Etsy (ETSY) Q4 2025 Earnings
How Did ETSY Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −4.25%.
Did ETSY Beat Earnings? Q4 2025 Results
Yes. Etsy reported Q4 2025 earnings of $0.92 a share on Feb 19, 2026, beating the $0.85 consensus estimate by 7.6%. Revenue was $881.6M against a $884.0M estimate.
Etsy delivered a mixed but strategically pivotal Q4 2025, beating on the bottom line while falling just short on revenue as the company's marquee Depop sale to <a href="https://247wallst.com/investing/2026/02/18/live-tech-earnings-doordash-figma-and-ebay-report-tonight/">eBay for $1.2 billion</a> reshaped the investment narrative. Earnings per share came in at $0.92, clearing the $0.85 consensus by 7.63%, while revenue of $881.64 million grew 3.5% year-over-year but missed the $884.54 million estimate by 0.33%. The more important signal was underneath the headline: the core Etsy marketplace returned to positive GMS growth for the first time in several quarters, with take rate expanding to 24.5% from 22.8% a year ago as on-site advertising strength more than offset softness in buyer trends. Active buyer declines moderated to 3.4% year-over-year, offering early evidence that stabilization efforts are gaining traction. Looking ahead, management guided Q1 2026 Adjusted EBITDA margin of 28-30% and expects full-year GMS to grow year-over-year in every quarter, framing 2026 as the first chapter of a leaner, single-marketplace Etsy.
- Strong consolidated on-site ads performance driving revenue growth
- Etsy app GMS grew 6.6% YoY, representing approximately 46% of Etsy marketplace GMS
- Email and push clicks up more than 25% YoY with disciplined send volume
- Depop GMS surged 37.2% YoY on currency-neutral basis, with U.S. buyer GMS up 60.2%
- Etsy outperformed peers in half of top six categories based on Consumer Edge data
- Home and Living category grew year-over-year on Etsy marketplace
- Gross buyer additions grew 2.7% YoY with 6.8 million new buyers and 10.4 million reactivated buyers
“Our clear strategic focus and solid execution are driving progress on the journey to bring the Etsy marketplace back to sustained growth. What sets Etsy apart is not just what we sell, but who we're built for: buyers seeking something personal and sellers bringing creativity to life. By strengthening how we connect the right people with the right items at the right moments, we see a meaningful opportunity to grow relevance, engagement, and market share over time, while continuing to deliver long-term value to all of our stakeholders.”
Etsy CEO, on the earnings call
What Was Etsy's Outlook in Q4 2025?
For Q1 2026, Etsy guided GMS of $2.38B to $2.43B (Etsy marketplace continuing operations only), take rate of approximately 25.5%, and Adjusted EBITDA margin of approximately 28-30%. For full year 2026, management expects slight year-over-year GMS growth with positive year-over-year comparisons in every quarter, with take rate and Adjusted EBITDA margin roughly consistent with Q1 2026 guidance. Guidance reflects continuing operations only (core Etsy marketplace) as Depop will be classified as discontinued operations beginning Q1 2026 pending the sale to eBay. Guidance assumes currency exchange rates remain unchanged at current levels.
ETSY YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $881.6M | $852.2M | +3.5% |
| Gross Profit | $644.1M | $634.4M | +1.5% |
| Operating Income | $129.4M | $155.1M | −16.6% |
| Net Income | $110.7M | $129.9M | −14.8% |
ETSY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.