Etsy, Inc. operates as a global online marketplace connecting millions of buyers and sellers, emphasizing creativity and human connection in commerce. The company offers a platform for unique and creative goods made by independent sellers, supporting them with tools and services to scale their businesses. Etsy's marketplaces include Etsy.com, Reverb, and Depop, each catering to different product categories and demographics.
- Marketplace Revenue - Generates income through transaction fees, payments revenue, and other fees related to its marketplaces, including Etsy, Depop, and Reverb.
- Services Revenue - Offers on-site advertising (Etsy Ads) and additional services like shipping labels to enhance seller capabilities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brad Minor Executive | CMO | None | Brad Minor became CMO on January 3, 2025, after serving as Chief Brand Officer and VP of Brand Marketing & Communications at Etsy. He has led key brand strategy initiatives. | |
Colin Stretch Executive | Chief Legal Officer and Secretary | None | Colin Stretch has been CLO since February 2023. He previously served as General Counsel at Facebook (Meta) and has extensive legal and compliance expertise. | |
Josh Silverman Executive | CEO | Board Member at Shake Shack Inc. | Josh Silverman has been CEO since May 2017, leading Etsy's growth into a global marketplace with over 90 million buyers and 9 million sellers. | View Report → |
Kruti Patel Goyal Executive | President and Chief Growth Officer | None | Kruti Patel Goyal became President and Chief Growth Officer on January 1, 2025. She has been with Etsy since 2011, holding roles such as CPO and CEO of Depop. | |
Lanny Baker Executive | CFO | None | Lanny Baker became CFO on January 1, 2025, after serving as COO and CFO at Eventbrite and CFO at Yelp. He has over 20 years of experience in financial leadership. | |
Nicholas Daniel Executive | Chief Product Officer | None | Nicholas Daniel has been CPO since July 2022, leading Etsy's product development and overseeing Payments and Fulfillment functions since January 2024. | |
Toni Thompson Executive | CHRO | None | Toni Thompson became CHRO on January 1, 2024, after serving as VP of People & Talent Strategy at Etsy. She has extensive experience in HR leadership. | |
Fred Wilson Board | Chair of the Board | Founder and Partner at Union Square Ventures; Board Member at Coinbase Global | Fred Wilson has been Chair of the Board since May 2017. He is a venture capitalist with extensive experience in technology and e-commerce. | |
Gary S. Briggs Board | Director | Director at Petco Health & Wellness and Combe, Inc. | Gary Briggs has been a director since 2018. He has extensive experience in brand strategy and marketing, having held leadership roles at companies like Facebook and eBay. | |
Jonathan D. Klein Board | Director | Co-Founder and Board Member at Getty Images; Board Member at Pinterest, Jumia | Jonathan Klein has been a director since 2011. He is a co-founder of Getty Images and has extensive experience in digital media and e-commerce. | |
M. Michele Burns Board | Director | Board Member at Goldman Sachs, Anheuser-Busch InBev, and Lilium N.V. | Michele Burns has been a director since 2014. She brings expertise in corporate finance, accounting, and governance, with significant global experience. | |
Marc Steinberg Board | Director | Partner at Elliott Investment Management; Board Member at Pinterest, Nielsen | Marc Steinberg joined Etsy's Board in February 2024. He is a Partner at Elliott Investment Management and has extensive experience in investment management and corporate governance. | |
Margaret M. Smyth Board | Director | Board Member at Lilium N.V., Frontier Communications, and Remitly Global | Margaret Smyth has been a director since 2016. She is an expert in finance, accounting, and risk management, with significant international experience. | |
Marla Blow Board | Director | President and COO of Skoll Foundation; Director at Square Financial Services | Marla Blow has been a director since 2021. She has expertise in payments, financial services, and regulatory matters, with leadership experience in both private and public sectors. | |
Melissa Reiff Board | Director | Director at Cricut, Inc. | Melissa Reiff has been a director since 2015. She is the former CEO of The Container Store and brings expertise in retail, marketing, and executive leadership. |
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With the active seller count decreasing by 8.5% year-over-year to 6.2 million, how confident are you that this decline won't negatively impact the variety and availability of unique products on your platform, and what measures are you taking to ensure it doesn't hinder GMS growth?
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Given that Etsy marketplace GMS has declined by about 6% year-over-year despite your investments in foundational improvements, what specific strategies do you have in place to reverse this trend and drive GMS growth in the near term?
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In the current environment where consumers are prioritizing deep discounts and competitors are heavily promoting, how does Etsy plan to compete effectively without compromising its brand identity, and are you concerned that this approach could impact your market share?
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Despite increasing your consolidated marketing spend by 22% year-over-year, you've seen a 13% decline in new buyer additions; can you elaborate on the effectiveness of your marketing investments and what steps you're taking to improve buyer acquisition efficiency?
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Given the early stages of the Etsy Insider loyalty program and the cautious approach you're taking, how do you envision this program scaling to effectively drive repeat purchases and loyalty, and what timeline should investors expect for it to make a meaningful impact on your results?
Research analysts who have asked questions during ETSY earnings calls.
John Colantuoni
Jefferies
2 questions for ETSY
Maria Ripps
Morgan Stanley
2 questions for ETSY
Marvin Fong
BTIG, LLC
2 questions for ETSY
Michael Morton
MoffettNathanson
2 questions for ETSY
Naved Khan
B. Riley Securities
2 questions for ETSY
Nikhil Devnani
Bernstein
2 questions for ETSY
Shweta Khajuria
Wolfe Research, LLC
2 questions for ETSY
Bernard McTernan
Needham & Company
1 question for ETSY
Bryan Smilek
JPMorgan Chase & Co.
1 question for ETSY
Chris Kuntarich
UBS Group
1 question for ETSY
Curtis Nagle
Bank of America
1 question for ETSY
Deepak Mathivanan
Cantor Fitzgerald
1 question for ETSY
Edward Yruma
Piper Sandler & Co.
1 question for ETSY
Eric Sheridan
Goldman Sachs
1 question for ETSY
Jason Helfstein
Oppenheimer & Co. Inc.
1 question for ETSY
Kenneth Gawrelski
Wells Fargo & Company
1 question for ETSY
Lee Horowitz
Deutsche Bank
1 question for ETSY
Mark Kelley
Stifel, Nicolaus & Company, Incorporated
1 question for ETSY
Nathan Feather
Morgan Stanley
1 question for ETSY
Nicholas Jones
Citizens JMP
1 question for ETSY
Scott Devitt
Wedbush Securities
1 question for ETSY
Steven Forbes
Guggenheim Securities, LLC
1 question for ETSY
Trevor Young
Barclays
1 question for ETSY
Ygal Arounian
Citigroup
1 question for ETSY
Youssef Squali
Truist Securities
1 question for ETSY
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Depop | 2021 | Etsy’s acquisition of Depop was completed on July 12, 2021 for approximately $1.625 billion, with a structure including a $1.479 billion cash consideration, a minor non-cash service-related award, and a holdback of $9.2 million pending final adjustments. This strategic deal aimed to tap into the Gen Z-dominant, fast-growing resale market by acquiring a peer-to-peer fashion resale platform with valuable assets such as developed technology, trademark, customer relationships, and significant goodwill, while allowing Depop to continue operating as a standalone entity. |
Recent press releases and 8-K filings for ETSY.
- Amplify ETFs has launched two new exchange-traded funds (ETFs): the Amplify Ethereum 3% Monthly Option Income ETF (ETTY) and the Amplify Ethereum Max Income Covered Call ETF (EHY).
- These new ETFs are part of Amplify's YieldSmart™ suite and are designed to provide investors with a combination of high monthly income and Ether growth exposure through actively managed covered call strategies.
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- EHY is optimized for maximum monthly option income, seeking to generate 50-80% annualized option premium income by writing weekly, 5-10% out-of-the-money covered call options on Ether ETPs across the entire portfolio.
- Both funds utilize weekly options for more frequent premium collection and gain Ether exposure through ETPs and synthetic options, rather than investing directly in Ether.
- The Board reelected C. Andrew Ballard, Margaret M. Smith, and Mark Steinberg, approved executive compensation, ratified PricewaterhouseCoopers as auditor, and removed supermajority voting provisions.
- Etsy delivered record revenue, achieved $780 million in adjusted EBITDA and over $700 million in free cash flow for 2024.
- The company reduced shares by $12 million through buybacks in 2024 and authorized a new $1 billion repurchase program.
- Depop grew GMS by over 30% in 2024 with momentum continuing into 2025, and Etsy completed the sale of Reverb on June 2, 2025.
- Appointed Kruthi Patil Goyal as President and Chief Growth Officer to lead growth initiatives.
- Etsy, Inc. (Nasdaq: ETSY) intends to offer $650 million aggregate principal amount of convertible senior notes due 2030, with an option for initial purchasers to acquire an additional $50 million.
- The notes will be general unsecured obligations, accrue interest payable semiannually, and be convertible into cash, shares of common stock or a combination thereof at Etsy’s election.
- Etsy plans to use up to $175 million of net proceeds to repurchase its common stock concurrently with the offering, with the remainder for general corporate purposes, including potential debt repayment.
- Neither the notes nor any shares issuable upon conversion have been registered under the Securities Act and will be offered only to qualified institutional buyers under Rule 144A.
- $650 million aggregate principal amount of 1.00% convertible senior notes due 2030 priced in a private placement; initial purchasers have a $50 million option to buy additional notes.
- Notes bear 1.00% annual interest, payable semiannually, mature June 15, 2030, and convert at 11.6570 shares per $1,000 principal (implied $85.79/share, a 42.5% premium to June 11, 2025).
- Offering expected to close June 16, 2025; net proceeds of $639.3 million (or $688.5 million if option exercised) with $150 million earmarked for concurrent share repurchases at $60.20/share.
- Etsy may redeem notes on/after June 20, 2028 if its stock trades at ≥130% of the conversion price for 20 trading days; conversions may be in cash, shares or both.
- Etsy’s executives detailed efforts to enhance the search engine and personalize the buyer experience by implementing a quality score system and improving recommendation algorithms to drive engagement.
- The company is aggressively driving app adoption, achieving a record 44.5% of GMS on the app, and leveraging data to boost personalization and customer retention.
- Management addressed macro challenges such as tariffs and inflation, emphasizing localized sourcing and seller resilience which sustain growth despite economic pressures.
- Strategic moves were discussed, including retaining Depop for its growth momentum, selling Reverb, and partnering with OpenAI on agentic commerce initiatives, aiming to shape future online shopping experiences.
- Long-Term Investment Focus: Etsy has recalibrated its strategy by shifting squad efforts from growth hacking for near-term conversions to enhancing its app and search quality to drive long-term differentiation.
- AI and Marketing Enhancements: The company is integrating AI into its full funnel marketing strategy and partnering with third-party platforms to improve personalization and engagement.
- Revenue Growth Initiatives: Etsy is leveraging improvements in take rate through Etsy Payments and Etsy Ads, which has helped maintain strong revenue and gross margins despite softer GMS growth.
- Subsidiary Adjustments: The call highlighted significant developments in its Depop business and the divestiture of Reverb to boost overall profitability.
- Etsy posted Q1 2025 results with Revenue of $651M (up ~1% YoY), non-GAAP Adjusted EBITDA of $171M (26.3% margin), and a consolidated net loss of $52.1M impacted by a noncash impairment charge of $102M from the Reverb divestiture for $105M in cash
- Consolidated GMS reached $2.8B (down 6.5% YoY), bolstered by strong Depop performance and active buyer trends
- Product innovations, including a new Shop tab and mobile app enhancements, drove a record app GMS share of 44.5% and improved buyer conversion rates
- Robust liquidity is highlighted by converting ~87% of Adjusted EBITDA to free cash flow and maintaining a strong cash balance of ~$1B, alongside repurchasing $189M of stock (3.7M shares)
- Strategic measures include a focus on quality seller retention via a new seller setup fee, robust domestic sourcing amid tariff uncertainties, and Q2 guidance projecting similar GMS trends with an expected adjusted EBITDA margin of about 25%, including a planned sale of Reverb
- Etsy's 8-K filing on April 21, 2025, announces its agreement to divest Reverb Holdings, Inc. to Reverb IntermediateCo LLC, a subsidiary of Reverb Partners LLC.
- The divestiture, aimed at enhancing focus on the core Etsy marketplace and Depop, is expected to close in the coming months with further details in the upcoming Quarterly Report.