Etsy Inc. (ETSY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.73	-$0.36	-149.3%	—	$668.3M	—
Q1 26	$0.62	$0.6	-3.2%	—	$631.3M	—
Q4 25	$0.85	$0.92	+8.2%	—	$881.6M	—
Q3 25	$0.52	$0.63	+21.2%	—	$678M	—
Q2 25	$0.49	$0.25	-49.0%	—	$672.7M	—
Q1 25	$0.47	-$0.49	-204.3%	—	$651.2M	—
Q4 24	$0.94	$1.03	+9.6%	—	$852.2M	—
Q3 24	$0.53	$0.45	-15.1%	—	$662.4M	—
Q2 24	$0.98	$0.98	0.0%	—	$647.8M	—
Q1 24	$0.49	$0.48	-2.0%	—	$646M	—
Q4 23	$0.78	$0.62	-20.5%	—	$842.3M	—
Q3 23	$0.51	$0.66	+29.4%	—	$636.3M	—
Q2 23	$0.43	$0.44	+2.3%	—	$628.9M	—
Q1 23	$0.55	$0.53	-3.6%	—	$640.9M	—
Q4 22	$0.8	$0.77	-3.8%	—	$807.2M	—
Q3 22	$0.37	-$7.62	-2159.5%	—	$594.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.59	—	—	$2.9B	—
FY24	—	$2.64	—	—	$2.8B	—
FY23	—	$2.51	—	—	$2.7B	—
FY22	—	-$5.48	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$365M	$441.2M	$603.7M	$818.4M	$1.7B	$2.3B	$2.6B	$2.7B	$2.8B	$2.9B
YoY change	+33.4%	+20.9%	+36.8%	+35.6%	+110.9%	+35%	+10.2%	+7.1%	+2.18%	+2.68%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	365M	441.2M	603.7M	818.4M	1.7B	2.3B	2.6B	2.7B	2.8B	2.9B
Cost of revenue	123.3M	151M	190.8M	271M	464.7M	654.5M	744.6M	828.7M	774.6M	817.8M
Gross profit	241.6M	290.2M	412.9M	547.3M	1.3B	1.7B	1.8B	1.9B	2B	2.1B
Gross margin	66.2%	65.8%	68.4%	66.9%	73.1%	71.9%	71%	69.8%	72.4%	71.6%
Research & development	55.1M	74.6M	97.2M	121.9M	180.1M	271.5M	412.4M	469.3M	443.1M	450.2M
Selling, general & administrative	168.4M	200.6M	240.9M	336.7M	656.8M	937.3M	1B	1.1B	1.2B	1.2B
Operating expenses	223.5M	275.2M	338.1M	458.6M	836.9M	1.2B	1.4B	1.6B	1.7B	1.7B
Operating income	18.1M	15.1M	74.8M	88.8M	424M	465.7M	386.5M	347.9M	380.2M	367.9M
Operating margin	4.97%	3.41%	12.4%	10.8%	24.6%	20%	15.1%	12.7%	13.5%	12.8%
Non-operating income, net	-15.5M	25.9M	-6.5M	3M	-23.4M	13.7M	-1B	-77.1M	13.4M	-147.2M
Pretax income	-2.9M	32.3M	55.1M	80.6M	365.7M	471.7M	-662M	292.8M	410.8M	246.7M
Income tax	27M	-49.5M	-22.4M	-15.2M	16.5M	-21.9M	32.3M	-14.7M	107.5M	83.7M
Net income	-29.9M	81.8M	77.5M	95.9M	349.2M	493.5M	-694.3M	307.6M	303.3M	163M
Net margin	-8.19%	18.5%	12.8%	11.7%	20.2%	21.2%	-27.1%	11.2%	10.8%	5.65%
EBITDA	42.4M	44.6M	110.5M	150M	489.3M	542.1M	494.1M	475.3M	519.3M	514.2M
EPS	-0.26	0.69	0.64	0.8	2.88	3.88	-5.48	2.51	2.64	1.59
Diluted EPS	-0.26	0.68	0.61	0.76	2.69	3.4	-5.48	2.24	2.35	1.39

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	636.3M	842.3M	646M	647.8M	662.4M	852.2M	651.2M	672.7M	678M	881.6M	631.3M	668.3M
Cost of revenue	188.8M	255.8M	187.1M	184.1M	185.6M	217.7M	192.1M	193.5M	194.6M	237.5M	175.7M	184.3M
Gross profit	447.5M	586.6M	458.8M	463.7M	476.8M	634.5M	459.1M	479.1M	483.4M	644.1M	455.6M	484M
Gross margin	70.3%	69.6%	71%	71.6%	72%	74.5%	70.5%	71.2%	71.3%	73.1%	72.2%	72.4%
Research & development	113.9M	117.5M	109.8M	114.5M	107.3M	111.5M	110.5M	111.9M	113.4M	114.4M	99.1M	100.9M
Selling, general & administrative	245M	353.6M	280.9M	279.1M	282.7M	367.9M	269.2M	290.8M	287.3M	400.3M	236.7M	257.9M
Operating expenses	358.9M	471.1M	390.7M	393.5M	390M	479.3M	379.7M	402.7M	400.7M	514.7M	335.8M	358.8M
Operating income	88.6M	115.5M	68.1M	70.2M	86.8M	155.1M	79.4M	76.4M	82.7M	129.4M	119.8M	125.3M
Operating margin	13.9%	13.7%	10.5%	10.8%	13.1%	18.2%	12.2%	11.4%	12.2%	14.7%	19%	18.7%
Non-operating income, net	8.4M	-28.2M	11.6M	8.8M	-13M	6M	-112.7M	-30.5M	777K	133K	9.4M	3.8M
Pretax income	97M	109.2M	79.7M	79M	73.8M	178.3M	-33.3M	51.1M	92.1M	136.8M	129.3M	135M
Income tax	9.1M	25.9M	16.7M	26M	16.4M	48.4M	18.8M	22.3M	16.6M	26M	24.6M	20.6M
Net income	87.8M	83.3M	63M	53M	57.4M	129.9M	-52.1M	28.8M	75.5M	110.7M	69.7M	-46.6M
Net margin	13.8%	9.89%	9.75%	8.18%	8.66%	15.2%	-8%	4.29%	11.1%	12.6%	11%	-6.98%
EBITDA	110.7M	106.4M	94.9M	97.3M	114.6M	212.5M	208.4M	121M	142.2M	167.2M	135.2M	152M
EPS	0.72	0.7	0.53	0.46	0.5	1.17	-0.49	0.28	0.76	1.13	0.72	-0.49
Diluted EPS	0.64	0.62	0.48	0.41	0.45	1.03	-0.49	0.25	0.63	0.92	0.6	-0.49

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	2.4B	5.7B	5.3B	21.6B	27.9B	15.2B	9.9B	6.1B	—	6.3B
Enterprise value	—	2.2B	5.4B	5.3B	21B	29.3B	16.4B	11.2B	7.4B	—	8.2B
Shares outstanding	113.6M	118.5M	120.1M	119.7M	121.3M	127.2M	126.8M	122.5M	114.9M	102.4M	102.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	29.6	73.8	55.3	61.8	56.4	—	32.3	20	—	21.9
P/S	—	5.49	9.47	6.48	12.5	12	5.92	3.61	2.16	—	2.16
P/B	—	6.11	14.3	13	29.1	44.3	-27.7	-18.3	-8.01	—	-4.66
EV/EBITDA	—	48.2	49.2	35.5	43	54	33.2	23.5	14.3	—	17.5
EV/Sales	—	4.88	9	6.51	12.2	12.6	6.39	4.06	2.64	—	2.8
Earnings yield	—	3.37%	1.36%	1.81%	1.62%	1.77%	—	3.1%	4.99%	—	4.57%
FCF yield	—	2.31%	3.12%	3.62%	3.11%	2.23%	4.26%	6.7%	11.7%	—	2.68%
PEG	—	—	—	—	—	—	—	—	—	—	-0.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	66.2%	65.8%	68.4%	66.9%	73.1%	71.9%	71%	69.8%	72.4%	71.6%	72.4%
Operating margin	4.97%	3.41%	12.4%	10.8%	24.6%	20%	15.1%	12.7%	13.5%	12.8%	18.7%
Net margin	-8.19%	18.5%	12.8%	11.7%	20.2%	21.2%	-27.1%	11.2%	10.8%	5.65%	7.11%
ROE	-8.67%	20.6%	19.3%	23.6%	47%	78.5%	126.9%	-56.6%	-40%	-14.8%	-14.8%
ROA	-5.14%	13.5%	8.59%	6.22%	14.5%	12.9%	-26.3%	11.5%	12.5%	5.76%	10.5%
ROIC	13.7%	11.9%	62.8%	20.3%	214.2%	22.9%	57.6%	50%	47.6%	68%	67.3%
Return on tangible assets	-6.04%	15.7%	10.2%	11.1%	20%	-395.9%	-53.9%	20.6%	23%	8.59%	8.94%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.42	4.29	6.07	4.89	4.17	2.18	2.4	2.21	2	1.44	1.48
Quick ratio	4.42	4.29	6.07	4.89	4.17	2.18	2.4	2.21	2	1.44	1.48
Debt / equity	0.2	0.18	0.85	2.08	1.5	3.8	-4.37	-4.39	-3.15	-2.8	-0.02
Debt / assets	0.12	0.12	0.38	0.55	0.46	0.62	0.91	0.89	0.99	1.09	1.26
Net debt / EBITDA	-5.02	-6.06	-2.55	0.2	-1.13	2.59	2.47	2.61	2.6	2.83	3.28
Interest coverage	0.6	3.9	3.48	4.32	9.7	48.7	-45.7	21.9	30.8	14.3	14.3
Effective tax rate	0%	0%	0%	0%	4.5%	0%	0%	0%	26.2%	33.9%	17.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.21	3.72	5.02	6.84	14.2	18.3	20.2	22.4	24.4	28.2	30.2
EPS (basic)	-0.26	0.69	0.64	0.8	2.88	3.88	-5.48	2.51	2.64	1.59	1.59
EPS (diluted)	-0.26	0.68	0.61	0.76	2.69	3.4	-5.48	2.24	2.35	1.39	3.16
Book value per share	3.04	3.35	3.34	3.4	6.12	4.94	-4.32	-4.44	-6.6	-10.7	-15.1
FCF per share	0	0.47	1.48	1.6	5.54	4.88	5.1	5.43	6.17	6.24	5.11
Cash per share	2.48	2.87	5.2	6.83	13.8	7.74	9.24	9.39	9.04	15.8	12.2
Capex per share	0.42	0.11	0.17	0.13	0.06	0.22	0.24	0.33	0.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	13.1%	2.98%	3.41%	1.87%	0.41%	1.21%	1.2%	1.45%	0.51%	—	—
Capex / operating cash flow	148.4%	14.6%	12.1%	8.56%	1.39%	4.63%	-7.58%	6.43%	2.13%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$636.3M	$842.3M	$646M	$647.8M	$662.4M	$852.2M	$651.2M	$672.7M	$678M	$881.6M	$631.3M	$668.3M
YoY change	+7.04%	+4.35%	+0.79%	+3.01%	+4.1%	+1.17%	+0.81%	+3.84%	+2.36%	+3.46%	-3.06%	-0.65%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	282.1M	340.6M	624.3M	817.3M	1.7B	984.6M	1.2B	1.2B	1B	1.6B
Receivables	56.2M	78.3M	33.3M	65.2M	169.4M	247.5M	261.8M	290.1M	198.3M	213.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	371M	439.3M	680.3M	921M	1.9B	1.3B	1.5B	1.6B	1.3B	2B
Property, plant & equipment	44.5M	35.7M	38.3M	78.2M	45.8M	142M	116.7M	116.7M	103.6M	-33M
Goodwill & intangibles	86.3M	85.3M	144.1M	675.9M	656.5M	4B	1.3B	1.2B	1.1B	929.2M
Total assets	581.2M	605.6M	901.9M	1.5B	2.4B	3.8B	2.6B	2.7B	2.4B	2.8B
Accounts payable	40.8M	58.3M	47.6M	76.1M	187.7M	248.2M	262.7M	295.3M	215.5M	233.8M
Short-term debt	6.8M	5.8M	3.9M	8.3M	8.5M	2.4M	4.7M	6.1M	6.1M	649M
Total current liabilities	84M	102.5M	112.1M	188.5M	454.7M	615.6M	631.8M	710.8M	665.1M	1.4B
Long-term debt	62.7M	64.2M	338.6M	838.7M	1.1B	2.4B	2.4B	2.4B	2.4B	2.4B
Total liabilities	236.4M	208.7M	501M	1.1B	1.7B	3.2B	3.2B	3.2B	3.2B	3.9B
Shareholders' equity	344.8M	396.9M	400.9M	406.6M	742.4M	628.6M	-547.3M	-543.7M	-758.9M	-1.1B
Total debt	69.5M	70M	342.5M	847M	1.1B	2.4B	2.4B	2.4B	2.4B	3.1B
Net debt	-112.1M	-245.5M	-24.5M	403.7M	-128.3M	1.6B	1.5B	1.5B	1.6B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	976.9M	1.2B	1B	999.9M	1B	1B	867.7M	1.4B	1.5B	1.6B	1.4B	1.1B
Receivables	241.4M	290.1M	256.1M	249.8M	181.2M	198.3M	171M	147.1M	175.6M	213.7M	194.6M	202.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.3B	1.6B	1.4B	1.4B	1.3B	1.3B	1.1B	1.6B	1.8B	2B	2.1B	1.9B
Property, plant & equipment	-230M	116.7M	-257.3M	-272.4M	-292.1M	103.6M	-319.9M	-293.6M	-307.8M	-33M	-247M	-257.2M
Goodwill & intangibles	1.2B	1.2B	1.2B	1.1B	1.2B	1.1B	900.2M	710.2M	684.2M	929.2M	101.5M	98.8M
Total assets	2.4B	2.7B	2.5B	2.4B	2.4B	2.4B	2.1B	2.6B	2.7B	2.8B	2.7B	2.4B
Accounts payable	236.1M	295.3M	249.7M	252.6M	192.2M	215.5M	179.4M	155.8M	177.5M	233.8M	201.3M	214.3M
Short-term debt	5.2M	6.1M	6M	6M	6.1M	6.1M	6.2M	6.3M	1.2M	649M	649.3M	649.6M
Total current liabilities	548.8M	710.8M	565.1M	564.5M	553M	665.1M	519.1M	486.4M	565.1M	1.4B	1.3B	1.3B
Long-term debt	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	3.1B	3.1B	2.4B	2.4B	2.4B
Total liabilities	3.1B	3.2B	3.1B	3.1B	3.1B	3.2B	3B	3.7B	3.8B	3.9B	3.8B	3.8B
Shareholders' equity	-622.5M	-543.7M	-583.8M	-635M	-624.3M	-758.9M	-910.3M	-1.1B	-1.1B	-1.1B	-1.1B	-1.4B
Total debt	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	3.1B	3.1B	3.1B	3.1B	3.1B
Net debt	1.6B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B	1.9B	1.8B	1.7B	1.9B	2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-29.9M	81.8M	77.5M	95.9M	349.2M	493.5M	-694.3M	307.6M	303.3M	163M
Depreciation & amortization	22.5M	27.2M	26.7M	48M	58.2M	74.3M	96.7M	91.3M	108.1M	101.8M
Stock-based compensation	15.9M	26.6M	38.2M	44.4M	65.1M	139.9M	230.9M	284.6M	282.8M	244.7M
Change in working capital	-9.9M	-46K	41.1M	-13.3M	-5.5M	-16.7M	10.2M	-10.7M	6.2M	5.5M
Operating cash flow	32.2M	90M	170.4M	178.4M	510M	609M	-405.4M	620.8M	667M	693.4M
Capital expenditure	-47.8M	-13.2M	-20.6M	-15.3M	-7.1M	-28.2M	-30.7M	-39.9M	-14.2M	—
Investing cash flow	-135.4M	61.8M	-285.4M	-488.4M	-11.4M	-1.6B	-30M	-73.3M	-23.8M	86.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-10.3M	-134.6M	-177M	-268.7M	-302.8M	-425.7M	-577M	-723.9M	-776.9M
Financing cash flow	-11.1M	-27.3M	125.8M	349.8M	94M	430M	-521.5M	-670.8M	-791.1M	-187.5M
Net change in cash	-114.4M	124.5M	10.7M	39.9M	592.6M	-518.9M	-956.9M	-123.2M	-147.9M	592.6M
Free cash flow	214K	55.9M	178.4M	191.6M	671.8M	621.4M	646.4M	665.6M	709M	638.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	87.8M	83.3M	63M	53M	57.4M	129.9M	-52.1M	11.8M	41.7M	110.7M	104.7M	114.3M
Depreciation & amortization	22.2M	23M	26.8M	27.1M	27.7M	26.4M	27.3M	35.5M	45.2M	24.9M	15.3M	15.2M
Stock-based compensation	70.1M	68.5M	70.7M	74.7M	69.3M	68.2M	62.1M	64.4M	72.3M	63.4M	53M	51.2M
Change in working capital	14M	136.7M	-85.3M	-1.4M	60.1M	27.7M	-105M	-27.9M	20.9M	106.6M	-76M	-21.8M
Operating cash flow	211.7M	304.4M	65M	147.8M	214.6M	234.6M	-54.9M	108.1M	219M	317.1M	80.7M	40.6M
Capital expenditure	-3.9M	-32.2M	-2.3M	-3.7M	-4.3M	-4M	-3.2M	—	—	—	—	—
Investing cash flow	-4.3M	-38.9M	-17.6M	4M	-248K	-9.9M	-10M	-6.6M	-10.2M	9.8M	-3.5M	-19.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-296.9M	-93M	-158.3M	-150.4M	-155.6M	-259.6M	-189.2M	-334.7M	-119.8M	-133.2M	-145.2M	-249.7M
Financing cash flow	-307.3M	-121.5M	-165.3M	-175.7M	-167.6M	-282.5M	-207.7M	-375.9M	-136.3M	-167.6M	-160.7M	-278.9M
Net change in cash	-99.8M	144M	-118M	-23.9M	46.7M	-57.8M	-272.6M	-274.3M	72.5M	159.3M	-83.4M	-257.7M
Free cash flow	207.6M	282.5M	59.3M	140.8M	204.4M	304.5M	35.3M	88.8M	202M	307.9M	70.9M	32.8M

Etsy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement