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Sep 30, 2021
Etsy Q3 2021 Earnings Report
Reported an 18% increase in consolidated year-over-year GMS growth and 18% year-over-year revenue growth.
Key Takeaways
Etsy, Inc. reported its Q3 2021 results, with consolidated GMS increasing by 17.9% year-over-year to $3.1 billion and consolidated revenue increasing by 17.9% to $532.4 million. Net income was $89.9 million, a decrease of 2.0% year-over-year, and non-GAAP Adjusted EBITDA was $174.2 million.
Consolidated GMS was $3.1 billion, up 17.9% year-over-year.
Consolidated revenue was $532.4 million, up 17.9% versus the third quarter of 2020.
Net income was $89.9 million, down 2.0% year-over-year, with diluted earnings per share of $0.62.
Non-GAAP Adjusted EBITDA was $174.2 million, with Non-GAAP Adjusted EBITDA margin of 33%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Etsy provided guidance for the fourth quarter of 2021, projecting GMS between $3.9 billion and $4.1 billion, revenue between $660 million and $690 million, and an adjusted EBITDA margin of approximately 26%.
Positive Outlook
- Etsy’s highly distributed supply chain, with creative entrepreneurs located around the globe, is ready to serve the world in ways many others can’t this holiday season.
- The fourth quarter will be our best GMS quarter ever.
- Shoppers have loved the experience they’ve had with Etsy and are coming back for more - even in a world of greatly expanded choice.
- Etsy's is moving in a different direction from commoditized marketplaces.
- Etsy has strong conviction to invest with discipline in what we see as a multi-trillion dollar market opportunity and to position Etsy for further growth in 2022 and beyond.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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