| Stage | SHOP | % of rev | ETSY | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.7B | 100.00% | $692M | 100.00% | SHOP ×5.40 |
| Gross profit | $1.8B | 47.59% | $503M | 72.66% | ETSY +25.1pp |
| Operating income | $568M | 15.18% | $111M | 16.09% | ETSY +0.9pp |
| Pre-tax income | $499M | 13.34% | $129M | 18.59% | ETSY +5.3pp |
| Net income | $462M | 12.35% | $854M | 123.26% | ETSY +110.9pp |
| Stage | SHOP | ETSY | Gap · A − B |
|---|---|---|---|
| Revenue | $3.7B100.00% | $692M100.00% | SHOP ×5.40 |
| Gross profit | 47.59%$1.8B | 72.66%$503M | ETSY +25.1pp |
| Operating income | 15.18%$568M | 16.09%$111M | ETSY +0.9pp |
| Pre-tax income | 13.34%$499M | 18.59%$129M | ETSY +5.3pp |
| Net income |
| 12.35%$462M |
| 123.26%$854M |
| ETSY +110.9pp |
SHOP 10-KFeb 11 '26
“Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.”
ETSY 10-KFeb 19 '26
“We also obtain a significant number of visits from social media platforms such as Facebook, Instagram, and Pinterest.”
SHOP 10-KFeb 11 '26
“Cost of merchant solutions primarily consists of costs that we incur when transactions are processed using Shopify Payments, such as credit card network fees (charged by credit card providers such as Visa, Mastercard and American Express) as well as third-party processing fees.”
ETSY 10-KFeb 19 '26
“Further, through our agreements and arrangements with our third-party payments service providers, we are subject to evolving rules and requirements, like the Visa and Mastercard network rules and Payment Card Industry Data Security Standard, rules governing electronic funds transfers, and various fee arrangements, all of which are subject to change in ways that may adversely affect our business.”
SHOP 10-KFeb 11 '26
“Cost of merchant solutions primarily consists of costs that we incur when transactions are processed using Shopify Payments, such as credit card network fees (charged by credit card providers such as Visa, Mastercard and American Express) as well as third-party processing fees.”
ETSY 10-KFeb 19 '26
“Further, through our agreements and arrangements with our third-party payments service providers, we are subject to evolving rules and requirements, like the Visa and Mastercard network rules and Payment Card Industry Data Security Standard, rules governing electronic funds transfers, and various fee arrangements, all of which are subject to change in ways that may adversely affect our business.”