🔹 Revenue: $672.7M (Est. $646.86M) 🟢; +3.8% YoY
🔹 EPS: $0.25 (Est. $0.48) 😐
🔹 Adj EBITDA: $169.0M; -5.8% YoY
🔹 Adj EBITDA Margin: 25.1%; -260 bps YoY
🔹 Revenue Take Rate: 24.0%; UP +200 bps YoY
Segment Results:
🔹 Consolidated GMS: $2.81B; DOWN -4.8% YoY
🔹 Etsy Marketplace GMS: $2.4B; DOWN -5.4% YoY
🔹 Depop GMS: $249.6M; UP +35.3% YoY (U.S. +54%)
🔹 Marketplace Revenue: $468.2M; DOWN -0.5% YoY
🔹 Services Revenue: $204.5M; UP +15.3% YoY
User Metrics:
🔹 Active Buyers: 93.3M; DOWN -3.4% YoY
🔹 Etsy Active Buyers: 87.3M; DOWN -4.6% YoY
🔹 Active Sellers: 8.1M; DOWN -7.8% YoY
🔹 GMS per Active Buyer (TTM): $120; DOWN -2.9% YoY
🔹 Etsy App GMS Share: ~45% of Etsy Marketplace GMS
Other Metrics:
🔹 Cash & Investments: ~$1.5B
🔹 Convertible Notes Raised: $700M
🔹 Stock Repurchase: $335M (6.4M shares)
🔹 Q2 Reverb GMS: $153M | Revenue: $17.6M
🔹 Q2 Take Rate (incl. Reverb): 24.0%
Q3'25 Guidance:
🔹 GMS: $2.6B–$2.7B
🔹 Take Rate: ~24.5%
🔹 Adjusted EBITDA Margin: ~25%
CEO Commentary:
🔸 “We’re seeing early success building a more browsable shopping experience, amplified by AI and personalized marketing.”
🔸 “We believe this creates a significant runway for growth and sustainable value creation.”
🔸 “Getting the Etsy marketplace back to GMS growth is our number one priority.”
CFO Commentary:
🔸 “GMS and revenue exceeded expectations; adjusted EBITDA was in line with guidance.”
🔸 “We strengthened our balance sheet through a successful convertible notes offering and continued share repurchases.”
🔸 “Guidance reflects sequential expansion and strong profitability for the core Etsy business.”