The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how online retail stocks fared in Q1, starting with Carvana (NYSE: CVNA).

Consumers ever rising demand for convenience, selection, and speed are secular engines underpinning ecommerce adoption. For years prior to Covid, ecommerce penetration as a percentage of overall retail would grow 1-2% annually, but in 2020 adoption accelerated by 5%, reaching 25%, as increased emphasis on convenience drove consumers to structurally buy more online. The surge in buying caused many online retailers to rapidly grow their logistics infrastructures, preparing them for further growth in the years ahead as consumer shopping habits continue to shift online.

The 6 online retail stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 2.3% while next quarter’s revenue guidance was 4% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.4% since the latest earnings results.

Carvana (NYSE: CVNA)

Known for its glass tower car vending machines, Carvana (NYSE: CVNA) provides a convenient automotive shopping experience by offering an online platform for buying and selling used cars.

Carvana reported revenues of $6.43 billion, up 52% year on year. This print exceeded analysts’ expectations by 6%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates.

Carvana pulled off the biggest analyst estimate beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 15.7% since reporting and currently trades at $66.88.

We think Carvana is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: Amazon (NASDAQ: AMZN)

Founded by Jeff Bezos after quitting his stock-picking job at D.E. Shaw, Amazon (NASDAQ: AMZN) is the world’s largest online retailer and provider of cloud computing services.

Amazon reported revenues of $181.5 billion, up 16.6% year on year, outperforming analysts’ expectations by 2.4%. The business had a stunning quarter with an impressive beat of analysts’ EPS estimates and revenue guidance for next quarter exceeding analysts’ expectations.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 7.6% since reporting. It currently trades at $243.03.

Is now the time to buy Amazon? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Coupang (NYSE: CPNG)

Founded in 2010 by Harvard Business School student Bom Kim, Coupang (NYSE: CPNG) is an e-commerce giant often referred to as the "Amazon of South Korea".

Coupang reported revenues of $8.50 billion, up 7.5% year on year, falling short of analysts’ expectations by 0.6%. Still, it was a satisfactory quarter as it posted a solid beat of analysts’ EBITDA estimates.

Coupang delivered the weakest performance against analyst estimates in the group. The company reported 23.9 million active buyers, up 2.1% year on year. As expected, the stock is down 13.5% since the results and currently trades at $17.95.

Read our full analysis of Coupang’s results here.

Revolve (NYSE: RVLV)

Launched in 2003 by software engineers Michael Mente and Mike Karanikolas, Revolve (NYSE: RVLV) is a fashion retailer leveraging social media and a community of fashion influencers to drive its merchandising strategy.

Revolve reported revenues of $342.9 million, up 15.6% year on year. This number topped analysts’ expectations by 4.2%. Overall, it was a strong quarter as it also put up a narrow beat of analysts’ EBITDA estimates and solid growth in its buyers.

The company reported 2.93 million active buyers, up 8.3% year on year. The stock is down 6.6% since reporting and currently trades at $21.90.

Read our full, actionable report on Revolve here, it’s free.

Wayfair (NYSE: W)

Founded in 2002 by Niraj Shah, Wayfair (NYSE: W) is a leading online retailer of mass-market home goods in the US, UK, Canada, and Germany.

Wayfair reported revenues of $2.93 billion, up 7.4% year on year. This result beat analysts’ expectations by 1.4%. Overall, it was a strong quarter as it also recorded an impressive beat of analysts’ EBITDA estimates.

Wayfair had the slowest revenue growth among its peers. The company reported 21.4 million active buyers, up 1.4% year on year. The stock is up 21.8% since reporting and currently trades at $89.26.

Read our full, actionable report on Wayfair here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.