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Etsy

ETSY NYSE Broadline Retail Financials FY2016–FY2025

Etsy's revenue rose 2.7% to $2.9 billion in fiscal 2025. Its operating margin was 9.2%, down from 13.5% a year earlier. Free cash flow was $678 million, down 8.2%. It paid out $777 million in dividends and buybacks, 115% of free cash flow. The diluted share count fell 5.8%.

Last close · Oct 23, 2026

$86.93

4.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
2.7% vs prior year
Operating margin Operating income as a share of revenue.
9.2%
4.3 pts
Net income Profit after all expenses, interest and tax.
$163M
46.3%
Free cash flow Cash from operations minus capital spending.
$678M
8.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
37.2%
6.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
48.6x
On $1.79 EPS (TTM)

What Etsy does

Etsy runs online marketplaces that connect independent sellers with buyers around the world. The Etsy marketplace is for unique, creative and handmade goods. It also owns Depop, a fashion resale marketplace it bought in 2021. Etsy does not hold physical inventory. Sellers list and ship their own goods, and Etsy runs the platforms, search, payments, trust and safety tools, and marketing.

Etsy earns money from fees. Required fees include transaction fees (which include a fee for offsite advertising), payments processing fees and listing fees. It also sells optional services such as on-site advertising and shipping labels. Total sales across its marketplaces, which it calls Gross Merchandise Sales, were $11,916.9 million in 2025. The Etsy marketplace was 87.8% of that total. Etsy also relies on Google Cloud for much of the computing for the Etsy marketplace.

In February 2026 Etsy agreed to sell Depop to eBay for $1.2 billion in cash, with the sale expected to close in the second quarter of 2026. It sold its musical instrument marketplace, Reverb, in June 2025. Kruti Patel Goyal became chief executive on January 1, 2026, replacing Josh Silverman, who is staying on as executive chair through the end of 2026.

Legal name
ETSY, INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 19, 2026
Accession · CIK
0001370637-26-000019
0001370637

Revenue and margins

Etsy had $2.9B of revenue in fiscal 2025, up 2.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $678M in fiscal 2025, 23.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Etsy returned $777M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 5.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Etsy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.5B and divides by 124.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 48.6x · peers 15.2x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Etsy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $985M$1.2B$1.2B$1.0B$1.6B
Debt incl. finance leases $2.4B$2.4B$2.4B$2.4B$3.1B
Net debt / EBITDA 2.6x—3.3x2.8x4.0x
Debt / equity 3.8x————
Interest coverage 47.1x−46.5x19.9x27.5x14.4x
Current ratio 2.2x2.4x2.2x2.0x1.4x
Quick ratio 2.2x2.4x2.2x2.0x1.4x
Total assets $3.8B$2.6B$2.7B$2.4B$2.8B
Total liabilities $3.2B$3.2B$3.2B$3.2B$3.9B
Shareholders' equity $629M−$547M−$544M−$759M−$1.1B
Net debt (− = net cash) $1.4B$1.2B$1.2B$1.3B$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.7M

7 insiders

Of sales under plans

92%

$4.3M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Josh SilvermanDirector Sold plan 417 $84.47 $0.0M Form 4
Oct 15, 2026 Melissa ReiffDirector Sold plan 942 $90.00 $0.1M Form 4
Oct 15, 2026 Merilee BuckleyChief Accounting Officer Sold plan 5,076 $90.00 $0.5M Form 4
Oct 13, 2026 Josh SilvermanDirector Sold plan 714 $79.00 $0.1M Form 4
Sep 3, 2026 Josh SilvermanDirector Sold plan 1,671 $84.00 $0.1M Form 4
Sep 3, 2026 Richard Edward Colburn IIIChief Product & Tech Officer Sold plan 2,913 $82.11 $0.2M Form 4
Sep 1, 2026 Frederick R WilsonDirector Sold plan 20,000 $81.86 $1.6M Form 4
Sep 1, 2026 Josh SilvermanDirector Sold plan 11,696 $81.85 $1.0M Form 4
Aug 26, 2026 Charles Andrew BallardDirector Sold 4,500 $81.85 $0.4M Form 4
Aug 17, 2026 Marla J BlowDirector Sold plan 300 $79.56 $0.0M Form 4
Aug 17, 2026 Merilee BuckleyChief Accounting Officer Sold plan 405 $79.50 $0.0M Form 4
Aug 10, 2026 Richard Edward Colburn IIIChief Product & Tech Officer Sold plan 8,252 $82.09 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 96 / 95 / 9
Accruals ratio −15.0%−17.6%−20.2%
Altman Z'' 0.980.20−1.05

Similar companies

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Etsy ETSY $10.4B 2.7% 9.2% 23.5% 37.2% 48.6x 5
Ollie's Bargain Outlet OLLI $5.3B 16.6% 11.2% 7.4% 14.5% 19.6x 7 Compare →
eBay EBAY $55.2B 8.0% 20.5% 12.9% 26.8% 25.2x 5 Compare →
Kohl's KSS $2.9B −4.3% 4.0% 6.5% 7.2% 10.7x 7 Compare →
Macy's M $6.6B −1.7% 4.6% 4.7% 12.9% 8.8x 8 Compare →

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $365M $441M $604M $818M $1.7B $2.3B $2.6B $2.7B $2.8B $2.9B
Gross profit $242M $290M $413M $547M $1.3B $1.7B $1.8B $1.9B $2.0B $2.1B
Research and development $55.1M $74.6M $97.2M $122M $180M $272M $412M $469M $443M $450M
Operating income $17.6M $11.9M $74.8M $88.8M $424M $466M −$659M $280M $380M $266M
Interest expense $7.2M $11.1M $22.2M $24.3M $42.0M $9.9M $14.2M $14.0M $13.8M $18.5M
Pretax income −$2.9M $32.3M $55.1M $80.6M $366M $472M −$662M $293M $411M $247M
Income tax $27.0M −$49.5M −$22.4M −$15.2M $16.5M −$21.9M $32.3M −$14.7M $108M $83.7M
Net income −$29.9M $81.8M $77.5M $95.9M $349M $494M −$694M $308M $303M $163M
Diluted EPS −$0.26 $0.68 $0.61 $0.76 $2.69 $3.40 −$5.48 $2.24 $2.35 $1.39
Diluted shares 0.11B 0.12B 0.13B 0.13B 0.14B 0.15B 0.13B 0.14B 0.13B 0.12B
Cash flow
Cash from operations $48.0M $69.1M $199M $207M $679M $652M $684M $706M $753M $693M
Capital expenditure $36.0M $3.9M $1.0M $7.5M $1.4M $11.2M $10.2M $12.9M $14.2M $15.4M
Free cash flow $12.0M $65.2M $198M $199M $678M $640M $673M $693M $738M $678M
Depreciation and amortization $22.5M $27.2M $26.7M $48.0M $58.2M $74.3M $96.7M $91.3M $108M $102M
Stock-based compensation $15.9M $26.6M $38.2M $44.4M $65.1M $140M $231M $285M $283M $245M
Acquisitions $7.9M $0.0M $0.0M $270M $0.0M $1.7B $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $10.3M $135M $177M $269M $303M $426M $577M $724M $777M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $10.3M $135M $177M $269M $303M $426M $577M $724M $777M
Balance sheet
Cash and short-term investments $282M $341M $624M $817M $1.7B $985M $1.2B $1.2B $1.0B $1.6B
Total debt — $0.0M $277M $785M $1.1B $2.3B $2.3B $2.3B $2.3B $3.0B
Finance lease liabilities $0.0M $0.0M $0.0M $61.9M $53.5M $113M $110M $106M $99.6M $93.5M
Current assets $371M $439M $680M $921M $1.9B $1.3B $1.5B $1.6B $1.3B $2.0B
Current liabilities $84.0M $103M $112M $189M $455M $616M $632M $711M $665M $1.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $126M $118M $120M $145M $113M $275M $250M $250M $237M $229M
Total assets $581M $606M $902M $1.5B $2.4B $3.8B $2.6B $2.7B $2.4B $2.8B
Total liabilities $236M $209M $501M $1.1B $1.7B $3.2B $3.2B $3.2B $3.2B $3.9B
Shareholders' equity $345M $397M $401M $407M $742M $629M −$547M −$544M −$759M −$1.1B
Margins
Gross margin 66.2% 65.8% 68.4% 66.9% 73.1% 71.9% 71.0% 69.9% 72.4% 71.6%
Operating margin 4.8% 2.7% 12.4% 10.9% 24.6% 20.0% −25.7% 10.2% 13.5% 9.2%
EBITDA margin 11.0% 8.9% 16.8% 16.7% 27.9% 23.2% −21.9% 13.5% 17.4% 12.8%
Net margin −8.2% 18.5% 12.8% 11.7% 20.2% 21.2% −27.1% 11.2% 10.8% 5.7%
FCF margin 3.3% 14.8% 32.8% 24.4% 39.3% 27.5% 26.2% 25.2% 26.3% 23.5%
Returns
Return on capital — — — 36.3% 129.5% 41.9% −38.5% 41.0% 43.7% 37.2%
Return on capital employed 3.6% 2.4% 11.6% 8.3% 25.7% 18.0% −25.2% 14.1% 20.4% 16.6%
Return on equity −8.9% 22.1% 19.4% 23.8% 60.8% 72.0% — — — —
Return on assets −5.3% 13.8% 10.3% 7.9% 17.7% 15.8% −21.5% 11.6% 11.9% 6.2%
Growth
Revenue growth 33.4% 20.9% 36.8% 35.6% 110.9% 35.0% 10.2% 7.1% 2.2% 2.7%
Net income growth — — −5.3% 23.8% 264.2% 41.3% −240.7% — −1.4% −46.3%
EPS growth — — −10.3% 24.6% 254.0% 26.4% −261.2% — 4.9% −40.9%
FCF growth −45.6% 443.7% 203.8% 0.8% 239.8% −5.5% 5.2% 2.9% 6.6% −8.2%
Share count change 24.6% 7.7% 3.9% −1.1% 8.5% 7.5% −13.6% 10.5% −6.0% −5.8%
Financial health
Net debt / EBITDA — −8.7x −3.4x 0.2x −1.2x 2.6x — 3.3x 2.8x 4.0x
Debt / equity — 0.0x 0.7x 2.1x 1.5x 3.8x — — — —
Interest coverage 2.4x 1.1x 3.4x 3.7x 10.1x 47.1x −46.5x 19.9x 27.5x 14.4x
Current ratio 4.4x 4.3x 6.1x 4.9x 4.2x 2.2x 2.4x 2.2x 2.0x 1.4x
Quick ratio 4.4x 4.3x 6.1x 4.9x 4.2x 2.2x 2.4x 2.2x 2.0x 1.4x
Capital allocation
Capex / revenue 9.9% 0.9% 0.2% 0.9% 0.1% 0.5% 0.4% 0.5% 0.5% 0.5%
Stock comp / revenue 4.4% 6.0% 6.3% 5.4% 3.8% 6.0% 9.0% 10.4% 10.1% 8.5%
Payouts / FCF 0.0% 15.8% 68.0% 88.8% 39.7% 47.3% 63.2% 83.3% 98.1% 114.6%
Quality scores
Piotroski F-score — — 6.0 4.0 7.0 3.0 5.0 5.0 6.0 5.0
Altman Z'' 4.3 5.3 5.0 3.4 5.4 2.3 −1.0 1.0 0.2 −1.1
Accruals ratio −13.7% 2.1% −16.1% −9.1% −16.7% −5.1% −42.6% −15.0% −17.6% −20.2%

Source: SEC EDGAR XBRL filings (CIK 0001370637). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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