The Truth Behind 2025’s Best & Worst Ecommerce P&L's

Forget the hype, this is a raw look inside the numbers.

In this episode of Taylor Reacts, Taylor Holiday sits down with Mehtab Bhogal (CEO of Carta Ventures), Drew Fallon (CEO of Iris), and Jacob Becker (Head of Education at Finaloop) to crack open the P&Ls of real nine-figure ecommerce brands.

Forget the hype, this is a raw look inside the numbers. From $100M brands printing 30% margins to seven-figure stores barely breaking even, the group uses Taylor’s Four Quarter Accounting framework to reveal why some companies thrive while others bleed cash.

We dig into:

• What a “perfect” ecomm P&L looks like (and why CAC leverage + lean OPEX is the playbook)
• The silent killers eating profit: bloated payrolls, in-house fulfillment, and rent-heavy OPEX
• How early-stage brands should think about growth vs. cost-cutting
• Why product pipeline, not just marketing, solves CAC and seasonality issues
• The real debate: is DTC a channel … or a business model?

If you’ve ever wanted to see behind the curtain of ecommerce finance — and learn how to design a brand that prints cash — this episode is essential viewing.

Together with …

• FERMÀT - giving brands control over the post-click experience by enabling rapid experimentation with channel-specific storefronts—no designers or developers needed. Build and tailor funnels in minutes across Meta, Email, YouTube, and more.
• Finaloop - the accurate ecommerce accounting service you can finally trust. Full-service bookkeeping by an expert team, delivered through real-time ecommerce accounting software. Books with 100% accuracy, available 24/7.