Ecommerce earnings recap: Procter & Gamble, Apple and more

The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 Database. Tariffs remained a key concern for executives this quarter, with both Apple, Inc. and The Procter & Gamble Company (P&G) reporting increased trade-related costs. P&G said ecommerce sales rose 12% for the year and it will implement price hikes on 25% of U.S. SKUs to help offset $1 billion in expected tariffs. Apple posted 10% year-over-year revenue growth and expects $1.1 billion in tariff costs next quarter.

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

Procter & Gamble said fiscal Q4 sales rose 2%, with ecommerce up 12%, now making up 19% of total sales. It plans to raise prices on 25% of U.S. products to help offset $1B in expected tariff costs.
Apple, Inc. posted 10% revenue growth in fiscal Q3, driven by strong iPhone and services sales. It expects $1.1 billion in tariff costs next quarter, up from $800 million in Q3.

Amazon.com, Inc. (No. 3)

Q3 2025: Amazon.com Inc.’s net sales rose 13% year over year to $167.7 billion in its fiscal second quarter ended June 30. North America segment sales grew 11% to $100.1 billion. Excluding foreign exchange effects, total net sales increased 12% year over year.

Apple, Inc. (No. 3)

Q3 2025: Apple Inc. reported fiscal Q3 2025 revenue rose 10% year over year to $94.04 billion for the quarter ended June 28, driven by double-digit growth in iPhone, Mac, and services. CEO Tim Cook said Apple saw an acceleration in growth across most markets, including Greater China, India, and South Asia.

“And we had June quarter revenue records in more than two dozen countries and regions, including the U.S., Canada, Latin America, Western Europe, the Middle East, India and South Asia,” Cook said on the earnings call.

Apple incurred $800 million in tariff-related costs during the quarter. It expects that figure to rise to $1.1 billion in fiscal Q4, assuming no changes in current global tariff policies, Cook said.

While Apple does not break out its online sales, the company continues expanding its ecommerce footprint – most recently with the Apple Store online launch in Saudi Arabia – and noted strong growth in services and App Store sales. Paid accounts and subscriptions reached all-time highs, with over 1 billion subscriptions across its services platform, Cook said. App Store revenue grew by double digits and set a Q3 record, while Apple TV+ viewership was also up double digits, he noted.

IPhone sales also set a fiscal Q3 record, with revenue up 13% year over year. Services revenue grew 13%, and Mac sales rose 15%. However, iPad revenue declined 8%. Revenue from wearables, home and accessories fell 9%, attributed to tough comparisons from product launches last year.

Looking ahead, Apple expects revenue to grow mid- to high-single digits in the September quarter, with services revenue growth in line with Q3.

Beyond, Inc. (No. 73)

Q2 2025: Beyond, Inc. reported $282.3 million in net revenue for its fiscal Q2 ended June 30, a 29.1% year-over-year drop but a sequential increase of 22% from Q1. Average order value rose $25 and orders delivered grew 8%, according to chief financial officer Adrianne Lee. Executive chairman Marcus Lemonis said the company remains focused on building a profitable core ecommerce business, not letting it be “the reason that the company is burning cash.”

CVS Health Corporation (No. 101)

Q2 2025: CVS Health Corp. said revenue rose 8.4% year over year to $98.92 billion in fiscal Q2 2025, which ended June 30, driven by growth across all business segments. The quarter builds on momentum from Q1, as CVS continues recovering from last year’s headwinds.

While CVS doesn’t specify online revenue, executives said digital tools and technology investments are improving pharmacy workflows, streamlining care delivery, and helping drive prescription and front-store volume growth. Earlier this year, CVS launched a new CVS Health mobile app that consolidates pharmacy and ecommerce features into a single digital touchpoint.

“Our recovery has been a top priority,” CEO David Joyner said on the earnings call. “We enhanced our operations using technology to automate and streamline processes that improve service and reduce friction for our members and health care professionals.”

Pharmacy and consumer wellness revenue rose 12.5%, helped by increased prescription and front-store volume. The health care benefits segment grew 11.6%, with gains tied to government programs such as Medicare Part D. Health services revenue rose 10.2%, driven by drug mix and brand inflation, partially offset by client pricing improvements.

Revenue in CVS’s health care delivery business rose approximately 19%, boosted by patient growth at Oak Street clinics and increased volume at home-based care platform Signify. Medical membership in Aetna health plans declined by 358,000 members to 26.7 million.

CVS said it will acquire prescription files from certain Rite Aid pharmacies in 15 states and operate select Rite Aid locations in Idaho, Oregon, and Washington. The company also pledged to invest $20 billion over the next decade to simplify U.S. health care and advance system interoperability.

Camping World Holdings, Inc. (No. 248)

Q2 2025: RV retailer Camping World Holdings, Inc. saw its revenue rise 9.4% year over year to $2.0 billion for its fiscal Q2 2025, which ended June 30. This was driven by record vehicle sales volume and cost control efforts. The company sold 45,602 RVs during the quarter — its highest quarterly total to date — including double-digit gains in both new and used units, CEO Marcus Lemonis said on the earnings call.

“We set a record, selling more RVs than we ever have in an entire quarter,” he said.

Net income jumped 146% to $57.52 million. New vehicle revenue rose 8% to $915.1 million, while used vehicle revenue climbed 19% to $572.3 million. Unit sales increased 20.9% for new vehicles and 20.4% for used vehicles, though average selling prices declined 10.6% and 1.2%, respectively.

Camping World does not report online sales. However, Lemonis highlighted the company’s recurring revenue model built around vehicle sales, financing, Good Sam memberships, and aftermarket services, with multiple customer touch points post-purchase.

The company consolidated 16 store locations and cut 1,000 employees since January. It cited improved unit count, margin, and profitability per location as a result.

“We expect to continue to grow our new business in ’26 and outsize our growth in used in ’26, and we expect to do that with fewer rooftops and a tighter expense structure,” Lemonis said.

eBay, Inc. (No. 6 in Digital Commerce 360’s Global Online Marketplaces Database)

Q2 2025: EBay Inc. saw $2.73 billion in revenue for the second fiscal quarter ended June 30, up 6% year over year and its highest since the pandemic in 2021. Gross merchandise volume (GMV) also rose 6% to $19.51 billion, with “focus categories” like collectibles growing more than 10%. Executives noted limited impact from U.S. tariff rule changes affecting shipments from Greater China.

Read more on eBay’s online sales here.

Etsy, Inc. (No. 20 in the Global Online Marketplaces Database)

Q2 2025: Etsy Inc. said its revenue grew 3.8% year over year to $672.8 million in its fiscal second quarter ended June 30, driven by ad performance and payments. However, gross merchandise sales (GMS) declined 4.8% to $2.81 billion. Executives said they plan to leverage agentic and generative AI tools ahead of the holiday shopping season.

Read more on Etsy’s revenue and GMS here.

Logitech International S.A. (No. 262)

Q1 2026: Logitech International S.A. said its sales rose 5% year over year to $1.15 billion for its fiscal Q1 2026, which ended June 30, as the company navigated tariff pressures and global macro challenges. Growth was driven by both consumer and B2B demand, with standout performance in Asia Pacific.

“Amidst plenty of uncertainty, our team delivered good topline growth and improved profitability, demonstrating Logitech’s resilience in a challenging environment,” CEO Hanneke Faber said on the earnings call.

Logitech does not break out ecommerce sales. However, it highlighted strong momentum in its B2B segment, particularly video collaboration. That area grew 13% year over year. Personal workspace products rose 6%, fueled by demand for webcams and tablet accessories. Logitech for Business outpaced consumer demand overall, Faber noted.

Regionally, sales rose 15% in Asia Pacific and 9% in Europe, the Middle East and Africa (EMEA), while North America declined 4% due to temporary shipping pauses during price negotiations, Faber said.

Tariffs had a significant impact on Q1 results, shaving roughly 100 basis points from performance. Faber said Logitech offset these headwinds with price increases in North America, cost controls, and manufacturing diversification. Logitech expects the tariff impact to deepen in Q2 — between 200 to 300 basis points — but partially offset by 200 basis points of price benefit.

Two-thirds of Logitech’s sales are generated outside the U.S., and the company is reducing reliance on China. By year-end, only 10% of U.S.-bound products are expected to originate from China, down from 40% in April, Faber noted.

“Looking ahead, I’m very optimistic about our opportunities,” Faber said. “We’ll continue playing offense to drive market share gains, rigorously managing costs, and staying agile in responding to a dynamic environment.”

The Procter & Gamble Company (No. 486)

Q4 2025: The Procter & Gamble Company (P&G) said net sales rose 2% to $20.89 billion for its fiscal Q4 ended June 30. Full-year revenue was flat at $84.28 billion. Ecommerce sales grew 12% in fiscal 2025, now representing 19% of total sales, up from 18% in the prior year.

P&G also said it will raise prices on about 25% of its U.S. products starting in August. In doing so, it intends to offset $1 billion in expected tariff-related costs in fiscal 2026. The increases, mostly mid-single digits, apply to SKUs impacted by new and expanded duties.

“We’re pleased with the performance P&G people delivered last fiscal year in the face of a very dynamic, difficult and volatile environment, growing sales and profit and returning high levels of cash to shareowners despite heightened consumer anxiety with tariffs, inflation, interest rates, political and social divisiveness and immigration and employment status uncertainty,” CEO Jon Moeller told investors on the earnings call.

Moeller also highlighted ongoing momentum in ecommerce, naming Walmart, Costco, and Amazon as key contributors.

“We continue to see strength in the online channel,” he said. “That trend isn’t stopping,” though it creates near-term inventory headwinds due to leaner fulfillment models among online and club retailers.

P&G saw organic growth in nine of 10 product categories for the year. Moeller noted a deceleration in consumer demand in the U.S. and Europe. He said shoppers are being more cautious, seeking value in promotions or bulk buys across digital and club channels.

Tariffs weighed on margins in Q4, shaving 40 basis points from core gross margin, which fell 70 basis points overall. Looking ahead, chief financial officer Andre Schulten said fiscal 2026 guidance includes roughly $1 billion in pre-tax tariff costs. That would be about $800 million after tax.

As a result, P&G plans mid-single-digit price increases on about 25% of SKUs impacted by tariffs, primarily in the U.S., he said.

“That is not vastly different from what we typically take with innovation, a couple of points higher to account for the tariff impact that we can’t offset with productivity,” Schulten said. “If you average out the pricing across the entire portfolio, we’re looking at about 2.5%, broadly in line with where inflation is trending, so also not too disruptive.”

P&G also announced a portfolio and productivity initiative in June aimed at improving its cost structure and competitiveness. As part of the plan, the company expects to incur $1 billion to $1.6 billion in restructuring costs over two years. It also expects to reduce up to 7,000 non-manufacturing roles by the end of fiscal 2027.

Leadership changes are also underway. Moeller will step away as CEO and become executive chairman on Jan. 1, 2026. Shailesh Jejurikar, currently chief operating officer and a P&G veteran since 1989, will succeed him as president and CEO.

Steven Madden, Ltd. (No. 242)

Q2 2025: Steve Madden Ltd. reported Q2 revenue rose 6.8% year over year to $559.0 million, boosted by the recent acquisition of European footwear brand Kurt Geiger. Direct-to-consumer (DTC) sales jumped 43.3% to $195.5 million, but declined 3.0% excluding Kurt Geiger. CEO Ed Rosenfeld said ecommerce outperformed stores and warned of continued tariff-related headwinds in Q3.

Other recent ecommerce earnings results

Alphabet, Inc. (No. 78)

Q2 2025: Alphabet, Inc. said its revenue grew 13.8% year over year to $96.4 billion in its fiscal second quarter ended June 30. Alphabet-owned Google’s Search, YouTube and Cloud business all grew revenue from a year earlier, leading overall results.

“Our new Search features continue to perform well,” said Sundar Pinchai, the CEO of both Google and Alphabet. “AI Mode has launched in the U.S. and India, and is going well, while AI Overviews now has over 2 billion monthly users across more than 200 countries and territories and 40 languages.”

Still, Google’s subscriptions, platforms and devices business — which includes consumer electronics sales — grew as well. It was up 20.3% year over year to $11.2 billion in Q2.

Alibaba Group Holding Limited

Q4 2025: Alibaba Group Holding Limited recorded a year-over-year revenue increase of 6.6% to $32.6 billion in its fiscal fourth quarter. Revenue at Alibaba’s international B2B ecommerce segment, Alibaba International Digital Commerce Group (AIDC), was up 22% from a year earlier.

Amazon.com, Inc. (No. 1)

Q1 2025: Amazon, Inc. reported Q1 sales increased 9% year over year to reach $155.7 billion in its fiscal first quarter ended March 31. Of those sales, $92.9 billion came from North America.

Carter’s, Inc. (No. 87)

Q2 2025: Carter’s, Inc. reported a net sales increase of 3.7% year over year to $585.3 million in its fiscal second quarter ended June 28. The company shared that it welcomed more than 250 million visits in the past year. That included physical stores as well as digital platforms.

“Our second-quarter sales performance showed stabilization and momentum, particularly in our direct-to-consumer businesses, which achieved comparable sales growth in the U.S., Canada, and Mexico,” said Douglas C. Palladini, president and CEO at Carter’s. “We are encouraged by improving business trends, particularly in U.S. retail, where store traffic, purchase conversion, and demand for our core baby apparel products all demonstrated momentum in the second quarter.”

Palladini took on the top executive role at Carter’s in March, replacing Michael Casey, who departed after 15 years as Carter’s CEO.

Palladini noted that he was “disappointed” in declining profitability in Q2, despite Carter’s successes. The company’s net sales were down 3.4% year over year in its full fiscal 2024. Nevertheless, he said he believed Carter’s was on track in a macro environment that held challenges.

“We’ve also begun to see some impact from higher tariffs imposed on products imported into the United States,” he stated. “Returning Carter’s to long-term, sustainable, and profitable growth is our highest imperative, and we believe we are making informed and thoughtful investments to accomplish this objective.”

Deckers Outdoor (No. 45)

Q1 2026: Deckers Outdoor recorded a net sales increase of 16.9% year over year to $964.5 million in its fiscal first quarter ended June 30. The apparel retailer, known for its footwear portfolio that includes Hoka and Ugg, saw double-digit-percentage increases for both brands.

“Hoka and Ugg outperformed our first quarter expectations, with robust growth delivering solid results to begin fiscal year 2026,” said Stefano Caroti, president and chief executive officer at Deckers. “Though uncertainty remains elevated in the global trade environment, our confidence in our brands has not changed, and the long-term opportunities ahead are significant.”

Net sales for the Hoka brand grew 19.8% year over year to $653.1 million in Q1. Meanwhile, Ugg net sales were up 18.9% over the same period to $265.1 million.

For Hoka, direct-to-consumer sales “increased 3% globally with international regions maintaining their momentum, which was partially offset by ongoing pressure in the U.S. online channel as previously forecasted,” Caroti shared during an earnings call with investors.

Going into further detail, Caroti said that Deckers’ observations indicate that consumers often search for deals online. Meanwhile, “brick-and-mortar stores remain the primary venue for full-price sales,” he stated.

O’Reilly Automotive, Inc. (No. 146)

Q2 2025: O’Reilly Automotive, Inc. said sales increased 5.9% year over year to $4.5 billion in its fiscal second quarter ended June 30. Comparable store sales for Q2 were up 4.1% year over year, factoring in online sales for ship-to-home orders, as well as pick-up-in-store orders for U.S. stores open at least one year.

“Team O’Reilly’s dedication was reflected in our strong top-line performance this quarter with a comparable store sales increase of 4.1%, driven by solid growth in both professional and DIY,” said Brad Beckham, CEO at at O’Reilly, in statement accompanying Q2 results. “Our team’s unwavering commitment to executing on the fundamentals of our business translated our top-line results into an 11% increase in diluted earnings per share, and we remain very confident in our team’s ability to continue to profitably grow our business and gain share in all the markets in which we operate.”

Target Corporation (No. 5)

Q1 2025: Target Corporation said net sales declined 2.8% year over year to $23.8 billion in its fiscal first quarter ended May 3. Despite the overall drop, Q1 online sales were up 4.7% year over year from a year earlier.

Read more on Target’s online sales here.

The Home Depot, Inc. (No. 4)

Q1 2025: The Home Depot, Inc. reported net sales grew 9.4% year over year to $39.8 billion in its fiscal Q1 ended May 4. Billy Bastek, executive vice president of merchandising at The Home Depot, credited the retailer’s Magic Apron generative artificial intelligence (AI) tool as online sales rose 8% over the same period.

Read more on Home Depot’s online sales here.

Tractor Supply Co. (No. 88)

Q2 2025: Tractor Supply Co. recorded a 4.5% increase in net sales year over year to $4.4 billion in its fiscal second quarter ended June 28. CEO Harry Lawton said Tractor Supply’s store-fulfilled orders were its most popular fulfillment option online. They accounted for 80% of its digital orders.

Walmart, Inc. (No. 2)

Q1 2026: Walmart, Inc.’s total revenue increased 2.5% year over year to $165.6 billion in its fiscal first quarter ended April 30. Online sales became profitable for the retailer in the quarter. Q1 also marked the seventh time in 10 quarters that Walmart online sales grew more than 20% year over year.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

Wayfair: Aug. 4
Hims & Hers: Aug. 4
Shopify: Aug. 6
Walt Disney: Aug. 6
e.l.f Beauty: Aug. 6
DoorDash: Aug. 6
Crocs: Aug. 7
Peloton: Aug. 7
Ralph Lauren: Aug. 7
Warby Parker: Aug. 7
Yeti Holidings: Aug. 7
Figs: Aug.7
Funko: Aug. 7
Instacart: Aug. 7
Under Armour: Aug. 8

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Ecommerce earnings recap: What you missed from Procter & Gamble, Apple and more