Etsy (ETSY)
Market Price (10/10/2026): $76.72 | Market Cap: $7.2 BilSector: Consumer Discretionary | Industry: Broadline Retail
Etsy (ETSY)
Market Price (10/10/2026): $76.72Market Cap: $7.2 BilSector: Consumer DiscretionaryIndustry: Broadline Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Attractive yieldFCF Yield is 8.5% Stock buyback supportStock Buyback 3Y Total is 2.3 Bil Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Social Media & Creator Economy, and Sustainable Consumption. Themes include Online Marketplaces, Show more. | Weak multi-year price returns3Y Excs Rtn is -63% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Key risksETSY key risks include [1] a multi-year decline in merchandise sales due to its dependence on discretionary consumer spending and [2] a shrinking user base, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Attractive yieldFCF Yield is 8.5% |
| Stock buyback supportStock Buyback 3Y Total is 2.3 Bil |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Social Media & Creator Economy, and Sustainable Consumption. Themes include Online Marketplaces, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -63% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksETSY key risks include [1] a multi-year decline in merchandise sales due to its dependence on discretionary consumer spending and [2] a shrinking user base, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/9/2026
Etsy (ETSY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Cautious Future Outlook.
Etsy reported mixed financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced a GAAP earnings per share (EPS) of $0.98, surpassing analysts' consensus estimates of $0.73 by 33.8%. However, revenue for the quarter remained flat year-over-year at $668.3 million, despite exceeding analyst estimates by 3.4%. Compounding investor caution, sell-side analysts projected a revenue decline of 1% over the subsequent 12 months, indicating anticipated demand headwinds. This combination of an EPS beat with flat revenue growth and a subdued future outlook likely contributed to the stock's -4.2% decline the day following the earnings announcement on August 5, 2026, influencing its subsequent range-bound trading.
2. Persistent Macroeconomic Headwinds.
During the period, broader macroeconomic conditions presented ongoing challenges for discretionary consumer spending. The U.S. annual inflation rate remained steady at 3.4% in August 2026, similar to July, indicating continued elevated price levels. While U.S. consumer spending increased to $16788.70 billion in fiscal Q2 2026, there was a noted pullback in discretionary spending intent, with consumer spending strength increasingly concentrated among affluent households. Furthermore, increased reliance on "Buy Now Pay Later" options for holiday spending suggested underlying consumer caution, potentially impacting sales on platforms like Etsy. Elevated interest rates, with the Federal Reserve's target range likely holding at 3.50-3.75% well into 2027, continued to exert pressure on household budgets.
Show more
Etsy (ETSY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Cautious Future Outlook.
Etsy reported mixed financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced a GAAP earnings per share (EPS) of $0.98, surpassing analysts' consensus estimates of $0.73 by 33.8%. However, revenue for the quarter remained flat year-over-year at $668.3 million, despite exceeding analyst estimates by 3.4%. Compounding investor caution, sell-side analysts projected a revenue decline of 1% over the subsequent 12 months, indicating anticipated demand headwinds. This combination of an EPS beat with flat revenue growth and a subdued future outlook likely contributed to the stock's -4.2% decline the day following the earnings announcement on August 5, 2026, influencing its subsequent range-bound trading.
2. Persistent Macroeconomic Headwinds.
During the period, broader macroeconomic conditions presented ongoing challenges for discretionary consumer spending. The U.S. annual inflation rate remained steady at 3.4% in August 2026, similar to July, indicating continued elevated price levels. While U.S. consumer spending increased to $16788.70 billion in fiscal Q2 2026, there was a noted pullback in discretionary spending intent, with consumer spending strength increasingly concentrated among affluent households. Furthermore, increased reliance on "Buy Now Pay Later" options for holiday spending suggested underlying consumer caution, potentially impacting sales on platforms like Etsy. Elevated interest rates, with the Federal Reserve's target range likely holding at 3.50-3.75% well into 2027, continued to exert pressure on household budgets.
Show more
Updated on 10/9/2026
Etsy (ETSY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Cautious Future Outlook.
Etsy reported mixed financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced a GAAP earnings per share (EPS) of $0.98, surpassing analysts' consensus estimates of $0.73 by 33.8%. However, revenue for the quarter remained flat year-over-year at $668.3 million, despite exceeding analyst estimates by 3.4%. Compounding investor caution, sell-side analysts projected a revenue decline of 1% over the subsequent 12 months, indicating anticipated demand headwinds. This combination of an EPS beat with flat revenue growth and a subdued future outlook likely contributed to the stock's -4.2% decline the day following the earnings announcement on August 5, 2026, influencing its subsequent range-bound trading.
2. Persistent Macroeconomic Headwinds.
During the period, broader macroeconomic conditions presented ongoing challenges for discretionary consumer spending. The U.S. annual inflation rate remained steady at 3.4% in August 2026, similar to July, indicating continued elevated price levels. While U.S. consumer spending increased to $16788.70 billion in fiscal Q2 2026, there was a noted pullback in discretionary spending intent, with consumer spending strength increasingly concentrated among affluent households. Furthermore, increased reliance on "Buy Now Pay Later" options for holiday spending suggested underlying consumer caution, potentially impacting sales on platforms like Etsy. Elevated interest rates, with the Federal Reserve's target range likely holding at 3.50-3.75% well into 2027, continued to exert pressure on household budgets.
3. Ambivalent Analyst Sentiment and Notable Insider Selling.
Etsy maintained a "Moderate Buy" consensus rating from analysts, with average 12-month price targets ranging from $86.21 to $88.50. This suggests a degree of long-term optimism among some financial institutions. However, this positive sentiment was tempered by mixed individual analyst actions, including a "Sell" rating maintained by Wells Fargo with a $76 target and a downgrade to "Hold" by Arete Research with an $81 target in September 2026. Adding to the cautious sentiment, company insiders sold approximately $13.1 million worth of stock in the three months leading up to October 6, 2026, indicating a lack of strong conviction from those with direct company knowledge and contributing to the stock's limited upward movement.
Show less
Etsy (ETSY) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance and Cautious Future Outlook.
Etsy reported mixed financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced a GAAP earnings per share (EPS) of $0.98, surpassing analysts' consensus estimates of $0.73 by 33.8%. However, revenue for the quarter remained flat year-over-year at $668.3 million, despite exceeding analyst estimates by 3.4%. Compounding investor caution, sell-side analysts projected a revenue decline of 1% over the subsequent 12 months, indicating anticipated demand headwinds. This combination of an EPS beat with flat revenue growth and a subdued future outlook likely contributed to the stock's -4.2% decline the day following the earnings announcement on August 5, 2026, influencing its subsequent range-bound trading.
2. Persistent Macroeconomic Headwinds.
During the period, broader macroeconomic conditions presented ongoing challenges for discretionary consumer spending. The U.S. annual inflation rate remained steady at 3.4% in August 2026, similar to July, indicating continued elevated price levels. While U.S. consumer spending increased to $16788.70 billion in fiscal Q2 2026, there was a noted pullback in discretionary spending intent, with consumer spending strength increasingly concentrated among affluent households. Furthermore, increased reliance on "Buy Now Pay Later" options for holiday spending suggested underlying consumer caution, potentially impacting sales on platforms like Etsy. Elevated interest rates, with the Federal Reserve's target range likely holding at 3.50-3.75% well into 2027, continued to exert pressure on household budgets.
3. Ambivalent Analyst Sentiment and Notable Insider Selling.
Etsy maintained a "Moderate Buy" consensus rating from analysts, with average 12-month price targets ranging from $86.21 to $88.50. This suggests a degree of long-term optimism among some financial institutions. However, this positive sentiment was tempered by mixed individual analyst actions, including a "Sell" rating maintained by Wells Fargo with a $76 target and a downgrade to "Hold" by Arete Research with an $81 target in September 2026. Adding to the cautious sentiment, company insiders sold approximately $13.1 million worth of stock in the three months leading up to October 6, 2026, indicating a lack of strong conviction from those with direct company knowledge and contributing to the stock's limited upward movement.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 1.8% change in ETSY stock from 6/30/2026 to 10/9/2026 was primarily driven by a 35.9% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.33 | 76.71 | 1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,820 | 2,859 | 1.4% |
| Net Income Margin (%) | 10.1% | 7.3% | -27.5% |
| P/E Multiple | 25.5 | 34.6 | 35.9% |
| Shares Outstanding (Mil) | 96 | 94 | 2.0% |
| Cumulative Contribution | 1.8% |
Market Drivers
6/30/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| ETSY | 1.8% | |
| Market (SPY) | 4.3% | 9.5% |
| Sector (XLY) | -3.8% | 17.2% |
Fundamental Drivers
The 53.5% change in ETSY stock from 3/31/2026 to 10/9/2026 was primarily driven by a 25.8% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.98 | 76.71 | 53.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,801 | 2,859 | 2.1% |
| Net Income Margin (%) | 5.8% | 7.3% | 25.8% |
| P/E Multiple | 30.2 | 34.6 | 14.6% |
| Shares Outstanding (Mil) | 98 | 94 | 4.3% |
| Cumulative Contribution | 53.5% |
Market Drivers
3/31/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| ETSY | 53.5% | |
| Market (SPY) | 20.0% | 14.8% |
| Sector (XLY) | 3.8% | 20.6% |
Fundamental Drivers
The 15.5% change in ETSY stock from 9/30/2025 to 10/9/2026 was primarily driven by a 23.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.39 | 76.71 | 15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,756 | 2,859 | 3.7% |
| Net Income Margin (%) | 6.0% | 7.3% | 23.0% |
| P/E Multiple | 41.8 | 34.6 | -17.2% |
| Shares Outstanding (Mil) | 103 | 94 | 9.4% |
| Cumulative Contribution | 15.5% |
Market Drivers
9/30/2025 to 10/9/2026| Return | Correlation | |
|---|---|---|
| ETSY | 15.5% | |
| Market (SPY) | 17.8% | 28.0% |
| Sector (XLY) | -5.3% | 30.4% |
Fundamental Drivers
The 18.8% change in ETSY stock from 9/30/2023 to 10/9/2026 was primarily driven by a 30.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.58 | 76.71 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,671 | 2,859 | 7.0% |
| P/S Multiple | 3.0 | 2.5 | -15.2% |
| Shares Outstanding (Mil) | 123 | 94 | 30.8% |
| Cumulative Contribution | 18.8% |
Market Drivers
9/30/2023 to 10/9/2026| Return | Correlation | |
|---|---|---|
| ETSY | 18.8% | |
| Market (SPY) | 88.4% | 30.6% |
| Sector (XLY) | 43.4% | 35.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ETSY Return | 23% | -45% | -32% | -35% | 5% | 36% | -58% |
| Peers Return | 22% | -55% | 76% | 37% | 45% | 16% | 124% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| ETSY Win Rate | 50% | 25% | 42% | 33% | 42% | 60% | |
| Peers Win Rate | 55% | 27% | 65% | 58% | 60% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ETSY Max Drawdown | -36% | -68% | -59% | -41% | -32% | -31% | |
| Peers Max Drawdown | -27% | -60% | -32% | -29% | -36% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, EBAY, SHOP, W, WSM. See ETSY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | ETSY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.8% | -18.8% |
| % Gain to Breakeven | 26.3% | 23.1% |
| Time to Breakeven | 51 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.2% | -7.8% |
| % Gain to Breakeven | 11.3% | 8.5% |
| Time to Breakeven | 112 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.8% | 50.9% |
| Time to Breakeven | 20 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.0% | -19.2% |
| % Gain to Breakeven | 23.5% | 23.8% |
| Time to Breakeven | 9 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.2% | -3.7% |
| % Gain to Breakeven | 54.4% | 3.9% |
| Time to Breakeven | 107 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.3% | -12.2% |
| % Gain to Breakeven | 172.8% | 13.9% |
| Time to Breakeven | 581 days | 62 days |
In The Past
Etsy's stock fell -20.8% during the 2025 US Tariff Shock. Such a loss loss requires a 26.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | ETSY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.8% | -18.8% |
| % Gain to Breakeven | 26.3% | 23.1% |
| Time to Breakeven | 51 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.8% | 50.9% |
| Time to Breakeven | 20 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.2% | -3.7% |
| % Gain to Breakeven | 54.4% | 3.9% |
| Time to Breakeven | 107 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.3% | -12.2% |
| % Gain to Breakeven | 172.8% | 13.9% |
| Time to Breakeven | 581 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -78.8% | -6.8% |
| % Gain to Breakeven | 371.7% | 7.3% |
| Time to Breakeven | 792 days | 15 days |
In The Past
Etsy's stock fell -20.8% during the 2025 US Tariff Shock. Such a loss loss requires a 26.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Etsy (ETSY)
Etsy, Inc. operates as a global e-commerce company primarily known for its two-sided online marketplaces. Its flagship platform, Etsy.com, connects millions of independent artisans and entrepreneurs with consumers seeking unique, handmade, and vintage goods. This marketplace serves as a digital storefront for sellers to offer a vast array of items, from crafts and jewelry to home decor and personalized gifts.
Beyond Etsy.com, the company diversifies its market reach through specialized platforms such as Reverb, a marketplace for musical instruments; Depop, focusing on fashion resale; and Elo7, a Brazil-based marketplace for handmade items. To support its seller community, Etsy provides a comprehensive suite of services including Etsy Payments for secure transactions, Etsy Ads for promotional reach, and Shipping Labels for discounted postage. Sellers also benefit from business management tools like Shop Manager, analytics, and educational resources.
Etsy's ecosystem connects a substantial network of participants, having facilitated commerce between approximately 7.5 million active sellers and 96.3 million active buyers as of late 2021. The company's primary geographical markets span the United States, United Kingdom, Germany, Canada, Australia, France, India, and Brazil, establishing a significant global footprint for its unique e-commerce model.
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1. eBay for handmade and vintage items.
2. Amazon for artisans and unique crafts.
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- Etsy.com Marketplace: The primary online marketplace connecting artisans and entrepreneurs with consumers for handmade, vintage, and unique items.
- Reverb Marketplace: An online marketplace dedicated to buying and selling musical instruments.
- Depop Marketplace: An online fashion resale marketplace.
- Elo7 Marketplace: A Brazil-based online marketplace for handmade and unique items.
- Etsy Payments: A payment processing service provided to sellers on its platforms.
- Etsy Ads: An advertising platform enabling sellers to promote their products to buyers.
- Shipping Labels: A service allowing sellers to purchase discounted shipping labels for their orders.
- Seller Tools (e.g., Shop Manager, Sell on Etsy App, Analytics): A suite of tools including a centralized dashboard, mobile application, and analytics pages for managing shops, orders, and inventory.
- Seller Support & Educational Resources: Content and features like blog posts, video tutorials, a seller handbook, and online forums to assist and educate sellers.
- Star Seller Program: A recognition program designed to reward sellers for providing excellent customer service and fulfilling orders efficiently.
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Etsy (ETSY) primarily serves individuals, both on the selling and buying sides of its marketplaces. Its major customer categories are:
- Artisans and Entrepreneurs (Sellers): These are individuals and small businesses who create and sell handmade goods, vintage items, craft supplies, musical instruments, and fashion resale items through Etsy's various platforms (Etsy.com, Reverb, Depop, Elo7). They are customers for Etsy's seller services, paying for listing fees, transaction fees, payment processing (Etsy Payments), advertising (Etsy Ads), shipping labels, and various other tools and resources designed to help them manage and grow their shops.
- Consumers (Buyers): These are individuals who visit Etsy's online marketplaces to discover and purchase unique items from sellers. While they do not directly pay Etsy for the goods themselves (they pay the sellers), they are integral to the marketplace ecosystem. Etsy provides them with a platform for discovery, secure payment processing through Etsy Payments, and a trusted environment for their transactions.
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Kruti Patel Goyal, Chief Executive Officer
Kruti Patel Goyal became Etsy's Chief Executive Officer on January 1, 2026, succeeding Josh Silverman. She previously served as Etsy's President and Chief Growth Officer starting in January 2025, overseeing Product, Marketing, Member Support, Trust and Safety, and Strategy and Operations. Prior to that, from 2022 to 2025, Goyal was the CEO of Depop, an Etsy subsidiary, where she led growth and strengthened the marketplace. She joined Etsy in 2010 and has held various leadership roles, including Chief Product Officer, Chief Operating Officer, and Head of Marketplace Integrity and Trust & Safety. Her career began in mergers and acquisitions at Morgan Stanley and as a growth equity investor at General Atlantic Partners.
Lanny Baker, Chief Financial Officer
Lanny Baker joined Etsy as Chief Financial Officer effective the first week of January 2025, succeeding Rachel Glaser. Before joining Etsy, Baker served as the Chief Operating Officer and previously as Chief Financial Officer of Eventbrite, a global events marketplace.
Josh Silverman, Executive Chairman
Josh Silverman served as Etsy's Chief Executive Officer from 2017 until December 2025, transitioning to Executive Chair on January 1, 2026, a role he will hold through December 31, 2026. He co-founded Evite, Inc., which was acquired by IAC/InterActiveCorp in 2001. Silverman's prior leadership roles include CEO of Shopping.com (an eBay company) from 2006 to 2008 and CEO of Skype from 2008 to 2010. He also served as President of Consumer Products and Services at American Express from 2011 to 2015. Silverman was an Executive-in-Residence at Greylock Partners and a Senior Operating Advisor at Hellman & Friedman, a private equity firm.
Brad Minor, Chief Marketing Officer
Brad Minor was appointed Chief Marketing Officer of Etsy effective the first week of January 2025. He previously held the position of Chief Brand Officer at Etsy, which he joined in 2022. In his role as Chief Brand Officer, Minor was responsible for developing and executing Etsy's brand strategy, including initiatives like the gifting strategy and brand mission campaign.
Rafe Colburn, Chief Product and Technology Officer
Rafe Colburn is Etsy's Chief Product and Technology Officer.
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Key Risks to Etsy's Business
- Intense Competition and Market Share Erosion: Etsy operates in a highly competitive e-commerce landscape, facing aggressive challenges from a variety of platforms. These competitors include fast-fashion retailers like Temu and Shein, general e-commerce giants such as Amazon and AliExpress, and other specialized marketplaces like Amazon Handmade and Shopify-based stores. This heightened competition is leading to market share losses, a decline in active buyers and Gross Merchandise Volume (GMV) per active buyer, and puts pressure on Etsy's core value proposition of unique, handmade, and vintage items. The influx of mass-manufactured and overseas products on various platforms, and even within Etsy's own ecosystem, further dilutes its brand and makes it challenging for genuine artisans to gain visibility.
- Cyclicality of Discretionary Consumer Spending: Etsy's business performance is significantly influenced by macroeconomic factors, making it vulnerable to economic downturns and inflationary pressures. Products typically sold on Etsy, such as furniture, apparel, and jewelry, are often considered discretionary purchases. During periods of economic uncertainty, consumers tend to reduce spending on such items, which can directly lead to declining Gross Merchandise Sales (GMS) and a shrinking base of active buyers and sellers on the platform. This indicates that the business may be more cyclical than previously perceived.
- Seller Dependence, Platform Integrity, and Regulatory Compliance: Etsy's operational success is intrinsically linked to the health and satisfaction of its seller community. Risks include potential seller attrition due to increasing fees, brand dilution caused by the presence of mass-produced goods, and challenges in maintaining a trustworthy and safe marketplace, which can be undermined by fraud, counterfeit items, or even mistaken account suspensions. Furthermore, operating globally subjects Etsy and its sellers to a complex and evolving regulatory environment, particularly concerning product safety and consumer protection laws (e.g., the EU's General Product Safety Regulation). Compliance with these regulations can impose significant burdens, potentially leading to costly changes in business practices for Etsy and its sellers, and may even result in listing removals or account suspensions for non-compliance.
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Etsy, Inc. operates several online marketplaces, each catering to distinct addressable markets globally and in specific regions.
Etsy.com (Handmade, Vintage, and Craft Supplies)
- The global market for handmade and crafts was estimated to be over $906 billion in 2024. This market is projected to reach approximately $1.94 trillion by 2033.
- In the U.S. alone, the handmade goods market is estimated to be worth over $268 billion.
Depop (Fashion Resale Marketplace)
- The global secondhand apparel market was estimated at $190 billion in 2024. It is projected to reach $367 billion by 2029, or $350 billion by 2028.
- The U.S. secondhand market is projected to reach $74 billion by 2028, or $73 billion by 2028, or $70 billion by 2027.
- Specifically, the global vintage fashion market was valued at $100 billion in 2025 and is projected to reach $250 billion by 2033.
Reverb (Musical Instrument Marketplace)
- The global musical instrument market size was estimated at $17.52 billion in 2025 and is projected to reach $31.40 billion by 2033. Another estimate places the global musical instrument market size at $20.94 billion in 2025, projected to grow to $36.76 billion by 2034.
- The worldwide musical instruments e-commerce market generated an e-commerce revenue of $24.503 billion in 2025.
Elo7 (Brazil-based Marketplace for Handmade and Unique Items)
- The Brazil Handicraft market size was valued at $24.078 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 10.6% during the forecast period.
- Another estimate for the Brazil handicrafts market size in 2024 is $15.87 billion, with a projection to reach $58.60 billion by 2035.
- The Brazil art and craft market size was $1.859 billion in 2025 and is projected to reach $3.678 billion by 2034.
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Etsy (ETSY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Enhanced Monetization of Seller Services: Etsy anticipates increasing its "take rate"—the percentage of Gross Merchandise Sales (GMS) retained as revenue—primarily by expanding and optimizing its seller services. Etsy Ads, a key contributor to recent growth, is expected to continue to be a primary driver through improvements in ad relevance and localization for international markets. Payments revenue also plays a role in this increased monetization.
- Growth in Active Buyers and Increased Purchase Frequency: Etsy aims to expand its active buyer base through improved acquisition and reactivation efforts. A significant focus is on driving higher purchase frequency and average order value from both new and existing buyers. This includes strategic marketing initiatives and efforts to make the platform a go-to destination for gifting.
- Leveraging Artificial Intelligence and Personalization: The company is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance buyer discovery, personalize experiences, and improve inventory matching. These technological advancements are designed to drive engagement, increase conversion rates, and strengthen the overall buyer journey on the platform.
- Mobile App Optimization and International Market Growth: Etsy is prioritizing its mobile application, which has shown to outperform the broader marketplace in GMS growth. Continuous improvements to the app are aimed at attracting and retaining buyers, particularly younger demographics, and showing up earlier in the shopping journey. Additionally, strong international buyer growth is expected to continue contributing to overall revenue expansion.
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Share Repurchases
- Etsy repurchased approximately $576.968 million in shares during 2023.
- In 2024, Etsy repurchased approximately $723.899 million in shares.
- Etsy's Board of Directors approved a new stock repurchase program in October 2024, authorizing the repurchase of up to an additional $1 billion of common stock. The company repurchased approximately $777 million for the full year 2025.
Share Issuance
- Etsy completed a private placement of convertible notes, raising approximately $700 million in cash during the second quarter of 2025.
- The number of outstanding shares for Etsy was 127.022 million at the end of 2021, and decreased to 99.334 million by March 2026, primarily influenced by share buybacks.
Inbound Investments
- During the second quarter of 2025, Etsy completed a private placement of convertible notes, raising approximately $700 million in cash.
Outbound Investments
- Etsy acquired Depop for $1.62 billion in June 2021 and Elo7 for $217 million in the same year.
- Etsy sold Reverb, its musical instrument marketplace, to private investors in 2025.
- The company sold Depop to eBay for approximately $1.2 billion in February 2026, which was less than the original acquisition price.
Capital Expenditures
- Etsy's capital expenditures were $11.248 million in 2021, $10.237 million in 2022, $12.938 million in 2023, and $14.208 million in 2024.
- For the fiscal year ending December 2025, capital expenditures peaked at $18.154 million.
- Etsy's forecast for capital expenditures in 2026 is approximately $47.33 million. The company plans to continue investing in product experience and AI capabilities.
Peer Outperformance in Broadline Retail
ETSY has trailed 62% of its 13 Broadline Retail peers over 5Y. Broadline Retail ranks 20th of 23 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Broadline Retail constituents that ETSY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 15 industry peers · 5.3% return
3Y
50%
of 14 industry peers · 20.4% return
5Y
38%
of 13 industry peers · -63.8% return
No Broadline Retail peer with a comparable growth profile has beaten ETSY by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Broadline Retail is ETSY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -16.3% | 88.2% | 82.7% | CVSA 243% · LINC 240% · PRDO 220% |
| Homebuilding | 18 | -6.4% | 26.9% | 45.4% | GRBK 193% · TOL 149% · PHM 148% |
| Specialty Stores | 7 | 6.8% | 37.4% | 15.5% | ASO 37% · DKS 32% · SIG 31% |
| Hotels, Resorts & Cruise Lines | 21 | 8.9% | 34.1% | 12.4% | RCL 233% · MAR 143% · LIND 136% |
| Home Improvement Retail | 5 | -20.8% | -2.6% | -1.3% | HVT 12% · LOW -1% · HD -1% |
| Automotive Retail | 18 | -13.5% | -2.2% | -5.8% | MUSA 221% · PAG 113% · ORLY 112% |
| Footwear | 9 | 63.5% | 46.4% | -11.8% | WEYS 202% · DECK 38% · SHOO 19% |
| Restaurants | 36 | -11.5% | -8.8% | -13.7% | EAT 293% · CAKE 168% · BH 117% |
| Specialized Consumer Services | 10 | -17.2% | 13.9% | -16.9% | HRB 105% · FTDR 88% · SCI 33% |
| Distributors | 4 | -11.1% | -28.7% | -17.8% | ARMK 120% · GPC 16% · LKQ -52% |
| Home Furnishings | 4 | -4.2% | 23.1% | -18.0% | SGI 46% · LZB -2% · MHK -34% |
| Apparel Retail | 25 | 6.3% | 18.5% | -37.0% | ANF 263% · URBN 177% · TJX 130% |
| Computer & Electronics Retail | 3 | 10.3% | 43.1% | -38.5% | BBY 2% · GME -38% · UPBD -62% |
| Household Appliances | 18 | 8.7% | -5.1% | -39.6% | FLXS 213% · HBB 163% · KEQU 159% |
| Automotive Parts & Equipment | 38 | -8.8% | -14.7% | -41.3% | MOD 1456% · GTX 270% · MLR 68% |
| Leisure Facilities | 12 | 4.9% | -7.6% | -42.1% | JAKK 156% · LTH 136% · OSW 127% |
| Leisure Products | 13 | -23.3% | -23.3% | -42.8% | GOLF 76% · HAS 27% · MAT -12% |
| Casinos & Gaming | 20 | -11.4% | -28.4% | -46.5% | MCRI 89% · RRR 16% · BYD 13% |
| Apparel, Accessories & Luxury Goods | 29 | 0.9% | 13.2% | -48.9% | RL 261% · TPR 253% · ELA 191% |
| Broadline Retail ← | 14 | -7.3% | 20.4% | -50.0% | EBAY 63% · AMZN 60% · OLLI 40% |
| Consumer Electronics | 11 | -27.4% | -26.6% | -74.2% | AXIL 3072% · GRMN 91% · SONO -43% |
| Other Specialty Retail | 17 | -35.2% | -42.9% | -77.9% | TLF 99% · BBW 87% · WINA 63% |
| Automobile Manufacturers | 8 | -75.6% | -55.9% | -78.8% | GM 47% · TSLA 46% · F 10% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 141.44 |
| Mkt Cap | 39.2 |
| Rev LTM | 12,456 |
| Op Inc LTM | 1,950 |
| FCF LTM | 979 |
| FCF 3Y Avg | 1,501 |
| CFO LTM | 1,993 |
| CFO 3Y Avg | 1,642 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.1% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 11.2% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 16.8% |
| Op Inc Chg 3Y Avg | 49.0% |
| Op Mgn LTM | 16.9% |
| Op Mgn 3Y Avg | 14.8% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 20.5% |
| CFO/Rev 3Y Avg | 18.7% |
| FCF/Rev LTM | 17.3% |
| FCF/Rev 3Y Avg | 15.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 39.2 |
| P/S | 3.6 |
| P/Op Inc | 25.2 |
| P/EBIT | 17.1 |
| P/E | 23.3 |
| P/CFO | 17.6 |
| Total Yield | 3.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.0% |
| 3M Rtn | 8.2% |
| 6M Rtn | 37.2% |
| 12M Rtn | 20.8% |
| 3Y Rtn | 137.1% |
| 1M Excs Rtn | 4.7% |
| 3M Excs Rtn | 5.1% |
| 6M Excs Rtn | 22.6% |
| 12M Excs Rtn | 4.4% |
| 3Y Excs Rtn | 57.6% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $76.71 | |
| Market Cap ($ Bil) | 7.2 | |
| First Trading Date | 04/16/2015 | |
| Distance from 52W High | -11.9% | |
| 50 Days | 200 Days | |
| DMA Price | $77.30 | $66.04 |
| DMA Trend | up | down |
| Distance from DMA | -0.8% | 16.2% |
| 3M | 1YR | |
| Volatility | 42.5% | 49.5% |
| Downside Capture | 128.04 | 114.42 |
| Upside Capture | 78.23 | 99.74 |
| Correlation (SPY) | 12.5% | 28.5% |
ETSY Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 1.09 | 0.49 | 0.61 | 1.08 | 0.97 |
| Up Beta | 0.82 | 2.18 | -0.21 | 0.29 | 1.38 | 0.76 |
| Down Beta | 0.29 | -2.08 | -0.78 | -0.02 | 1.00 | 1.03 |
| Up Capture | 15% | 62% | 82% | 120% | 85% | 89% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 22 | 32 | 67 | 130 | 382 |
| Down Capture | 244% | 200% | 123% | 63% | 109% | 104% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 20 | 32 | 58 | 121 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ETSY | |
|---|---|---|---|---|
| ETSY | 9.4% | 49.6% | 0.34 | - |
| Sector ETF (XLY) | -4.0% | 19.4% | -0.34 | 31.5% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 28.6% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 4.0% |
| Commodities (DBC) | 44.8% | 20.9% | 1.67 | -13.7% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 26.2% |
| Bitcoin (BTCUSD) | -33.8% | 44.2% | -0.81 | 21.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ETSY | |
|---|---|---|---|---|
| ETSY | -18.0% | 55.3% | -0.15 | - |
| Sector ETF (XLY) | 5.4% | 24.1% | 0.18 | 52.7% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 46.2% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 5.5% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | -0.4% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 38.5% |
| Bitcoin (BTCUSD) | 11.2% | 52.0% | 0.39 | 27.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ETSY | |
|---|---|---|---|---|
| ETSY | 18.0% | 56.0% | 0.52 | - |
| Sector ETF (XLY) | 12.1% | 22.2% | 0.50 | 49.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 43.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 6.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 6.3% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 31.5% |
| Bitcoin (BTCUSD) | 63.3% | 66.2% | 1.03 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -4.2% | -7.3% | -4.5% |
| 4/29/2026 | 10.1% | -0.4% | 5.6% |
| 2/19/2026 | 9.3% | 21.3% | 24.3% |
| 10/29/2025 | -12.8% | -22.1% | -27.6% |
| 7/30/2025 | 2.8% | -7.2% | -9.7% |
| 4/30/2025 | -5.7% | -2.2% | 14.9% |
| 2/19/2025 | -10.1% | -7.3% | -21.9% |
| 10/30/2024 | 7.2% | 10.6% | 14.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 11 |
| # Negative | 13 | 16 | 13 |
| Median Positive | 9.9% | 9.5% | 14.3% |
| Median Negative | -9.7% | -7.6% | -14.1% |
| Max Positive | 16.2% | 24.7% | 60.5% |
| Max Negative | -16.8% | -28.8% | -27.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -4.2% | -7.3% | -4.5% |
| 4/29/2026 | 10.1% | -0.4% | 5.6% |
| 2/19/2026 | 9.3% | 21.3% | 24.3% |
| 10/29/2025 | -12.8% | -22.1% | -27.6% |
| 7/30/2025 | 2.8% | -7.2% | -9.7% |
| 4/30/2025 | -5.7% | -2.2% | 14.9% |
| 2/19/2025 | -10.1% | -7.3% | -21.9% |
| 10/30/2024 | 7.2% | 10.6% | 14.3% |
| 7/31/2024 | -7.6% | -18.1% | -14.8% |
| 5/1/2024 | -15.1% | -10.3% | -9.0% |
| 2/21/2024 | -8.4% | -7.9% | -11.7% |
| 11/1/2023 | 1.6% | 5.5% | 35.2% |
| 8/2/2023 | -13.7% | -16.9% | -23.4% |
| 5/3/2023 | -6.5% | -4.2% | -14.1% |
| 2/22/2023 | 2.4% | -7.9% | -14.3% |
| 11/2/2022 | 14.3% | 8.5% | 60.5% |
| 7/27/2022 | 9.9% | 13.6% | 13.4% |
| 5/4/2022 | -16.8% | -28.8% | -25.9% |
| 2/24/2022 | 16.2% | 24.7% | 3.2% |
| 11/3/2021 | 13.2% | 3.7% | -3.5% |
| 8/4/2021 | -9.7% | -4.0% | 5.6% |
| 5/5/2021 | -14.6% | -13.7% | -11.0% |
| 2/25/2021 | 11.5% | 0.3% | 2.4% |
| 10/28/2020 | -5.2% | -2.5% | 15.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 11 |
| # Negative | 13 | 16 | 13 |
| Median Positive | 9.9% | 9.5% | 14.3% |
| Median Negative | -9.7% | -7.6% | -14.1% |
| Max Positive | 16.2% | 24.7% | 60.5% |
| Max Negative | -16.8% | -28.8% | -27.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 GMS | Reported | 2.53 Bil | 2.56 Bil | 2.58 Bil | 2.0% | Higher New | Guidance: 2.50 Bil for Q2 2026 | |
| Q3 2026 Take Rate | Reported | 0.26 | 0.3% | Higher New | Guidance: 0.26 for Q2 2026 | |||
| Q3 2026 Adjusted EBITDA Margin | Reported | 28.0% | 29.0% | 30.0% | 1.0% | Higher New | Guidance: 28.0% for Q2 2026 | |
| 2026 GMS Growth | Reported | 5.0% | 2.5% | Raised | Guidance: 2.5% for 2026 | |||
| 2026 Adjusted EBITDA Margin | Reported | 29.0% | 29.5% | 30.0% | 0.5% | Raised | Guidance: 29.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 GMS | Reported | 2.48 Bil | 2.50 Bil | 2.53 Bil | 4.2% | Higher New | Guidance: 2.40 Bil for Q1 2026 | |
| Q2 2026 Take Rate | Reported | 0.26 | 0.2% | Higher New | Guidance: 0.26 for Q1 2026 | |||
| Q2 2026 Adjusted EBITDA Margin | Reported | 27.0% | 28.0% | 29.0% | -1.0% | Lower New | Guidance: 29.0% for Q1 2026 | |
| 2026 GMS Growth | Reported | 2.5% | ||||||
| 2026 Adjusted EBITDA Margin | Reported | 28.0% | 29.0% | 30.0% | Affirmed | |||
Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 GMS | Reported | 2.38 Bil | 2.40 Bil | 2.43 Bil | -32.7% | Lower New | Guidance: 3.58 Bil for Q4 2025 | |
| Q1 2026 Take Rate | Reported | 0.26 | 1.0% | Higher New | Guidance: 0.25 for Q4 2025 | |||
| Q1 2026 Adjusted EBITDA Margin | Reported | 28.0% | 29.0% | 30.0% | 5.0% | Higher New | Guidance: 24.0% for Q4 2025 | |
| 2026 GMS Growth | Reported | |||||||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 GMS | Reported | 3.50 Bil | 3.58 Bil | 3.65 Bil | 34.9% | Higher New | Actual: 2.65 Bil for Q3 2025 | |
| Q4 2025 Take Rate | Reported | 0.25 | 0.0% | Same New | Actual: 0.25 for Q3 2025 | |||
| Q4 2025 Adjusted EBITDA Margin | Reported | 24.0% | -1.0% | Lower New | Actual: 25.0% for Q3 2025 | |||
Insider Activity
Updated 10/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Silverman, Josh | Direct | Sell | 10092026 | 74.00 | 383 | 28,342 | 19,405,316 | Form | |
| 2 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 10072026 | 71.31 | 4,472 | 318,889 | 463,716 | Form |
| 3 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 10072026 | 71.35 | 1,396 | Form | ||
| 4 | Silverman, Josh | Direct | Sell | 10052026 | 72.45 | 2,090 | 151,413 | 19,025,622 | Form | |
| 5 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 9032026 | 82.11 | 2,913 | 239,174 | 533,933 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Silverman, Josh | Direct | Sell | 10092026 | 74.00 | 383 | 28,342 | 19,405,316 | Form | |
| 2 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 10072026 | 71.31 | 4,472 | 318,889 | 463,716 | Form |
| 3 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 10072026 | 71.35 | 1,396 | Form | ||
| 4 | Silverman, Josh | Direct | Sell | 10052026 | 72.45 | 2,090 | 151,413 | 19,025,622 | Form | |
| 5 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 9032026 | 82.11 | 2,913 | 239,174 | 533,933 | Form |
| 6 | Silverman, Josh | Direct | Sell | 9032026 | 84.00 | 1,671 | 140,364 | 20,962,956 | Form | |
| 7 | Wilson, Frederick R | Direct | Sell | 9032026 | 81.86 | 20,000 | 1,637,109 | 32,850,970 | Form | |
| 8 | Silverman, Josh | Direct | Sell | 9032026 | 81.85 | 11,696 | 957,265 | 20,425,288 | Form | |
| 9 | Ballard, Charles Andrew | Direct | Sell | 8282026 | 81.85 | 4,500 | 368,325 | 346,962 | Form | |
| 10 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 8192026 | 79.50 | 405 | Form | ||
| 11 | Blow, Marla J | Direct | Sell | 8192026 | 79.56 | 300 | 23,868 | 1,036,202 | Form | |
| 12 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 8122026 | 82.09 | 8,252 | 677,394 | 533,822 | Form |
| 13 | Silverman, Josh | Direct | Sell | 8062026 | 84.00 | 6,294 | 528,696 | 20,962,956 | Form | |
| 14 | Baker, Charles | Chief Financial Officer | Direct | Sell | 8062026 | 85.88 | 1,564 | 134,312 | 975,304 | Form |
| 15 | Wilson, Frederick R | Direct | Sell | 8042026 | 83.22 | 20,000 | 1,664,365 | 35,062,271 | Form | |
| 16 | Silverman, Josh | Direct | Sell | 8042026 | 83.11 | 41,108 | 3,416,498 | 14,289,319 | Form | |
| 17 | Silverman, Josh | Direct | Sell | 7142026 | 79.00 | 39,161 | 3,093,719 | 11,050,836 | Form | |
| 18 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 7082026 | 75.35 | 881 | 66,385 | 30,518 | Form |
| 19 | Wilson, Frederick R | Direct | Sell | 7062026 | 74.39 | 20,000 | 1,487,855 | 32,831,678 | Form | |
| 20 | Silverman, Josh | Direct | Sell | 7062026 | 74.93 | 92,404 | 6,923,940 | 10,481,672 | Form | |
| 21 | Silverman, Josh | Direct | Sell | 6252026 | 79.00 | 97,389 | 7,693,731 | 10,324,826 | Form | |
| 22 | Silverman, Josh | Direct | Sell | 6172026 | 74.00 | 52,479 | 3,883,446 | 9,671,356 | Form | |
| 23 | Silverman, Josh | Direct | Sell | 6172026 | 72.50 | 50,000 | 3,625,000 | 9,475,315 | Form | |
| 24 | Silverman, Josh | Direct | Sell | 6032026 | 68.89 | 134,730 | 9,281,066 | 9,003,040 | Form | |
| 25 | Wilson, Frederick R | Direct | Sell | 6032026 | 68.79 | 20,000 | 1,375,820 | 31,735,283 | Form | |
| 26 | Wilson, Frederick R | Direct | Sell | 5262026 | 61.63 | 20,000 | 1,232,675 | 29,666,105 | Form | |
| 27 | Blow, Marla J | Direct | Sell | 5192026 | 58.25 | 300 | 17,474 | 500,393 | Form | |
| 28 | Baker, Charles | Chief Financial Officer | Direct | Sell | 5052026 | 63.50 | 2,030 | 128,898 | 438,952 | Form |
| 29 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 5052026 | 65.09 | 4,776 | 310,870 | 423,280 | Form |
| 30 | Silverman, Josh | Direct | Sell | 5052026 | 64.18 | 88,350 | 5,670,172 | 8,387,747 | Form | |
| 31 | Silverman, Josh | Direct | Sell | 5012026 | 69.00 | 36,443 | 2,514,567 | 9,017,886 | Form | |
| 32 | Silverman, Josh | Direct | Sell | 4232026 | 65.00 | 70,000 | 4,550,000 | 8,495,110 | Form | |
| 33 | Silverman, Josh | Direct | Sell | 4202026 | 64.00 | 30,369 | 1,943,616 | 8,364,416 | Form | |
| 34 | Silverman, Josh | Direct | Sell | 4202026 | 59.00 | 24,296 | 1,433,464 | 7,710,946 | Form | |
| 35 | Silverman, Josh | Direct | Sell | 4082026 | 54.00 | 12,148 | 655,992 | 7,057,476 | Form | |
| 36 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 4082026 | 52.92 | 1,993 | Form | ||
| 37 | Silverman, Josh | Direct | Sell | 4032026 | 49.07 | 6,074 | 298,024 | 6,412,559 | Form | |
| 38 | Ballard, Charles Andrew | Direct | Sell | 3052026 | 55.74 | 1,790 | 99,775 | 223,294 | Form | |
| 39 | Baker, Charles | Chief Financial Officer | Direct | Sell | 2252026 | 53.79 | 7,638 | 410,816 | 331,374 | Form |
| 40 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 2252026 | 51.92 | 2,500 | 129,800 | 299,630 | Form |
| 41 | Blow, Marla J | Direct | Sell | 2192026 | 44.68 | 300 | 13,405 | 397,290 | Form | |
| 42 | Silverman, Josh | Direct | Sell | 2032026 | 53.26 | 21,666 | 1,153,830 | 4,828,181 | Form | |
| 43 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 1052026 | 58.45 | 5,636 | Form | ||
| 44 | Silverman, Josh | Direct | Sell | 1052026 | 57.46 | 86,666 | 4,980,170 | 5,209,738 | Form | |
| 45 | Silverman, Josh | Chief Executive Officer | Direct | Sell | 12032025 | 54.67 | 21,666 | 1,184,392 | 4,315,658 | Form |
| 46 | Blow, Marla J | Direct | Sell | 11212025 | 52.35 | 300 | 15,706 | 481,176 | Form | |
| 47 | Minor, Bradley | Chief Marketing Officer | Direct | Sell | 11062025 | 57.81 | 3,095 | 178,922 | 426,233 | Form |
| 48 | Colburn, Richard Edward Iii | Chief Product & Tech Officer | Direct | Sell | 11062025 | 57.80 | 3,200 | 184,960 | 253,569 | Form |
| 49 | Silverman, Josh | Chief Executive Officer | Direct | Sell | 11042025 | 61.46 | 21,666 | 1,331,642 | 4,852,203 | Form |
| 50 | Buckley, Merilee | CHIEF ACCOUNTING OFFICER | Direct | Sell | 11042025 | 61.47 | 11,827 | Form | ||
| 51 | Patel, Goyal Kruti | President&Chief Growth Officer | Direct | Sell | 10032025 | 75.01 | 7,685 | 576,436 | 4,113,439 | Form |
| 52 | Silverman, Josh | Chief Executive Officer | Direct | Sell | 10032025 | 70.19 | 21,666 | 1,520,634 | 4,398,791 | Form |
| 53 | Silverman, Josh | Chief Executive Officer | Direct | Sell | 10012025 | 72.50 | 150,000 | 10,875,000 | 4,543,865 | Form |
Investor Activity (13F)
Updated Oct 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Etsy — Investor Video Playlist
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The process from stained glass pattern to finished suncatcher
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Introducing Etsy x Olivia Rodrigo
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She Makes Handmade Glass in a Storybook Cabin | Open Studio
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How 3 Etsy sellers find inspiration to create | Etsy Open Studio | Black History Month Spotlight
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Broadline Retail Resources |
| Chain Store Age |
| RetailWire |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/9/2026