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Sep 30
Etsy Q3 2025 Earnings Report
Etsy exceeded expectations in Q3 2025, returning to year-over-year GMS growth and achieving solid profitability despite marketplace headwinds.
Key Takeaways
Etsy reported $678M in revenue and $75.5M in net income for Q3 2025, with a take rate of 24.9% and consolidated GMS of $2.72B. The company achieved 25.4% adjusted EBITDA margin, while Depop continued strong growth.
Revenue reached $678M, up 6.1% YoY excluding Reverb.
Net income was $75.5M with an 11.1% margin.
Consolidated GMS was $2.72B; Etsy marketplace GMS was $2.43B.
Depop GMS surged 39.4% YoY, with strong U.S. and Australian growth.
Etsy
Etsy
Etsy Revenue by Segment
Etsy Revenue by Geographic Location
Revenue by Segment
Marketplace Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com Forward Guidance
Etsy expects continued sequential GMS improvement in Q4 2025, with a strong EBITDA margin at Etsy and accelerated marketing investments at Depop.
Positive Outlook
- Q4 GMS expected between $3.5B–$3.65B, showing sequential growth.
- Take rate expected to remain strong at ~24.5%.
- Stable and strong profitability projected for Etsy marketplace.
- Encouraging Depop momentum in U.S. and Australia.
- Strategic focus on personalization and AI-driven features.
Challenges Ahead
- Depop brand marketing investment to compress margin performance.
- Active buyers down 5% YoY.
- Slight decline in GMS per active buyer YoY.
- Adjusted EBITDA down 6.4% YoY.
- Active sellers declined 10.9% YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income