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Jun 30, 2025
Etsy Q2 2025 Earnings Report
Etsy reported its Q2 2025 earnings, showing modest revenue growth and positive net income despite a year-over-year decline in GMS.
Key Takeaways
Etsy delivered better-than-expected revenue at $672.7M and reported net income of $28.8M in Q2 2025. While GMS declined, the company saw improved trends later in the quarter and continued strong performance from Depop. Adjusted EBITDA remained healthy, and Etsy completed the sale of Reverb.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Etsy expects Q3 2025 GMS between $2.6B–$2.7B and an adjusted EBITDA margin of ~25%, signaling continued focus on profitability while working to reignite growth.
Positive Outlook
- Q3 GMS guidance implies improved growth trajectory
- Take rate expected to remain strong at ~24.5%
- Continued investment in product discovery and personalization
- Strong cash position supports flexibility and stock repurchases
- Momentum from Depop with $1B annualized GMS run rate
Challenges Ahead
- Overall GMS still projected to decline year-over-year
- Buyer and seller counts declined compared to prior year
- Macroeconomic conditions may continue to affect demand
- Non-cash FX losses may impact future profitability
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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