiting as a result.
“There’s clearly an opportunity for commerce,” he stated. “There’s an opportunity to use it as an engagement engine for people who want to go to our theme parks, want to stay at our hotels or want to enjoy our cruises, our cruise ships.”
Other recent ecommerce earnings results
Alibaba Group Holding Limited
Q1 2026 revenue: Alibaba Group Holding Limited said revenue grew 1.8% year over year to $34.6 billion in its fiscal first quarter. CEO Eddie Wu said Alibaba’s strategy remains fixed on “consumption and AI + Cloud.” He asserted that these are the company’s two pillars for long-term growth.
Read more on Alibaba’s ecommerce earnings here.
Amazon.com Inc. (No. 1)
Q3 2025 net sales: Amazon.com Inc.’s net sales rose 13% year over year to $180.2 billion in its fiscal third quarter ended Sept. 30. North America segment sales grew 11% to $106.3 billion, while AWS climbed 20% to $33 billion. Excluding foreign exchange effects, total net sales increased 12% year over year.
Read more on Amazon’s sales here.
Canada Goose Holdings Inc. (No. 446)
Q2 2026 total revenue: Canada Goose Holdings Inc.’s total revenue increased 1.8% year over year to $272.6 million in its fiscal second quarter ended Sept. 28. During the period, direct-to-consumer (DTC) sales alone were up 21.8% to $126.6 million.
“Our second quarter results reflect strong DTC performance and positive comparable sales growth — clear proof our strategy is working,” said Dani Reiss, chairman and CEO of Canada Goose. “We’re exactly where we planned to be, investing with intention, elevating our product offering, brand and consumer experiences, and entering peak season with confidence.”
e.l.f. Beauty (No. 350)
In its fiscal Q2, e.l.f. Beauty sales increased to $343.94 million, about 14% growth compared to $301.08 million the prior year.
The retailer closed its acquisition of Rhode, a high-growth beauty brand that celebrity Hailer Bieber founded, in August. E.l.f. Beauty’s strategy with Rhode was twofold, according to CEO Tarang Amin.
“In terms of Rhode, our strategy is a strong focus both on our Sephora launch, both in-store as well as online and our own DTC business,” Amin said. “And the specific strategy on DTC is having some of these exclusive windows for our DTC site. We see it makes a real big difference in terms of the impact we see on sales. So we expect strength in both wholesale as well as DTC.”
Hims & Hers (No. 68)
Total revenue reached about $598.98 million in Q3 2025 for Hims & Hers, growing 49% year over year from $401.56 million. Online revenue accounted for $589 million of that total for the quarter ending Sept. 30, 2025.
Additionally, monthly online revenue per average subscriber reached $80, up from $67 the prior year. Co-founder and CEO Andrew Dudum said the retailer is in “active discussions” with Novo Nordisk to make Wegovy injections and (once FDA-approved) oral Wegovy available through its platform “to continue advancing consumer options.” He noted that the company has reduced prices across compounded GLP-1 treatment plans by up to 20%. He also said the retailer’s successes in the U.S. and U.K. led the retailer to believe it can scale its model globally.
“We believe Hims & Hers will soon become the largest global consumer health platform, unlocking access to direct-to-consumer personalized care for more customers than any company in the world,” Dudum said. “This approach extends across our entire business.”
The Home Depot Inc. (No. 4)
Q2 2025: The Home Depot Inc. said net sales jumped 4.9% year over year to reach $45.28 billion in its fiscal second quarter ended Aug. 3. Meanwhile, online sales increased 12% year over year as the home improvement retailer worked to speed up fulfillment.
Read more on Home Depot’s online sales here.
Peloton Interactive Inc. (No. 55)
Q1 2026 net sales: Peloton Interactive Inc. revenue fell 6.0% year over year to $550.8 million in its fiscal first quarter ended Sept. 30. Peloton CEO Peter Stern voiced optimism that the company could return to profitability as it prepared to launch a new equipment lineup heading into the holiday season.
The company refreshed its workout hardware across categories, in addition to announcing its Peloton Pro Series, which is designed for commercial environments. It also debuted Peloton IQ, an AI-powered guidance and insights platform for its human instructor-led classes.
Despite lower sales, Peloton shared that average workout time per connected fitness subscription for its customers increased by 5% year over year.
Ralph Lauren (No. 64)
Ralph Lauren net revenue reached $2.01 billion in its fiscal Q2, which ended Sept. 27. That’s 16.5% growth from about $1.73 billion the prior year.
Of that total, 13% of global Ralph Lauren sales came from ecommerce. That penetration was the lowest in North America, where it was 15%. Ralph Lauren ecommerce penetration was 17% in Europe and 36% in Asia.
Chief financial officer Justin Picicci told investors on Ralph Lauren’s Q2 earnings call that building out its digital presence “remains a significant long-term opportunity across Asia.”
“We drove meaningful acceleration on our Japan digital site, supported by the recent transition to our global ecommerce operating system,” Picicci said. “And in China, we continue to expand our presence on Douyin since launching our Women’s Shop earlier in 2025, including our first Wimbledon livestream digital event this quarter.”
Revolve Group Inc. (No. 85)
Q3 2025 net sales: Revolve Group Inc. increased net sales by 4.4% year over year to $295.6 million in its fiscal third quarter ended Sept. 30. Mike Karanikolas, the co-founder and co-CEO at Revolve, touted its success, even under challenging tariff conditions.
“Particularly in the current tariff environment, I am extremely pleased by our nearly 350 basis point increase in gross margin year over year that further validates the competitive advantage of our data-driven merchandising and puts us on track to expand our gross margin and adjusted EBITDA margin in the full year 2025 for the second straight year,” Karanikolass said.
Revolve’s use of AI: During Revolve’s earnings call, its other co-founder and co-CEO, Michael Mente, summarized areas where the company sees artificial intelligence (AI) driving results. He said the technology is “touching nearly every facet of our operations.”
Among the use cases for AI at Revolve, Mente cited that it delivers “cost efficiencies and shortened development cycles,” as well as design and automating “back-office functions to drive efficiency.”
“For instance, we are in the process of transitioning our accounts payable workflow from a historically manual and cumbersome process to an intelligent and primarily automated AI-driven system,” Mente stated. “Developed internally by our data science team, our AI technology now automatically ingests payment invoices for routine bill processing, significantly increasing efficiency and elevating the productivity of our team members.”
Tapestry Inc. (No. 47)
Q1 2026 net sales: Tapestry Inc. grew net sales 13.1% year over year to $1.7 billion in its fiscal third quarter ended Sept. 27. The company saw 19% year-over-year revenue gains in China, powered by digital strength. However, Scott Row, chief financial officer and chief operating officer at Tapestry, noted on its earnings call that direct-to-consumer and digital sales helped the company across its global markets.
“We delivered gains across all channels, fueled by direct-to-consumer growth of 16% compared to the prior year, which included a mid-teens percentage increase in both digital and global brick-and-mortar sales at strong and increasing profitability,” Roe stated.
Tariffs’ impact on Tapestry brands: Roe assessed on Tapestry’s earnings call that tariffs would have varying impacts on its portfolio brands, including Stuart Weitzman, Coach and Kate Spade. However, Tapestry does expect to see its gross margin reduced in its fiscal second quarter.
“We anticipate reported gross margin in Q2 to decline by approximately 50 basis points due entirely to tariff and duty headwinds,” he said.
Under Armour (No. 135)
For its fiscal Q2 2026, Under Armour reported revenue decreased to $1.33 billion, a 5% drop from about $1.40 billion in the year-ago quarter. Revenue from North America declined 8% to $792 million, while international revenue increased 2% overall to $551 million.
Europe, the Middle East and Africa (EMEA) grew revenue 12% and Latin America 14%, but revenue from the Asia-Pacific region decreased 14%. Additionally, Under Armour’s revenue from wholesale declined 6% to $775 million and direct-to-consumer revenue decreased 2%.
Under Armour ecommerce revenue decreased 8%. Additionally, ecommerce accounted for 28% of direct-to-consumer revenue for Under Armour in its fiscal Q2.
Target Corporation (No. 5)
Q2 2025: Target Corporation recorded a net sales drop of 0.9% year over year to $25.2 billion in its fiscal second quarter ended Aug. 2. Despite overall challenges, the retailer’s online sales increased 4.3% from a year earlier. Target credited 25% growth in same-day delivery through its Target Circle 360 paid membership program growth in Drive Up use.
Read more on Target’s online sales here.
Walmart Inc. (No. 2)
Q2 2026: Walmart Inc.’s total sales were up 4.8% year over year to $177.4 billion in its fiscal second quarter ended July 31. Online sales alone increased 25% over the same period. CEO Doug McMillon said Walmart would keep prices “as low as we can for as long as we can” in the face of tariffs.
Read more on Walmart’s ecommerce earnings here.
Warby Parker (No. 349)
In its fiscal Q3, Warby Parker revenue reached $221.68 million, growing about 15.2% from $192.45 million the prior year. It also increased its number of active customers by 9.3% on a trailing 12-month basis, to 2.66 million. Warby Parker’s average revenue per customer increased 4.8% year over year to $320.
In Q3, Warby Parker’s revenue from ecommerce increased 3.2% year over year. Included in that is “strong” growth in ecommerce purchases of glasses from consumers who do not use the retailer’s “home try-on” offering. Warby Parker plans to end that program, which co-founder and co-CEO David Gilboa said will enable the retailer to “get back to higher [ecommerce] growth rates faster over time.”
“As we look across our differentiated omnichannel model, we’re also seeing clear benefits from our densification strategy in that markets with the highest number of stores frequently have the highest ecommerce growth driven by greater brand awareness and customer engagement across channels,” Gilboa told investors on the retailer’s Q3 earnings call.
Yeti Holdings Inc. (No. 126)
Q3 2025 net sales: Yeti Holdings Inc. net sales were up 1.9% year over year to $487.8 million in its fiscal third quarter ended Sept. 27. Despite mixed results in U.S. ecommerce during the quarter, direct-to-consumer (DTC) sales boosted results, up 2.8% from a year earlier to $288.7 million.
In addition, Yeti saw its biggest gains abroad, where international net sales grew 14% year over year while sales in the U.S. fell 1% over the same period.
Yeti’s help from Amazon: Yeti’s DTC growth came “primarily” from its Amazon marketplace presence, the company reported. In addition, corporate sales and Yeti retail stores also helped as sales declined on its U.S. ecommerce website. Moreover, Michael McMullen, senior vice president, chief financial officer and treasurer at Yeti, told investors that the brand experienced “a softer July Prime Day versus the prior year.”
Ecommerce earnings calendar
Here’s when other ecommerce earnings are scheduled to report this quarter:
- The Home Depot: Nov. 18
- La-Z-Boy: Nov. 18
- Lowe’s: Nov. 19
- Target: Nov. 19
- TJX: Nov. 19
- Walmart: Nov. 20
- Bath & Body Works: Nov. 20
- Shoe Carnival: Nov. 20
- Buckle: Nov 21
- Gap: Nov. 21
Editor’s note: Abbas Haleem and Beth Duckett also contributed to this article.
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