The earnings call depicted a company in transition, with several strategic shifts beginning to show positive results, especially in segments like Depop and app-based transactions. While the company faces challenges with declining GMS and active buyers, the strides in personalization and strategic investments indicate a path to recovery and growth.

Company Guidance

In the second quarter of 2025, Etsy reported encouraging results that surpassed top-line expectations, with an adjusted EBITDA margin aligning with guidance. The company's Gross Merchandise Sales (GMS) declined by 5.4% year-over-year, showing a notable improvement from the previous quarter, while Depop experienced a 35% growth in GMS, reaching a $1 billion annualized run rate. Etsy's app-based GMS rose to 44.8% of total GMS, driven by improved user experiences and personalized communications, which grew attributed GMS by 33%. Etsy's focus on enhancing customer experience through strategic marketing investments, including a shift in brand media spend and increased paid social investment, has shown promise. The company anticipates further improvement in GMS comparisons in the second half of the year, with Q3 GMS expected to range between $2.6 billion and $2.7 billion and a consolidated adjusted EBITDA margin of approximately 25%.

Exceeded Top Line Expectations

Etsy's second quarter 2025 results exceeded top line expectations with adjusted EBITDA margin in line with guidance, driven by strategic shifts and performance improvements.

Depop Growth

Depop reported a strong quarter with GMS growth accelerating to 35% year-over-year, reaching an annualized run rate of $1 billion in GMS. In the U.S., GMS grew 54% year-over-year.

App GMS Growth

App GMS outpaced non-app GMS, growing year-over-year in the second quarter and rising to almost 45% of total GMS, demonstrating improved user experience and engagement.

Improved Take Rate

Consolidated take rate improved to 24%, meaningfully ahead of guidance, driven by strong growth in on-site ads revenue at both Etsy and Depop.

Successful Strategic Initiatives

The success of strategic initiatives such as increased personalization in emails and push notifications, and improved app navigation contributed to positive results.

Etsy (ETSY) Earnings, Revenues Date & History

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ETSY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.52 / -	0.45	―	―	―
Jul 30, 2025	2025 (Q2)	0.48 / 0.25	0.41	-39.02% (-0.16)
Apr 30, 2025	2025 (Q1)	0.47 / -0.49	0.48	-202.08% (-0.97)
Feb 19, 2025	2024 (Q4)	0.93 / 1.03	0.62	66.13% (+0.41)
Oct 30, 2024	2024 (Q3)	0.53 / 0.45	0.64	-29.69% (-0.19)
Jul 31, 2024	2024 (Q2)	0.44 / 0.41	0.45	-8.89% (-0.04)
May 01, 2024	2024 (Q1)	0.48 / 0.48	0.53	-9.43% (-0.05)
Feb 21, 2024	2023 (Q4)	0.76 / 0.62	0.77	-19.48% (-0.15)
Nov 01, 2023	2023 (Q3)	0.50 / 0.64	-7.62	108.40% (+8.26)
Aug 02, 2023	2023 (Q2)	0.42 / 0.45	0.51	-11.76% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ETSY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$60.30	$61.98	+2.79%
Apr 30, 2025	$46.13	$43.48	-5.74%
Feb 19, 2025	$57.29	$51.53	-10.05%
Oct 30, 2024	$47.99	$51.44	+7.19%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.