ETSY INC ETSY
"Keep Commerce Human" reflects our belief that creativity and connection set us apart in an increasingly automated world. We see lasting value in businesses that balance people, planet, and profit, and we strive to align our growth strategy with this principle—using our platform to foster entrepreneurship and sustainable economic impact. You can read more about Etsy's Impact strategy beginning on page 9.
Etsy operates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world.
The Etsy marketplace is the global destination for unique, creative goods from independent sellers, connecting artisans with thoughtful consumers seeking items that reflect their tastes and values. We also operate Depop Limited ("Depop"), a leading fashion resale marketplace acquired in 2021. Total consolidated Gross Merchandise Sales ("GMS") in 2025 was $11,916.9 million. Of this, Etsy marketplace GMS was $10,460.7 million or 87.8% of the total and Depop generated $1,074.9 million (or 9.0% of the total) of GMS.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.88B | $2.81B | $2.75B | $2.57B | $2.33B | $1.73B | $818.4M | $603.7M | $441.2M | $365.0M |
| Cost of revenue | $817.8M | $774.6M | $828.7M | $744.6M | $654.5M | $464.7M | $271.0M | $190.8M | $151.0M | $123.3M |
| Gross profit | $2.07B | $2.03B | $1.92B | $1.82B | $1.67B | $1.26B | $547.3M | $412.9M | $290.2M | $241.6M |
| R&D | $450.2M | $443.1M | $469.3M | $412.4M | $271.5M | $180.1M | $121.9M | $97.2M | $74.6M | $55.1M |
| SG&A | $332.8M | $353.9M | $343.2M | $312.3M | $282.5M | $156.0M | $121.1M | $82.9M | $91.5M | $86.2M |
| Total operating expenses | $1.80B | $1.65B | $1.64B | $2.48B | $1.21B | $836.9M | $458.6M | $338.1M | $278.3M | $224.1M |
| Operating income | $266.2M | $380.2M | $279.8M | -$658.6M | $465.7M | $424.0M | $88.8M | $74.8M | $11.9M | $17.6M |
| Interest expense | $18.5M | $13.8M | $14.0M | $14.2M | $9.9M | $42.0M | $24.3M | $22.2M | $11.1M | $7.2M |
| Pre-tax income | $246.7M | $410.8M | $292.8M | -$662.0M | $471.7M | $365.7M | $80.6M | $55.1M | $32.3M | -$2.9M |
| Income tax | $83.7M | $107.5M | $14.7M | $32.3M | $21.9M | $16.5M | $15.2M | $22.4M | $49.5M | $27.0M |
| Net income | $163.0M | $303.0M | $308.0M | -$694.0M | $494.0M | $349.2M | $95.9M | $77.5M | $81.8M | -$29.9M |
| EPS, basic | 1.59 | 2.64 | 2.51 | -5.48 | 3.88 | 2.88 | 0.80 | 0.64 | 0.69 | -0.26 |
| EPS, diluted | 1.39 | 2.35 | 2.24 | -5.48 | 3.40 | 2.69 | 0.76 | 0.61 | 0.68 | -0.26 |
| Shares, diluted (wtd. avg.) | $124.1M | $131.7M | $140.1M | $126.8M | $146.7M | $136.4M | $125.7M | $127.1M | $122.3M | $113.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.40B | $811.2M | $914.3M | $926.6M | $785.5M | $1.24B | $443.3M | $367.0M | $315.4M | $181.6M |
| Short-term investments | $224.1M | $228.3M | $236.1M | $250.4M | $204.4M | $425.1M | $374.0M | $257.3M | $25.1M | $100.5M |
| Receivables | $8.7M | $8.7M | $24.7M | $27.9M | $27.3M | $22.6M | $15.4M | $12.2M | $33.7M | $26.4M |
| Total current assets | $1.96B | $1.33B | $1.57B | $1.51B | $1.34B | $1.89B | $921.0M | $680.3M | $439.3M | $371.0M |
| Property, plant and equipment | — | — | — | — | — | — | — | $120.2M | $117.6M | $126.4M |
| Goodwill | $38.1M | $137.1M | $138.4M | $137.7M | $1.37B | $140.8M | $138.7M | $37.5M | $38.5M | $35.7M |
| Other intangibles | $297.4M | $413.9M | $457.1M | $535.4M | $607.2M | $187.4M | $199.2M | $34.6M | $4.1M | $7.5M |
| Total assets | $2.83B | $2.42B | $2.69B | $2.63B | $3.83B | $2.40B | $1.54B | $901.9M | $605.6M | $581.2M |
| Accounts payable | $28.8M | $26.0M | $29.9M | $28.8M | $28.0M | $40.9M | $26.3M | $26.5M | $13.6M | $11.0M |
| Short-term debt | $649.0M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $1.36B | $665.1M | $710.8M | $631.8M | $615.6M | $454.7M | $188.5M | $112.1M | $102.5M | $84.0M |
| Long-term debt | $2.33B | $2.29B | $2.28B | $2.28B | $2.28B | $1.06B | $785.1M | $276.5M | $0 | — |
| Total liabilities | $3.93B | $3.18B | $3.23B | $3.18B | $3.20B | $1.66B | $1.14B | $501.0M | $208.7M | $236.4M |
| Retained earnings | -$2.40B | -$1.78B | -$1.36B | -$1.05B | $71.7M | -$146.8M | -$227.4M | -$153.4M | -$96.3M | -$116.3M |
| Total equity | -$1.10B | -$758.9M | -$543.7M | -$547.3M | $628.6M | $742.4M | $406.6M | $400.9M | $396.9M | $344.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $693.4M | $752.5M | $705.5M | $683.6M | $651.6M | $679.0M | $206.9M | $198.9M | $69.1M | $48.0M |
| Depreciation and amortisation | $101.8M | $108.1M | $91.3M | $96.7M | $74.3M | $58.2M | $48.0M | $26.7M | $27.2M | $22.5M |
| Stock-based compensation | $244.7M | $282.8M | $284.6M | $230.9M | $139.9M | $65.1M | $44.4M | $38.2M | $26.6M | — |
| Capital expenditure | $15.4M | $14.2M | $12.9M | $10.2M | $11.2M | $1.4M | $7.5M | $1.0M | $3.9M | $36.0M |
| Investing cash flow | $32.1M | -$53.1M | -$73.3M | -$30.0M | -$1.56B | -$11.4M | -$488.4M | -$285.4M | $61.8M | -$135.4M |
| Financing cash flow | -$169.9M | -$787.2M | -$656.5M | -$506.5M | $452.7M | $119.3M | $359.6M | $144.0M | $6.6M | -$524.0K |
| Buybacks | $776.9M | $723.9M | $577.0M | $425.7M | $302.8M | $268.7M | $177.0M | $134.6M | $10.3M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001370637-26-000026.
Others in SIC 7389
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MA | Mastercard Inc | $510.86B | 35.1x | 16.4% |
| RPAY | Repay Holdings Corp | $323.15B | — | -1.2% |
| UBER | Uber Technologies, Inc | $154.74B | 16.0x | 18.3% |
| ACN | Accenture plc | $114.31B | 15.4x | 7.4% |
| MELI | MERCADOLIBRE INC | $100.30B | 50.2x | 34.3% |
| DASH | DoorDash, Inc. | $91.98B | 99.4x | 27.9% |
| PYPL | PayPal Holdings, Inc. | $48.48B | 10.2x | 4.3% |
| EBAY | EBAY INC | $46.02B | 23.8x | 7.9% |