Etsy vs JD.com: Revenue, Profit and Business Model
Etsy had $2.9B of annual revenue in FY2025. JD.com had ~$182B of annual revenue in FY2025 and ~$3.2B of net income.
Latest financial snapshot
Financial summary
Etsy
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.
JD.com
JD's revenue grew from ~$35.9 billion (RMB258.3 billion) in 2016 to ~$182 billion (RMB1,309.1 billion) in 2025. Profitability has been thin but improving in core retail: JD Retail's 2025 operating margin rose to 4.6%, the sixth straight year of expansion. Group profit fell in 2025, however, because of food-delivery spending: net income attributable to shareholders was ~$2.72 billion (RMB19.6 billion) versus ~$5.75 billion (RMB41.4 billion) in 2024, and non-GAAP net income was ~$3.75 billion (RMB27.0 billion) versus ~$6.64 billion (RMB47.8 billion). In 2026 the picture shifted toward margin over growth. Q1 2026 revenue rose 4.9% to ~$43.9 billion (RMB315.7 billion), while Q2 2026 revenue fell 2.9% to ~$48.1 billion (RMB346.4 billion) on a high base from 2025 trade-in subsidies, yet non-GAAP net income climbed 20.8% to ~$1.24 billion (RMB8.9 billion) as food-delivery losses narrowed by more than half. JD also repurchased about US$3.0 billion of shares in 2025, roughly 6.3% of shares outstanding. JD.com, Inc. (also known as Jingdong) is a colossal Chinese e-commerce company and massive retailer, maintaining a market valuation typically over $35 billion.
Revenue and profit by year
Etsy
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.9B | — | — | +2.7% | Source |
| FY2024 | $2.8B | — | — | +2.2% | Source |
| FY2023 | $2.7B | — | — | +7.1% | Source |
| FY2022 | $2.6B | — | — | +10.2% | Source |
| FY2021 | $2.3B | $493.5M | 21.2% | +35.0% | Source |
| FY2020 | $1.7B | $349.2M | 20.2% | +110.9% | Source |
| FY2019 | $818.4M | $95.9M | 11.7% | +35.6% | Source |
| FY2018 | $603.7M | $77.5M | 12.8% | +36.8% | Source |
| FY2017 | $441.2M | $81.8M | 18.5% | +20.9% | Source |
| FY2016 | $365M | -$29.9M | -8.2% | — | Source |
JD.com
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$182B | ~$3.2B | 1.8% | +13.0% | Source |
| FY2024 | ~$161.1B | ~$6.2B | 3.9% | +6.8% | Source |
| FY2023 | ~$150.8B | ~$3.2B | 2.1% | +3.7% | Source |
| FY2022 | ~$145.4B | ~$1.3B | 0.9% | +9.9% | Source |
| FY2021 | ~$132.3B | ~-$620.9M | -0.5% | +27.6% | Source |
| FY2020 | ~$103.7B | ~$6.9B | 6.6% | +29.3% | Source |
| FY2019 | ~$80.2B | ~$1.7B | 2.1% | +24.9% | Source |
| FY2018 | ~$64.2B | ~-$389.3M | -0.6% | +27.5% | Source |
| FY2017 | ~$50.4B | ~-$1.6M | -0.0% | +40.3% | Source |
| FY2016 | ~$35.9B | ~-$529.1M | -1.5% | — | Source |
Where the revenue comes from
Etsy
- Marketplace Revenue~69.6%
Marketplace revenue includes the 6.5% transaction fee, $0.20 listing fees, and Etsy Payments processing fees. It totaled $2,007.2 million in FY2025, down 0.7% from $2,020.7 million in FY2024, as lower GMS offset fee and payments gains.
- Services Revenue~30.4%
Services revenue includes Etsy Ads (on-site, cost-per-click), Offsite Ads fees and shipping labels. It totaled $876.3 million in FY2025, up 11.3% from $787.6 million in FY2024, and drove all of the year's revenue growth.
- Other Revenue
Not separately reported
Etsy does not break out a separate "other" line in its FY2025 results; total revenue is reported as Marketplace plus Services. Any residual items are immaterial.
- Subsidiary Marketplace Revenue (Discontinued)
~0% (divested)
Reverb was included until its June 2, 2025 sale. Depop is reported as discontinued operations in 2026 and was sold to eBay on July 30, 2026. In FY2025 Depop generated about $1.07 billion of GMS.
JD.com
- Net product revenue (1P retail)
Not formally reported
JD buys electronics, appliances, groceries and general merchandise, stores them in its own warehouses and sells at a retail margin. This is the bulk of revenue.
- Marketplace and marketing services
Not formally reported
Commissions and advertising paid by third-party merchants.
- Logistics services
Not formally reported
JD Logistics sells warehousing, express and freight services to outside companies. Its Q2 2026 revenue rose 24.3%.
- New businesses
Not formally reported
JD Food Delivery, launched in 2025, and international retail. Group revenue was ~$182 billion (RMB1,309.1 billion) in 2025.
Business model and strategy
Etsy
How it makes money
Etsy operates a pure B2C and C2C two-sided marketplace model. They do not own warehouses or delivery trucks. They simply provide the software platform connecting buyers and sellers. The core revenue engine relies entirely on 'Take Rates'. The seller pays a fee just to list an item, and then Etsy takes a large cut (often over 6.5%) of the final sale price, plus payment processing fees.
Growth strategy
With growth in its core market flat, Etsy is concentrating on search and on removing mass-produced goods. It has more than 100 million unique items, which makes searching hard, so it is investing in AI to improve search relevance. It is also removing sellers of cheap mass-produced items, often dropshipped from China and presented as handmade, to protect the brand's reputation for genuine handmade goods.
Competitive advantage
Etsy's advantage is a recognizable brand and a two-sided network. Buyers come because the handmade and vintage sellers are there, and sellers list because the buyers are there. A new competitor would start with neither side, which makes the handmade category hard to enter.
JD.com
How it makes money
JD.com earns money in four main ways. 1) Net product revenue (1P retail): JD buys electronics, home appliances, groceries and general merchandise from brands, stores them in its own warehouses and sells at a retail margin. This is the bulk of group revenue. 2) Marketplace and marketing services: third-party (3P) merchants pay commissions and buy advertising on JD's app.
Growth strategy
JD is pushing beyond online retail into instant commerce and food delivery (launched February 2025), offline electronics stores (26 JD MALL stores by end-2025), external logistics customers through JD Logistics and its LangzuTech automated warehouses (20+ sites in nearly 20 cities by end-2025), and Europe, where it replaced its Ochama brand with Joybuy in 2025, launched the Joybuy marketplace in the UK, Germany, Fran…
Competitive advantage
JD's main edge is its owned supply chain. Because it holds its own inventory and runs its own warehouses and couriers through JD Logistics, it can promise authentic goods and same-day or next-day delivery in much of China, which matters most for high-value electronics and appliances. Its scale with brands like Apple, Haier and Midea also gives it purchasing power that marketplace-only rivals do not have.
Questions about Etsy vs JD.com
Which company has higher revenue — Etsy, Inc. or JD.com?
Etsy, Inc. had $2.9B (FY2025), while JD.com had ~$182B (FY2025). By latest annual revenue, JD.com is the larger business, with Etsy, Inc. showing a smaller revenue base.
What is the market cap of Etsy, Inc. vs JD.com?
Etsy, Inc.'s market capitalisation stands at $6.7B, while JD.com's is $35.0B. JD.com carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Etsy, Inc..
How does revenue per employee compare for Etsy, Inc. and JD.com?
Etsy, Inc. has $1.20M / employee in revenue per employee, while JD.com has $234k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Etsy, Inc. and JD.com make money?
Etsy, Inc. and JD.com generate revenue in fundamentally different ways. Etsy, Inc.: Etsy operates a pure B2C and C2C two-sided marketplace model. JD.com: JD.com earns money in four main ways.
Which company is valued higher relative to revenue — Etsy, Inc. or JD.com?
On a price-to-sales (P/S) basis, Etsy, Inc. trades at 2.3x P/S and JD.com at 0.2x P/S. Etsy, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to JD.com. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Etsy, Inc. bigger than JD.com?
By last reported revenue, JD.com (~$182B (FY2025)) is the larger company compared to Etsy, Inc. ($2.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Etsy vs JD.com overview