Volume rises as the bottom line turns negative
On November 3, 2026, Zalando reported results for the quarter ended September 30. Gross merchandise volume (GMV) reached €4.5367 billion, up from €4.2186 billion a year earlier, while revenue rose to €3.1747 billion from €3.0206 billion. Those changes equal growth of 7.5% and 5.1%, respectively. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
Adjusted earnings before interest and tax (adjusted EBIT) increased to €106.5 million from €96.3 million, and its margin widened to 3.4% from 3.2%. The statutory outcome moved the other way: a €12.5 million net profit in the third quarter of 2025 became an €18 million net loss. Growth in the company’s preferred operating measure therefore cannot be carried over to net income. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
Active customers over the last 12 months increased 2.9% to 63.2 million. Quarterly orders rose to 73.8 million from 68.5 million, while the average basket size over the last 12 months increased to €63.3 from €61.6. Average orders per active customer remained 4.9; quarterly orders and 12-month metrics use different time bases. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
B2B offset weaker consumer profit
The B2C consumer unit increased revenue 2.8% to €2.8292 billion from €2.7517 billion, but its adjusted EBIT fell by €12.2 million to €64.4 million. Partner sales gained 2.9 percentage points to 33.6% of B2C GMV, while retail-media revenue, according to the company, grew by nearly 18%. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
Business-to-business services were the main source of operating-profit growth: B2B revenue rose 27.9% to €354.4 million from €277.1 million, adjusted EBIT increased to €42.2 million from €19.6 million, and the margin widened to 11.9% from 7.1%. Zalando attributes the change to expanding logistics and software services for brands and retailers. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
For full-year 2026, Zalando maintained its outlook for reported GMV and revenue growth in the lower half of the 12%–17% range, adjusted EBIT of €680–720 million and capital expenditure of €240–300 million. “Reported” matters: the comparison reflects the consolidation of ABOUT YOU[2] from July 11, 2025, so it should not automatically be read as organic growth in Zalando’s legacy business. [1 · Zalando · third-quarter 2026 results, November 3, 2026] [2 · Zalando · legal completion of the combination with ABOUT YOU]
Sources
- Zalando · third-quarter 2026 results, November 3, 2026 — Primary source for quarterly financial and operating metrics, ABOUT YOU comparability notes and the full-year outlook.
- Zalando · legal completion of the combination with ABOUT YOU — Primary source for the transaction status and ABOUT YOU’s position within the Zalando group.
- ABOUT YOU · official profile — Official description of the consumer online shop, B2B activities and membership of the Zalando group.
Expert commentary
The established fact is that volume and adjusted operating profit rose in the same quarter that produced a net loss. This is not a contradiction: EBIT measures profit before interest and tax, and adjusted EBIT is further modified under the company’s methodology. Net income captures more items. The €106.5 million figure therefore describes the operating core, but it does not erase the €18 million loss attributable to shareholders. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
The segment bridge makes the source of improvement unusually clear. B2B adjusted EBIT added €22.6 million, while B2C lost €12.2 million; after the small reconciliation line, that difference explains almost all of the group’s €10.2 million increase. Put differently, group adjusted profit would not have grown without B2B. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
The B2B mechanism is to sell shared infrastructure to multiple brands and retailers: utilisation of logistics and software platforms can rise faster than fixed costs. The margin increase to 11.9% from 7.1% is consistent with that scale effect, but one quarter is not enough to call the level durable. Later reports must show whether the margin survives new implementations and integration costs. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
The customer picture is mixed. Active customers and average basket size increased, but average orders per active customer over 12 months stayed at 4.9. Faster loyalty cannot be inferred from quarterly order growth alone because that metric covers a different period. Repeat purchasing, retention and spending growth without worsening returns or discount dependence would be stronger evidence. [1 · Zalando · third-quarter 2026 results, November 3, 2026]
ABOUT YOU also limits comparability. Its financial results are included from July 11, 2025, while the last-12-month customer metrics include ABOUT YOU for the full year. This is a disclosed and permissible methodology, but it combines economic growth with a change in group scope. Assessing the core business requires organic trends by app and realised synergies after integration costs. [1 · Zalando · third-quarter 2026 results, November 3, 2026] [2 · Zalando · legal completion of the combination with ABOUT YOU]
Over the next two quarters, net income and cash flow deserve attention alongside adjusted EBIT, as do the B2C margin, partner share of GMV, B2B margin and delivery of full-year guidance. If B2B sustains double-digit growth and its margin without further B2C weakening, the platform shift will gain credibility. If the gap between adjusted and net results persists, earnings quality will remain the central question. [1 · Zalando · third-quarter 2026 results, November 3, 2026]