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Etsy, Inc.

Etsy, Inc.

NASDAQ•ETSY
CEO: Mr. Joshua G. Silverman
Sector: Consumer Cyclical
Industry: Specialty Retail
Listing Date: 2015-04-16
Etsy, Inc., together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels. Further, the company provides the Etsy Purchase Protection program that is designed to help buyers; the Etsy Share and Save program for sellers to save on Etsy fees for sales that drive to their Etsy shop from their own channels. Additionally, it offers educational resources comprising blog posts, video tutorials, Etsy Seller Handbook, Etsy.com online forums, and insights; Etsy Teams, a platform to build personal relationships with other Etsy sellers; and a Star Seller program. The company was formerly known as Indieco, Inc changed its name to Etsy, Inc. in June 2006. Etsy, Inc. was founded in 2005 and is headquartered in Brooklyn, New York.
Contact Information
117 Adams Street, Brooklyn, NY, 11201, United States
718-880-3660
www.etsy.com
Market Cap
$5.36B
P/E (TTM)
29.6
31.9
Dividend Yield
--
52W High
$76.52
52W Low
$40.05
52W Range
39%
Rank40Top 31.7%
4.5
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$678.03M+2.36%
4-Quarter Trend

EPS

$0.76+46.15%
4-Quarter Trend

FCF

$205.12M-9.74%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Quarterly Revenue Growth Strong Total revenue reached $678.0M for the three months ended September 30, 2025, marking a 2.4% increase. Services revenue grew 12.7% to $210.0M.
Net Income Significantly Rises Q3 Net Income was $75.5M, a substantial 31.6% increase compared to $57.4M reported in the prior year period.
Strong Operating Cash Flow Nine months cash provided by operating activities totaled $376.3M, demonstrating robust cash generation capabilities for the period.
Marketplace Activity Softness Gross Merchandise Sales (GMS) declined 6.5% to $2.7B for the quarter, while active buyers fell 3.7% to 93.2M.

Risk Factors

GMS Decline Continues Quarterly GMS fell 6.5% to $2.7B, driven by lower Etsy GMS and the impact of the Reverb marketplace sale.
Goodwill Impairment Recorded $101.7M non-cash goodwill impairment charge recorded in 9M 2025 related to the Reverb reporting unit sale.
Buyer Engagement Decreasing Active buyer count dropped 3.7% year-over-year to 93.2M, potentially impacting future GMS and revenue growth trajectory.
Regulatory and Legal Complexity Business faces heightened risk from evolving global laws concerning privacy, AI, cross-border trade, and tax compliance.

Outlook

CEO Transition Effective January Leadership transition announced: Josh Silverman steps down January 1, 2026; Kruti Patel Goyal appointed as new CEO.
Core Strategy Focus Strategy centers on building sustainable advantage, growing core Etsy geographies globally, and leveraging marketplace playbook expertise.
Liquidity Position Strong Cash and short-term investments total $1.5B, supported by $400.0M available credit facility for operational needs.
Debt Issuance and Repurchase Issued $700.0M in 2025 Notes; $356.5M remains available under the October 2024 stock repurchase program.

Peer Comparison

Revenue (TTM)

Murphy USA Inc.MUSA
$19.35B
-6.1%
The Gap, Inc.GAP
$15.28B
+0.3%
Bath & Body Works, Inc.BBWI
$7.35B
-1.1%

Gross Margin (Latest Quarter)

Etsy, Inc.ETSY
71.3%
-0.7pp
Wingstop Inc.WING
48.9%
+1.4pp
MINISO Group Holding LimitedMNSO
44.7%
-0.2pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GAP$10.42B12.224.9%44.6%
MUSA$7.97B16.468.5%58.9%
IBP$7.21B28.337.8%48.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-7.3%
Growth Under Pressure
4Q Net Income CAGR
-16.5%
Declining Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 18, 2026
|
EPS:$0.90
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 29, 2025|
    Revenue: $678.03M+2.4%
    |
    EPS: $0.76+46.2%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $672.66M+3.8%
    |
    EPS: $0.28-39.1%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $651.18M+0.8%
    |
    EPS: $-0.49-192.5%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 19, 2025|
    Revenue: $2.81B+2.2%
    |
    EPS: $2.64+3.1%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $662.41M+4.1%
    |
    EPS: $0.52-27.8%
    Meet
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $647.81M+3.0%
    |
    EPS: $0.46-8.0%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 2, 2024|
    Revenue: $645.95M+0.8%
    |
    EPS: $0.53-13.1%
    Beat
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 22, 2024|
    Revenue: $2.75B+7.1%
    |
    EPS: $2.56+146.7%
    Beat