US
| 2024 | 2025 | YoY | |
|---|---|---|---|
| Amazon North America OP | $25.0bn | $29.6bn | +19% |
| eBay + Etsy OP | ~$2.0bn | ~$2.2bn | +10% |
| Other e-commerce (Wayfair/Chewy etc.) | ~$0.5bn | ~$0.5bn | ~flat |
| E-commerce total OP | ~$27.5bn | ~$32.3bn | +17% |
| UPS U.S. Domestic Package OP | ~$4.4bn | ~$3.9bn | -10% |
| FedEx domestic/express proxy OP | ~$4.8bn | ~$4.9bn | ~flat |
| Delivery total OP | ~$9.2bn | ~$8.8bn | -4% |
| E-commerce / Delivery | ~3.0x | ~3.7x | ↑ |
China is like 10x.
PDD + BABA + JD retail already 350bn rmb profit.
And express side is 35bn, combining ZTO, YTO, STO, SF, Yunda, JT China.
China E-commerce were more profitable relatively to delivery.