Etsy (ETSY) financial statements
Etsy reported revenue of $2.9B in fiscal 2025, up 25.8% a year over 9 years.
Net income was $163M and the operating margin 9.2%, against 4.8% in 2016.
Free cash flow was $639M, and the company returned $777M in net buybacks.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Etsy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365M | $441M | $604M | $818M | $1.7B | $2.3B | $2.6B | $2.7B | $2.8B | $2.9B |
| Cost of revenue | $123M | $151M | $191M | $271M | $465M | $655M | $745M | $829M | $775M | $818M |
| Gross profit | $242M | $290M | $413M | $547M | $1.3B | $1.7B | $1.8B | $1.9B | $2.0B | $2.1B |
| Research and development | $55M | $75M | $97M | $122M | $180M | $272M | $412M | $469M | $443M | $450M |
| Selling, general and admin | $168M | $201M | $241M | $337M | $657M | $937M | $1.0B | $1.1B | $1.2B | $1.2B |
| Operating income | $18M | $12M | $75M | $89M | $424M | $466M | -$659M | $280M | $380M | $266M |
| Interest expense | $7M | $11M | $22M | $24M | $42M | $10M | $14M | $14M | $14M | $19M |
| Pre-tax income | -$3M | $32M | $55M | $81M | $366M | $472M | -$662M | $293M | $411M | $247M |
| Income tax | $27M | -$50M | -$22M | -$15M | $16M | -$22M | $32M | -$15M | $107M | $84M |
| Net income | -$30M | $82M | $77M | $96M | $349M | $494M | -$694M | $308M | $303M | $163M |
| EPS (diluted) | -$0.26 | $0.68 | $0.61 | $0.76 | $2.69 | $3.40 | -$5.48 | $2.24 | $2.35 | $1.39 |
| Diluted shares | 114M | 122M | 127M | 126M | 136M | 147M | 127M | 140M | 132M | 124M |
| Gross margin | 66.2% | 65.8% | 68.4% | 66.9% | 73.1% | 71.9% | 71.0% | 69.8% | 72.4% | 71.6% |
| Operating margin | 4.8% | 2.7% | 12.4% | 10.8% | 24.6% | 20.0% | -25.7% | 10.2% | 13.5% | 9.2% |
| Net margin | -8.2% | 18.5% | 12.8% | 11.7% | 20.2% | 21.2% | -27.1% | 11.2% | 10.8% | 5.7% |
Balance sheet
Fiscal years, from Etsy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $282M | $341M | $624M | $817M | $1.7B | $985M | $1.2B | $1.2B | $1.0B | $1.6B |
| Receivables | $26M | $34M | $12M | $15M | $23M | $27M | $28M | $25M | $9M | $9M |
| Total current assets | $371M | $439M | $680M | $921M | $1.9B | $1.3B | $1.5B | $1.6B | $1.3B | $2.0B |
| Property, plant and equipment | $126M | $118M | $120M | $145M | $112M | $275M | $250M | $250M | $237M | $206M |
| Goodwill | $36M | $39M | $37M | $139M | $141M | $1.4B | $138M | $138M | $137M | $38M |
| Total assets | $581M | $606M | $902M | $1.5B | $2.4B | $3.8B | $2.6B | $2.7B | $2.4B | $2.8B |
| Total current liabilities | $84M | $102M | $112M | $189M | $455M | $616M | $632M | $711M | $665M | $1.4B |
| Total liabilities | $236M | $209M | $501M | $1.1B | $1.7B | $3.2B | $3.2B | $3.2B | $3.2B | $3.9B |
| Shareholders' equity | $345M | $397M | $401M | $407M | $742M | $629M | -$547M | -$544M | -$759M | -$1.1B |
| Net debt | -$182M | -$315M | -$367M | -$443M | -$1.2B | -$780M | -$921M | -$914M | -$811M | -$1.4B |
Cash flow
Fiscal years, from Etsy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $48M | $69M | $199M | $207M | $679M | $652M | $684M | $706M | $752M | $693M |
| Capital spending | $48M | $13M | $21M | $15M | $7M | $28M | $31M | $40M | $43M | $55M |
| Free cash flow | $214,000 | $56M | $178M | $192M | $672M | $623M | $653M | $666M | $709M | $639M |
| Stock-based compensation | $16M | $27M | $38M | $44M | $65M | $140M | $231M | $285M | $283M | $245M |
| Share buybacks (net) | $0 | -$10M | -$135M | -$177M | -$269M | -$303M | -$426M | -$577M | -$724M | -$777M |
| Free cash flow margin | 0.1% | 12.7% | 29.5% | 23.4% | 38.9% | 26.8% | 25.4% | 24.2% | 25.2% | 22.2% |
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Open ETSY in InvestinglyQuestions
What was Etsy's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Etsy generate?
$639M in fiscal 2025 (operating cash flow minus capital spending).
From Etsy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.