Etsy Inc

Latest Results (17.11.2025):

Etsy Inc reported its third quarter 2025 financial results with strong overall performance, highlighted by revenue growth, improved net income, and solid progress in both its core Etsy marketplace and Depop platform. The company exceeded expectations across key metrics, including revenue, take rate, and adjusted EBITDA, while also driving year-over-year growth in combined Gross Merchandise Sales (GMS) when excluding the impact of the prior sale of Reverb.

Strong Revenue Growth and Profitability

Etsy Inc's revenue reached $678.0 million, up 6.1% year-over-year (2.4% on an as-reported basis), while net income climbed to $75.5 million—an increase of $18.1 million compared to third quarter 2024. The consolidated net income margin improved to 11.1%, and non-GAAP adjusted EBITDA was $171.9 million with a margin of about 25.4%.

Mixed GMS Performance

Consolidated GMS was reported at $2,724.7 million, showing a 0.9% increase year-over-year when excluding Reverb’s prior contributions. However, on an as-reported basis (including Reverb), GMS declined 6.5% compared to the same quarter last year, indicating the mixed impact of the earlier sale.

Marketplace and Product Enhancements

The Etsy marketplace saw GMS of $2,432.6 million, with improvements in app-based transactions (+5% year-over-year) and key product initiatives such as AI-powered search enhancements and new seller tools, all contributing to better conversion rates and customer engagement.

Depop's Accelerated Growth

Depop delivered impressive growth with GMS increasing 39.4% year-over-year, supported by significant expansions in user activity and successful brand marketing campaigns in the U.S. and Australia, reinforcing its role in the apparel resale space.

Robust Financial Position and Share Repurchase

Etsy Inc ended the quarter with $1.6 billion in cash, cash equivalents, and investments. Additionally, the company repurchased approximately $120 million worth of its common stock during the quarter, underscoring its commitment to enhancing shareholder value.