Last updated with Walmart on May 21, 2026.

Macro Lessons from Q1

• Macro pressures from the Iran war weren't visible in the top ad performers' results. Only one company in our tracker—Warner Bros. Discovery—had negative YoY ad growth, suggesting that the largest digital ad platforms and streamers are somewhat insulated from downward pressures on the economy. The results also show that, even if advertisers are tightening budgets, they aren't stopping ad spend altogether.
• Fleshed out AI ad tech stacks are helping leaders pull further ahead. Amazon, Google, and Meta—three of the largest AI spenders—benefitted greatly from a bevy of AI marketing tools that attract spenders of varying sizes. AI's power to drive spending could even be seen in smaller competitors' results; Reddit enjoyed 74% YoY ad growth thanks to a steady drip of AI features that are helping to onboard marketers.
• The triopoly is relying on advertising to justify ballooning AI spending. All three triopoly members enjoyed double-digit ad revenue growth in Q1, helping prove that their heavy AI spending can drive meaningful advertising returns. That spending isn't slowing down; Meta announced that it would spend $20 billion more on AI this year than previously expected.
• Prioritizing streaming is now a necessity for legacy media companies to offset traditional media declines. Warner Bros. Discovery saw traditional media revenues decline 12% while streaming grew 19%, and Paramount followed a similar trend: TV media revenues declined 6% while Paramount+ revenues grew 17%. Comcast's strong results show that sports will be a key pillar in the transition to streaming.

Key Earnings Season Events

• Google enjoyed its second-ever quarter of more than $100 billion in revenues and boasted AI developments and product launches across its businesses, offsetting some investor concerns about AI's ability to drive growth.
• Meta adjusted its 2026 capex expectations upward from $125 billion to $145 billion, overshadowing its revenue beats.
• Netflix reaffirmed its goal to reach $3 billion in ad revenues this year in a show of confidence in its ad trajectory. Notably, co-CEOs Ted Sarandos and Greg Peters said in the company's earnings call that it is seeking to secure more NFL games to "eventize."
• Comcast can thank the Olympics and the Super Bowl for its eye-popping 135% advertising growth; without those tentpoles, domestic ad revenue growth was only 4.7%.
• AppLovin boasted an impressive 59% growth—a sign that its year-ago pivot from a gaming business into an AI-first ad tech provider is bearing fruit.
• Warner Bros. Discovery struggled in Q1. Revenues shrunk 8%, reflecting a strained linear TV business and streaming segment in need of a boost—one that it could get from Paramount's high-profile buyout.