GS Earnings Recap Aug 6

TMT (Trading: Peter Bartlett, Leyla Kamshad | Specialist: Pete Callahan)

(+) DASH: Strong quarter with GOV ahead and EBITDA beat in both 2Q and 3Q guide with continued focus on investments. Stock +2% in pre. Positives: a) Q2 GOV (+36% YoY) came in above GSe/Street estimates, with mgmt. noting an acceleration in US restaurant GOV that was supported by strong DashPass membership; b) Adj. EBITDA beat (both in Q2 and with the Q3 guide above GSe/Street expectations) driven by better than expected improvements in unit economics across the business (ads, subtotals, and Deliveroo) while Grocery & Retail continued to improve profitability and remains on track to become gross profit positive in 2H26; & c) Emerging growth vectors continue to gain traction, including software/merchants (new signed venues at SevenRooms grew +100% YoY), autonomy (with mgmt. framing Dot to deliver a HSD% of orders in its largest test market by EOY), and AI (driving customer-facing innovation while seeing efficient token allocation). Negatives: a) Q4 Adj. EBITDA margins expected to decline sequentially (citing normal seasonal pressures, higher Dash costs, and continued tech replatforming) albeit less severe than Q4’25; b) Although mgmt. highlighted early operational benefits from the new global tech platform, the company continues to incur incremental investment (though consistent with prior guiding commentary) through the complete rollout (expected in 1H27) which implies pressure on margins in the near term; & c) Q2 R&D expense increased meaningfully on a sequential basis, with spending expected to remain elevated through 2H26 as investment priorities remain in focus. GIR full note.

(+/=) EBAY: Guides 3Q GMV +7-9% y/y FXN organic (vs the +14% y/y FXN growth in the 1H of the year). Stock +1% in pre.

(-/=) ETSY: EBITDA beats at $195mn vs cons $182mn, GMS of $2.58bn vs cons $2.51bn. Guides 3Q GMS +4-6% y/y for Etsy Marketplace. Announces $2bn buyback (~25% of mrkt cap) and a ~12% restructuring.

(-) SNDK: Solid quarterly results with better GMs, but 3Q Revenue guided below elevated expectations. Stock -11% in pre. Quarterly results above the Street: Sandisk reported revenue of $8.97 bn, above GS at $8.84 bn and the Street (Visible Alpha) at $8.71 bn, while gross margin of 84.6% was in line with GS at 84.3% but above the Street at 83.6%. Non- GAAP EPS of $39.25 was also above GS at $38.16 and the Street at $35.45. Update on customer commitments: SanDisk updated the status of its customer supply agreements (which management refers to as NBMs) with customers designed to lock in guaranteed supply for customers at favorable, predictable economics for the company. The company has now negotiated 10 agreements thus far with 8 unique customers (including multiple US hyperscalers and up from 5 previously), and remains in active negotiations with other customers. These three agreements cover ~50% of the company's planned FY27 bit

capacity (up from 35% previously), and 65% of planned FY28 bit capacity. These contracts encompass a TCV (total contract value) of $94bn over time (up from $42bn previously) at contracted floor prices, and include $16.5bn of guarantees (up from $11bn previously). For context, these agreements include pre-payments and have variable length, with greater fixed pricing in the near term and more variable pricing in the long term…3Q guidance is below the Street on revenue, but in line on EPS. SanDisk guided 3Q below the Street on revenue and gross margin. Revenue was guided to $10.55 bn at the midpoint, which is below GS at $11.65 bn and the Street at $11.15 bn. Gross margin was guided to 84.0%, below GS at 84.7% and the Street at 86.7%. Non-GAAP EPS guidance of $44.00 - $46.00 (midpoint of $45.00) is below GS at $49.95 and in line with the Street at $45.34. GIR full note.

(-) WDC: Solid results with beat and very strong GM guide, against elevated expectations following STX report. Stock -16% in pre. Quarterly revenue in line with the Street, with margins above: Western Digital reported revenue of $3.75 bn, in line with GS at $3.76 bn and the Street at $3.71 bn (Visible Alpha Consensus Data), while gross margin of 54.4% was above GS at 52.4% and the Street at…