| Stage | PINS | % of rev | ETSY | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.2B | 100.00% | $692M | 100.00% | PINS ×1.70 |
| Gross profit | $912M | 77.72% | $503M | 72.66% | PINS +5.1pp |
| Operating income | $30M | 2.58% | $111M | 16.09% | ETSY +13.5pp |
| Pre-tax income | $35M | 2.99% | $129M | 18.59% | ETSY +15.6pp |
| Net income | $22M | 1.83% | $854M | 123.26% | ETSY +121.4pp |
| Stage | PINS | ETSY | Gap · A − B |
|---|---|---|---|
| Revenue | $1.2B100.00% | $692M100.00% | PINS ×1.70 |
| Gross profit | 77.72%$912M | 72.66%$503M | PINS +5.1pp |
| Operating income | 2.58%$30M | 16.09%$111M | ETSY +13.5pp |
| Pre-tax income | 2.99%$35M | 18.59%$129M | ETSY +15.6pp |
| Net income |
| 1.83%$22M |
| 123.26%$854M |
| ETSY +121.4pp |
PINS 10-KFeb 12 '26
“We depend in part on internet search engines, such as Google, Bing and Yahoo!, to direct a significant amount of traffic to our platform.”
ETSY 10-KFeb 19 '26
“We rely on Google Cloud for a substantial portion of the computing, storage, data processing, networking, and other services for the Etsy Marketplace.”
PINS 10-KFeb 12 '26
“Our material cash requirements as of December 31, 2025 include our $312.3 million commitment with Amazon Web Services, for which we are not subject to annual purchase commitments, and our $323.5 million of operating lease obligations, of which $50.0 million is due within the next 12 months.”
ETSY 10-KFeb 19 '26
“Depop relies on Amazon Web Services for its primary production environment, and that marketplace is thus subject to analogous risks.”