NYSE : ETSY
Etsy, Inc. — Financial statements
Consumer Discretionary · Internet Retail · United States
Last price 91.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.90B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Etsy, Inc. (ETSY) reported revenue of 3.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.01B | 2.88B | 2.81B | 2.75B | 2.57B | 2.33B |
| Cost of Revenue | 860.14M | 817.80M | 774.55M | 823.02M | 744.59M | 654.51M |
| Gross Profit | 2.15B | 2.07B | 2.03B | 1.93B | 1.82B | 1.67B |
| Selling, General & Admin | 1.26B | 1.25B | 1.20B | 1.10B | 1.02B | 900.63M |
| Research & Development | 438.42M | 450.19M | 443.06M | 455.81M | 412.40M | 271.54M |
| Other Operating Expenses | 6.12M | |||||
| Operating Expenses | 1.69B | 1.70B | 1.65B | 1.55B | 1.44B | 1.17B |
| Operating Income | 455.39M | 367.91M | 380.21M | 374.51M | 386.46M | 502.44M |
| Interest Expense | -22.54M | -18.51M | -13.81M | -14.04M | -14.17M | -9.88M |
| Interest & Investment Income | 56.45M | 44.49M | 30.98M | 36.00M | 10.96M | 2.14M |
| Currency Exchange Gain (Loss) | 9.70M | -40.43M | 13.39M | -6.35M | -206.00K | 13.67M |
| EBT Excluding Unusual Items | 498.99M | 353.46M | 410.77M | 390.12M | 383.04M | 508.36M |
| Merger & Restructuring Charges | -33.86M | -26.58M | -36.70M | |||
| Impairment of Goodwill | -101.70M | -1.05B | ||||
| Gain (Loss) on Sale of Assets | -5.10M | -2.63M | ||||
| Asset Writedown | -68.09M | |||||
| Pretax Income | 465.13M | 246.66M | 410.77M | 292.82M | -661.98M | 471.65M |
| Income Tax Expense | 84.66M | 83.68M | 107.49M | -14.75M | 32.31M | -21.85M |
| Net Income | 987.28M | 162.98M | 303.28M | 307.57M | -694.29M | 493.51M |
| Net Income to Common | 987.28M | 162.98M | 303.28M | 307.57M | -694.29M | 493.51M |
| Shares Outstanding (Basic) | 95.32M | 102.36M | 114.94M | 122.50M | 126.78M | 127.22M |
| Shares Outstanding (Diluted) | 121.43M | 124.11M | 131.72M | 140.15M | 126.78M | 146.68M |
| EPS (Basic) | 10.36 | 1.59 | 2.64 | 2.51 | -5.48 | 3.88 |
| EPS (Diluted) | 10.36 | 1.39 | 2.35 | 2.24 | -5.48 | 3.40 |
| Free Cash Flow | 592.49M | 678.03M | 738.26M | 692.56M | 673.38M | 640.30M |
| Free Cash Flow Per Share | 4.88 | 5.46 | 5.61 | 4.94 | 5.31 | 4.37 |
| Gross Margin | 71.42% | 71.64% | 72.42% | 70.05% | 70.98% | 71.90% |
| Operating Margin | 15.13% | 12.76% | 13.54% | 13.63% | 15.06% | 21.57% |
| Profit Margin | 32.80% | 5.65% | 10.80% | 11.19% | -27.06% | 21.19% |
| Free Cash Flow Margin | 19.68% | 23.51% | 26.29% | 25.20% | 26.24% | 27.49% |
| EBITDA | 507.85M | 418.86M | 437.58M | 431.53M | 445.86M | 546.70M |
| EBITDA Margin | 16.87% | 14.53% | 15.58% | 15.70% | 17.38% | 23.47% |
| D&A For EBITDA | 52.46M | 50.95M | 57.37M | 57.02M | 59.40M | 44.27M |
| EBIT | 455.39M | 367.91M | 380.21M | 374.51M | 386.46M | 502.44M |
| EBIT Margin | 15.13% | 12.76% | 13.54% | 13.63% | 15.06% | 21.57% |
| Effective Tax Rate | 18.20% | 33.93% | 26.17% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.07B | 1.40B | 811.18M | 914.32M | 921.28M | 780.20M |
| Short-Term Investments | 245.04M | 224.09M | 228.32M | 236.12M | 250.41M | 204.42M |
| Cash & Short-Term Investments | 2.31B | 1.62B | 1.04B | 1.15B | 1.17B | 984.61M |
| Receivables | 8.95M | 8.69M | 8.70M | 24.73M | 27.89M | 27.27M |
| Prepaid Expenses | 64.15M | 127.37M | 89.93M | 129.88M | 80.20M | 109.42M |
| Other Current Assets | 219.56M | 205.00M | 189.56M | 265.39M | 233.96M | 220.21M |
| Total Current Assets | 2.60B | 1.96B | 1.33B | 1.57B | 1.51B | 1.34B |
| Property, Plant & Equipment | 195.57M | 265.31M | 278.85M | 291.95M | 288.53M | 321.01M |
| Long-Term Investments | 150.39M | 134.38M | 111.72M | 86.68M | 29.14M | 85.03M |
| Goodwill | 37.28M | 38.07M | 137.09M | 138.38M | 137.72M | 1.37B |
| Other Intangible Assets | 10.89M | 297.35M | 413.90M | 457.14M | 535.41M | 607.17M |
| Long-Term Deferred Tax Assets | 119.63M | 119.31M | 145.63M | 137.78M | 121.51M | 95.86M |
| Other Long-Term Assets | 50.56M | 11.85M | 2.90M | 3.04M | 8.92M | 10.16M |
| Total Assets | 3.17B | 2.83B | 2.42B | 2.69B | 2.63B | 3.83B |
| Accounts Payable | 19.61M | 28.81M | 25.98M | 29.92M | 28.76M | 28.01M |
| Accrued Expenses | 172.56M | 238.63M | 224.39M | 216.65M | 191.51M | 182.07M |
| Current Portion of Long-Term Debt | 1.30B | 649.01M | ||||
| Current Portion of Leases | 1.66M | 11.26M | 11.02M | 8.96M | 6.44M | |
| Current Income Taxes Payable | 21.17M | 20.11M | 21.34M | 10.62M | 10.13M | 9.69M |
| Current Unearned Revenue | 35.01M | 27.05M | 19.21M | 14.63M | 14.01M | 12.34M |
| Other Current Liabilities | 369.10M | 398.35M | 362.94M | 427.94M | 378.38M | 377.05M |
| Total Current Liabilities | 1.92B | 1.36B | 665.11M | 710.78M | 631.75M | 615.59M |
| Long-Term Debt | 1.69B | 2.33B | 2.29B | 2.28B | 2.28B | 2.28B |
| Long-Term Leases | 92.13M | 131.23M | 134.82M | 140.72M | 143.78M | 154.03M |
| Long-Term Deferred Tax Liabilities | 11.14M | 8.81M | 7.96M | 13.19M | 44.73M | 79.48M |
| Other Long-Term Liabilities | 137.65M | 88.46M | 80.67M | 80.60M | 82.32M | 78.67M |
| Total Liabilities | 3.85B | 3.93B | 3.18B | 3.23B | 3.18B | 3.20B |
| Common Stock | 88.00K | 97.00K | 109.00K | 119.00K | 125.00K | 127.00K |
| Additional Paid-In Capital | 1.65B | 1.53B | 1.32B | 1.08B | 815.09M | 631.76M |
| Retained Earnings | -2.32B | -2.40B | -1.78B | -1.36B | -1.05B | 71.74M |
| Comprehensive Income & Other | -4.75M | -226.38M | -297.75M | -267.47M | -314.22M | -75.01M |
| Shareholders' Equity | -677.84M | -1.10B | -758.87M | -543.72M | -547.27M | 628.62M |
| Total Liabilities & Equity | 3.17B | 2.83B | 2.42B | 2.69B | 2.63B | 3.83B |
| Total Debt | 3.08B | 3.12B | 2.43B | 2.44B | 2.43B | 2.44B |
| Net Cash (Debt) | -768.57M | -1.50B | -1.39B | -1.29B | -1.26B | -1.45B |
| Net Cash Per Share | -6.33 | -12.05 | -10.59 | -9.17 | -9.94 | -9.89 |
| Filing Date Shares Outstanding | 86.21M | 96.25M | 107.07M | 118.49M | 124.65M | 127.03M |
| Total Common Shares Outstanding | 87.91M | 97.03M | 108.54M | 119.07M | 125.05M | 127.02M |
| Working Capital | 687.11M | 597.36M | 662.58M | 859.66M | 881.99M | 725.91M |
| Book Value Per Share | -7.71 | -11.32 | -6.99 | -4.57 | -4.38 | 4.95 |
| Tangible Book Value | -726.01M | -1.43B | -1.31B | -1.14B | -1.22B | -1.35B |
| Tangible Book Value Per Share | -8.26 | -14.77 | -12.07 | -9.57 | -9.76 | -10.63 |
| Buildings | 133.06M | 133.06M | 133.06M | 133.06M | 133.06M | |
| Machinery | 35.65M | 31.48M | 29.55M | 24.22M | 15.21M | |
| Construction In Progress | 3.87M | 419.00K | 10.84M | |||
| Leasehold Improvements | 72.82M | 65.51M | 62.22M | 56.09M | 48.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 987.28M | 162.98M | 303.28M | 307.57M | -694.29M | 493.51M |
| Depreciation & Amortization | 52.46M | 50.95M | 57.37M | 57.02M | 59.40M | 44.27M |
| Other Amortization | 50.90M | 50.90M | 50.70M | 34.30M | 37.30M | 30.00M |
| Asset Writedown & Restructuring Costs | 101.70M | 68.09M | 1.05B | |||
| Stock-Based Compensation | 230.37M | 244.75M | 282.85M | 284.56M | 230.89M | 139.91M |
| Provision & Write-off of Bad Debts | 6.49M | 9.01M | 11.95M | 19.63M | 12.46M | 16.03M |
| Other Operating Activities | -599.66M | 73.83M | -33.41M | -41.96M | -47.64M | -96.05M |
| Change in Accounts Receivable | -10.03M | -10.03M | 3.57M | -16.07M | -14.06M | -19.26M |
| Change in Accounts Payable | 2.50M | 2.50M | -3.51M | 2.58M | 532.00K | -14.17M |
| Change in Unearned Revenue | 6.97M | 6.97M | 4.95M | 457.00K | 1.91M | 1.44M |
| Change in Other Net Operating Assets | 82.54M | -129.00K | 74.72M | -10.68M | 52.09M | 55.87M |
| Operating Cash Flow | 598.11M | 693.41M | 752.47M | 705.51M | 683.61M | 651.55M |
| Capital Expenditures | -5.62M | -15.39M | -14.21M | -12.95M | -10.24M | -11.25M |
| Cash Acquisitions | -1.70B | |||||
| Divestitures | 100.48M | |||||
| Sale (Purchase) of Intangibles | -32.96M | -39.28M | -29.29M | -26.96M | -26.96M | -18.86M |
| Investment in Securities | -26.87M | -13.74M | -9.60M | -33.40M | 7.17M | 172.11M |
| Investing Cash Flow | 1.24B | 32.08M | -53.10M | -73.31M | -30.02M | -1.56B |
| Long-Term Debt Issued | 700.00M | 1.00B | ||||
| Long-Term Debt Repaid | -6.16M | -6.09M | -6.28M | -6.31M | -52.76M | |
| Net Debt Issued (Repaid) | -4.76M | 693.84M | -6.09M | -6.28M | -6.31M | 947.24M |
| Issuance of Common Stock | 17.27M | 17.67M | 3.91M | 14.23M | 15.02M | 22.71M |
| Repurchase of Common Stock | -1.02B | -852.12M | -785.49M | -660.41M | -504.89M | -420.94M |
| Other Financing Activities | 112.00K | -29.26M | 503.00K | -4.07M | -10.31M | -96.25M |
| Financing Cash Flow | -1.01B | -169.88M | -787.17M | -656.53M | -506.48M | 452.75M |
| Foreign Exchange Rate Adjustments | -8.81M | 37.56M | -15.35M | 12.03M | -6.02M | -10.23M |
| Net Cash Flow | 822.81M | 593.18M | -103.14M | -12.30M | 141.08M | -463.90M |
| Free Cash Flow | 592.49M | 678.03M | 738.26M | 692.56M | 673.38M | 640.30M |
| Free Cash Flow Margin | 19.68% | 23.51% | 26.29% | 25.20% | 26.24% | 27.49% |
| Free Cash Flow Per Share | 4.88 | 5.46 | 5.61 | 4.94 | 5.31 | 4.37 |
| Levered Free Cash Flow | 612.86M | 517.30M | 662.33M | 560.28M | 551.55M | 528.13M |
| Unlevered Free Cash Flow | 626.95M | 528.86M | 670.96M | 569.06M | 560.41M | 534.31M |
| Cash Interest Paid | 12.23M | 12.23M | 9.05M | 9.31M | 9.53M | 6.05M |
| Cash Income Tax Paid | 16.92M | 63.41M | 89.60M | 42.70M | 41.68M | 94.16M |
| Change in Working Capital | 81.98M | -692.00K | 79.72M | -23.70M | 40.47M | 23.88M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.97B | 5.47B | 5.95B | 9.71B | 15.05B | 27.76B |
| Enterprise Value | 8.74B | 7.04B | 7.29B | 11.12B | 16.40B | 29.26B |
| Last Close Price | 88.96 | 55.44 | 52.89 | 81.05 | 119.78 | 218.94 |
| PE Ratio | 8.93 | 33.58 | 19.62 | 31.55 | 56.24 | |
| Forward PE | 14.19 | 12.89 | 10.96 | 17.36 | 31.02 | 55.56 |
| PS Ratio | 2.70 | 1.90 | 2.12 | 3.53 | 5.87 | 11.92 |
| PB Ratio | -4.98 | -7.84 | -17.85 | -27.51 | 44.16 | |
| P/FCF Ratio | 13.71 | 8.07 | 8.06 | 14.01 | 22.36 | 43.35 |
| P/OCF Ratio | 13.58 | 7.89 | 7.91 | 13.76 | 22.02 | 42.60 |
| PEG Ratio | 1.45 | 1.76 | 1.32 | 1.94 | 2.10 | 2.18 |
| EV/Sales Ratio | 2.95 | 2.44 | 2.60 | 4.04 | 6.39 | 12.56 |
| EV/EBITDA Ratio | 17.51 | 16.81 | 16.67 | 25.76 | 36.79 | 53.52 |
| EV/EBIT Ratio | 19.52 | 19.13 | 19.18 | 29.69 | 42.45 | 58.24 |
| EV/FCF Ratio | 15.00 | 10.38 | 9.88 | 16.05 | 24.36 | 45.70 |
| Debt / Equity Ratio | -4.54 | -2.84 | -3.21 | -4.48 | -4.45 | 3.88 |
| Debt / EBITDA Ratio | 5.98 | 7.31 | 5.46 | 5.54 | 5.34 | 4.40 |
| Debt / FCF Ratio | 5.20 | 4.59 | 3.30 | 3.52 | 3.61 | 3.80 |
| Net Debt / Equity Ratio | -1.13 | -1.36 | -1.84 | -2.36 | -2.30 | 2.31 |
| Net Debt / EBITDA Ratio | 1.51 | 3.57 | 3.19 | 2.98 | 2.83 | 2.65 |
| Net Debt / FCF Ratio | 1.30 | 2.21 | 1.89 | 1.86 | 1.87 | 2.27 |
| Asset Turnover | 1.03 | 1.10 | 1.10 | 1.03 | 0.79 | 0.75 |
| Quick Ratio | 1.21 | 1.19 | 1.58 | 1.65 | 1.90 | 1.64 |
| Current Ratio | 1.36 | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 |
| Return on Equity (ROE) | -1,707.02% | 71.99% | ||||
| Return on Assets (ROA) | 9.78% | 8.77% | 9.31% | 8.80% | 7.47% | 10.07% |
| Return on Invested Capital (ROIC) | 30.78% | 15.12% | 15.06% | 18.83% | 18.93% | 43.87% |
| Return on Capital Employed (ROCE) | 36.40% | 25.10% | 21.70% | 19.00% | 19.30% | 15.60% |
| Earnings Yield | 11.20% | 2.98% | 5.10% | 3.17% | -4.61% | 1.78% |
| FCF Yield | 7.30% | 12.39% | 12.41% | 7.14% | 4.47% | 2.31% |
| Buyback Yield / Dilution | 2.78% | 5.78% | 6.01% | -10.54% | 13.57% | -7.53% |