Archive
Every breakdown
One business, industry or financial structure per week, taken apart until it is clear who profits and who loses. 16 so far.
15:0516 · Messaging apps · Nov 7, 2026
How Does WhatsApp Make Money If Almost Nobody Pays to Use It?
WhatsApp is free for 3B+ users. Meta earns from per-message business fees, click-to-message ads and, since 2025, Status ads. Here is who really pays.
3 deals tracked7 questions answered16 sources
12:3615 · Real estate brokerage · Nov 4, 2026
Why Are Realtor Commissions So High After the $1 Billion NAR Settlement?
A 5–6% commission on a $417,500 home costs $21,000–$25,000. Why buyer agent fees bounced back to 2.42% after the NAR settlement, and who really pays.
3 deals tracked7 questions answered11 sources
13:2214 · Card payments · Oct 31, 2026
How Does Visa Make Money, and Who Really Pays the Hidden Card Fee?
Visa keeps a small network fee on almost every card payment. See how a $100 purchase is split, who pays the $198B in U.S. card fees, and how rules differ abroad.
1 deals tracked7 questions answered16 sources
14:5413 · Electric utilities · Oct 28, 2026
Why Is My Electric Bill So High When I'm Not Using More Electricity?
U.S. home electricity rose from 13.15¢ per kWh in 2020 to 17.30¢ in 2025 while usage stayed roughly flat. Who sets the price, and why utilities profit by building.
0 deals tracked7 questions answered21 sources
12:1912 · Coffee chain · Oct 24, 2026
How Does Starbucks Make Money, and Where Does Each Dollar Go?
How Starbucks makes money: of every $1 in fiscal 2025, about 46¢ ran the stores, 31¢ bought coffee, milk, food and cups, and about 8¢ was operating profit.
3 deals tracked7 questions answered13 sources
12:5411 · Search advertising · Oct 21, 2026
How does Google make money from free search, and who really pays for it?
Google Search & other earned $224.5B in 2025, about $615M a day. How the ad auction, the $20B Apple default deal and AI Overviews shape free search.
4 deals tracked7 questions answered26 sources
12:4310 · Warehouse club · Oct 17, 2026
How Does Costco Make Money if Its Grocery Margins Are So Thin?
Costco's $5.9B in FY2026 membership fees were about 2% of revenue but equal to about half of operating income. Here is how the warehouse club model works.
1 deals tracked7 questions answered18 sources
12:5409 · Fuel retail · Oct 14, 2026
How Do Gas Stations Make Money If They Keep Only About 40 Cents a Gallon?
Gas stations keep about 40 cents a gallon before costs. In 2025 fuel was 65% of sales but only 39% of gross profit. The real money is inside the store.
11 deals tracked7 questions answered26 sources
9:3908 · Veterinary care · Oct 10, 2026
Why Are Vet Bills So Expensive, and Who Really Owns Your Vet Clinic?
U.S. vet prices rose about 62% from 2014 to 2024. How Mars, JAB and private equity bought vet clinics, and what Britain's regulator found when it checked.
8 deals tracked7 questions answered11 sources
11:1107 · Funeral services · Oct 7, 2026
Why Are Funerals So Expensive, and Who Owns Your Funeral Home?
One Houston company runs 1,485 funeral homes under old family names, holds $17.0B in prepaid contracts, and charged up to 72% more in a 2017 price survey.
5 deals tracked7 questions answered11 sources
9:3206 · Video rental · Oct 3, 2026
Why Did Blockbuster Really Fail If It Turned Down Netflix for $50M?
Blockbuster said no to Netflix for $50 million in 2000 — but the decision that killed it came in 2007, while Total Access was winning. Follow the money.
7 deals tracked7 questions answered9 sources
10:4205 · AI data centers · Sep 27, 2026
Who Is Actually Getting Rich From the $725 Billion AI Boom in 2026?
Microsoft, Google, Amazon and Meta will spend about $725 billion on AI in 2026. Here is who collects that money — and who quietly gets handed the bill.
6 deals tracked7 questions answered9 sources
9:4304 · Financial history · Sep 26, 2026
What Actually Caused the 1929 Stock Market Crash, and Who Profited?
The 1929 crash was three days, not one. How 10% margin buying turned a correction into a −48% collapse, who lost everything, and who walked away rich.
0 deals tracked7 questions answered9 sources
8:5603 · Coworking real estate · Sep 19, 2026
Why Did WeWork Collapse From a $47 Billion Valuation to Bankruptcy?
WeWork was valued at $47 billion in January 2019 and filed for Chapter 11 in 2023 owing $18.6 billion. Here is the lease mismatch that actually broke it.
8 deals tracked7 questions answered19 sources
8:3202 · Car wash · Sep 19, 2026
Who Owns America's Car Wash Chains and Why Is Private Equity Buying?
Build costs, membership revenue and the real deal figures behind the car wash roll-up — including Mister Car Wash's $3.1 billion take-private and the ZIPS bankruptcy.
6 deals tracked7 questions answered8 sources
9:5901 · Restaurant franchising · Sep 5, 2026
Who Owns Subway, Dunkin' and Arby's? Inside Roark Capital's Roll-Up
Roark Capital quietly owns at least 19 restaurant brands, from Subway to Dunkin' to Arby's. How the franchise royalty roll-up works — and where it has failed.
12 deals tracked7 questions answered7 sources
Every deal mentioned across these pieces lives in the Roll-Up Tracker.