Have confidence in your ecommerce financials, knowing your numbers add up. A2X posts your @amazon and @Shopify sales and fees directly into @QuickBooks or @Xero in tidy summaries that match the payments to your bank account.
We sat down with Sam Hill from Ecom CFO and author of the Ecommerce P&L Benchmark Report to dig into the numbers.
Watch the video to find out why Sam is still telling brands not to plan more than 10% growth for the rest of the year (unless they have big lever to pull).
Every cohort grew in the Q1 2026 Ecom P&L Benchmark Report!? π€
Yup... Revenue. EBITDA. Even ROAS, despite Meta raising ad prices.
It's the first quarter in a long time that the Ecom P&L Benchmark Report has been this green across the board. But there's more to the story.
Revenue growth is the headline every founder leads with. Our Q1 benchmark report shows why it's also a vanity number on your P&L.
We looked at the Q1 numbers across our client base. The cohorts moved in completely different directions.
Median revenue up 3.5%. Under-$10M cohort down 15%. Over-$50M cohort up 50%.
A 65-point spread between the smallest and largest cohorts.
But revenue is vanity. What you actually want to know is whether the bottom line followed.
It did, but not in the way the revenue numbers suggest.
Every cohort improved EBITDA margin year over year. The good news ends there. The reason each cohort improved is completely different, and the difference matters for what you do next.
The over-$50M cohort is the cleanest example. Revenue growth gave them 4.2 percentage points of leverage on overhead. But they also added 4 percentage points of cost β new hires, agencies, whatever it was. The two basically cancelled out. Net G&A contribution to EBITDA margin was almost zero.
If you only looked at the net number, you'd miss that they grew and spent the leverage gain back.
The under-$10M cohort tells a different story. We pulled the actual P&Ls for a handful of these brands to see what was driving their G&A improvements.
Each ended up with a similar margin gain β G&A margin up 3 to 5 points.
Same headline number, but completely different paths.
One did it through pure cost discipline. One re-architected the business by going asset-light during a revenue decline. One let growth do the work and rebalanced what their overhead was paying for.
The brands that came out of Q1 in the strongest position weren't the ones with the best revenue growth. They were the ones who knew exactly which lever moved their margin and why.
The full report has GM, CM, EBITDA, ROAS, G&A, and fixed marketing costs broken out by cohort.
You can get the full report here https://t.co/iLyyMuiTFm
What's better than spending 3 days on a beautiful lake in Ontario π¨π¦ with leaders in ecommerce accounting? Nada.
We accept 5 new applicants every year, and applications close May 15th.
The event runs September 13β16. Can't wait to see you there!
3 new accounting firms hit Bronze in the A2X Partner Program π
Welcome to:
π LedgerFi
π Beyond Your Books
π Wells Group
If you're looking for an accounting firm that truly gets ecommerce, then make sure to check them out on the A2X Ecommerce Accounting Directory.
Pretty fun milestone: A2X just got its 900th review on the @Xero App Store!
Can't get to 900 without the 899 before it.
A big thank you to our team and partners for delivering ecommerce accounting experiences people are willing to talk about.
1,000 here we come!
Accounting pros call A2X the 'Gold Standard' in ecommerce accounting automation. But why?
One reason is that we listen. And bake the accounting expertise and feedback into our product.
The result: Accurate financials that sellers and accounting professionals can trust.
β PayPal payouts are messy. Fees, refunds, currency conversions... it all hits the same settlement.
β A2X breaks it down automatically, so every transaction hits the right account without manual cleanup.
Sam Hill's advice to ecommerce brands projecting 20-25%+ growth in 2026: be very careful.
Unless you've got a genuine step-change lever, like a new geography, new channel, or hero product... that number probably isn't grounded in anything real.
That's one of the sharper takes from the annual Ecommerce P&L Benchmark Report by Ecom CFO.
We sat down with Sam Hill to dig into the 2025 data and what it means for how operators, accounting professionals, and CFOs should be thinking about 2026.
Our very own Elspeth (LUCA Bookkeeper in Industry award winner) will be breaking down how firms are building ecommerce as a service line, and how A2X makes the accounting side painless, at The Finance, Accounting & Bookkeeping Show next week.
If you're selling online and need an accountant who actually gets ecommerce, give them a look.
Congrats to the whole team, we love having you in the A2X community!
What does that mean? Kelly+Partners Accountants works with some of Australia's fastest-growing ecommerce businesses, and uses A2X to help founders stay compliant and scale profitably with real clarity on their numbers.