Etsy Inc income statement
In fiscal 2025, Etsy Inc reported revenue of $2.88bn, up 2.7% on the year before, operating income of $266m (a 9.2% margin) and net income of $163m, or $1.39 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 125 | 196 | 273 | 365 | 441 | 604 | 818 | 1,726 | 2,329 | 2,566 | 2,748 | 2,808 | 2,884 | 3,010 |
| Cost of revenue | 48 | 74 | 97 | 123 | 151 | 191 | 271 | 465 | 655 | 745 | 829 | 775 | 818 | 864 |
| Gross profit | 77 | 122 | 177 | 242 | 290 | 413 | 547 | 1,261 | 1,675 | 1,822 | 1,920 | 2,034 | 2,066 | 2,146 |
| Research and development | 28 | 37 | 43 | 55 | 75 | 97 | 122 | 180 | 272 | 412 | 469 | 443 | 450 | 461 |
| Selling and marketing | — | — | — | 82 | 109 | 158 | 216 | 501 | 655 | 710 | 759 | 857 | 915 | 951 |
| General and administrative | 31 | 52 | 69 | 86 | 91 | 83 | 121 | 156 | 283 | 312 | 343 | 354 | 333 | 312 |
| Operating income | 1 | −6 | −2 | 18 | 12 | 75 | 89 | 424 | 466 | −659 | 280 | 380 | 266 | 422 |
| Interest expense | 0 | 1 | 2 | 7 | 11 | 22 | 24 | 42 | 10 | 14 | 14 | 14 | 19 | — |
| Income before tax | 0 | −10 | −28 | −3 | 32 | 55 | 81 | 366 | 472 | −662 | 293 | 411 | 247 | 465 |
| Income tax | 1 | 5 | 26 | 27 | −50 | −22 | −15 | 16 | −22 | 32 | −15 | 107 | 84 | 85 |
| 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 |
| Diluted shares (average) | 33m | 40m | 91m | 114m | 122m | 127m | 126m | 136m | 147m | 127m | 140m | 132m | 124m | 125m |
| EBITDA | 13 | 11 | 17 | 40 | 39 | 102 | 137 | 482 | 540 | −562 | 371 | 488 | 368 | 525 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 852 | 612 | 629 | 624 | 1,018 | 631 | 668 | 692 |
| Cost of revenue | 218 | 168 | 169 | 166 | 315 | 176 | 184 | 189 |
| Gross profit | 634 | 444 | 461 | 458 | 703 | 456 | 484 | 503 |
| Research and development | 111 | 101 | 99 | 100 | 150 | 99 | 101 | 111 |
| Selling and marketing | 285 | 172 | 191 | 173 | 379 | 174 | 191 | 207 |
| General and administrative | 83 | 74 | 76 | 74 | 109 | 62 | 67 | 74 |
| Operating income | 155 | −4 | 94 | 111 | 65 | 120 | 125 | 111 |
| Interest expense | 3 | — | 4 | 6 | 6 | — | 6 | 6 |
| Income before tax | 178 | −15 | 69 | 120 | 72 | 129 | 135 | 129 |
| Income tax | 48 | 21 | 23 | 16 | 24 | 25 | 21 | 15 |
| Net income | 130 | −52 | 29 | 76 | 111 | 70 | −47 | 854 |
| Diluted EPS | $1.01 | −$0.49 | $0.25 | $0.63 | $0.92 | $0.60 | −$0.36 | $7.31 |
| EBITDA | 182 | 13 | 109 | 124 | 122 | 135 | 140 | 127 |
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