Etsy, Inc. Earnings Recaps
Q3 2025
Oct 29, 2025
Etsy's Q3 2025 earnings exceeded expectations with notable improvements in gross merchandise sales (GMS), revenue, and adjusted EBITDA as the company transitions leadership to Kruti Patel Goyal.
Key takeaways
- Combined GMS for Etsy and Depop showed year-over-year growth, achieving $2.43 billion despite a 2.4% decline year-over-year for Etsy alone.
- Depop's GMS surged 39.4% year-over-year to $292 million, bolstered by new user acquisition and improved buyer conversion rates.
- The transition in leadership from Josh Silverman to Kruti Patel Goyal is positioned as a strategic move to leverage AI and enhance customer experience.
- Key strategic priorities focus on personalized shopper experiences and deepening community loyalty, setting a positive tone for future growth.
Q2 2025
Aug 1, 2025
Etsy's Q2 2025 results exceeded expectations, fueled by a strategic focus on enhancing customer experience and app engagement, despite a year-over-year decline in gross merchandise sales (GMS).
Key takeaways
- Adjusted EBITDA margin aligned with guidance, reflecting effective cost management amid competitive pressures.
- GMS declined 5.4% year-over-year, but showed significant improvement from the previous quarter, indicating a potential turnaround.
- The Etsy app's GMS growth outpaced non-app GMS, now constituting nearly 45% of total GMS, driven by improved user experience and increased personalization in marketing.
- Depop delivered an impressive 35% year-over-year GMS growth, showcasing strong momentum in the online fashion resale market.
- Strategic marketing investments in Q3 aim to expand brand awareness and customer engagement further.