Etsy, Inc.
Financial Performance
Etsy Revenue & Financials
Revenue
$2.9B (FY2025)
Market Cap
$6.7B
Employees
2,400
What is Etsy's revenue?
Etsy had $2.9B in revenue for fiscal year 2025, up 2.7% from 2024.
- Latest revenue
- $2.9B (FY2025)
- Year-over-year
- +2.7%
- Growth rate (CAGR)
- 25.8% over 9 years
- Peak revenue
- $2.9B (FY2025)
- Years of data
- 10
- Employees
- 2,400
- What is Etsy's operating income?
- Etsy reported operating income of $266.2M for fiscal year 2025. sec.gov
- How many employees does Etsy have?
- Etsy has about 2,400 employees.
Financial Analysis
Etsy earns money from fees on a marketplace it does not stock, so gross margin stays near 72% (FY2025 gross profit was $2.07B on $2.88B of revenue). The pandemic pulled demand forward: GMS more than doubled to $10.3B in 2020, then consolidated GMS declined from $13.3B in 2022 to $11.9B in 2025. Revenue held up only because the take rate rose from 22.3% to 24.2% as sellers paid more for advertising and payments. FY2025 net income fell 46.3% to $163.0M as operating expenses rose 8.8%. In 2026 the picture improved: Q2 revenue was $668M, adjusted EBITDA was $195M (a 29.2% margin), and Etsy guided to mid-single-digit full-year GMS growth. Etsy, Inc. is a major American e-commerce company focused on handmade and vintage items, maintaining a market valuation generally exceeding $7 billion.
Revenue Trend Analysis
YoY Change
+2.7%
9-Year CAGR
+25.8%
Peak Year
2025
Trend
Consistent Growth
Etsy, Inc. has 10 full fiscal year figures on this page, compounding at +25.8% annually over 9 years. The most recent year saw a 2.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $2.9B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $2.9B | $266.2Mfiling | — | +2.7% | sec.gov Fiscal 2025 revenue. |
| FY2024 | $2.8B | $380.2Mfiling | — | +2.2% | data.sec.gov Fiscal 2024 revenue. |
| FY2023 | $2.7B | $279.8Mfiling | — | +7.1% | data.sec.gov Fiscal 2023 revenue. |
| FY2022 | $2.6B | -$658.6Mfiling | — | +10.2% | data.sec.gov Fiscal 2022 revenue. |
| FY2021 | $2.3B | $465.7M | $493.5M | +35.0% | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-22) Fiscal year ended 2021-12-31. |
| FY2020 | $1.7B | $424M | $349.2M | +110.9% | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-23) Fiscal year ended 2020-12-31. |
| FY2019 | $818.4M | $88.8M | $95.9M | +35.6% | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-25) Fiscal year ended 2019-12-31. |
| FY2018 | $603.7M | $74.8M | $77.5M | +36.8% | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-26) Fiscal year ended 2018-12-31. |
| FY2017 | $441.2M | $11.9M | $81.8M | +20.9% | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-27) Fiscal year ended 2017-12-31. |
| FY2016 | $365M | $17.6M | -$29.9M | — | Etsy, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-28) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Etsy, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $693.4M | $15.4M | $2.8B | $3.9B | -$1.1B | $678M | Form 10-K |
| FY2024ended Dec 31, 2024 | $752.5M | $14.2M | $2.4B | $3.2B | -$758.9M | $738.3M | Form 10-K |
| FY2023ended Dec 31, 2023 | $705.5M | $12.9M | $2.7B | $3.2B | -$543.7M | $692.6M | Form 10-K |
| FY2022ended Dec 31, 2022 | $683.6M | $10.2M | $2.6B | $3.2B | -$547.3M | $673.4M | Form 10-K |
| FY2021ended Dec 31, 2021 | $651.6M | $11.2M | $3.8B | $3.2B | $628.6M | $640.3M | Form 10-K |
| FY2020ended Dec 31, 2020 | $679M | $1.4M | $2.4B | $1.7B | $742.4M | $677.5M | Form 10-K |
| FY2019ended Dec 31, 2019 | $206.9M | $7.5M | $1.5B | $1.1B | $406.6M | $199.4M | Form 10-K |
| FY2018ended Dec 31, 2018 | $198.9M | $1M | $901.9M | $501M | $400.9M | $197.9M | Form 10-K |
| FY2017ended Dec 31, 2017 | $69.1M | $3.9M | $605.6M | $208.7M | $396.9M | $65.2M | Form 10-K |
| FY2016ended Dec 31, 2016 | $48M | $36M | $581.2M | $236.4M | $344.8M | $12M | Form 10-K |
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Etsy Revenue and Financial FAQ
What is Etsy's annual Gross Merchandise Sales (GMS) and revenue scale?
Etsy typically generates between $12 billion and $13 billion in annual consolidated marketplace Gross Merchandise Sales (GMS), translating into annual consolidated net revenues exceeding $2.7 billion to $2.9 billion across its marketplace platforms.
What is Etsy's consolidated marketplace take rate and why has it expanded?
Etsy's take rate has expanded from roughly 13% in 2017 to over 21% in recent years. This expansion was driven by increasing the base transaction fee from 5% to 6.5% in 2022, scaling the Offsite Ads program, expanding Etsy Payments to new international markets, and higher Etsy Ads adoption.
What are Etsy's typical gross margin and Adjusted EBITDA profitability metrics?
Etsy operates with high software-grade gross margins of approximately 70% to 72%. The company generates strong profitability, delivering Adjusted EBITDA margins typically between 26% and 28%, supported by disciplined operating expense management and cloud infrastructure efficiencies.
How are Etsy's buyers and sellers distributed geographically?
The United States represents Etsy's largest market, accounting for approximately 55% to 60% of total GMS. International markets, led by the United Kingdom, Germany, Canada, France, and Australia, generate 40% to 45% of total GMS, representing the fastest-growing geographical segment.
How does Etsy allocate capital toward performance and brand marketing?
Etsy invests approximately 25% to 28% of net revenue annually in marketing, split between performance digital marketing (search engine marketing, paid social) and television brand campaigns (e.g., 'Etsy Has It' and 'Gift Mode') to drive buyer frequency and brand awareness.
What is Etsy's balance sheet structure and convertible debt profile?
Etsy maintains a solid liquidity position with over $1 billion in cash and short-term investments, financed primarily through low-coupon convertible senior notes issued during favorable interest rate cycles, providing financial flexibility for growth and share repurchases.
How does Etsy execute share buybacks to return capital and offset stock dilution?
Etsy's Board of Directors regularly authorizes multi-hundred-million-dollar share repurchase programs. The company deploys free cash flow to repurchase common shares on the open market to offset dilution from employee stock-based compensation and optimize capital structure.
How did the 2023 divestiture of Elo7 impact Etsy's financial reporting?
Etsy sold Elo7 to Enjoei in 2023 after a $147.1 million impairment in 2022. It then sold Reverb in 2025 and Depop in July 2026, so reported results now center on the Etsy marketplace alone.
Why did Etsy grow so much during the pandemic?
In 2020, Etsy experienced massive, unprecedented hyper-growth. When the global supply chain completely ran out of medical face masks, millions of Etsy artisans immediately started sewing cloth masks at home. This massive influx of new buyers caused Etsy's stock and revenue to absolutely skyrocket.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Etsy Revenue & Financials." CorpDigest, https://corpdigest.com/company/etsy/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Etsy reported $2.9B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/etsy/financials" target="_blank" rel="noopener">CorpDigest — Etsy financials</a></div>Related Financial Audits
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