The earnings call reflected a mixed sentiment. While there were significant achievements in terms of Depop's growth acceleration and improved app engagement, the core Etsy marketplace faced challenges, including a decline in GMS and active buyers. The company's focus on personalized marketing and financial health were positive, but the persistent decline in habitual buyers and GMS per buyer presents ongoing challenges.

Company Guidance -

Q3 2025

In the second quarter of 2025, Etsy's earnings call highlighted several key metrics and strategic initiatives contributing to the company's performance. The company exceeded top line expectations with an adjusted EBITDA margin in line with guidance. Etsy's Gross Merchandise Sales (GMS) declined by 5.4% year-over-year, showing an improvement from the prior quarter, while Depop's GMS grew by 35% year-over-year, reaching a $1 billion annualized run rate. The app's GMS increased to nearly 45% of total GMS, driven by enhanced user experiences and personalized content, with approximately 40% of email and push communications being personalized, targeting a near-total personalization by year-end. Etsy's consolidated revenue rose by about 4% to $673 million, with a take rate improvement to 24%. The company plans to continue its focus on product improvements, app navigability, and marketing investments, aiming for a third-quarter GMS of $2.6 to $2.7 billion and an adjusted EBITDA margin of approximately 25%.

Depop Growth Acceleration

Depop reported a 35% year-over-year increase in GMS, reaching an annualized run rate of $1 billion. In the U.S., GMS grew 54% year-over-year.

Improved App Engagement

Monthly active users on the Etsy app increased by 7% year-over-year with App GMS growing to 44.8% of total GMS, a 3 percentage point increase from the previous year.

Strong Performance in Owned Marketing Channels

Attributed GMS from owned marketing channels grew by 33% year-over-year, boosted by higher open rates and more personalized content.

Consolidated Revenue Growth

Consolidated revenue increased by approximately 4% to $673 million, with a take rate of 24%, driven by strong growth in on-site ads revenue.

Cash Flow and Financial Health

Generated $90 million in free cash flow in the quarter and $635 million in the trailing 12 months, with $1.5 billion in cash and approximately $3 billion in convertible debt.

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.