Built by Grok 4.6 HighU | Earnings Review — Q2 2026
Verdict: ACCELERATING. Unity’s Q2’26 print is a high-quality double beat on a multi-quarter reacceleration already in motion. Total revenue of $546.5M grew +23.9% YoY vs $440.9M and beat FMP street $514.7M by +6.2% — the largest street overshoot in seven quarters after a multi-quarter fade. Grow was $388.9M (+35.4% YoY); Create $157.6M (+2.5% YoY). Adj. EBITDA $160.2M / 29% margin (+800 bps YoY, +77% dollar growth) cleared a sandbagged $130–135M guide by ~+$28M / +21%. Adj. EPS $0.28 vs $0.18 (+55.6% YoY). GAAP diluted EPS improved to −$0.05 from −$0.26.
What drove it: Vector sequential growth ~23% QoQ vs internal plan of 12–13% (nearly 2×). Strategic Grow $329M, +63% YoY (guided +50–52%). Day-28 ROAS full rollout (campaign spend ~3× QoQ; >25% of ad base) and first runtime signals into Vector models late in the quarter. ironSource sunset contributed only ~$3M of Vector growth — not the beat driver. Create strategic $157M (call: +14% YoY ex prior-year one-time) supported via ARPU/MAC and China.
New guidance is a step-function raise. Q3 strategic revenue $540–550M (+44–47% YoY), Strategic Grow $380–385M (+68–70% YoY; Vector assumes 19–21% sequential), Adj. EBITDA $185–190M (~33% margin, +~400 bps sequential). Implied total revenue mid ~$565M sits above FMP Q3 total-rev consensus $539M. GAAP net-income profitability pulled forward to Q3’26 from Q4’26. Non-strategic stub $20M after Supersonic closed Aug 4.
Tone: More bullish and structural than Q1 — “best quarter as a public company,” “flywheel,” “new chapter,” “rare air.” Fewer hedges; portfolio actions executed (ironSource closed; Supersonic sold).
Contradictions (3): Day-28 ROAS launch dating (Q4 vs end-Q1); Create “5 straight sequential growth” vs disclosed sequential declines; monthly players 3.5B → ~3B restatement. Narrative otherwise consistent on Vector/runtime/GAAP path.
Catalysts next: Q3 Vector sequential vs 19–21%; ~33% Adj. EBITDA; first GAAP profit; November 2026 convert payoff; Unity 7 beta Q4’26 / GA Q1’27.
| Total revenue | $546.5M (+23.9% YoY) | Grow / Create | $388.9M (+35.4%) / $157.6M (+2.5%) |
| Strategic rev (call/8-K) | ~$486M (+38% YoY) | Adj. EBITDA / margin | $160.2M / 29% (+800 bps YoY) |
| Adj. EPS | $0.28 (+55.6% YoY) | GAAP diluted EPS | −$0.05 (improved) |
| FCF (call) | $202M (+59% YoY) | Q3 strategic guide mid | $545M (+44–47% YoY) |
| Q3 Adj. EBITDA guide mid | $187.5M (~33% margin) | Street Q2 rev / Q3 rev | $514.7M / $539M (FMP) |
| Rev beat rate L7Q street | 7/7 = 100% | Guide hit rate L12Q proxy | 10/11 = 91% at-or-above low |
tickers/U/data/review_workspaces/2026-08-07/. Bloomberg/Visible Alpha unavailable this run.Revenue drivers
| Metric | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---|---|---| | Grow $M | 296.7 | 298.5 | 299.1 | 304.9 | 284.6 | 287.2 | 318.3 | 338.2 | 351.6 | 388.9 | | Grow YoY % | −5.2% | −12.3% | −15.8% | −4.5% | −4.1% | −3.8% | +6.4% | +10.9% | +23.5% | +35.4% | | Create $M | 163.7 | 150.8 | 147.4 | 152.2 | 150.4 | 153.8 | 152.4 | 164.9 | 156.6 | 157.6 | | Create YoY % | −12.6% | −21.9% | −22.0% | −47.5% | −8.1% | +2.0% | +3.4% | +8.4% | +4.2% | +2.5% |
Consolidated P&L
| Metric | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---|---|---| | Revenue $M | 460.4 | 449.3 | 446.5 | 457.1 | 435.0 | 440.9 | 470.6 | 503.1 | 508.2 | 546.5 | | Revenue YoY % | −8.0% | −15.8% | −18.0% | −25.0% | −5.5% | −1.9% | +5.4% | +10.1% | +16.8% | +23.9% | | Non-GAAP GM % | 82 | 84 | 84 | 83 | 82 | 83 | 82 | 82 | 82 | 83 | | Adj. EBITDA $M | 78.5 | 113.5 | 91.7 | 106.1 | 83.9 | 90.5 | 109.5 | 124.9 | 138.3 | 160.2 | | Adj. EBITDA mgn % | 17 | 25 | 21 | 23 | 19 | 21 | 23 | 25 | 27 | 29 | | EBITDA mgn YoY bps | +1,100 | +600 | −300 | −700 | +200 | −400 | +200 | +200 | +800 | +800 | | Adj. EPS | — | — | — | — | 0.24 | 0.18 | 0.20 | 0.24 | 0.23 | 0.28 | | GAAP diluted EPS | −0.75 | −0.32 | −0.31 | −0.30 | −0.19 | −0.26 | −0.30 | −0.21 | −0.80 | −0.05 |
*Q1’26 GAAP GM of 31% is distorted by a one-time cost-of-revenue / impairment charge; Non-GAAP GM stayed 82% — use Non-GAAP for underlying margin.
Revenue & Adj. EBITDA ($M)
YoY growth trajectory (revenue, Grow, Create)
Why accelerating: Grow/Vector is the engine (YoY −15.8% in Q3’24 → +35.4% in Q2’26; now ~71% of revenue). Create stabilized at low-single-digit after the 2024 contraction. Operating leverage: Adj. EBITDA margin 19% (Q1’25) → 29% (Q2’26) with +800 bps YoY in both Q1’26 and Q2’26. 1H26 revenue $508.2M+$546.5M=$1,055M (~57% of FY2025); Adj. EBITDA 1H $298.5M (~73% of FY2025).
Annual context (5 years)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |---|---|---|---|---|---| | Revenue $M | 1,111 | 1,391 | 2,187 | 1,813 | 1,850 | | Revenue YoY % | +43.8% | +25.3% | +57.2% | −17.1% | +2.0% | | Adj. EBITDA margin | — | n.m. | ~20.5% | 21% | 22% |
FY2023 includes ironSource full-year; FY2024 declines reflect portfolio rationalization. Strategic revenue FY2025 $1,822M vs FY2024 $1,723M = +5.7% like-for-like.
Clear double beat: total revenue +$31.7M / +6.2% vs FMP consensus; strategic revenue above guide high; Adj. EBITDA ~$25–28M / ~+21% vs guide mid. Beat magnitude reaccelerated after four quarters of shrinking revenue overshoots.
Street consensus (FMP) — this quarter
| Metric | Consensus | Actual | Variance | Beat/Miss | |---|---|---|---|---| | Revenue | $514.7M | $546.5M | +$31.7M (+6.2%) | BEAT | | GAAP EPS | −$0.107 | −$0.05 | +$0.057 | BEAT |
vs company guide (Q2’26 strategic / EBITDA, issued Q1 call)
| Metric | Guide mid | Actual | vs mid | Beat/Miss | |---|---|---|---|---| | Strategic revenue | $460M ($455–465M) | ~$486M (Grow $329 + Create $157) | +$26M (+5.7%) | BEAT (above high) | | Strategic Grow | $304M (+50–52% YoY) | $329M (+63% YoY) | +$25M (+8.2%) | BEAT | | Adj. EBITDA | $132.5M ($130–135M) | $160.2M | +$27.7M (+20.9%) | Large BEAT |
Heatmap — last 8 quarters (★ = this quarter)
| Metric | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 ★ |
|---|---|---|---|---|---|---|---|---|
| Rev vs guide | B | B | B | H | M | B | H | B ★ |
| Rev vs street | n/a | B | B | B | B | B | B | B ★ |
| Rev overshoot vs cons. | — | +5.5% | +4.5% | +3.1% | +3.9% | +2.1% | +1.3% | +6.2% ★ |
| GAAP EPS vs cons. | n/a | B | M | M | mixed | M | M | B ★ |
| Adj. EBITDA margin | 21% | 23% | 19% | 21% | 23% | 25% | 27% | 29% ★ |
B = beat · H = hit (inside guide) · M = miss. Primary guide column is revenue/strategic vs company guide; street series from FMP.
Beat magnitude trajectory (revenue vs consensus)
| Period | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 ★ | |---|---|---|---|---|---|---|---| | Rev overshoot % | +5.5% | +4.5% | +3.1% | +3.9% | +2.1% | +1.3% | +6.2% |
Trajectory: overshoot compressed mid-single digits → ~1% by Q1’26, then reaccelerated to the largest sample print. Pattern: consistent revenue beater (street L7Q 7/7; guide L12Q proxy 10/11 = 91%). GAAP EPS mixed/noisy (~43% L7Q); prefer Adj. EPS.
Mgmt variance story: Vector product/model velocity (20+ updates; Day-28; runtime late Q2), not M&A or definition games. EBITDA beat larger than revenue beat = operating leverage (adj. S&M and G&A down in dollars).
Unity guides one quarter ahead (strategic revenue, segment strategic, Adj. EBITDA, non-strategic stub). No formal full-year revenue/EPS ranges.
Q3’26 new guide (issued with Q2 print)
| Metric | Low | High | Mid | Stated YoY / notes | |---|---:|---:|---:|---| | Strategic revenue | $540M | $550M | $545M | +44% to +47% YoY | | Strategic Grow | $380M | $385M | $382.5M | +68–70% YoY; Vector 19–21% sequential | | Strategic Create | $159M | $163M | $161M | +7–10% YoY (ARPU + China) | | Non-strategic | — | — | $20M | ~1 month Supersonic post-close | | Implied total revenue | ~$560M | ~$570M | ~$565M | Strategic mid + $20M | | Adj. EBITDA | $185M | $190M | $187.5M | +69–74% YoY; ~33% margin | | GAAP net income | — | — | Profit in Q3’26 | Pulled from Q4’26 |
Waterfall — strategic revenue & Adj. EBITDA ($M)
(strategic)
strategic
strategic
total rev
total (guide)
Strategic path: Q2 guide mid 460 → actual 486 (+26 beat) → Q3 first formal box 545. Implied total ~565 sits ~+$26M / +4.8% above Street total-rev $539M even with only $20M non-strategic residual.
| Step | Strategic rev ($M) | Adj. EBITDA ($M) | Notes | |---|---:|---:|---| | Prior Q2 guide mid | 460 | 132.5 | Issued Q1’26 | | Δ beat | +26.4 | +27.7 | Large EBITDA overshoot | | Q2 actual | 486.4 | 160.2 | Base for raise | | Δ to Q3 guide mid | +58.6 | +27.3 | Growth + margin expansion | | Q3 new guide mid | 545 | 187.5 | +44–47% / +69–74% YoY |
Sequential bridge (Q2 actual → Q3 guide mid)
| Metric | Q2’26 actual | Q3’26 guide mid | Seq. Δ | |---|---:|---:|---:| | Strategic revenue | $486.4M | $545M | +$58.6M / +12.0% | | Strategic Grow | $329.0M | $382.5M | +$53.5M / +16.3% | | Strategic Create | $157.5M | $161M | +$3.5M / +2.2% | | Non-strategic | $60.1M (8-K) | $20M | −$40M (exit) | | Total revenue | $546.5M | ~$565M | ~+3.4% despite runoff | | Adj. EBITDA | $160.2M | $187.5M | +$27.3M / +17.0% | | Adj. EBITDA margin | 29% | ~33% | +~400 bps |
YoY trajectory — reported vs guided
| Period | Total rev YoY | Strategic rev YoY | Grow strategic YoY | Adj. EBITDA mgn | Margin Δ YoY | |---|---:|---:|---:|---:|---:| | Q1’26 actual | +17% | +35% (call) | +49% | 27% | +800 bps | | Q2’26 actual | +24% | +38% | +63% | 29% | +800 bps | | Q2’26 guide (was) | — | +29–32% | +50–52% | ~26% | — | | Q3’26 guide (new) | ~+20% total (impl.) | +44–47% | +68–70% | ~33% | ~+1,000 bps |
Credibility: Management continues to sandbag — especially Adj. EBITDA (+21% vs mid). High historical beat rate + large magnitude = treat Q3 mid as achievable floor, not stretch, unless Vector sequential breaks.
FY2026 bridge (no formal company guide)
| Building block | Amount | Source | |---|---:|---| | H1’26 total | $1,054.7M | Q1+Q2 Daloopa | | Q3’26 total (guide mid) | ~$565M | Strategic $545 + non-strat $20 | | Q4 stub (illustrative) | ~$550–605M | Pure strategic post-Supersonic | | FY2026 implied total | ~$2.17–2.23B | Bridge | | FMP FY2026E rev | $2.14B (19 analysts) | Street | | FMP FY2026E GAAP EPS | −$0.94 | GAAP; Street still full-year loss vs mgmt Q3 profit |
Tone vs Q1 call: Confidence step-up — flywheel framing, higher numeric confidence (Grow +68–70% vs prior +50–52%), another GAAP-profit pull-forward, fewer hedges, portfolio actions executed.
8-quarter growth & acceleration
| Metric | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---:|---:|---:|---:|---:|---:|---:|---:| | Revenue YoY % | −18.0% | −25.0% | −5.5% | −1.9% | +5.4% | +10.1% | +16.8% | +23.9% | | Rev Accel (bps QoQ) | −216 | −702 | +1,946 | +366 | +725 | +466 | +678 | +710 | | Adj. EPS YoY % | — | — | — | — | — | — | −4.2% | +55.6% |
Inflection map
| Inflection | Quarter | What happened | Accel signal | |---|---|---|---| | Trough | Q4’24 | Revenue YoY hits −25.0% | −702 bps into the bottom | | #1 Reaccel | Q1’25 | YoY −25.0% → −5.5% | +1,946 bps largest rate jump | | #2 Sign flip | Q3’25 | YoY turns positive (+5.4%) | +725 bps; positive accel streak | | #3 Holds | Q1–Q2’26 | +16.8% → +23.9% | +678 then +710 bps — sixth straight rev accel |
GAAP EPS is noise through this window (Q1’26 −$0.80 impairment). Use Adj. EPS (0.28, +55.6% YoY) and revenue for the turnaround thesis.
Drivers (call): Vector ~23% sequential vs 12–13% plan; >$1B Vector ARR two quarters early; runtime signals live; Create strategic +14% YoY ex one-time; portfolio exits clean the mix; Q3 guide embeds further YoY acceleration.
Net: Fundamentals broadly accelerating, led by revenue. Growth curve inverted from deep contraction (2024) to mid-20s YoY with rising second derivatives. Adj. EPS now confirming rather than lagging.
| # | Catalyst | Timing | Status / signal | Why it matters | |---|---|---|---|---| | 1 | Vector sequential durability | Q3 guide next proof | Q2 ~23% QoQ (plan 12–13%); Q3 embeds 19–21%; Strategic Grow guide +68–70% YoY | Primary near-term valuation driver; $1B ARR already (2Q early) | | 2 | Runtime data into Vector AI | Live late Q2; multi-quarter | “Extremely encouraging,” still early; mgmt refuses to isolate $ | Structural moat vs pure ad networks; multi-quarter proof required | | 3 | Q3 guide execution + GAAP profit | Report ~2026-11-04 | Strategic $540–550M; Adj. EBITDA $185–190M (~33%); GAAP NI in Q3 | Next stock catalyst is delivery, not a new product date | | 4 | Portfolio simplification | Done | ironSource closed Apr 30; Supersonic sold to Tripledot Aug 4 (~$40M cash) | Margin mix clean-up; non-strategic Q3 ~$20M stub | | 5 | Unity 7 | Beta Q4’26 · GA Q1’27 | Agentic re-architecture; free MCP/API/CLI; no break from Unity 6 | 2027 Create + flywheel optionality; not in Q3 $ | | 6 | Unity Commerce / IAP | GA 2026-06-30 | Free to devs; Hutch case study; D2C ~15% of mobile gaming (industry) | Medium-term data → Vector more than near-term rev | | 7 | Netflix multiyear partnership | Consummated Q2 | Multi-platform games / big-screen social | Ecosystem validation; Create demand, not discrete Q3 P&L | | 8 | 2026 convert payoff | November 2026 | Cash $2.36B; flipped to net cash; FCF $202M in Q2 | De-risk capital structure | | 9 | AppsFlyer stake | Q2 | With Meta, Google, Moloco | Measurement integrity for Vector advertisers | | 10 | vs AppLovin (APP) | Continuous | Street still prices APP as #1 AI mobile ad | Relative Grow rates set competitive narrative |
Ranking (next 6 months)
- Vector sequential ~20% durability (Q3 print)
- GAAP profitability in Q3
- Runtime signal compounding (any KPI)
- Adj. EBITDA margin ~33%
- November convert payoff
- Unity 7 beta (Q4) — optionality
Risks that reverse catalysts
- Vector sequential falls back to low-teens without product step-functions
- Runtime opt-in / signal quality disappoints
- AppLovin or peers re-accelerate wallet share
- Unity 7 delays; Create stays low-single-digit
- AI credit costs compress gross margin
- Macro mobile UA / China Create softens into holiday
Call: 2026-08-06 · 8 analysts · 12 discrete sub-questions · 7/12 well answered (58%) · 5/12 deflected (42%).
| Badge | Count | Themes | |---|---|---| | Well answered | 7 | Flywheel, Unity 7 product, Vector three-leg model, Commerce GA, incremental margins, Create×Vector cross-sell | | Deflected | 5 | Runtime $ contribution, AI credit unit economics, Netflix deal economics, flywheel component weights, advertiser penetration % |
Well answered — what locked in
| Analyst | Takeaway | |---|---| | Cost (MS) | Create and Grow are one flywheel; Unity 7 expands top-of-funnel for Vector demand | | Brondolo (WFS) | Commerce GA 6/30, free to devs, Hutch case study, data feeds ads, small scaling take | | Lampen (BTIG) | >20 Vector updates in Q2; three-leg model (product / data / self-learning); not 20 every quarter | | Karasyov (Cannonball) | Unity 7 = agent collab + no-break upgrade + ~18-mo cadence; beta Q4’26 / GA Q1’27 | | Sheridan (GS) / Yahes | ~82–83% adj. GM; ~+200 bps Adj. EBITDA margin / qtr since Q1’25; +400 bps expected Q3 | | Boone (Citizens) | Agent workflows auto-configure Vector/commerce/live ops; pro + prosumer TAM |
Deflected — open diligence list
| Analyst | Unanswered ask | Nature of dodge | |---|---|---| | Cost (MS) | Runtime $ / materiality vs Day-28; forward contribution | Explicit refusal to isolate runtime impact | | Brondolo (WFS) | AI credit tiers vs unit economics / margins | Product strategy only; zero credit/margin math | | Lampen (BTIG) | Netflix deal economics / scope quant | “Multiyear strategic” only | | Becker (WB) | Weight live vs future flywheel components | Circular “watch revenue”; equal-weight bullish | | Dessouky (BofA) | Advertiser penetration % and trend | “Vast majority already spend”; no share metric |
Pattern: Questions that size incremental engines were blocked; questions that rehearse strategic narrative were answered at length. CEO handled ~11/12 answers; CFO only on margins. Tone confident, not defensive — high narrative control.
Follow-ups into Q3: runtime ROAS lift %; Unity AI credit COGS; Netflix multi-year $ range; active advertisers / wallet share; Create×Vector attach; long-term Adj. EBITDA end-state margin.
transcripts/U_FY2026Q2.txt).Three flags survive a strict “two statements cannot both be true” filter. None reverse Vector / margin / GAAP-profit trajectory — management-discipline points, not thesis breakers.
Statement A (FY2025Q4 call): Day 28 ROAS “already in beta and having a positive impact.”
Statement B (FY2026Q1 Q&A): “we rolled out last quarter a day 28 ROAS product” with +80% campaign lift / +37% ROAS vs day-7 (i.e. Q4 2025 rollout).
Statement C (FY2026Q2 prepared): “Initially released at the end of Q1,” framed as one of the most impactful Q2 updates; spend ~3× from Q1, >25% ad base adopted.
Why it matters: Not a miss on the business (Day 28 is working), but product-timeline credibility — investors cannot reconstruct when Day 28 first entered the P&L from management’s own chronology.
Statement A (Q2’26 Q&A, Bromberg): Create has “5 straight quarters of sequential growth and acceleration.”
Disclosed series: Q2’25 $154M → Q3’25 $152M (down) → Q4’25 $165M → Q1’26 strategic $154M (down) → Q2’26 $157M. Two sequential declines in the window. Q3 Create guide +7–10% YoY also implies near-term YoY deceleration, not acceleration.
Why it matters: Overstates smoothness of Create recovery. Create is healthier than 2024 decline era; the unbroken five-quarter sequential claim is still false against disclosed dollars.
Statement A (FY2025Q4): “more than about 3.5 billion every month.”
Statement B (FY2026Q2): “approximately 3 billion” / “over 3 billion” monthly players — unexplained ~15% restatement of the runtime moat KPI.
Why it matters: Likely rounding/definition drift; prefer “~3B+” until a single definition is republished.
Reviewed, not contradictions
| Topic | Why excluded | |---|---| | GAAP profit timing Q4 → Q3 | Explicit labeled pull-forward | | Vector $1B ARR “2 quarters early” | Outcome beat prior timeline; self-reconciled | | Runtime “no lightning strike” vs Vector step-up | Step-up multi-factor; runtime still early | | Non-strategic $45M → $20M | Divestiture path with deal timing | | ironSource non-cannibalization | Consistent (~$3M Vector lift) |
U_FY2025Q2 through U_FY2026Q2 in the review workspace.No classic macro (rates, CPI, PMI, consumer surveys) on the call. Color is industry- and demand-structure.
Macro / industry
| Theme | Read-through | |---|---| | Ad demand / ROI discipline | Bullish for performance-ad platforms with true ROAS lift (Vector, APP-class, Meta/Google UA for game budgets). UA budgets elastic up when measured return improves. | | No UA pullback language | Gaming UA demand currently healthy for Unity’s base; soft-ad-market narrative absent. | | China Create / Asia UA | Positive for China game-dev tooling and Asia-origin mobile publishers; new entrants in APAC. | | Platform fee / D2C | ~15% D2C share cited; Commerce to “circumvent high fees” — structural pressure on store take rates (AAPL/GOOGL). | | “Creation is the new consumption” | Long-dated bull case for engines + discovery/UA if content supply explodes. |
Named third parties
| Entity | Role | Implication | |---|---|---| | Netflix (NFLX) | Partner | Multiyear Unity engine support for multi-platform Netflix Games — validates TV/streaming distribution | | Meta / Google / Moloco | Competitor + AppsFlyer co-investors | Runtime moat vs walled gardens; shared interest in independent mobile measurement | | AppsFlyer | Strategic investment | Capital + multi-buyer sponsorship for MMP neutrality | | Tripledot | Buyer of Supersonic | Hypercasual consolidation; Unity sheds lower-priority assets for margin | | Hutch | Commerce customer | Mid/large publisher adopting free D2C IAP (Top Drives) | | ironSource Ad Network | Sunset | Only $3M Vector lift — organic product, not mix artifact |
Cross-ticker map
| If you care about… | Direction | Why | |---|---|---| | Performance mobile UA (APP, META, GOOGL ads, Moloco) | Strong demand / ROI-elastic | Vector 23% sequential; ROAS products scaling; Asia new entrants | | App store economics (AAPL, GOOGL) | Structural fee pressure | D2C / Commerce narrative | | Streaming / TV games (NFLX) | Positive product validation | Multiyear engine partnership | | Mobile MMPs | Support for independent measurement | AppsFlyer stake with Big Tech peers | | Classic macro | No signal | Not discussed |
Unity Q2’26 is a high-quality double beat on an already-accelerating trajectory: revenue YoY improved for eight straight quarters to +23.9%, Grow/Vector is the compounding engine (+35.4% / strategic Grow +63%), and Adj. EBITDA margins stair-stepped to 29% with a Q3 box that accelerates again (+44–47% strategic; ~33% Adj. EBITDA) and pulls GAAP profit forward. Street consensus (FMP) looks behind the company bridge on Q3 total revenue and still models full-year GAAP losses while management targets Q3 GAAP profit. Guidance remains historically conservative — treat the raise as a floor if Vector sequential holds ~20%. Watch list into November: Vector sequential, margin delivery, GAAP profit, and whether management starts quantifying runtime / attach / ad share (the five Q&A deflections).
daloopa.com/src/{id} citations; Unity Q1/Q2 2026 earnings transcripts and 8-K materials; FMP consensus/ratings snapshot. Internal M365 / Bloomberg / Visible Alpha / Snowflake: unavailable this run — skipped, not blocked. Trace workspace: tickers/U/data/review_workspaces/2026-08-07/. Canonical structured review: tickers/U/data/earnings/2026Q2/review.json.