Zalando Past Earnings Performance
Past criteria checks 1/6
Zalando's earnings have been declining at an average annual rate of -0.8%, while the Specialty Retail industry saw earnings declining at 5.7% annually. Revenues have been growing at an average rate of 4.5% per year. Zalando's return on equity is 4.3%, and it has net margins of 0.9%.
Key information
-0.83%
Earnings growth rate
-1.41%
EPS growth rate
| Specialty Retail Industry Growth | 4.13% |
| Revenue growth rate | 4.48% |
| Return on equity | 4.27% |
| Net Margin | 0.91% |
| Next Earnings Update | 04 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 17
ZAL: Future Margin Delivery And 2026 Guidance Will Frame Balanced Upside Potential
Zalando's fair value estimate has been revised from €24.00 to €20.00 as analysts refresh their price targets and assumptions, reflecting updated views on revenue growth, margins and future P/E expectations following recent mixed target changes from the Street. Analyst Commentary Recent research highlights a split view on Zalando, with some firms lifting price targets while others trim expectations or strike a more neutral tone.Narrative Update • May 02
ZAL: Future Margin Execution At Raised €24 Fair Value Will Drive Upside Potential
Narrative Update The analyst price target for Zalando has been adjusted to €24, reflecting recent target increases and rating upgrades from firms that now see a more balanced risk and reward profile at current levels. Analyst Commentary Recent research updates point to a more balanced stance on Zalando, with several firms setting price targets in a tight range around €24 to €25 and using neutral style ratings.
Narrative Update • Apr 17
ZAL: Recent Rating Upgrades Will Support A More Constructive Risk Reward Profile
Narrative Update The updated analyst price target for Zalando shifts only slightly, with a revised fair value of about €51.12. This reflects recent price target moves to around €24 to €25 and analyst views that the risk/reward now looks more balanced at current levels.Narrative Update • Apr 03
ZAL: Upgraded Ratings And Richer P/E Framework Will Support Future Upside Potential
The updated analyst price target for Zalando moves slightly lower to about €51.32. This reflects modestly softer revenue growth assumptions, a higher future P/E of roughly 27x, and recent Street research that has lifted individual targets into the €24 to €35 range while viewing risk and reward as more balanced at current levels.Narrative Update • Mar 20
ZAL: Future Execution On Margins And Costs Will Shape Balanced Outlook
Zalando's analyst price target has moved from €23 to €24, as analysts factor in updated assumptions for fair value, discount rate, revenue growth, profit margins and future P/E following a series of recent target hikes and rating upgrades. Analyst Commentary Recent Street research on Zalando has focused on recalibrating fair value estimates and risk assumptions rather than issuing aggressive calls in either direction.Narrative Update • Mar 05
ZAL: Upgraded Ratings And Margin Outlook Will Support Future Upside Potential
Zalando's updated analyst price target now sits at about €51.80, slightly below the prior level of around €51.88, as analysts factor in small adjustments to discount rates, revenue growth, profit margins and future P/E assumptions following recent upgrades that highlight valuation and the appeal of the current entry point. Analyst Commentary Recent research points to a more constructive tone around Zalando, with bullish analysts highlighting valuation support and potential upside if execution stays on track.Narrative Update • Feb 19
ZAL: Raised Margin Expectations And Higher P/E Support Future Upside Potential
Analysts have raised their price target for Zalando to €51.88. The change is supported by slightly higher assumptions for revenue growth, profit margins and future P/E, along with an adjusted discount rate.Narrative Update • Feb 05
ZAL: Share Buybacks And Margin Discipline Will Drive Future Upside Potential
The updated analyst price target for Zalando edges slightly lower to €51.88 from €52.25, as analysts factor in a small tweak to profit margin assumptions while still pointing to recent upgrades and higher external targets that highlight interest in the stock at current levels. Analyst Commentary Recent Street research around Zalando highlights a cluster of bullish moves that sit against the slightly lower average price target.Narrative Update • Jan 21
ZAL: Margins And Share Buybacks Are Expected To Unlock Upside Potential
Zalando's updated analyst price target edges slightly lower, with fair value moving from €52.43 to €52.25 as analysts factor in recent valuation focused upgrades and target tweaks from €28 to €35, from €41 to €39 and from €44 to €53. Analyst Commentary Recent research suggests that bullish analysts are becoming more constructive on Zalando's risk reward profile, with several price targets now clustered in the mid to high €30s and low €50s range.Narrative Update • Jan 06
ZAL: Margins And Planned Buybacks Are Expected To Drive Shares Higher
Analysts have nudged their blended price expectations on Zalando slightly higher, reflecting a mix of upward revisions to around €53 and more cautious trims to about €39. Updated assumptions now point to a fair value of €52.43, a future P/E of 19.70, a 6.67% discount rate, 15.40% revenue growth and a 3.85% profit margin.Narrative Update • Dec 14
ZAL Margins And Buybacks Are Expected To Drive Shares Higher
Zalando's analyst fair value has been lifted by about EUR 5 to roughly EUR 52, as analysts highlight a modestly improved profit margin outlook and a more attractive forward valuation despite slightly slower expected revenue growth. Analyst Commentary Bullish analysts note that the recent adjustments to Zalando's price targets reflect growing confidence in the company’s ability to execute on profitability initiatives while maintaining steady top line expansion.
Narrative Update • Sep 11
A Top Pick In A Struggling Industry
The acquisition of ABOUT YOU expands Zalando’s reach and scale while bringing additional experienced leadership to the company. Over the medium term, Zalando is expected to improve both top-line growth and margins across its B2C and B2B businesses, supported by continued investment and synergies with ABOUT YOU.Analysis Article • Sep 05
Getting In Cheap On Zalando SE (ETR:ZAL) Might Be Difficult
When close to half the companies in Germany have price-to-earnings ratios (or "P/E's") below 18x, you may consider...
Narrative Update • Sep 04
AI Feed And European Expansion Will Redefine E-Commerce Markets
Analysts remain broadly optimistic on Zalando due to anticipated margin expansion and improved operational efficiencies, though some maintain caution over valuation and competition, resulting in an unchanged consensus price target of €36.85. Analyst Commentary Bullish analysts cite potential for margin expansion, particularly from increasing fulfillment capacity utilization, as underestimated by consensus estimates.Analysis Article • Jul 11
We Think Zalando (ETR:ZAL) Can Manage Its Debt With Ease
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jun 26
If EPS Growth Is Important To You, Zalando (ETR:ZAL) Presents An Opportunity
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Analysis Article • Jun 10
Is It Time To Consider Buying Zalando SE (ETR:ZAL)?
Zalando SE ( ETR:ZAL ), might not be a large cap stock, but it received a lot of attention from a substantial price...
New Narrative • Nov 27
Dynamic Strategies And Innovative Expansions Set The Stage For Sustained Growth And Success
Zalando's expanded ecosystem and loyalty program aim to enhance customer retention, engagement, and top-line growth.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Zalando makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 12,923 | 118 | 4,741 | 0 |
| 31 Dec 25 | 12,346 | 215 | 4,509 | 0 |
| 30 Sep 25 | 11,575 | 241 | 4,282 | 0 |
| 30 Jun 25 | 10,943 | 271 | 4,036 | 0 |
| 31 Mar 25 | 10,751 | 270 | 3,982 | 0 |
| 31 Dec 24 | 10,573 | 251 | 3,911 | 0 |
| 30 Sep 24 | 10,329 | 204 | 3,751 | 0 |
| 30 Jun 24 | 10,216 | 152 | 3,706 | 0 |
| 31 Mar 24 | 10,129 | 113 | 3,681 | 0 |
| 31 Dec 23 | 10,143 | 83 | 3,702 | 0 |
| 30 Sep 23 | 10,255 | 110 | 3,767 | 0 |
| 30 Jun 23 | 10,329 | 82 | 3,843 | 0 |
| 31 Mar 23 | 10,395 | 40 | 3,939 | 0 |
| 31 Dec 22 | 10,345 | 17 | 3,988 | 0 |
| 30 Sep 22 | 10,277 | 5 | 4,031 | 0 |
| 30 Jun 22 | 10,211 | 32 | 3,994 | 0 |
| 31 Mar 22 | 10,321 | 139 | 4,013 | 0 |
| 31 Dec 21 | 10,354 | 235 | 3,923 | 0 |
| 30 Sep 21 | 9,828 | 278 | 3,715 | 0 |
| 30 Jun 21 | 9,394 | 345 | 3,541 | 0 |
| 31 Mar 21 | 8,696 | 347 | 3,207 | 0 |
| 31 Dec 20 | 7,982 | 226 | 3,035 | 0 |
| 30 Sep 20 | 7,395 | 180 | 2,839 | 0 |
| 30 Jun 20 | 7,066 | 108 | 2,754 | 0 |
| 31 Mar 20 | 6,629 | 31 | 2,685 | 0 |
| 31 Dec 19 | 6,483 | 100 | 2,591 | 0 |
| 30 Sep 19 | 6,158 | 71 | 2,459 | 0 |
| 30 Jun 19 | 5,837 | 42 | 2,356 | 0 |
| 31 Mar 19 | 5,570 | 49 | 2,248 | 0 |
| 31 Dec 18 | 5,388 | 51 | 2,168 | 0 |
| 30 Sep 18 | 5,060 | 56 | 2,045 | 0 |
| 30 Jun 18 | 4,934 | 87 | 1,961 | 0 |
| 31 Mar 18 | 4,705 | 83 | 1,873 | 0 |
| 31 Dec 17 | 4,489 | 103 | 1,774 | 0 |
| 30 Sep 17 | 4,247 | 103 | 1,683 | 0 |
| 30 Jun 17 | 4,007 | 118 | 1,569 | 0 |
| 31 Mar 17 | 3,823 | 121 | 1,489 | 0 |
| 31 Dec 16 | 3,639 | 121 | 1,415 | 0 |
| 30 Sep 16 | 3,416 | 163 | 1,344 | 0 |
| 30 Jun 16 | 3,294 | 130 | 1,330 | 0 |
| 31 Mar 16 | 3,111 | 102 | 1,300 | 0 |
| 31 Dec 15 | 2,958 | 122 | 1,248 | 0 |
| 30 Sep 15 | 2,755 | 66 | 1,166 | 0 |
| 30 Jun 15 | 2,544 | 94 | 1,053 | 0 |
Quality Earnings: ZAL has high quality earnings.
Growing Profit Margin: ZAL's current net profit margins (0.9%) are lower than last year (2.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ZAL's earnings have declined by 0.8% per year over the past 5 years.
Accelerating Growth: ZAL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ZAL had negative earnings growth (-56.4%) over the past year, making it difficult to compare to the Specialty Retail industry average (-0.3%).
Return on Equity
High ROE: ZAL's Return on Equity (4.3%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/26 12:14 |
| End of Day Share Price | 2026/05/26 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Zalando SE is covered by 51 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Oliver Lester | Arete Research Services LLP |
| Richard Kramer | Arete Research Services LLP |
| Volker Bosse | Baader Helvea Equity Research |