Q3 25 EPS
$0.63
BEAT +21.11%
Est. $0.52
Q3 25 Revenue
$678.0M
BEAT +3.18%
Est. $657.1M
vs S&P Since Q3 25
+5.5%
BEATING MARKET
ETSY +12.2% vs S&P +6.7%
Market Reaction
Did ETSY Beat Earnings? Q3 2025 Results
Etsy delivered a convincing third-quarter beat on Wednesday, with earnings per share of $0.63 clearing the $0.52 consensus estimate by 21.11% and revenue of $678.03 million topping expectations by 3.18% as the marketplace platform posted 2.4% year-ov… Read more Etsy delivered a convincing third-quarter beat on Wednesday, with earnings per share of $0.63 clearing the $0.52 consensus estimate by 21.11% and revenue of $678.03 million topping expectations by 3.18% as the marketplace platform posted 2.4% year-over-year top-line growth. The clearest engine behind the outperformance was Depop, Etsy's secondhand fashion marketplace, which generated $292.10 million in gross merchandise sales, up 39.4% year-over-year, with U.S. GMS surging 59% on improved buyer conversion and new user growth. That momentum is reshaping how the company allocates capital going forward, with management leaning into discretionary brand marketing at Depop, which compressed consolidated adjusted EBITDA margin by 230 basis points to 25.4%. The structural picture is complicated by the June 2025 sale of Reverb, which strips a meaningful contribution from prior-year comparisons. For Q4 2025, Etsy guided consolidated GMS of $3.50 billion to $3.65 billion with an adjusted EBITDA margin of approximately 24%, reflecting continued Depop investment even as the core Etsy marketplace holds profitability near 30%. Etsy's stock has gained roughly 55.82% over the past twelve months heading into the print.
Key Takeaways
- • Strong Etsy and Depop on-site ads performance driving revenue growth and take rate expansion to 24.9%
- • Depop GMS accelerated to 39.4% YoY growth, with U.S. GMS up 59%
- • Etsy marketplace year-over-year GMS comparisons improved approximately 300 basis points sequentially
- • Etsy App GMS grew 5% YoY, representing approximately 46% of total marketplace GMS
- • Non-cash FX gain of $0.8M vs. $16.8M FX loss in Q3 2024 positively impacted net income
- • Paid search optimizations and advanced segmentation drove strong GMS from paid channels
- • Reactivated 6.6 million buyers in the quarter, up 3.8% YoY
ETSY YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ETSY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Etsy's third quarter consolidated results surpassed expectations across all three of our key financial metrics — and GMS for Etsy and Depop combined returned to year-over-year growth.”
— Josh Silverman, Q3 2025 Earnings Press Release
ETSY Earnings Trends
ETSY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ETSY EPS Trend
Earnings per share: estimate vs actual
ETSY Revenue Trend
Quarterly revenue: estimate vs actual
ETSY Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | — | — | $631.0M | +2.22% |
| Q4 25 BEAT FY | $0.85 | $0.92 | +7.61% | $881.6M | -0.27% |
| FY Full Year | $1.30 | $1.39 | +7.20% | $2.88B | -0.10% |
| Q3 25 BEAT | $0.52 | $0.63 | +21.11% | $678.0M | +3.18% |
| Q2 25 MISS | $0.49 | $0.25 | -49.29% | $672.7M | +3.86% |
| Q1 25 MISS | $0.47 | $-0.49 | -204.34% | $651.2M | +1.48% |