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Eightx Research

We pull the public filings so you don't have to.

Eightx analyzes SEC EDGAR 10-Ks, FRED and BLS series, and US, UK, Australia and Canada government data, blended with what we see across 50+ CFO engagements, to show what is actually happening to DTC and CPG profitability. Every study is indexed back to its source so you can audit the numbers. Updated quarterly.

Flagship report

The State of DTC Profitability 2026

Across 40+ public DTC and CPG brands, the median public DTC brand runs a -2.4% operating margin, even with gross margins near 47%. Where the profit actually leaks: acquisition, retention, opex, and tariffs.

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Profitability & margins

Bootstrapped vs VC-backed DTC gross margin

Bootstrapped brands run 57.2% vs 51.4% for VC-backed, across 12 public 10-Ks.

Ecommerce margin compression 2020 to 2026

Gross margin held; operating margin took a 9.3-point round trip and never recovered.

CPG gross margin by category

From about 28% (snacks) to about 74% (beauty); DTC adds 10 to 15 points over retail.

2026 eCommerce KPI Benchmark Report

40+ public DTC and CPG brands: the full margin, CAC and EBITDA picture.

Acquisition & retention

Contribution margin by channel

From -22% on fully-loaded Meta to +77% on email and SMS.

CAC by revenue stage

The U-shape and the $5M to $20M dead zone.

CAC payback by business model

Marketplace 1 to 3 months, subscription 3 to 9, DTC 6 to 12.

Customer lifetime by vertical

Supplements 12.5 to 20 months; food and beverage as low as 5.6.

DTC subscription churn index

6.5% to 7.1% monthly churn; 60% to 70% cancel by order 3.

Costs & capital

The real cost of free shipping

Diesel up 58% year over year; warehouse PPI up 51.7% since 2021.

DTC wage inflation by function

Marketing and information payroll up 5.3% year over year, fastest of any function.

Global DTC cost of capital

Still 7% to 10% APR on inventory lines despite central-bank cuts.

CPG R&D as a percent of revenue

0.33% (Hain) to 8.43% (Beyond Meat) across 13 public 10-Ks.

Tariffs & sourcing

DTC Tariff Exposure Index

Toys score 100, beauty just 5.

China import dependence by category

Toys 65.9%, footwear 26.1%, beauty 7.9%.

Apparel sourcing shift

Vietnam has overtaken China as the #1 US apparel supplier.

Geography

Ecommerce penetration by market

UK 27.3%, US 16.9%, AU 12.7%, Canada 5.7%.

UK ecommerce margin by vertical

Moonpig clears 27.6% EBITDA while ASOS posts a £281.6m loss.

Building something with one of these numbers?

We turn public data into the leaks worth closing in your business. That is the job of an operational CFO.

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