No AI, No Problem: 5 Consumer Stocks Quietly Outperforming Nvidia This Year

Cheesecake Factory, Victoria’s Secret, Cracker Barrel, CarMax and Airbnb have risen 38% to 130%.

• Cracker Barrel stock’s 130% surge has been fueled by stronger sales trends, cost improvements and strategic changes. 
• Cheesecake Factory stock has more than doubled this year, helped by strong growth from its restaurant brands. 
• CarMax has gained over 65%, supported by stronger sales, cost cuts and improving used-car conditions.

While all eyes are on Nvidia Corp.’s (NVDA) magnificent second-quarter (Q2) performance, a handful of unexpected consumer names — a restaurant chain, a lingerie retailer, a used-car dealer, a country-store operator and an online rental marketplace have quietly crushed the chip giant's 2026 stock performance in a reminder that run-of-the-mill earnings beats can outrun even the market's flashiest growth story.  

Nvidia stock jumped about 5% after hours after the company projected 70% revenue growth for fiscal 2028, easing concerns that huge AI spending may not translate into strong sales. 

Nvidia shares are up over 12% year-to-date, a solid gain but a far cry from its 2023-2024 triple-digit rallies and one overshadowed by bouts of AI-trade volatility tied to valuation worries and circular-revenue concerns. Meanwhile, Cheesecake Factory Inc. (CAKE), Victoria's Secret & Co. (VSXY), Cracker Barrel Old Country Store Inc. (CBRL), Carmax Inc. (KMX) and Airbnb Inc. (ABNB) have posted gains between 38% and 130%.

Cracker Barrel’s Turnaround And Cheesecake Factory’s Rally 

Cracker Barrel is the turnaround story of the year. The stock has jumped over 62% since its surprise Q3 profit guidance raise in June, even as revenue slipped 3%. The company is also in the midst of a transition, with David Deno taking over as CEO from Julie Masino following the brand's rocky 2025 rebrand attempt. 

Last month, Wells Fargo raised its Cracker Barrel price target to $60 from $50 and kept an ‘Overweight’ rating, citing stronger-than-expected Q4 comparable sales, balance-sheet benefits from a sale-leaseback deal, and the exit from Maple Street Biscuit. The firm sees more positives than negatives and expects further upside as FY27 expectations rise. Citi also raised its target to $42 from $34.

Cheesecake Factory stock has more than doubled this year, driven by Fox Restaurant Concepts brands like Flower Child, which posted 21% sales growth and 19.6% margins in Q2. On Wednesday, J.P. Morgan analyst John Ivankoe raised the price target for CAKE to $105 from $92, while keeping a ‘Neutral’ rating on the stock. The firm updated its outlook after visiting the company’s headquarters. 

Victoria’s Secret, Airbnb And CarMax Gain Momentum

Now trading under a new ticker after a June rebrand, Victoria's Secret beat Q1 estimates with sales up 15.3% and raised full-year guidance despite tariff headwinds. 

Last week, TD Cowen raised its Victoria’s Secret price target to $80 from $75 but kept a Hold rating. The firm said the company is performing well, but the stock’s high valuation leaves limited room for gains. UBS also raised its target to $95 from $90 and kept a Neutral rating, seeing a balanced outlook ahead of Q2 results.

The iconic lingerie retailer is slated to report its Q2 earnings on September 3. Victoria's Secret sees revenue of $1.59 billion-$1.62 billion, compared to Wall Street’s estimate of $1.62 billion, as per Fiscal.ai data. 

Up roughly 38% YTD, Airbnb stock has ridden the acceleration in global travel demand and an "AI-native" product push. Q2 revenue rose 17% to $3.6 billion and net income jumped 23% to $816 million, with the company touting a 60% faster product-development cycle thanks to internal AI tools. 

CarMax stock has jumped more than 65% in 2026, benefiting from better used-car inventory conditions, stronger sales volumes and tighter cost controls, helping restore investor confidence.

The company beat Wall Street expectations in Q1 fiscal 2027, reporting $8 billion in revenue and $1.31 in EPS. CarMax has also cut costs and is targeting about $200 million in structural savings by fiscal 2027. Last month, JPMorgan upgraded CarMax to ‘Neutral’ from ‘Underweight’ and raised its price target to $60 from $38, listing improved price competitiveness and a resilient used-car market as positive signs.

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