📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Etsy, Inc., together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, and internationally. It operates through Etsy and Depop segments. The company operates Etsy marketplace that connects artisans with various consumers; and Depop, a fashion resale marketplace. It also provides marketplace activities, including transaction offsite advertising, payments processing, and listing fees, as well as from optional seller services, which include on-site advertising and shipping labels. The company was formerly known as Indieco, Inc changed its name to Etsy, Inc. in June 2006. Etsy, Inc. was founded in 2005 and is headquartered in Brooklyn, New York.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding ETSY

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	5.96M	$298.0M	0.47%	Mar 2026
Steve Cohen Point72 Asset Management	1.27M	$63.4M	0.08%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

Confident about exceeding top-line expectations and early signals from strategic shift, but cautious about still-declining GMS and future growth trajectory. Uses phrases like 'encouraged' and 'not satisfied', balanced with specific numeric progress.

Q3 2025

Mixed

Management struck a confident tone on progress, stating they 'exceeded expectations on all three key financial metrics' and that GMS returned to growth with 'further sequential improvement' expected. However, they also injected caution with phrases like 'not satisfied with any decline,' 'clear-eyed that there's significantly more work to do,' and noted 'higher than normal degree of uncertainty about consumer spending.' This blend of self-assurance on execution and wariness about the macro environment created a nuanced, realistic tone.

Q4 2025

Confident Specific

Management uses phrases like 'the trajectory is clearly improving', 'Q4 U.S. buyer GMS grew for the first time in four years', 'we are seeing really encouraging signs', and 'we feel confident that those investments will compound'. They repeatedly cite specific improvements (app GMS growth, buyer additions, margin guidance) and assert a clear plan.

Q1 2026 latest

Confident Specific

Management expressed confidence that the strategy is taking hold, citing specific metrics such as 5.5% GMS growth, sequential active buyer growth for the first time in two years, and 240 bps expansion in mobile app GMS share. The tone was balanced with recognition that progress is early and frequency improvement will take time.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is modestly stronger after this call as Etsy delivered its first sequential active buyer growth in two years and two consecutive quarters of GMS growth. The focus on mobile app and personalization is showing early traction, but frequency remains a lagging metric. Management is cautious on macro headwinds and acknowledges growth may not be linear. Key watch items for next quarter: whether habitual and repeat buyer counts stabilize or grow, continued app GMS outperformance, and any impact from tariffs on average order value. The Depop sale adds capital return optionality, but core marketplace execution remains the primary driver of long-term value.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Etsy Q1 GMS $2.5B up 5.5%, active buyers grow sequentially, EBITDA margin 29.3%

Revenue & Profitability

Etsy reported Q1 2026 revenue of $631 million and Adjusted EBITDA of $185 million, representing a 29.3% margin. Etsy marketplace GMS grew 5.5% year-over-year. Net cash from continuing operations was $102.5 million, with a free cash flow conversion of 50% of Adjusted EBITDA. The company repurchased $145 million in stock.

Outlook

Management sees a relatively stable consumer environment with resilient U.S. buyers across income cohorts. They note that the U.S. import trade lane returned to positive growth after tariff impacts. However, they remain cautious due to high macro uncertainty and expect moderating tailwinds from foreign exchange and tariff-related price increases as the year progresses.

Growth Drivers

Key growth drivers include the mobile app, which accounted for 47% of GMS and grew 11.2% YoY, and improved personalization in search and home feed. The company saw 4.8% growth in gross buyer additions (new plus reactivated) and the first sequential growth in active buyers in two years. GMS per active buyer grew year-over-year for the first time since 2022.

Balance Sheet & CapEx

Not discussed in this earnings call. The call mentioned investments in AI and product development but did not provide specific CapEx numbers or guidance.

Margins

Q1 2026 Adjusted EBITDA margin was 29.3%, with operating leverage achieved in product development, marketing, and G&A. The company expects full year 2026 Adjusted EBITDA margin of 28% to 30%, with take rate remaining around 25.7% for the first half and roughly flat for the full year.

Key Risks

Management flagged macro uncertainty, including tariffs and foreign exchange volatility, as risks to the outlook. The company noted that improvement in frequency and retention will take time and may not be linear. The impact of AI integrations is still very small (fraction of a percent of traffic).

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 delivered accelerated GMS and revenue growth, improved buyer engagement, and strong profitability. Strategic investments in discovery, personalization, and marketing efficiency are driving momentum, while a major restructuring and expanded share repurchase program position the company for future growth.

Q1 2026 Q1 2026 2026-04-29

Etsy delivered strong Q1 2026 results with 5.5% GMS growth, improved buyer and seller metrics, and robust mobile app performance. Guidance calls for continued, though moderating, growth as FX and tariff benefits wane, while strategic investments in AI and personalization drive engagement.

Q4 2025 Q4 2025 2026-02-19

Q4 saw record revenue and a return to core marketplace growth, driven by strategic focus on personalization, app engagement, and operational restructuring. The sale of Depop to eBay will enable exclusive investment in the core business, with 2026 guidance calling for slight GMS growth and stable margins.

Q3 2025 Q3 2025 2025-10-29

Q3 2025 results exceeded expectations with consolidated GMS and revenue growth, driven by AI-powered personalization, app engagement, and strong Depop performance. Leadership transition to a new CEO and expanded investment in Depop signal a focus on sustainable growth amid macro uncertainty.

Q2 2025 Q2 2025 2025-07-30

Second quarter results showed improved GMS trends, strong Depop growth, and higher app engagement, with revenue up 4% and adjusted EBITDA margin at 25.1%. Q3 guidance anticipates further sequential improvement, supported by ongoing investments in personalization and marketing.

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