Etsy Inc Financials
Etsy Inc (ETSY) reported $2.9B in revenue over the twelve months to Jun 30, 2026, up 6.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Etsy remains a cash-generative, low-capex platform whose reported earnings are compressing faster than sales and cash.
From FY2023 to FY2025, free cash flow stayed near$700M even as net income nearly halved, so cash conversion held up much better than reported profit. Over the same span, more than$2.0B of buybacks deepened negative equity to-$1.1B , meaning the balance sheet looks thinner largely because capital was returned aggressively, not because liquidity vanished.
Capital intensity is unusually low: FY2025 capital spending was only
Gross margin held above
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Etsy Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Etsy Inc has an operating margin of 9.2%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is down from 13.5% the prior year.
Etsy Inc's revenue grew a modest 2.7% year-over-year to $2.9B. This slow but positive growth earns a score of 40/100.
Etsy Inc's current ratio of 1.44 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Etsy Inc converts 23.5% of revenue into free cash flow ($678.0M). This strong cash generation earns a score of 91/100.
Etsy Inc scores 1.57, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.7B) relative to total liabilities ($3.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Etsy Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Etsy Inc generates $4.25 in operating cash flow ($693.4M OCF vs $163.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Etsy Inc earns $14.38 in operating income for every $1 of interest expense ($266.2M vs $18.5M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Etsy Inc generated $2.9B in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.
Etsy Inc's EBITDA was $368.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.6% from the prior year.
Etsy Inc reported $163.0M in net income in fiscal year 2025. This represents a decrease of 46.2% from the prior year.
Etsy Inc earned $1.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.9% from the prior year.
Cash & Balance Sheet
Etsy Inc generated $678.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.2% from the prior year.
Etsy Inc held $1.4B in cash against $2.3B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Etsy Inc's gross margin was 71.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.
Etsy Inc's operating margin was 9.2% in fiscal year 2025, reflecting core business profitability. This is down 4.3 percentage points from the prior year.
Etsy Inc's net profit margin was 5.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Etsy Inc invested $450.2M in research and development in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Etsy Inc spent $776.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 7.3% from the prior year.
Etsy Inc invested $15.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.3% from the prior year.
ETSY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $668.3M+5.9% | $631.3M-34.5% | $964.1M+42.2% | $678.0M+7.8% | $629.1M+2.8% | $612.2M-28.2% | $852.2M+28.6% | $662.4M |
| Cost of Revenue | $184.3M+4.9% | $175.7M-38.7% | $286.7M+47.3% | $194.6M+15.4% | $168.6M+0.5% | $167.8M-22.9% | $217.7M+17.3% | $185.6M |
| Gross Profit | $484.0M+6.2% | $455.6M-32.7% | $677.4M+40.1% | $483.4M+5.0% | $460.5M+3.6% | $444.4M-30.0% | $634.5M+33.1% | $476.8M |
| R&D Expenses | $100.9M+1.9% | $99.1M-27.5% | $136.7M+20.5% | $113.4M+14.1% | $99.3M-1.5% | $100.8M-9.6% | $111.5M+3.9% | $107.3M |
| SG&A Expenses | $66.9M+7.2% | $62.5M-39.6% | $103.4M+30.1% | $79.5M+4.5% | $76.0M+2.9% | $73.9M-10.6% | $82.7M-4.0% | $86.2M |
| Operating Income | $125.3M+4.5% | $119.8M+28.5% | $93.3M+12.8% | $82.7M-12.1% | $94.1M+2529.6% | -$3.9M-102.5% | $155.1M+78.7% | $86.8M |
| Interest Expense | $5.6M | N/A | N/A | $5.7M+50.7% | $3.8M | N/A | N/A | $3.4M |
| Income Tax | $20.6M-16.1% | $24.6M+5.4% | $23.3M+40.7% | $16.6M-28.7% | $23.3M+13.5% | $20.5M-57.7% | $48.4M+194.5% | $16.4M |
| Net Income | -$46.6M-166.9% | $69.7M-37.1% | $110.8M+46.7% | $75.5M+161.8% | $28.8M+155.4% | -$52.1M-140.2% | $129.6M+126.0% | $57.4M |
| EPS (Diluted) | -$0.36-160.0% | $0.60-34.8% | $0.92+46.0% | $0.63+152.0% | $0.25+151.0% | -$0.49-148.5% | $1.01+124.4% | $0.45 |
ETSY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B-9.0% | $2.7B-5.2% | $2.8B+6.6% | $2.7B+3.7% | $2.6B+20.6% | $2.1B-12.3% | $2.4B-1.0% | $2.4B |
| Current Assets | $1.9B-11.2% | $2.1B+7.7% | $2.0B+9.3% | $1.8B+8.8% | $1.6B+48.5% | $1.1B-16.4% | $1.3B+0.5% | $1.3B |
| Cash & Equivalents | $901.3M-25.8% | $1.2B-10.4% | $1.4B+8.5% | $1.2B+8.1% | $1.2B+86.9% | $617.9M-23.8% | $811.2M-0.9% | $818.9M |
| Accounts Receivable | $8.7M-0.5% | $8.7M+0.2% | $8.7M+17.2% | $7.4M+14.5% | $6.5M-27.6% | $8.9M+2.8% | $8.7M+0.7% | $8.6M |
| Goodwill | $37.4M-0.5% | $37.6M-1.2% | $38.1M0.0% | $38.1M0.0% | $38.1M+5.0% | $36.2M-73.6% | $137.1M-1.1% | $138.6M |
| Total Liabilities | $3.8B+0.4% | $3.8B-2.7% | $3.9B+4.2% | $3.8B+2.3% | $3.7B+21.5% | $3.0B-4.6% | $3.2B+3.6% | $3.1B |
| Current Liabilities | $1.3B+1.6% | $1.3B-8.3% | $1.4B+141.3% | $565.1M+16.2% | $486.4M-6.3% | $519.1M-21.9% | $665.1M+20.3% | $553.0M |
| Long-Term Debt | $2.3B+0.1% | $2.3B+0.1% | $2.3B-21.7% | $3.0B+0.1% | $3.0B+30.1% | $2.3B0.0% | $2.3B0.0% | $2.3B |
| Total Equity | -$1.4B-22.7% | -$1.1B-3.5% | -$1.1B+1.3% | -$1.1B+1.1% | -$1.1B-23.5% | -$910.3M-20.0% | -$758.9M-21.6% | -$624.3M |
| Retained Earnings | -$2.8B-12.0% | -$2.5B-3.2% | -$2.4B-1.0% | -$2.4B-1.9% | -$2.3B-15.2% | -$2.0B-13.6% | -$1.8B-8.0% | -$1.7B |
Not reported in any period shown, so not listed: Inventory.
ETSY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $40.6M-49.8% | $80.7M-74.5% | $317.1M+44.8% | $219.0M+102.5% | $108.1M+119.9% | $49.2M-84.4% | $315.0M+44.9% | $217.4M |
| Capital Expenditures | $1.2M-16.8% | $1.5M+17.2% | $1.3M-68.5% | $4.0M-41.4% | $6.9M+111.0% | $3.2M-19.5% | $4.0M-5.4% | $4.3M |
| Free Cash Flow | $39.3M-50.4% | $79.3M-74.9% | $315.9M+46.9% | $215.0M+112.2% | $101.3M+120.5% | $45.9M-85.2% | $310.9M+45.9% | $213.2M |
| Investing Cash Flow | -$30.5M-84.8% | -$16.5M-3092.9% | $552K+102.3% | -$24.0M-131.5% | $76.2M+468.6% | -$20.7M-26.5% | -$16.3M-81.3% | -$9.0M |
| Financing Cash Flow | -$270.9M-70.9% | -$158.4M+4.1% | -$165.3M-30.5% | -$126.7M-138.7% | $326.9M+259.6% | -$204.8M+27.5% | -$282.4M-69.6% | -$166.5M |
| Share Buybacks | $249.7M+71.9% | $145.2M+9.0% | $133.2M+11.2% | $119.8M-64.2% | $334.7M+76.9% | $189.2M-27.1% | $259.6M+66.8% | $155.6M |
Not reported in any period shown, so not listed: Dividends Paid.
ETSY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.4%+0.3pp | 72.2%+1.9pp | 70.3%-1.0pp | 71.3%-1.9pp | 73.2%+0.6pp | 72.6%-1.9pp | 74.5%+2.5pp | 72.0% |
| Operating Margin | 18.7%-0.2pp | 19.0%+9.3pp | 9.7%-2.5pp | 12.2%-2.8pp | 15.0%+15.6pp | -0.6%-18.8pp | 18.2%+5.1pp | 13.1% |
| Net Margin | -7.0%-18.0pp | 11.0%-0.5pp | 11.5%+0.4pp | 11.1%+6.6pp | 4.6%+13.1pp | -8.5%-23.7pp | 15.2%+6.6pp | 8.7% |
| Return on Assets | -1.9%-4.5pp | 2.6%-1.3pp | 3.9%+1.1pp | 2.9%+1.7pp | 1.1%+3.6pp | -2.5%-7.8pp | 5.4%+3.0pp | 2.4% |
| Current Ratio | 1.48-0.2x | 1.69+0.3x | 1.44-1.7x | 3.17-0.2x | 3.39+1.3x | 2.14+0.1x | 2.00-0.4x | 2.39 |
| FCF Margin | 5.9%-6.7pp | 12.6%-20.2pp | 32.8%+1.1pp | 31.7%+15.6pp | 16.1%+8.6pp | 7.5%-29.0pp | 36.5%+4.3pp | 32.2% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$1.1B), 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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Where Etsy Inc Ranks
Frequently Asked Questions
What is Etsy Inc's annual revenue?
Etsy Inc (ETSY) reported $2.9B in total revenue for fiscal year 2025. This represents a 2.7% 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 2.7% year-over-year, from $2.8B to $2.9B in fiscal year 2025.
Is Etsy Inc profitable?
Yes, Etsy Inc (ETSY) reported a net income of $163.0M in fiscal year 2025, with a net profit margin of 5.7%.
What is Etsy Inc's EBITDA?
Etsy Inc (ETSY) had EBITDA of $368.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Etsy Inc have?
As of fiscal year 2025, Etsy Inc (ETSY) had $1.4B 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 71.6% in fiscal year 2025, 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 9.2% in fiscal year 2025, 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 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Etsy Inc's free cash flow?
Etsy Inc (ETSY) generated $678.0M in free cash flow during fiscal year 2025. This represents a -8.2% 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 $693.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Etsy Inc's total assets?
Etsy Inc (ETSY) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Etsy Inc's capital expenditures?
Etsy Inc (ETSY) invested $15.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Etsy Inc spend on research and development?
Etsy Inc (ETSY) invested $450.2M in research and development during fiscal year 2025.
What is Etsy Inc's current ratio?
Etsy Inc (ETSY) had a current ratio of 1.44 as of fiscal year 2025, which is considered adequate.
What is Etsy Inc's return on assets (ROA)?
Etsy Inc (ETSY) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Etsy Inc's debt-to-equity ratio negative or not reported?
Etsy Inc (ETSY) has negative shareholder equity of -$1.1B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 1.57, placing it in the Distress Zone (elevated bankruptcy 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 5 out of 9, indicating neutral 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 to 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 4.25x, 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 14.38x, 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.