New results are in from December 2025 activity in the Baird/Digital Commerce 360 Ecommerce Stock Index. The final month of the calendar year brought mixed results across index categories. However, both Online Marketplaces and Online Retail saw growth as Cyber Monday online sales kick-started December ecommerce activity.
Revolve Group and DoorDash saw some of the month’s strongest results, which helped the index to finish 2025 up 10%.
December takeaways from the Baird/Digital Commerce 360 Ecommerce Stock Index
- The Baird/Digital Commerce 360 Ecommerce Stock Index increased by 1.8% month over month in December 2025, ultimately up 10% for the year.
- The index’s best performers in December included Revolve Group (+25%), Airbnb (+16%) and DoorDash (+14%).
- The Online Marketplaces category (+7%) outperformed for the month, beating Online Retail (+4%), Ecommerce Technology (-1%) and International Ecommerce (-5%).
This index is a collaboration between Digital Commerce 360 and the financial advisory, capital markets, asset management and private equity firm Baird. It intends to provide perspective into how public markets value companies and technology providers that power digital commerce. The index contains four categories capturing activity extending throughout the Americas and China:
- Online Marketplaces
- Online Retail
- Ecommerce Technology
- International Companies
Readers should note that this index complements insights from Digital Commerce 360’s Top 2000 Database. That database specifically tracks North American online retailers and their web sales. The Baird/Digital Commerce 360 Ecommerce Stock Index, meanwhile, covers both B2C retail and B2B ecommerce companies, in addition to the technology vendors that serve them, with a broader focus on global activity. All commentary and reporting is provided for informational purposes only and is not intended to be financial advice.
Click here to read November’s ecommerce stock index results.
December ecommerce stock index results
“The Baird/Digital Commerce Ecommerce Stock Index increased almost 2% in December, rebounding from declines in each of the prior two months and outperforming the stock market’s broader S&P index, which was essentially flat for the month,” said Colin Sebastian, Baird’s managing director and senior research analyst covering internet/ecommerce.
Record online holiday sales and holiday shopping results overall buoyed December results, lifting both the Online Marketplaces (+7%) Online Retail (+4%) categories.
“We believe relatively healthy holiday spending online largely explains the shift in sentiment, even as investors continue to worry about consumer confidence and longer-term consumer spending trends,” Sebastian stated. “As such, we expect that Q4 quarterly earnings reports, including initial outlooks for 2026, and an uncertain macro and geopolitical backdrop could continue to create volatility among consumer internet stocks.”
By the month’s close, Ecommerce Technology stocks (-1%) and International Ecommerce (-5%) both finished at lower levels than where they were on Dec. 1.
Meanwhile, in the context of broader 2025 trends in equities, the index’s performance was positive. However, it trailed that of the S&P.
“For the year as a whole, the ecommerce index finished 2025 up 10%, although that lagged the S&P (+16.4%) with semi-conductors and other AI-related sectors driving more of the market’s momentum,” Sebastian noted.
December’s best-performing ecommerce stocks
Among the index’s strongest performances in December, the Millennial- and Gen Z-targeted apparel retailer Revolve Group led, rising 25% by the end of December. That followed fiscal third-quarter earnings results it released in November, showing that Revolve Group’s net sales grew by 4.4% year over year to $295.6 million in the period that ended Sept. 30.
Michael Mente, co-founder and co-CEO at Revolve, shared during the company’s November earnings call that he sees artificial intelligence (AI) playing significant roles in its success. Among the use cases he cited were “cost efficiencies and shortened development cycles,” in addition to design and automating “back-office functions to drive efficiency.”
Mente also mentioned that Revolve’s “accounts payable workflow” was in the process of transitioning “from a historically manual and cumbersome process to an intelligent and primarily automated AI-driven system.”
Revolve Group. ranks No. 85 in the Top 2000.
In fulfillment and delivery, DoorDash unveiled its ChatGPT app in December, closing out a year that saw a host of new last-mile delivery partnerships, including expanded work with Kroger and early use of DoorDash’s Dot delivery robot.
Among the index’s December laggards, Bed Bath & Beyond’s continuing saga and reshuffling proceeded to play out, setting the stage for executive chairman and principal executive officer Marcus Lemonis to be named CEO, effective Jan. 1. The board’s move occurred as Alexander Thomas, up until then chief operating officer, was terminated.
Do you rank in our databases?
Submit your data and we’ll see where you fit in our next ranking update.
Sign up
Stay on top of the latest developments in the ecommerce industry. Sign up for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, X (formerly Twitter) and Facebook. Be the first to know when Digital Commerce 360 publishes news content.