Let’s dig into the relative performance of Petco (NASDAQ: WOOF) and its peers as we unravel the now-completed Q4 specialty retail earnings season.

Some retailers try to sell everything under the sun, while others—appropriately called Specialty Retailers—focus on selling a narrow category and aiming to be exceptional at it. Whether it’s eyeglasses, sporting goods, or beauty and cosmetics, these stores win with depth of product in their category as well as in-store expertise and guidance for shoppers who need it. E-commerce competition exists and waning retail foot traffic impacts these retailers, but the magnitude of the headwinds depends on what they sell and what extra value they provide in their stores.

The 4 specialty retail stocks we track reported a mixed Q4. As a group, revenues missed analysts’ consensus estimates by 1.9% while next quarter’s revenue guidance was 0.5% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6.5% since the latest earnings results.

Petco (NASDAQ: WOOF)

Historically known for its window displays of pets for sale or adoption, Petco (NASDAQ: WOOF) is a specialty retailer of pet food and supplies as well as a provider of services such as wellness checks and grooming.

Petco reported revenues of $1.52 billion, down 2.4% year on year. This print was in line with analysts’ expectations, and overall, it was a very strong quarter for the company with a solid beat of analysts’ EBITDA estimates and EBITDA guidance for next quarter exceeding analysts’ expectations.

"In fiscal 2025, we strengthened our leadership team and rebuilt the foundation of our economic model, enabling us to exceed our profitability goals," said Joel Anderson, Chief Executive Officer of Petco.

Interestingly, the stock is up 12% since reporting and currently trades at $2.69.

Is now the time to buy Petco? Access our full analysis of the earnings results here, it’s free.

Best Q4: National Vision (NASDAQ: EYE)

Operating under multiple brands, National Vision (NYSE: EYE) sells optical products such as eyeglasses and provides optical services such as eye exams.

National Vision reported revenues of $503.4 million, up 15.1% year on year, outperforming analysts’ expectations by 1.5%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.

National Vision pulled off the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 7.5% since reporting. It currently trades at $24.63.

Is now the time to buy National Vision? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Leslie's (NASDAQ: LESL)

Named after founder Philip Leslie, who established the company in 1963, Leslie’s (NASDAQ: LESL) is a retailer that sells pool and spa supplies, equipment, and maintenance services.

Leslie's reported revenues of $147.1 million, down 16% year on year, falling short of analysts’ expectations by 6.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and EBITDA estimates.

Leslie's delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 12.8% since the results and currently trades at $1.05.

Read our full analysis of Leslie’s results here.

Tractor Supply (NASDAQ: TSCO)

Started as a mail-order tractor parts business, Tractor Supply (NASDAQ: TSCO) is a retailer of general goods such as agricultural supplies, hardware, and pet food for the rural consumer.

Tractor Supply reported revenues of $3.90 billion, up 3.3% year on year. This number lagged analysts' expectations by 2.4%. It was a softer quarter as it also logged full-year EPS guidance missing analysts’ expectations significantly and a significant miss of analysts’ EBITDA estimates.

The stock is down 17.9% since reporting and currently trades at $45.25.

Read our full, actionable report on Tractor Supply here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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