Etsy, Inc. Q3 2026 Earnings Recap

Etsy’s shares rose 5.4% after the company reported 8.8% year-over-year marketplace GMS growth and said active buyers returned to growth for the first time in two years. Management also pointed to improving GMS per active buyer and an estimated 2-percentage-point contribution from personalization improvements to annualized GMS growth.

Key Takeaways

• Marketplace GMS was $2.6 billion, up 8.8% year over year; revenue was $692 million on a 26.2% take rate.
• Adjusted EBITDA was $210 million, a 30.4% margin.
• Active buyers grew year over year for the first time in two years, while active sellers grew at their fastest rate in two years; management also cited improving seller retention.
• Personalization improvements were estimated to have contributed approximately 2 percentage points to the annualized year-over-year GMS growth rate by Q3.
• Management said some external GMS tailwinds remain, while its strategic initiatives are contributing more; the transcript also highlights continued investment in discovery, marketing, and buyer and seller support.