Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
+22.5%
BEATING MARKET
ETSY +25.5% vs S&P +3.0%
Market Reaction
Did ETSY Beat Earnings? Q2 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 Forward Guidance & Outlook
For full-year 2026, Etsy now anticipates GMS growth in the low single-digit range, an improvement from prior commentary provided in mid-February. The company expects year-over-year growth in Etsy GMS in each quarter of 2026. Management assumes overall macroeconomic factors remain relatively consistent, currency tailwinds moderate, and prior-year comparisons become less favorable as the year progresses. Factors contributing to higher AOV (FX tailwinds, de minimis tariff exemption expiration, seller price increases) are expected to moderate. Second quarter outlook is for continued GMS growth. Adjusted EBITDA margin guidance of 29.3% was referenced for Q1. The company is monitoring consumer confidence and discretionary spending trends but has seen relatively stable trends as of the reporting date.
ETSY YoY Financials
Q2 2026 vs Q2 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, Q2 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% |