ETSY (Etsy, Inc.) Stock Financials & Earnings | Market Cap Arena

ETSY (Etsy, Inc.) Stock Financials & Earnings | Market Cap Arena

ETSYEtsy, Inc.

Mkt Cap$5B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NYSE

Revenue (TTM)$2.9B

Net Income (TTM)$163M

EPS (TTM)$1.35

Free Cash Flow (TTM)$699M

Gross Margin71.6%

Op. Margin9.3%

Net Margin5.7%

FCF Margin24.3%

P/S Ratio (TTM)1.8x

P/E Ratio (TTM)32.6x

YoY Rev Growth+2.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$641M	$445M	$78M
Q2 23	$629M	$440M	-$2M
Q3 23	$636M	$447M	$89M
Q4 23	$842M	$587M	$115M
Q1 24	$646M	$459M	$68M
Q2 24	$648M	$464M	$70M
Q3 24	$662M	$477M	$87M
Q4 24	$852M	$634M	$155M
Q1 25	$651M	$459M	-$22M
Q2 25	$673M	$479M	$76M
Q3 25	$678M	$483M	$83M
Q4 25	$882M	$644M	$130M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.0x	—
Q2 23	2.0x	—
Q3 23	2.0x	15.9x
Q4 23	1.9x	17.3x
Q1 24	1.9x	18.0x
Q2 24	1.9x	18.5x
Q3 24	1.9x	20.7x
Q4 24	1.9x	17.5x
Q1 25	1.9x	28.3x
Q2 25	1.9x	32.4x
Q3 25	1.9x	29.2x
Q4 25	1.8x	32.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$56M	$47M
Q2 23	$136M	$128M
Q3 23	$219M	$208M
Q4 23	$295M	$283M
Q1 24	$69M	$59M
Q2 24	$151M	$141M
Q3 24	$217M	$227M
Q4 24	$315M	$304M
Q1 25	$49M	$46M
Q2 25	$108M	$101M
Q3 25	$219M	$205M
Q4 25	$317M	$347M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$8M
Q2 23	$8M
Q3 23	$11M
Q4 23	$13M
Q1 24	$10M
Q2 24	$10M
Q3 24	$10M
Q4 24	$10M
Q1 25	$3M
Q2 25	$7M
Q3 25	$14M
Q4 25	$30M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+10.6%	+13.7%
Q2 23	+7.5%	+23.2%
Q3 23	+7.0%	-64.6%
Q4 23	+4.3%	+8.8%
Q1 24	+0.8%	+2.7%
Q2 24	+3.0%	-8.5%
Q3 24	+4.1%	+5.1%
Q4 24	+1.2%	-4.1%
Q1 25	+0.8%	+16.6%
Q2 25	+3.8%	+3.2%
Q3 25	+2.4%	+3.4%
Q4 25	+3.5%	+7.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$69M	10.7%
Q2 23	$77M	12.3%
Q3 23	$70M	11.0%
Q4 23	$68M	8.1%
Q1 24	$71M	10.9%
Q2 24	$75M	11.5%
Q3 24	$69M	10.5%
Q4 24	$68M	8.0%
Q1 25	$62M	9.5%
Q2 25	$59M	8.7%
Q3 25	$61M	9.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$116M	$80M	$171M
Q2 23	$122M	$87M	$166M
Q3 23	$114M	$84M	$161M
Q4 23	$117M	$93M	$261M
Q1 24	$110M	$89M	$192M
Q2 24	$114M	$96M	$183M
Q3 24	$107M	$86M	$197M
Q4 24	$111M	$83M	$285M
Q1 25	$111M	$80M	$189M
Q2 25	$112M	$79M	$212M
Q3 25	$113M	$79M	$208M
Q4 25	$114M	$94M	$306M

Revenue Segments

Quarter	Marketplace Revenue	Services Revenue
Q1 23	$468M	$173M
Q2 23	$453M	$176M
Q3 23	$461M	$175M
Q4 23	$616M	$227M
Q1 24	$467M	$179M
Q2 24	$470M	$177M
Q3 24	$476M	$186M
Q4 24	$607M	$245M
Q1 25	$458M	$193M
Q2 25	$468M	$204M
Q3 25	$468M	$210M
Q4 25	$612M	$269M

Revenue by Geography

Quarter	Non-US	United Kingdom	United States
Q1 25	$251M	$67M	$333M
Q2 25	$262M	$68M	$343M
Q3 25	$267M	$68M	$344M
Q4 25	$342M	$94M	$446M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$787M	$253M	$1.0B
Q2 23	$842M	$235M	$1.1B
Q3 23	$742M	$235M	$977M
Q4 23	$914M	$236M	$1.2B
Q1 24	$789M	$255M	$1.0B
Q2 24	$759M	$241M	$1000M
Q3 24	$819M	$226M	$1.0B
Q4 24	$811M	$228M	$1.0B
Q1 25	$649M	$219M	$868M
Q2 25	$1.2B	$229M	$1.4B
Q3 25	$1.2B	$259M	$1.5B
Q4 25	$1.4B	$224M	$1.6B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	143M	-0.7%
Q2 23	141M	-1.4%
Q3 23	139M	-1.5%
Q4 23	137M	-1.7%
Q1 24	135M	-0.9%
Q2 24	133M	-1.6%
Q3 24	131M	-1.8%
Q4 24	132M	+0.7%
Q1 25	107M	-18.7%
Q2 25	122M	+13.5%
Q3 25	125M	+2.8%
Q4 25	124M	-1.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$334K	819
FY 16	$350K	1K
FY 17	$593K	744
FY 18	$691K	874
FY 19	$660K	1K
FY 20	$1M	1K
FY 21	$970K	2K
FY 22	$10M	270
FY 23	$1M	2K
FY 24	$1M	2K
FY 25	$1M	2K