Report published September 3, 2026
Five Below (NASDAQ: FIVE): Merchandising and Marketing Strategies Drive Momentum – Goldman Sachs Report
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- September 2, 2026
Authors / editors: Kate McShane, CFA, Grace Chee, Mark Jordan, CFA, Emily Ghosh, Nishi Agarwal, Samantha Chiang
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reiterates a Buy rating on Five Below (FIVE) and raises its 12-month price target to $306 from $257 following a significant 2Q beat and raised FY26 guidance. Business momentum remains robust, led by transaction growth, product newness, and licensing strategies.
Key Takeaways
- 1.Five Below reported strong 2Q26 results beating expectations with adj. EPS of $1.68 vs. consensus $1.40 and comps up +14.1% vs. consensus +10.4%, driven by transaction growth of ~13%.
- 2.Management raised full-year FY26 guidance for sales to $5.63-$5.71bn, SSS to +10-12%, and adjusted diluted EPS to $9.83-$10.31, while initiating strong 3Q comp guidance of +8-10%.
- 3.Growth momentum is supported by product newness, licensing partnerships (FIFA, NBA, movie merchandise), Gen Z marketing, and store format enhancements converting Five Beyond into 'World of Play'.
Table of Contents
- Key Takeaways
- 2Q26 Earnings Recap
- Estimate Changes
- Valuation & Risks
- Disclosure Appendix
Report data
Exhibit 2: FIVE actual results vs. GS estimates — as of September 2, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Adj. EPS | 1.68 USD | Reported 2Q26 adjusted EPS versus GS estimate of $1.30 and consensus of $1.40 |
| Comparable Sales Growth | 14.1% | Same-store sales growth for 2Q26 vs. GS estimate of +10.0% and consensus of +10.4% |
| Net Sales | 1,261.5 USD millions | Reported total revenue for 2Q26 vs. consensus of $1,221.6mn |
| 12-month Price Target | 306.00 USD | Goldman Sachs 12-month price target based on higher estimates and 22.5x market multiple |
| Tariff Refunds Received | 163.6 USD millions | IEEPA tariff refunds received by Five Below and excluded from FY26 guidance |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Adj. EPS: 1.68 USD (2Q26) · Source: FactSet
- Comparable Sales Growth: 14.1 % (2Q26) · Source: FactSet
- Net Sales: 1,261.5 USD millions (2Q26) · Source: FactSet
- 12-month Price Target: 306.00 USD (12-month forward)
- Tariff Refunds Received: 163.6 USD millions (FY26) · Source: Company data
Securities
Themes
Regions
Browse More
Related Reports
Academy Sports & Outdoors Inc.: First Take: 2Q Earnings Beat; FY26 EPS Guidance Raised
September 9, 2026
Global Markets Daily: AI Funding Needs and Strong Demand Fuel Record Convertible Supply
September 9, 2026
Taiwan: Stronger-Than-Expected Rebound in August Exports, Led by Tech
September 9, 2026
Westgold Resources: Refreshed 3-Year Outlook
September 9, 2026
Japan: September Reuters Tankan: Semiconductor-Related Demand Contributes to Improvement in Manufacturers' and Non-Manufacturers'
September 9, 2026