Q1 26 EPS
$N/A
Q1 26 Revenue
$631.0M
BEAT +2.22%
Est. $617.3M
vs S&P Since Q1 26
+22.5%
BEATING MARKET
ETSY +25.5% vs S&P +3.0%
Market Reaction
Did ETSY Beat Earnings? Q1 2026 Results
Etsy delivered a stronger-than-expected first quarter under incoming CEO Kruti Patel Goyal, posting revenue of $631.00 million against a consensus estimate of $617.31 million, a beat of 2.22%, though total revenue still fell 3.1% year-over-year on a … Read more Etsy delivered a stronger-than-expected first quarter under incoming CEO Kruti Patel Goyal, posting revenue of $631.00 million against a consensus estimate of $617.31 million, a beat of 2.22%, though total revenue still fell 3.1% year-over-year on a reported basis. The key driver behind the upside was a meaningful recovery in Etsy marketplace gross merchandise sales, which reached $2.50 billion, growing 5.5% year-over-year and marking a second consecutive quarter of GMS expansion, a notable shift after an extended period of contraction. Adjusted EBITDA came in at $185.00 million with a 29.3% margin, while net income from continuing operations reached $105.00 million, improving $33.00 million year-over-year. Active buyers grew sequentially for the first time in two years, and GMS per active buyer rose on a trailing twelve-month basis, adding further momentum to the story. Management, which had faced bearish expectations from analysts heading into the print, now anticipates low single-digit GMS growth for full-year 2026, with year-over-year gains expected in each remaining quarter, though currency tailwinds and favorable order value dynamics are seen moderating as the year progresses.
Key Takeaways
- • Etsy marketplace GMS grew 5.5% YoY, a 540 bps improvement vs Q4 2025
- • Mobile app GMS growth accelerated to 11.2% YoY, reaching ~47% of total GMS
- • GMS per active buyer increased YoY for first time since late 2022, reaching $122 TTM
- • Active buyers grew sequentially for the first time in two years
- • New buyers and active sellers both grew year-over-year
- • Take rate expanded to 25.7%, up 180 bps YoY, led by Etsy Ads ML improvements
- • Higher AOV driven by FX tailwinds, de minimis tariff exemption expiration, and seller price increases
- • Paid search delivered strong returns with improved PLA segmentation and data feeds
- • SEO improvements strengthened search visibility and ranking
- • Free cash flow conversion rate of 50% of Adjusted EBITDA, more than double YoY
ETSY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ETSY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Etsy's path back to long-term growth is grounded in a focused plan: expanding how and where buyers discover us, connecting them with items that feel personal and relevant, and building relationships that go beyond transactions.”
— Kruti Patel Goyal, Q1 2026 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% |