At a glance
Etsy Inc is worth $7.96B, about 66 times its fiscal 2025 earnings. Revenue grew 2.7% to $2.88B in fiscal 2025, with 5.7% kept as profit; over 5 years it has grown 10.8% a year. It pays no dividend; it spent $2.81B buying back its shares over FY2021–FY2025. The stock returned +23.5% over the past year with dividends reinvested and −17.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.3% in the 2020 crash (S&P 500: 33.7%) and 67.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Etsy Inc. runs online marketplaces that connect independent sellers with buyers. Its main site, the Etsy marketplace, offers handmade, vintage and custom goods. The biggest categories are home and living items, jewelry, apparel, craft supplies, party supplies and toys. As of December 31, 2025, it had 86.5 million active buyers and 5.6 million active sellers. Buyers spent $11.9 billion across Etsy's sites in 2025, a figure called gross merchandise sales (GMS). The Etsy marketplace made up 87.8% of that and Depop, a fashion resale marketplace, 9.0%.
Etsy holds no inventory. Sellers list and ship their own items, and Etsy earns fees. In 2025, revenue was $2.88 billion. Marketplace revenue made up 69.6%. It comes from required fees on transactions, payment processing and listings. Services revenue made up 30.4%. It comes from optional extras such as on-site ads and shipping labels. By region, the United States produced 50.8% of revenue, the United Kingdom 10.3% and all other countries 38.9%.
Etsy sold Reverb, its musical instrument marketplace, on June 2, 2025. On February 15, 2026, it signed a deal for eBay to purchase Depop for $1.2 billion in cash. Etsy's annual report said the sale was expected to close in the second quarter of 2026. Etsy said it would use the proceeds for general corporate purposes, share buybacks and investment in the Etsy marketplace.
Price history
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ETSY +23.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Marketplace revenue | $2.01B | 69.6% |
| Services revenue | $876.3M | 30.4% |
By geography
| United States | $1.47B | 50.8% |
| All Other | $1.12B | 38.9% |
| United Kingdom | $296.2M | 10.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $692.5M, up 10.9% from a year earlier, and net income was $853.5M (+1030.4%).
- For fiscal 2025, revenue was $2.88B (+2.7% year over year; +10.8% a year from FY2020 to FY2025) with a 5.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.8% good |
|---|---|
| Operating margin | 9.2% watch |
| Free cash flow margin | 23.5% good |
| Return on assets (FY2025) | 5.8% watch |
| Net cash (cash minus debt) | $-526.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.73B | $349.2M | $677.5M |
| FY2021 | $2.33B | $493.5M | $640.3M |
| FY2022 | $2.57B | $-694.3M | $673.4M |
| FY2023 | $2.75B | $307.6M | $692.6M |
| FY2024 | $2.81B | $303.3M | $738.3M |
| FY2025 | $2.88B | $163.0M | $678.0M |
Valuation snapshot
| Market value | $7.96B |
|---|---|
| P/E ratio | 66.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Etsy’s market value went from $1.36B at the end of 2016 to $7.96B on Oct 28, 2026, about 5.8 times as much; since the end of 2025 it is up 45%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.96B | +45.5% |
| 2025 | $5.47B | -8.0% |
| 2024 | $5.95B | -38.7% |
| 2023 | $9.71B | -35.5% |
| 2022 | $15.05B | -45.8% |
| 2021 | $27.76B | +23.7% |
| 2020 | $22.43B | +327.4% |
| 2019 | $5.25B | -8.4% |
| 2018 | $5.73B | +130.2% |
| 2017 | $2.49B | +82.8% |
| 2016 | $1.36B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ETSY price data to Oct 28, 2026 | +66.6% | +23.5% | +13.9% | -17.6% | +22.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +66.6% |
| 2025 | +4.8% |
| 2024 | -34.7% |
| 2023 | -32.3% |
| 2022 | -45.3% |
| 2021 | +23.1% |
| 2020 | +301.6% |
| 2019 | -6.9% |
| 2018 | +132.6% |
| 2017 | +73.6% |
| 2016 | +42.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.9% over that stretch · deepest drop along the way 49.3%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.4% over that stretch · deepest drop along the way 67.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 31 sales ($12.1M), 25 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 2, 2026 | Josh Silverman Director | sell | $3.8M |
| Oct 29, 2026 | Frederick R Wilson Director | sell | $2.6M |
| Sep 1, 2026 | Frederick R Wilson Director | sell (plan) | $1.3M |
| Sep 1, 2026 | Josh Silverman Director | sell (plan) | $619K |
| Oct 29, 2026 | Marla J Blow Director | sell | $556K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.7% | Jun 30, 2025 |
| Renaissance Technologies LLC | 6.09% | Jul 1, 2025 |
| Vanguard Portfolio Management | 5.75% | Mar 31, 2026 |
| JANE STREET GROUP, LLC | 5.3% | Jul 7, 2026 |
| Elliott Investment Management L.P. | 5.1% | Sep 30, 2025 |
| LONE PINE CAPITAL LLC | 5% | Oct 17, 2025 |
| Vanguard Capital Management | 4.99% | Sep 30, 2026 |
| THE GOLDMAN SACHS GROUP, INC. | 4.5% | Jun 30, 2026 |
| Citadel Securities GP LLC | 3.2% | Dec 31, 2025 |
| Holocene Advisors, LP | 3.13% | Sep 30, 2025 |
| Pacer US Small Cap Cash Cows ETF | 1.19% | Mar 31, 2025 |
| NOMURA HOLDINGS INC | 0.4% | Sep 30, 2025 |
ETFs with the most weight in ETSY
| ONLN ProShares Online Retail ETF | 4.16% |
| EBIZ Global X E-commerce ETF | 3.59% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 3.21% |
| IBUY Amplify Online Retail ETF | 2.37% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 1.56% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.98% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 0.76% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.7% |
What could go wrong
- Shrinking sales on the Etsy marketplace. Etsy depends on keeping buyers and sellers engaged. Sales on the Etsy marketplace fell 4% in 2025 to $10.5 billion, trailing overall online shopping. The number of active sellers also fell from the prior year.
- Counterfeits, fraud and unreliable sellers. Etsy relies on independent sellers to deliver what buyers expect. It regularly gets claims that listings are counterfeit, infringing or unlawful. Failing to stop fraud or bad sellers could damage trust in its brand.
- Heavy reliance on Google Cloud. Google Cloud provides a substantial portion of the computing, storage and data services behind the Etsy marketplace. Etsy says a significant disruption there would hurt its operations and could seriously harm the business.
- A large convertible debt load. Etsy carries significant convertible debt (bonds that can turn into shares). As of September 30, 2026, total debt of $2.99 billion exceeded cash and investments of $2.46 billion. Conversions could shrink existing owners' stakes.
- Shoppers cut back on extras. Etsy's goods, such as gifts and home items, are discretionary purchases. The company warns that this kind of spending usually falls during recessions, periods of high inflation or weak consumer confidence.
- Intense competition and uncertain marketing payoff. Etsy faces intense competition for shoppers and sellers. It relies on paid digital and brand marketing to attract buyers. If that marketing works less well, or rivals draw shoppers away, sales could suffer.
Recent events
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement; Other company announcement
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Major agreement signed
- Shareholder vote results
- Major agreement signed
- Quarterly results released
- Quarterly results released
- Major agreement signed; Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed; Investor presentation or announcement; Other company announcement
For income and retirement investors
Etsy does not pay a dividend and paid none from fiscal 2021 through 2025, so the stock provides no regular income. Any cash an investor draws from it would have to come from selling shares. Etsy returns cash through share buybacks (repurchasing its own stock) instead. It spent $2.81 billion over those five years, including $777.1 million for 14.4 million shares in 2025. Its share count fell 32% between October 29, 2021 and October 23, 2026. The board approved a new $750 million buyback program in December 2025. Buybacks are discretionary and can be paused. In the 2020 COVID crash, the stock fell 49.3% between March 4 and March 20, 2020, then regained its March 4 level by April 20. In the 2022 bear market, it fell 67.1% from January 3 to June 16, 2022. It had not recovered to its January 2022 peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Etsy make money?
Etsy makes money mainly from fees paid by the sellers on its marketplaces, not by selling its own goods. In 2025, 69.6% of its $2.88 billion in revenue came from required marketplace fees, such as transaction, payment processing and listing fees. The other 30.4% came from optional seller services, such as on-site advertising and shipping labels. Because Etsy holds no inventory, it does not tie up cash in goods for resale. The United States produced 50.8% of 2025 revenue and the United Kingdom 10.3%.
Does Etsy pay a dividend?
No. Etsy paid no dividends from fiscal 2021 through 2025, so the stock offers no regular income. Any cash taken out would have to come from selling shares. Etsy returns cash through share buybacks (repurchasing its own stock) instead. It spent $2.81 billion on buybacks over those five years, and its share count fell 32% between October 29, 2021 and October 23, 2026. In December 2025, its board approved a new $750 million buyback program.
Is Etsy profitable?
Yes, though profits fell. Etsy's net income dropped 46.3% to $163.0 million in 2025, or $1.39 per diluted share, on revenue of $2.88 billion. Its annual report showed $638.8 million of free cash flow (cash from operations minus capital spending). Etsy did post a $694.3 million loss in 2022. At the October 28, 2026 share price, the stock traded at 66.4 times 2025 earnings. That means investors paid about $66 for each $1 of earnings.
Is Etsy selling Depop to eBay?
Yes. On February 15, 2026, Etsy signed a deal for eBay to purchase Depop, its fashion resale marketplace, for $1.2 billion in cash, subject to adjustments and regulatory approval. Etsy's annual report said the deal was expected to close in the second quarter of 2026. Depop produced 9.0% of Etsy's 2025 gross merchandise sales, the total value of goods sold on its sites. Etsy said it would use the proceeds for general corporate purposes, share buybacks and investment in the Etsy marketplace.
How has Etsy stock performed?
Etsy stock has swung widely. As of October 28, 2026, its share price was up 23.5% over one year, down 62% over five years and up 643% over ten years. The stock lost 45.3% in 2022, 32.3% in 2023 and 34.7% in 2024. It then gained 4.8% in 2025 and 66.6% in 2026 through October 28. Over about 11.5 years of price history, its largest fall from a peak was 86.3%.