ETSY (ETSY) Company Report

Etsy reported record consolidated revenue of $882 million for Q4 2025, an increase of 6.6% year-over-year excluding Reverb. The Etsy Marketplace GMS returned to positive growth, up 0.1% year-over-year, marking its first positive comparison since Q3 2023.
The company announced an agreement to sell Depop to eBay, with the sale expected to close in Q2 2026. Depop will be classified as a discontinued operation from January 1, 2026, allowing Etsy to fully prioritize its core marketplace.
For Q1 2026, Etsy anticipates GMS for continuing operations (core Etsy marketplace) to be between $2.38 billion and $2.43 billion, representing 2%-4% year-over-year growth. The company expects slight GMS growth for the full year 2026, with positive year-over-year comparisons in each quarter.
As of December 31, 2025, Etsy held $1.8 billion in cash, cash equivalents, and investments. The company repurchased $777 million in stock during 2025, reducing outstanding shares by approximately 14.4 million, and plans to use proceeds from the Depop sale for continued share repurchases and investments in the Etsy marketplace.

Feb 19, 2026, 1:30 PM

Transcript

Etsy Announces Q4 2025 Results and Depop Sale

ETSY

Earnings

M&A

Guidance Update

Etsy announced a definitive agreement to sell Depop to eBay for $1.2 billion in cash, with the transaction expected to close in Q2 2026, allowing Etsy to focus exclusively on its core marketplace.
In Q4 2025, consolidated GMS (excluding Reverb) grew 2.4% year-over-year to $3.6 billion, and consolidated revenue reached a record $882 million, up 6.6% year-over-year. The core Etsy marketplace GMS increased 0.1% year-over-year, marking its first positive comparison since Q3 2023.
For Q1 2026, Etsy anticipates core marketplace GMS to be between $2.38 billion and $2.43 billion, representing 2%-4% year-over-year growth, with a take rate of approximately 25.5% and an adjusted EBITDA margin between 28%-30%.
Etsy expects the core marketplace to achieve slight growth in GMS for the full-year 2026, with positive year-over-year comparisons in each quarter, improving from a 4% decline in 2025.
The company repurchased $777 million in stock during 2025, reducing the outstanding share count by approximately 14.4 million shares.

Feb 19, 2026, 1:30 PM

Transcript

Etsy Reports Strong Q4 and Full-Year 2025 Results, Provides Q1 2026 Guidance

ETSY

Earnings

Guidance Update

Share Buyback

ETSY reported strong Q4 2025 consolidated results, with GMS of $3.6 billion (+2.4% Y/Y ex-Reverb) and record revenue of $881.6 million (+6.6% Y/Y ex-Reverb). Adjusted EBITDA for the quarter was $222 million, representing a 25.2% margin.
For the full year 2025, consolidated GMS was $11.9 billion (-1.1% Y/Y ex-Reverb) and consolidated revenue reached $2.9 billion (+4.9% Y/Y ex-Reverb), with an Adjusted EBITDA of $735 million and a 25.5% margin.
The Etsy Marketplace showed significant improvements, with Q4 2025 U.S. buyer GMS growing for the first time in four years, and overall Etsy Marketplace GMS being slightly positive year-over-year. Buyer CSAT increased by 4.7 percentage points and seller CSAT by 15.5 percentage points.
ETSY provided Q1 2026 guidance for continuing operations, projecting GMS between $2.38 billion and $2.43 billion, a take rate of approximately 25.5%, and an Adjusted EBITDA Margin of 28-30%. The company also repurchased approximately $133 million in shares during Q4 2025 and $777 million for the full year 2025.

Feb 19, 2026, 1:30 PM

Presentation

Etsy Reports Record Q4 2025 Revenue, Announces Depop Sale, and Provides Positive 2026 Outlook

ETSY

Earnings

M&A

Guidance Update

Etsy reported strong Q4 2025 financial results, with consolidated revenue reaching a new quarterly record of $882 million, up 6.6% year-over-year (excluding Reverb), and consolidated GMS increasing by 2.4% to $3.6 billion (excluding Reverb).
The company announced the anticipated sale of Depop to eBay, expected to close in Q2 2026, allowing Etsy to fully prioritize its core marketplace. Proceeds will be used for general corporate purposes, continued share repurchases, and investment in the Etsy marketplace.
For Q1 2026, Etsy anticipates GMS for its continuing operations (core marketplace) to be between $2.38 billion and $2.43 billion, representing 2%-4% year-over-year growth, with an adjusted EBITDA margin between 28%-30%. The company expects slight GMS growth for the full year 2026 for the Etsy marketplace.
Etsy is focusing on strategic priorities including leveraging machine learning and AI for improved buyer-item matching and and personalization, particularly within its app, which contributed 46% to total GMS in Q4.
In 2025, Etsy generated $735 million in adjusted EBITDA and returned more than 100% of free cash flow to shareholders through $777 million in share repurchases.

Feb 19, 2026, 1:30 PM

Transcript

Etsy, Inc. Reports Q4 and Full Year 2025 Results, Announces Depop Sale, and Provides 2026 Guidance

ETSY

Earnings

M&A

Guidance Update

Etsy, Inc. reported Q4 2025 revenue of $881.6 million, an increase of 3.5% year-over-year on an as reported basis, and diluted net income per share of $0.92.
Consolidated Gross Merchandise Sales (GMS) for Q4 2025 were $3,592.6 million, down 3.8% year-over-year on an as reported basis, but up 2.4% when excluding Reverb from the prior-year period.
The company announced a definitive agreement to sell Depop to eBay Inc. for $1.2 billion in cash, with the transaction expected to close in the second quarter of 2026.
For Q1 2026, Etsy anticipates GMS from continuing operations to be between $2.38 billion and $2.43 billion, with an Adjusted EBITDA Margin of approximately 28-30%. Additionally, Etsy repurchased $133 million of its common stock in Q4 2025.

Feb 19, 2026, 12:01 PM

8-K

Etsy Reports Q4 and Full Year 2025 Results, Announces Depop Sale, and Provides 2026 Guidance

ETSY

Earnings

M&A

Guidance Update

Etsy reported Q4 2025 consolidated revenue of $881.6 million, an increase of 6.6% year-over-year (excluding Reverb from the prior-year period), and consolidated Gross Merchandise Sales (GMS) of $3,592.6 million, up 2.4% year-over-year (excluding Reverb from the prior-year period). Net income was $110.7 million, resulting in diluted net income per share of $0.92, and Non-GAAP Adjusted EBITDA was $222.5 million.
The company completed the sale of Reverb on June 2, 2025, and announced a definitive agreement to sell Depop to eBay Inc. for $1.2 billion in cash, with the transaction expected to close in Q2 2026.
For Q1 2026, Etsy's core marketplace guidance includes GMS of $2.38 billion to $2.43 billion, a Take Rate of approximately 25.5%, and an Adjusted EBITDA Margin of approximately 28-30%. Etsy expects slight year-over-year GMS growth for the full year 2026 for the core marketplace.
During Q4 2025, Etsy repurchased approximately $133 million, or 2.3 million shares, of its common stock.

Feb 19, 2026, 12:00 PM

Press Release

Etsy to Sell Depop to eBay

ETSY

M&A

eBay Inc. will acquire Depop from Etsy, Inc. for approximately $1.2 billion in cash.
The definitive agreement for the sale was dated February 15, 2026, and jointly announced on February 18, 2026.
This transaction allows Etsy to focus exclusively on growing its core marketplace.
Depop is a leading consumer-to-consumer (C2C) fashion marketplace that reported approximately $1 billion in annual gross merchandise sales (GMS) in 2025.

Feb 18, 2026, 9:11 PM

8-K

Etsy Announces New Share Repurchase Authorization and Board Leadership Changes

ETSY

Share Buyback

Board Change

Management Change

Etsy's Board of Directors approved a new $750 million share repurchase authorization on December 16, 2025.
This new authorization, combined with an estimated over $200 million remaining from a previous program, provides for close to $1 billion in potential future share repurchases.
The company had approximately $1.6 billion in cash as of September 30, 2025, which will support these repurchases.
Fred Wilson was appointed Lead Independent Director, effective January 1, 2026, following the leadership transition where Kruti Patel Goyal will become Chief Executive Officer and Josh Silverman will become Executive Chair on the same date.

Dec 19, 2025, 9:05 PM

8-K

Etsy Announces New Share Repurchase Authorization and Board Appointment

ETSY

Share Buyback

Board Change

CEO Change

Etsy's Board of Directors has approved a new $750 million share repurchase authorization, bringing the total potential future share repurchases to close to $1 billion when combined with the estimated remaining capacity of over $200 million under the existing program.
The company reported approximately $1.6 billion in cash as of September 30, 2025.
Fred Wilson, current Chair of the Board, will be appointed as Lead Independent Director effective January 1, 2026, following the previously announced leadership transition where Kruti Patel Goyal will become Chief Executive Officer and Josh Silverman will become Executive Chair on the same date.

Dec 18, 2025, 12:00 PM

Press Release

Etsy Announces CEO Transition and Strategic Growth Initiatives

ETSY

CEO Change

New Projects/Investments

Revenue Acceleration/Inflection

Josh Silverman will transition from CEO to Executive Chair at the end of the year, with Kruti Patel Goyal, current Chief Growth Officer, taking over as CEO in January.
Under Silverman's leadership, Etsy's gross merchandise sales (GMS) grew from $2.5 billion in 2017 to $10 billion, with revenue increasing 7-8 times and free cash flow reaching approximately $750 million last year. The company is now focused on evolving into a place of discovery and inspiration.
Etsy is heavily investing in machine learning and LLMs to enhance search, discovery, and recommendations, with the new app discovery feed delivering double-digit improvements in engagement.
Etsy was an early partner with OpenAI for integrated shopping checkout, viewing agentic commerce as an offensive growth opportunity due to its unique inventory.
The Depop platform, part of the Etsy umbrella, experienced 60% year-over-year GMS growth in Q3 and has doubled its GMS and buyers over three years, leading to targeted marketing investments to expand awareness.

Dec 9, 2025, 6:40 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for ETSY.

Q4 2025

Feb 19, 2026

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Q3 2025

Oct 29, 2025

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Q2 2025

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ETSY (ETSY)

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