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ETSY

Etsy, Inc.

ETSY

Etsy, Inc. • NYSE
$54.22 ▲ 0.11% (+0.06)
Market Cap $5.35 B
52w High $76.52
52w Low $40.05
Dividend Yield 0%
P/E 36.64
Volume 1.30M
Outstanding Shares 98.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $678.026M ▲ $400.67M ▼ $75.503M ▲ 11.136% ▲ $0.76 ▲ $122.033M ▲
Q2-2025 $672.663M ▲ $402.686M ▼ $28.84M ▲ 4.287% ▲ $0.28 ▲ $80.317M ▼
Q1-2025 $651.176M ▼ $481.442M ▲ $-52.096M ▼ -8% ▼ $-0.49 ▼ $106.666M ▼
Q4-2024 $852.162M ▲ $479.339M ▲ $129.906M ▲ 15.244% ▲ $1.16 ▲ $225.907M ▲
Q3-2024 $662.41M $389.953M $57.366M 8.66% $0.52 $114.556M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.508B ▲ $2.653B ▲ $3.765B ▲ $-1.113B ▲
Q2-2025 $1.412B ▲ $2.557B ▲ $3.682B ▲ $-1.125B ▼
Q1-2025 $867.695M ▼ $2.121B ▼ $3.031B ▼ $-910.299M ▼
Q4-2024 $1.04B ▼ $2.418B ▼ $3.177B ▲ $-758.866M ▼
Q3-2024 $1.045B $2.442B $3.067B $-624.3M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $75.503M ▲ $218.97M ▲ $-24.017M ▼ $-126.654M ▼ $67.545M ▼ $205.118M ▲
Q2-2025 $28.84M ▲ $108.137M ▲ $76.222M ▲ $326.854M ▲ $534.166M ▲ $101.273M ▲
Q1-2025 $-52.096M ▼ $49.183M ▼ $-20.676M ▼ $-204.782M ▲ $-161.987M ▼ $45.935M ▼
Q4-2024 $129.906M ▲ $314.959M ▲ $-16.342M ▼ $-282.375M ▼ $-7.761M ▼ $304.495M ▲
Q3-2024 $57.366M $217.416M $-9.015M $-166.53M $59.728M $227.243M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Marketplace Revenue
Marketplace Revenue
 $610.00M ▲$460.00M ▼$470.00M ▲$470.00M ▲
Services Revenue
Services Revenue
 $240.00M ▲$190.00M ▼$200.00M ▲$210.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Etsy’s revenue has grown meaningfully over the last several years, but the pace of growth has cooled compared with the pandemic surge. Profitability dipped sharply in 2022, likely from higher costs and adjustments, but has since recovered, with the company back to earning solid profits. Margins still look healthy for a marketplace model, suggesting good pricing power and cost control, though not back to the peak levels seen at the height of lockdown-driven demand. Overall, the income statement shows a business that has moved from rapid expansion to a more mature, steady-growth and efficiency-focused phase.

Balance Sheet

Balance Sheet The balance sheet shows a business that relies heavily on debt financing and now carries negative shareholder equity, which is an important risk signal. Cash on hand is solid but no longer as elevated as during the pandemic, while debt levels remain high and largely unchanged. This mix suggests that while Etsy is not cash-strapped in the near term, its financial structure is more leveraged and leaves less room for error if business conditions weaken. Investors often watch closely how a company with this profile manages debt, buybacks, and any large one-time charges over time.

Cash Flow

Cash Flow Despite the leverage, Etsy’s cash flow is a key strength. The company consistently generates strong cash from its operations, and because it spends relatively little on physical investments, most of that turns into free cash flow. This asset-light, marketplace model means Etsy can support its business and invest in technology without heavy capital spending. The reliability of cash generation helps offset some balance sheet concerns, as long as earnings remain stable.

Competitive Edge

Competitive Edge Etsy holds a distinctive niche in e-commerce by focusing on handmade, vintage, and unique items rather than mass-produced goods. Its marketplace benefits from strong network effects: many active buyers attract many specialized sellers, and that deep, unique inventory pulls in more buyers in a reinforcing loop. The brand is closely associated with creativity and personalization, which sets it apart from large generalist platforms. At the same time, Etsy still competes for consumer attention and marketing spend with much larger players, and its performance is sensitive to broader consumer spending cycles.

Innovation and R&D

Innovation and R&D Etsy is heavily leaning into technology, especially artificial intelligence and machine learning, to improve search, personalization, and recommendations across its marketplace. Its move to a modern cloud infrastructure supports faster experimentation and quicker rollout of new features such as AI-driven “Gift Mode,” personalized discovery, and tools that help sellers write listings and manage shops more efficiently. The company is also expanding data and analytics tools for sellers and highlighting sustainability as a differentiator. These efforts aim to deepen user engagement, increase repeat usage, and make the platform more valuable to both buyers and sellers over time.

Summary

Etsy today looks like a mature, niche marketplace with solid profitability and strong cash generation, built on a differentiated brand and a very loyal community of buyers and sellers. The biggest financial positives are its resilient margins and steady free cash flow, supported by an efficient, asset-light model and ongoing investment in AI-driven personalization and seller tools. The key concerns are a more leveraged balance sheet with negative equity, slower growth compared with its pandemic-era boom, and ongoing exposure to competitive pressure and shifts in discretionary consumer spending. Overall, Etsy appears focused on deepening its moat through technology and seller services while managing the trade-offs that come with a more debt-heavy capital structure.

NEWS

November 12, 2025 · 4:05 PM UTC

Etsy to Participate in Upcoming Investor Conferences

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October 29, 2025 · 7:00 AM UTC

Etsy, Inc. Reports Third Quarter 2025 Results

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October 29, 2025 · 6:58 AM UTC

Etsy Announces Leadership Transition: Kruti Patel Goyal to become Chief Executive Officer, Josh Silverman Transitions to Executive Chair, effective January 1, 2026

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October 15, 2025 · 4:05 PM UTC

Etsy to Announce Third Quarter 2025 Financial Results on October 29, 2025

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September 29, 2025 · 4:05 PM UTC

Etsy to Transfer Listing of its Common Stock to the NYSE

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