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.
ETSY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ETSY Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
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 | $0.73 | — | — | $668.0M | +3.30% |
| 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% |