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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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