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Etsy Inc (ETSY) stock

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NYSE: ETSY NYSE Broadline Retail Next results ~January 25, 2027

C+ Fundamentals grade

Etsy Inc is a US-listed company in the broadline retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$95

Cash-flow model

Base case. Range ~$69–$130 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 3% below our base value.

Price used: $92.45, November 2, 2026

Etsy Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 110 sales by directors and officers, last 12 monthsInsider trades
  • Funds268 adding, 239 cuttingOf 68 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Etsy files

10-Q filed October 28: Etsy

Model value +46.3%

Revenue for the twelve months to September 2026 was $3.01bn, up 10.8% on a year earlier, faster than the 6.7% growth a quarter earlier. Free-cash-flow margin fell to 19.7% from 24.8% a year earlier. The diluted share count is up 4.1% on a year earlier, which dilutes existing holders. Our model value rises from $48.76 to $71.36 a share, against a share price of $92.25. The rating stays Sell. At that price, our model says the market is pricing in about 10.0% a year of cash-flow growth for five years, faster than the 5.3% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 5: Etsy

Revenue for the twelve months to June 2026 reached $3.01bn, up 10.8% on a year earlier and ahead of the 6.7% growth posted a quarter before. Free-cash-flow margin told a weaker story, slipping to 19.7% from 24.8%. Existing holders also face dilution, with the diluted share count up 4.1% over the year. Our model value is little changed at $48.76 a share, well below the $87.66 price, and the rating stays Sell. To justify that price, the market is pricing in roughly 11.3% a year of cash-flow growth for five years. That sits comfortably above the 5.3% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Etsy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.86bn, up 3.7% on a year earlier, faster than 1.6% a quarter earlier. That puts it 9 of 10 for growth among the business services, nec companies we cover. Free-cash-flow margin fell to 22.7% from 24.4% a year earlier. Operating margin widened to 16.0% from 12.1%. The diluted share count is up 4.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 4 financial-health checks. Our cash-flow model value is $52.09 a share, against a share price of $87.10. At that price, our model says the market is pricing in about 10.8% a year of cash-flow growth for five years, faster than the 4.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Etsy Inc's trailing-twelve-month revenue grew 10.8% year on year, with a free-cash-flow margin of 19.7%. Where it stands out: net margin of 32.8% ranks 1 of 23 broadline retail companies we cover. Where it lags: long-term debt as % of assets of 53.3% ranks 12 of 12 broadline retail companies we cover.

Our discounted-cash-flow model values the business at ~$95 per share in the base case (~$69–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 12.0% while net income grew 442.0%: a 454pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.0 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 14.6% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 4.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 49% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 9 insiders sold $88M of stock over the past 365 days and none bought (90% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Weak cash conversion. Free cash flow was 60% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 53.3% ranks 12 of 12 broadline retail companies we cover (median 6.2%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$7.31 against an average estimate of $1.02: beat by 617.0%
Revenue
$692m, up 10.9% on a year earlier
Share reaction
+4.5% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $1.94

Etsy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.9%
  • 1 week+8.2%
  • 1 month+27.0%
  • This year+66.8%
  • 1 year+49.1%
  • 5 years-61.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3B
Operating margin
14.0%
Net margin
32.8%
EPS (TTM, diluted)
$7.88

Growth

Revenue growth
+10.8%
Change in growth rate
+4.0 pts
Share count change
+4.1%

Cash

Free cash flow (TTM)
$592M
FCF margin
19.7%
Stock pay % of revenue
7.7%

Earnings

Last results
October 28, 2026
Next results (est.)
January 25, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Our research
  4. Announcement

    Etsy CFO Lanny Baker to leave in March 2027

    Etsy Inc said Chief Financial Officer Lanny Baker will depart effective March 1, 2027. He is expected to remain as an advisor until July 1, 2027. The company has retained a recruiting firm to find a successor based in New York.

    Company releaseRead source ↗
  5. Results

    Etsy reports third quarter 2026 results

    Etsy Inc said it has published its financial results for the third quarter ended September 30, 2026. The company noted that the figures are available in its shareholder letter on the investor relations website. A webcast to discuss the performance was scheduled for 8:30 a.m. Eastern Time on October 28, 2026.

    Company releaseRead source ↗SEC filing ↗
  6. Results

    Etsy sets 28 October for third quarter results

    Etsy Inc said it will publish its third quarter 2026 financial results before market open on Wednesday, 28 October 2026. The company will host a webcast conference call at 8:30 a.m. Eastern Time to discuss the figures. A replay of the call will be available from 12:00 p.m. Eastern Time for at least three months.

    Company releaseRead source ↗
  7. Results
  8. Deal
  9. Results
  10. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Etsy Inc valuation models and calculator

What the price is pricing in

The share price implies about 5.2% a year of cash-flow growth for five years.That is close to the 5.3% a year revenue growth Etsy has delivered.

  • Priced in5.2%
  • Last 12 months10.8%
  • 3 years a year3.5%
  • 5 years a year5.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($91.41, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$95
Price used
$91.41close November 3, 2026
Implied change
▲ +4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Etsy Inc's free cash flow after stock-based pay with after-tax interest added back ($437M, FY2026 Q3 TTM), growing 1.6% and 6% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$69–~$130 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Etsy Inc's free cash flow after stock-based pay ( $437M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Etsy Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$95 ~$69–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$86 ~$79–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$92 ~$86–$95 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Etsy Inc with Broadline Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −21%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $64$90$124$168$227$302
8.5% $47$66$90$122$164$217
10% $37$51$70$95$126$167

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$8.26$11.78$20.45$47.57$44.30$177.91$218.94$119.78$81.05$52.89$55.44$92.45
Market value$753m$1.3bn$2.5bn$6.0bn$5.6bn$24.3bn$32.1bn$15.2bn$11.4bn$7.0bn$6.9bn$11.6bn
+ Net debt (− = net cash)−$271m−$182m−$315m−$90m$342m−$182m$1.5bn$1.4bn$1.4bn$1.5bn$1.6bn$921m
Enterprise value$481m$1.2bn$2.2bn$6.0bn$5.9bn$24.1bn$33.6bn$16.5bn$12.7bn$8.4bn$8.5bn$12.5bn
Multiples
Price / sales 2.8x3.7x5.7x10.0x6.8x14.1x13.8x5.9x4.1x2.5x2.4x3.8x
Price / earnings ——30.6x78.0x58.1x69.5x65.1x—36.9x23.0x42.2x11.7x
Price / free cash flow 34.2x111.6x38.4x30.5x27.9x35.8x50.2x22.6x16.4x9.4x10.1x19.5x
EV / EBITDA 28.9x28.8x55.9x58.7x43.2x50.0x62.2x—34.3x17.3x23.1x23.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard Etsy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 30.0% of total assets over 8 years.

  • Pricing power 20 / 20

    Gross margin has been a median 70.6%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 12.3%; its worst year was -26.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.6% of revenue.

  • Discipline 11 / 20

    The diluted share count fell 1.9% over five years; stock-based pay has been a median 6.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.21 +203% $2.9bn +0%
Next $4.66 +11% $3.0bn +4%

Next year's EPS estimate has moved +14.6% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +18.9% on 90 days ago. In the last 30 days, 2 analysts raised Etsy Inc's forecast and 1 cut it.

Consensus EPS forecast Etsy Inc, last 90 days
$3.00 $3.50 $4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.54 Current fiscal year, 60 days ago: $3.41 Current fiscal year, 30 days ago: $3.45 Current fiscal year, 7 days ago: $3.38 Current fiscal year, Now: $4.21 $4.21 Next fiscal year, 90 days ago: $4.07 Next fiscal year, 60 days ago: $4.49 Next fiscal year, 30 days ago: $4.55 Next fiscal year, 7 days ago: $4.52 Next fiscal year, Now: $4.66 $4.66

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.54$4.07
60 days ago $3.41$4.49
30 days ago $3.45$4.55
7 days ago $3.38$4.52
Now $4.21$4.66

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.02 $7.31 +617.0%
Jun 2026 $0.73 −$0.36 −149.1%
Mar 2026 $0.62 $0.60 −3.8%
Dec 2025 $0.85 $0.92 +7.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in Etsy Inc's latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Etsy Inc's revenue by +1.6% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-1.0%, weight 68%) and the company's own record (+7.1%, weight 32%) . How the weights are set.

Analyst recommendations

31 analysts, Oct 2026
Buy1239%
Hold1858%
Sell13%

Monthly trend

  1. Oct 2026481831
  2. Sep 2026481831
  3. Aug 2026471932
  4. Jul 2026352130

Counts of recommendations published by analysts covering Etsy Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.3%
of tradable shares
Days to cover
3.64
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.4%
of shares
Employees
2,375
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +49.1%

$62.00 on October 31, 2025 to $92.45

ThenNowEffect
Revenue (last 12 months) $2.8bn $2.9bn +6.7%
Net margin 6.0% 7.1% +19.5%
P/E multiple 46.0x 56.2x +22.1%
Share count 122m 127m −4.3%

Biggest factor: p/e multiple.

Last 3 years +41.7%

$65.25 on November 3, 2023 to $92.45

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.9bn +10.1%
P/S multiple 3.4x 4.0x +17.8%
Share count 139m 127m +9.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ETSY+23%−45%−32%−35%+5%+67%
Industry peers (median)+29%−46%+5%+25%+6%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ETSY50%25%42%33%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ETSY−36%−69%−59%−41%−32%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 86% from November 24, 2021 to April 8, 2025. Getting back needed a 628% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$44.05 – $92.45
From 52-week high
0.0%
vs 50-day average
+17.1%
vs 200-day average
+35.2%
Volatility (1 year)
49%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.8%
After a week
4 up, 7 down
typical move ±11.9%
After a month
5 up, 6 down
typical move ±15.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +4.5% 0.0% — —
August 5, 2026 −4.8% −0.4% −7.9% −5.1%
April 29, 2026 +1.8% +1.0% +2.8% +7.5%
February 19, 2026 +18.5% +0.5% +25.3% +20.0%
February 18, 2026 +8.5% +0.2% +20.5% +23.4%
October 29, 2025 −17.2% −1.1% −19.4% −27.5%
July 30, 2025 −3.4% −0.5% −6.8% −10.7%
April 30, 2025 −7.8% +0.7% −0.5% +20.0%
February 19, 2025 −10.3% −0.2% −9.8% −21.6%
October 30, 2024 +8.3% −2.3% +11.8% +15.5%
July 31, 2024 −6.8% +0.2% −17.3% −14.0%
May 1, 2024 −13.7% +0.6% −8.9% −7.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Etsy Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.06× the last 60 days’ realised volatility , richer than 25% of the 175 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ETSY Etsy Inc Grade C+ $91.68

Own 100 shares, sell the $105 call expiring December 18, 2026 (45 days) for $2.12 a share — $212 per contract.

Bid $2.12, ask $2.27, quoted Tue 3 Nov, 14:25 New York time with ETSY at $91.68. Option prices move with the shares: check the live chain at your broker before trading.

  • If ETSY ends below $105: you keep your shares and the $212 — 2.3% extra on the position, 18.8% a year at that pace.
  • If it ends above $105: your shares are sold at $105, a total return of 16.8% including the premium — at or above our value of ~$95.
$1.5k $0 −$1.8k Break-even $89.55 Price $91.68 Our value $95.00
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$212
Annualised
18.8%
Break-even
$89.55
Max gain
$1,544.5
Chance of selling
~26%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Etsy Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Etsy Inc
$2.7B $2.8B $2.9B $3B $3.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q1: $2.8B Revenue (TTM), FY25 Q2: $2.8B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.9B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $2.9B Revenue (TTM), FY26 Q3: $3B $3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.7B
FY24 Q1 $2.8B
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.8B
FY25 Q1 $2.8B
FY25 Q2 $2.8B
FY25 Q3 $2.7B
FY25 Q4 $2.9B
FY26 Q1 $2.9B
FY26 Q2 $2.9B
FY26 Q3 $3B
Revenue growth, TTM YoY Etsy Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.1% Revenue growth, TTM YoY, FY24 Q1: 4.8% Revenue growth, TTM YoY, FY24 Q2: 3.8% Revenue growth, TTM YoY, FY24 Q3: 3.1% Revenue growth, TTM YoY, FY24 Q4: 2.2% Revenue growth, TTM YoY, FY25 Q1: 0.8% Revenue growth, TTM YoY, FY25 Q2: -0.6% Revenue growth, TTM YoY, FY25 Q3: -2.9% Revenue growth, TTM YoY, FY25 Q4: 2.7% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 6.7% Revenue growth, TTM YoY, FY26 Q3: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.1%
FY24 Q1 4.8%
FY24 Q2 3.8%
FY24 Q3 3.1%
FY24 Q4 2.2%
FY25 Q1 0.8%
FY25 Q2 -0.6%
FY25 Q3 -2.9%
FY25 Q4 2.7%
FY26 Q1 4.6%
FY26 Q2 6.7%
FY26 Q3 10.8%
Operating margin (TTM) Etsy Inc
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.2% Operating margin (TTM), FY24 Q1: 9.8% Operating margin (TTM), FY24 Q2: 12.3% Operating margin (TTM), FY24 Q3: 12.2% Operating margin (TTM), FY24 Q4: 13.5% Operating margin (TTM), FY25 Q1: 11.1% Operating margin (TTM), FY25 Q2: 12.1% Operating margin (TTM), FY25 Q3: 13.1% Operating margin (TTM), FY25 Q4: 9.2% Operating margin (TTM), FY26 Q1: 13.4% Operating margin (TTM), FY26 Q2: 14.3% Operating margin (TTM), FY26 Q3: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.2%
FY24 Q1 9.8%
FY24 Q2 12.3%
FY24 Q3 12.2%
FY24 Q4 13.5%
FY25 Q1 11.1%
FY25 Q2 12.1%
FY25 Q3 13.1%
FY25 Q4 9.2%
FY26 Q1 13.4%
FY26 Q2 14.3%
FY26 Q3 14.0%
FCF margin (TTM) Etsy Inc
18% 20% 22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.2% FCF margin (TTM), FY24 Q1: 25.6% FCF margin (TTM), FY24 Q2: 25.9% FCF margin (TTM), FY24 Q3: 25.6% FCF margin (TTM), FY24 Q4: 26.3% FCF margin (TTM), FY25 Q1: 25.9% FCF margin (TTM), FY25 Q2: 24.4% FCF margin (TTM), FY25 Q3: 24.8% FCF margin (TTM), FY25 Q4: 23.5% FCF margin (TTM), FY26 Q1: 24.5% FCF margin (TTM), FY26 Q2: 22.1% FCF margin (TTM), FY26 Q3: 19.7% 19.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.2%
FY24 Q1 25.6%
FY24 Q2 25.9%
FY24 Q3 25.6%
FY24 Q4 26.3%
FY25 Q1 25.9%
FY25 Q2 24.4%
FY25 Q3 24.8%
FY25 Q4 23.5%
FY26 Q1 24.5%
FY26 Q2 22.1%
FY26 Q3 19.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Etsy took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.9B
  2. Cost of revenue $818M · 28.4%
  3. Gross profit $2.1B · 71.6%
  4. Research and development $450M · 15.6%
  5. Selling, general and admin $1.2B · 43.3%
  6. Other operating costs $102M · 3.5%
  7. Operating income $266M · 9.2%
  8. Income tax $83.7M · 2.9%
  9. Interest and other $19.5M · 0.7%
  10. Net income $163M · 5.7%

Shares of revenue. Source: Etsy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 125 196 273 365 441 604 818 1,726 2,329 2,566 2,748 2,808 2,884 3,010
Gross profit 77 122 177 242 290 413 547 1,261 1,675 1,822 1,920 2,034 2,066 2,146
EBITDA 13 11 17 40 39 102 137 482 540 −562 371 488 368 525
Operating income 1 −6 −2 18 12 75 89 424 466 −659 280 380 266 422
Net income −1 −15 −54 −30 82 77 96 349 494 −694 308 303 163 987
Diluted EPS −$0.02 −$0.38 −$0.59 −$0.26 $0.68 $0.61 $0.76 $2.69 $3.40 −$5.48 $2.24 $2.35 $1.39 $7.88
Growth (year on year)
Revenue — +56.4% +39.8% +33.4% +20.9% +36.8% +35.6% +110.9% +35.0% +10.2% +7.1% +2.2% +2.7% +10.8%
EBITDA — −16.3% +51.9% +140.6% −2.5% +159.7% +34.7% +252.5% +12.0% −204.0% — +31.6% −24.6% +22.7%
Operating income — — — — −32.3% +528.7% +18.7% +377.7% +9.8% −241.4% — +35.9% −30.0% +18.3%
Net income — — — — — −5.3% +23.7% +264.2% +41.3% −240.7% — −1.4% −46.3% +442.0%
Diluted EPS — — — — — −10.3% +24.6% +253.9% +26.4% −261.2% — +4.9% −40.9% +420.5%
Margins
Gross margin 61.8% 62.4% 64.5% 66.2% 65.8% 68.4% 66.9% 73.1% 71.9% 71.0% 69.8% 72.4% 71.6% 71.3%
EBITDA margin 10.5% 5.6% 6.1% 11.0% 8.9% 16.8% 16.7% 27.9% 23.2% −21.9% 13.5% 17.4% 12.8% 17.4%
Operating margin 0.6% −3.2% −0.7% 4.8% 2.7% 12.4% 10.8% 24.6% 20.0% −25.7% 10.2% 13.5% 9.2% 14.0%
Net margin −0.6% −7.8% −19.8% −8.2% 18.5% 12.8% 11.7% 20.2% 21.2% −27.1% 11.2% 10.8% 5.7% 32.8%
Free-cash-flow margin 7.0% 5.5% 8.1% 3.3% 14.8% 32.8% 24.4% 39.3% 27.5% 26.2% 25.2% 26.3% 23.5% 19.7%
Cash flow
Cash from operations 17 12 33 48 69 199 207 679 652 684 706 752 693 598
Capital spending 8 1 11 36 4 1 8 1 11 10 13 14 15 6
Free cash flow 9 11 22 12 65 198 199 678 640 673 693 738 678 592
Stock-based pay 4 10 11 16 27 38 44 65 140 231 285 283 245 230
Free cash flow after stock pay 5 1 11 −4 39 160 155 612 500 442 408 455 433 362
Balance sheet
Cash 37 70 271 182 315 367 443 1,244 780 921 914 811 1,355 2,066
Total debt 0 0 0 0 0 276 785 1,062 2,275 2,280 2,284 2,288 2,982 2,987
Net debt (negative = net cash) −37 −70 −271 −182 −315 −90 342 −182 1,495 1,358 1,369 1,477 1,627 921
Diluted shares 33m 40m 91m 114m 122m 127m 126m 136m 147m 127m 140m 132m 124m 125m
Returned to shareholders
Buybacks 0 0 0 0 10 135 177 269 303 426 577 724 777 923
Total returned 0 0 0 0 10 135 177 269 303 426 577 724 777 923

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 4 checks passed · September 30, 2026
What it owns · $3.2bn
Short-term assets $2.6bnLonger-term assets $564m
What it owes, and who funded it · $3.8bn
Short-term liabilities $1.9bnLonger-term liabilities $1.9bnShareholders' equity $-678m
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $1.9bn of longer-dated liabilities.
  • More cash than debt $2.1bn of cash against $3.0bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $598m of operating cash flow against $3.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Etsy Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$923M
Returned to shareholders
156%
of free cash flow
Buybacks, last 3 fiscal years
$2.1B
Diluted share count
+4.1%
year over year
Total shareholder yield
11.3%
dividends 0.0% + buybacks 11.3% of market value
R&D spending
15.3%
of revenue

Competitors: side by side with peers

Closest by revenue in broadline retail
Last 12 months unless stated ETSY OLLI BZUN DDS RVLV ZKH Median
Revenue, last 12 months $3.0bn $2.8bn $1.4bn $6.6bn $1.3bn $1.3bn $2.8bn
Revenue growth, last 12 months 10.8% 14.4% 5.7% 0.2% 10.8% 2.7% 4.4%
Revenue growth, 3-year average 3.5% 12.9% 77.5% −1.7% 6.6% — 9.1%
Revenue growth, latest quarter 10.9% 9.1% — −0.4% 12.4% — 9.1%
Gross margin 71.3% 41.6% 74.1% 39.8% 54.3% 16.4% 44.4%
Operating margin 14.0% 12.3% 0.6% — 6.1% −2.4% 2.5%
Operating margin, 3-year average 13.1% 11.5% 2.3% — 4.5% — 2.8%
Net margin 32.8% 9.8% −2.4% 10.3% 5.5% −1.6% 1.7%
Cash from operations / revenue 19.9% 12.2% 4.2% 11.0% 3.3% 0.1% 4.0%
Free-cash-flow margin 19.7% 8.0% 3.2% 9.6% 2.1% −0.5% 2.1%
Free-cash-flow margin, 3-year average 23.4% 5.9% −3.8% 9.7% 3.0% — 3.0%
Stock pay / revenue 7.7% 0.5% 0.2% — 0.8% 0.6% 0.7%
Change in share count 4.1% −0.9% −3.4% −9.5% 0.2% −0.9% −0.4%

Median of all 23 companies we cover in broadline retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 broadline retail companies
Measure Company Peer median Rank
Revenue growth Growth 10.8% 4.4% 8 of 23
Change in growth rate Growth +4.0pp +0.9pp 6 of 23
Gross margin Profitability 71.3% 44.4% 5 of 22
Operating margin Profitability 14.0% 3.6% 3 of 22
Net margin Profitability 32.8% 1.7% 1 of 23
Free-cash-flow margin Cash generation 19.7% 2.1% 2 of 23
Stock pay as % of revenue Cash generation 7.7% 0.8% 20 of 22
Long-term debt as % of assets Balance sheet 53.3% 6.2% 12 of 12
Change in share count Balance sheet 4.1% 0.1% 20 of 22

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Marketplace Revenue $2B 69.6% ▼ 0.7%
Services Revenue $876M 30.4% ▲ 11.3%
Geography
Region Revenue Share YoY
United States $1.5B 50.8% ▼ 0.1%
Non US and United Kingdom $1.1B 38.9% ▲ 10.0%
United Kingdom $296M 10.3% ▼ 7.7%

From Etsy Inc's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.3B
Institutions reporting
549
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
110 / 49

Top buyers and sellers, Q2 2026: 268 institutions bought and 239 sold ; the biggest buyer was Assenagon Asset Management S.A (+2.1M shares) and the biggest seller Van Eck Associates Corp (−3.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $950M 12.6M 11.5% ▼ 4.3%
Renaissance Technologies LLC $451M 6.0M 5.4% ▲ 0.5%
Vanguard Portfolio Management LLC $419M 5.6M 5.1% ▲ 1.0%
Elliott Investment Management L.P. $377M 5.0M 4.5% 0.0%
Goldman Sachs Group Inc $323M 4.3M 3.9% ▲ 2.9%
Vanguard Capital Management LLC $311M 4.1M 3.7% ▼ 1.4%
Barclays PLC $291M 3.9M 3.5% ▼ 20.1%
Assenagon Asset Management S.A. $243M 3.2M 2.9% ▲ 196.0%
State Street Corp $242M 3.2M 2.9% ▼ 1.7%
AQR Capital Management LLC $210M 2.8M 2.5% ▲ 6.3%
Balyasny Asset Management L.P. $203M 2.7M 2.4% ▼ 41.0%
Arrowstreet Capital, Limited Partnership $171M 2.3M 2.1% ▼ 30.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Etsy Inc's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $88.1M 110 trades by 9 insiders · 90% under pre-set plans
Net ▼ $88.1M net selling
Insider Date Trade Shares Price Value
Silverman Josh Director November 2, 2026 Sell 41,500 $92.13 $3.8M
Silverman Josh Director October 30, 2026 Sell 1,189 $88.70 $105,470
Blow Marla J Director October 29, 2026 Sell 6,000 $92.67 $556,020
Wilson Frederick R Director October 29, 2026 Sell 28,527 $91.39 $2.6M
Minor Bradley Chief Marketing Officer October 29, 2026 Sell 4,444 $92.33 $410,315
Silverman Josh Director October 15, 2026 Sell pre-set plan 417 $84.47 $35,224
Reiff Melissa Director October 15, 2026 Sell pre-set plan 942 $90.00 $84,780
Buckley Merilee CHIEF ACCOUNTING OFFICER October 15, 2026 Sell pre-set plan 5,076 $90.00 $456,840
Silverman Josh Director October 13, 2026 Sell pre-set plan 714 $79.00 $56,406
Silverman Josh Director October 8, 2026 Sell pre-set plan 383 $74.00 $28,342
Buckley Merilee CHIEF ACCOUNTING OFFICER October 5, 2026 Sell pre-set plan 1,396 $71.35 $99,605
Colburn Richard Edward Iii Chief Product & Tech Officer October 5, 2026 Sell pre-set plan 294 $71.99 $21,165

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Etsy Inc disclosed in the last 12 months; 8 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded May 8, 2023, filed June 11, 2023
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded April 27, 2023, filed May 19, 2023
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded January 11, 2023, filed February 17, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 5, 2026
  • April 29, 2026
  • February 19, 2026
  • February 18, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on Etsy Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Etsy Inc in brief

What does Etsy Inc do?
Etsy Inc is a US-listed company in the broadline retail industry. Its financial year ends in December.
What is Etsy Inc's stock ticker?
Etsy Inc trades under the ticker ETSY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Etsy Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Etsy Inc reported revenue of $3B, 10.8% higher than a year earlier, according to its SEC filings.
What is Etsy Inc's free cash flow?
Etsy Inc's free-cash-flow margin is 19.7% of revenue over the trailing twelve months, ranking 2 of the 23 broadline retail companies we cover.
What is Etsy Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Etsy Inc's free cash flow after stock-based pay gives ~$95 per share in the base case, and ~$69–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Etsy Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Renaissance Technologies LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Etsy Inc buying back stock, and does it pay a dividend?
Etsy Inc spent $923M on share repurchases over the trailing twelve months, and its diluted share count still rose 4.1% over the year.
What is Etsy Inc's market cap?
On November 2, 2026, Etsy Inc's market capitalisation was about $11.6B, with a price-to-earnings ratio of 11.7 and net debt of $921M. Market figures come from third-party market data and may be delayed.
Who are Etsy Inc's competitors?
In our Broadline Retail peer group, the companies closest to Etsy Inc are Ollie's Bargain Outlet Holdings, Inc., Baozun Inc., Dillard's, Inc., Revolve Group, Inc. and ZKH Group Ltd. The side-by-side comparison below sets their revenue, margins and growth against Etsy Inc's.
Are insiders buying or selling Etsy Inc stock?
Over the last 12 months, Etsy Inc's directors and officers reported 0 open-market purchases and 110 sales on Form 4. The insider trading page charts every trade.
When is Etsy Inc's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Etsy Inc announces its own schedule.