Etsy Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Etsy Inc has an operating margin of 13.5%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is up from 10.2% the prior year.
Etsy Inc's revenue grew a modest 2.2% year-over-year to $2.8B. This slow but positive growth earns a score of 35/100.
Etsy Inc's current ratio of 2.00 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.
Etsy Inc converts 26.3% of revenue into free cash flow ($738.3M). This strong cash generation earns a score of 100/100.
Etsy Inc scores 1.83, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Etsy Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Etsy Inc generates $2.48 in operating cash flow ($752.5M OCF vs $303.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Etsy Inc earns $27.5 in operating income for every $1 of interest expense ($380.2M vs $13.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Etsy Inc (ETSY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Etsy Inc generated $2.8B in revenue in fiscal year 2024. This represents an increase of 2.2% from the prior year.
Etsy Inc's EBITDA was $488.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.6% from the prior year.
Etsy Inc generated $738.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 6.6% from the prior year.
Etsy Inc reported $303.3M in net income in fiscal year 2024. This represents a decrease of 1.4% from the prior year.
Etsy Inc earned $2.35 per diluted share (EPS) in fiscal year 2024. This represents an increase of 4.9% from the prior year.
Etsy Inc held $811.2M in cash against $2.3B in long-term debt as of fiscal year 2024.
Etsy Inc had 107M shares outstanding in fiscal year 2024. This represents a decrease of 10.1% from the prior year.
Etsy Inc's gross margin was 72.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the prior year.
Etsy Inc's operating margin was 13.5% in fiscal year 2024, reflecting core business profitability. This is up 3.4 percentage points from the prior year.
Etsy Inc's net profit margin was 10.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.
Etsy Inc invested $443.1M in research and development in fiscal year 2024. This represents a decrease of 5.6% from the prior year.
Etsy Inc spent $723.9M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 25.5% from the prior year.
Etsy Inc invested $14.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 9.8% from the prior year.
ETSY Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $678.0M+0.8% | $672.7M+3.3% | $651.2M-23.6% | $852.2M+31.5% | $647.8M+0.3% | $646.0M-23.3% | $842.3M+32.4% | $636.3M |
| Cost of Revenue | $194.6M+0.6% | $193.5M+0.8% | $192.1M-11.8% | $217.7M+18.3% | $184.1M-1.6% | $187.1M-26.8% | $255.8M+35.4% | $188.8M |
| Gross Profit | $483.4M+0.9% | $479.1M+4.4% | $459.1M-27.6% | $634.5M+36.8% | $463.7M+1.1% | $458.8M-21.8% | $586.6M+31.1% | $447.5M |
| R&D Expenses | $113.4M+1.4% | $111.9M+1.2% | $110.5M-0.9% | $111.5M-2.6% | $114.5M+4.2% | $109.8M-6.5% | $117.5M+3.1% | $113.9M |
| SG&A Expenses | $79.5M+0.9% | $78.7M-1.9% | $80.2M-3.0% | $82.7M-13.8% | $96.0M+7.8% | $89.1M-3.7% | $92.5M+10.1% | $84.1M |
| Operating Income | $82.7M+8.2% | $76.4M+442.3% | -$22.3M-114.4% | $155.1M+121.1% | $70.2M+3.1% | $68.1M-41.0% | $115.5M+30.4% | $88.6M |
| Interest Expense | $5.7M+50.7% | $3.8M | N/A | $3.4M-0.5% | $3.5M | N/A | N/A | N/A |
| Income Tax | $16.6M-25.7% | $22.3M+18.8% | $18.8M-61.2% | $48.4M+86.5% | $26.0M+56.0% | $16.7M-35.7% | $25.9M+184.1% | $9.1M |
| Net Income | $75.5M+161.8% | $28.8M+155.4% | -$52.1M-140.1% | $129.9M+145.1% | $53.0M-15.9% | $63.0M-24.3% | $83.3M-5.2% | $87.8M |
| EPS (Diluted) | $0.63+152.0% | $0.25+151.0% | $-0.49-148.5% | $1.01+146.3% | $0.41-14.6% | $0.48-22.6% | $0.62-3.1% | $0.64 |
ETSY Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B+3.7% | $2.6B+20.6% | $2.1B-12.3% | $2.4B-1.2% | $2.4B-2.0% | $2.5B-7.0% | $2.7B+9.6% | $2.4B |
| Current Assets | $1.8B+8.8% | $1.6B+48.5% | $1.1B-16.4% | $1.3B-2.3% | $1.4B-3.2% | $1.4B-10.6% | $1.6B+16.9% | $1.3B |
| Cash & Equivalents | $1.2B+5.5% | $1.2B+82.3% | $649.2M-20.0% | $811.2M+6.8% | $759.2M-3.8% | $788.8M-13.7% | $914.3M+23.2% | $742.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $7.4M+14.5% | $6.5M-27.6% | $8.9M+2.8% | $8.7M-15.7% | $10.3M-37.6% | $16.5M-33.1% | $24.7M+27.4% | $19.4M |
| Goodwill | $38.1M0.0% | $38.1M+5.0% | $36.2M-73.6% | $137.1M-0.5% | $137.7M-0.1% | $137.9M-0.3% | $138.4M+0.7% | $137.5M |
| Total Liabilities | $3.8B+2.3% | $3.7B+21.5% | $3.0B-4.6% | $3.2B+3.0% | $3.1B+0.1% | $3.1B-4.6% | $3.2B+5.1% | $3.1B |
| Current Liabilities | $565.1M+16.2% | $486.4M-6.3% | $519.1M-21.9% | $665.1M+17.8% | $564.5M-0.1% | $565.1M-20.5% | $710.8M+29.5% | $548.8M |
| Long-Term Debt | $3.0B+0.1% | $3.0B+30.1% | $2.3B0.0% | $2.3B+0.1% | $2.3B0.0% | $2.3B0.0% | $2.3B0.0% | $2.3B |
| Total Equity | -$1.1B+1.1% | -$1.1B-23.5% | -$910.3M-20.0% | -$758.9M-19.5% | -$635.0M-8.8% | -$583.8M-7.4% | -$543.7M+12.7% | -$622.5M |
| Retained Earnings | -$2.4B-1.9% | -$2.3B-15.2% | -$2.0B-13.6% | -$1.8B-14.9% | -$1.6B-6.8% | -$1.5B-7.1% | -$1.4B-0.8% | -$1.3B |
ETSY Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $219.0M+102.5% | $108.1M+119.9% | $49.2M-84.4% | $315.0M+108.5% | $151.1M+118.8% | $69.0M-76.6% | $295.1M+35.1% | $218.5M |
| Capital Expenditures | $4.0M-41.6% | $6.9M+111.3% | $3.2M-19.5% | $4.0M+10.5% | $3.7M+61.8% | $2.3M-56.5% | $5.2M+33.0% | $3.9M |
| Free Cash Flow | $215.0M+112.3% | $101.3M+120.5% | $45.9M-85.2% | $310.9M+110.9% | $147.4M+120.8% | $66.8M-77.0% | $289.9M+35.1% | $214.6M |
| Investing Cash Flow | -$24.0M-131.5% | $76.2M+468.6% | -$20.7M-26.5% | -$16.3M-519.5% | -$2.6M+89.5% | -$25.1M-29.9% | -$19.3M-71.5% | -$11.3M |
| Financing Cash Flow | -$126.7M-138.7% | $326.9M+259.6% | -$204.8M+27.5% | -$282.4M-61.1% | -$175.2M-7.5% | -$163.0M-40.9% | -$115.7M+62.0% | -$304.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $119.8M-64.2% | $334.7M+76.9% | $189.2M-27.1% | $259.6M+72.6% | $150.4M-5.0% | $158.3M+70.3% | $93.0M-68.7% | $296.9M |
ETSY Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.3%+0.1pp | 71.2%+0.7pp | 70.5%-3.9pp | 74.5%+2.9pp | 71.6%+0.5pp | 71.0%+1.4pp | 69.6%-0.7pp | 70.3% |
| Operating Margin | 12.2%+0.8pp | 11.4%+14.8pp | -3.4%-21.6pp | 18.2%+7.4pp | 10.8%+0.3pp | 10.5%-3.2pp | 13.7%-0.2pp | 13.9% |
| Net Margin | 11.1%+6.9pp | 4.3%+12.3pp | -8.0%-23.2pp | 15.2%+7.1pp | 8.2%-1.6pp | 9.8%-0.1pp | 9.9%-3.9pp | 13.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.9%+1.7pp | 1.1%+3.6pp | -2.5%-7.8pp | 5.4%+3.2pp | 2.2%-0.3pp | 2.5%-0.6pp | 3.1%-0.5pp | 3.6% |
| Current Ratio | 3.17-0.2 | 3.39+1.3 | 2.14+0.1 | 2.00-0.4 | 2.41-0.1 | 2.49+0.3 | 2.21-0.2 | 2.45 |
| Debt-to-Equity | -2.68-0.0 | -2.65-0.1 | -2.51+0.5 | -3.02+0.6 | -3.60+0.3 | -3.91+0.3 | -4.20-0.5 | -3.67 |
| FCF Margin | 31.7%+16.6pp | 15.1%+8.0pp | 7.0%-29.4pp | 36.5%+13.7pp | 22.8%+12.4pp | 10.3%-24.1pp | 34.4%+0.7pp | 33.7% |
Note: Shareholder equity is negative (-$758.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Etsy Inc's annual revenue?
Etsy Inc (ETSY) reported $2.8B in total revenue for fiscal year 2024. This represents a 2.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Etsy Inc's revenue growing?
Etsy Inc (ETSY) revenue grew by 2.2% year-over-year, from $2.7B to $2.8B in fiscal year 2024.
Is Etsy Inc profitable?
Yes, Etsy Inc (ETSY) reported a net income of $303.3M in fiscal year 2024, with a net profit margin of 10.8%.
What is Etsy Inc's earnings per share (EPS)?
Etsy Inc (ETSY) reported diluted earnings per share of $2.35 for fiscal year 2024. This represents a 4.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Etsy Inc's EBITDA?
Etsy Inc (ETSY) had EBITDA of $488.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Etsy Inc have?
As of fiscal year 2024, Etsy Inc (ETSY) had $811.2M in cash and equivalents against $2.3B in long-term debt.
What is Etsy Inc's gross margin?
Etsy Inc (ETSY) had a gross margin of 72.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Etsy Inc's operating margin?
Etsy Inc (ETSY) had an operating margin of 13.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Etsy Inc's net profit margin?
Etsy Inc (ETSY) had a net profit margin of 10.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Etsy Inc's free cash flow?
Etsy Inc (ETSY) generated $738.3M in free cash flow during fiscal year 2024. This represents a 6.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Etsy Inc's operating cash flow?
Etsy Inc (ETSY) generated $752.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Etsy Inc's total assets?
Etsy Inc (ETSY) had $2.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Etsy Inc's capital expenditures?
Etsy Inc (ETSY) invested $14.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Etsy Inc spend on research and development?
Etsy Inc (ETSY) invested $443.1M in research and development during fiscal year 2024.
Does Etsy Inc buy back shares?
Yes, Etsy Inc (ETSY) spent $723.9M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Etsy Inc have outstanding?
Etsy Inc (ETSY) had 107M shares outstanding as of fiscal year 2024.
What is Etsy Inc's current ratio?
Etsy Inc (ETSY) had a current ratio of 2.00 as of fiscal year 2024, which is generally considered healthy.
What is Etsy Inc's debt-to-equity ratio?
Etsy Inc (ETSY) had a debt-to-equity ratio of -3.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Etsy Inc's return on assets (ROA)?
Etsy Inc (ETSY) had a return on assets of 12.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Etsy Inc's debt-to-equity ratio negative or unusual?
Etsy Inc (ETSY) has negative shareholder equity of -$758.9M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Etsy Inc's Altman Z-Score?
Etsy Inc (ETSY) has an Altman Z-Score of 1.83, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Etsy Inc's Piotroski F-Score?
Etsy Inc (ETSY) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Etsy Inc's earnings high quality?
Etsy Inc (ETSY) has an earnings quality ratio of 2.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Etsy Inc cover its interest payments?
Etsy Inc (ETSY) has an interest coverage ratio of 27.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Etsy Inc?
Etsy Inc (ETSY) scores 66 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.