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Etsy

Etsy (ETSY) Q4 2025 Earnings

Reported Aug 5, 2026 at 4:06 PM ET · SEC Source

Q4 25 EPS

$0.92

BEAT +7.61%

Est. $0.85

Q4 25 Revenue

$881.6M

MISS 0.27%

Est. $884.0M

vs S&P Since Q4 25

-1.1%

TRAILING MARKET

ETSY -0.5% vs S&P +0.6%

Full Year 2025 Results

FY 25 EPS

$1.39

BEAT +7.20%

Est. $1.30

FY 25 Revenue

$2.88B

MISS 0.10%

Est. $2.89B

Market Reaction

Did ETSY Beat Earnings? Q4 2025 Results

Etsy delivered a stronger-than-expected second quarter for fiscal 2026, with revenue of $668.00 million beating consensus estimates by 3.30%, even as the top line slipped 0.7% year-over-year on a continuing operations basis following the divestitures… Read more Etsy delivered a stronger-than-expected second quarter for fiscal 2026, with revenue of $668.00 million beating consensus estimates by 3.30%, even as the top line slipped 0.7% year-over-year on a continuing operations basis following the divestitures of Reverb and Depop. The clearest engine behind the beat was the Etsy marketplace itself, where gross merchandise sales reached $2.60 billion, growing 7.5% year-over-year and marking the third consecutive quarter of GMS expansion, fueled by a 12.5% surge in mobile app GMS that now accounts for roughly 47% of total volume. Adjusted EBITDA of $195.00 million carried a 29.2% margin, while net income came in at $114.00 million, up $67.00 million from a year ago for the Etsy marketplace. The company also announced a roughly 12% workforce reduction, framed as an organizational reshaping toward machine learning and international growth rather than pure cost containment, and authorized a fresh $2.00 billion buyback, with the $1.40 billion Depop sale proceeds expected to accelerate repurchases. Management raised its full-year 2026 outlook, projecting mid-single-digit GMS growth for the year ahead.

Key Takeaways

  • • Etsy marketplace GMS grew 7.5% YoY, third consecutive quarter of YoY growth
  • • Mobile app GMS growth accelerated to 12.5% YoY, driving ~47% of total GMS
  • • Average order value was the largest contributor to GMS growth, with higher listing prices as the prevailing driver
  • • Take rate expanded 130 bps YoY to 25.9%, driven by Etsy Ads ML improvements and Offsite Ads
  • • Gross buyer additions increased 7.1% YoY with growth across both new and reactivated buyers
  • • Non-app GMS grew 3.4% YoY, second consecutive quarter of growth
  • • GMS per active buyer increased to $124 on trailing 12-month basis, up 2.8% YoY
  • • Nearly half of incremental revenue flowed through to Adjusted EBITDA in the quarter

ETSY Forward Guidance & Outlook

Etsy raised its full-year 2026 outlook for continuing operations (Etsy marketplace only). The company anticipates mid-single-digit GMS growth for full year 2026, representing a more than 10 percentage point improvement from high-single-digit GMS declines in early 2025. The restructuring benefit has been incorporated into the increased full-year adjusted EBITDA margin outlook. The company assumes overall macroeconomic factors remain relatively consistent, and that currency tailwinds and prior-year comparisons become less favorable as the year progresses. Etsy plans to explore additional R&D investment in new product capabilities, marketing initiatives, customer trust, and international growth to accelerate learnings in 2026 and inform 2027 plans.

24/7 Wall St

ETSY YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

ETSY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“From day one as CEO, I've been clear about three things: our differentiation as a human-centered marketplace is our greatest strength; we have a massive market opportunity ahead of us; and realizing that opportunity requires clear strategic focus and disciplined execution.”

— Kruti Patel Goyal, Q4 2025 Earnings Press Release

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