Etsy, Inc. Revenue in 2025

Etsy, Inc. reported $2.9B in revenue for fiscal year 2025. This represents a growth of 2.7% compared to the 2024 figure of $2.8B.

Revenue grew from $2.75 billion in FY2023 to $2.88 billion in FY2025, a trajectory that understates the underlying take rate improvement. The 24.2% take rate — $0.24 captured per dollar of gross merchandise volume — is the financial expression of Etsy's seller dependency. When Etsy raised the transaction fee from 5% to 6.5% in 2022, sellers protested and then continued selling because they had no comparable alternative. Net income of $163 million in FY2025 reflects the cost of the portfolio rationalization: the Depop loss, integration expenses, and the structural overhead of managing multiple marketplace brands simultaneously. The $700 million in convertible senior notes issued in June 2025 at 1.0% adds to a net carrying value of $2.3 billion in convertible notes — a debt load that will need to be managed carefully against the company's $6.5 billion market capitalization. The board-approved $750 million stock repurchase program in December 2025 is a statement of confidence in the core marketplace's cash generation. At $6.5 billion in market capitalization, the company is buying back shares at a price that implies low expectations for the business that remains after Depop's departure. Q1 2026 guidance for the core Etsy marketplace called for $2.38-2.43 billion in GMS and 28-30% adjusted EBITDA margin — the highest margin level targeted since 2021. That combination, if achieved, would demonstrate that the focused core marketplace generates better financial returns than the diversified portfolio ever did.