🔹 Revenue: $678M (Est. $655.9M) 🟢
🔹 EPS: $0.63 (Est. $0.52) 🟢
🔹 Consolidated GMS: $2.73B; UP +0.9% YoY ex-Reverb (as-reported DOWN -6.5% YoY)
🔹 Take Rate: 24.9%
🔹 Adj. EBITDA: $171.9M; Margin 25.4%
🔹 Net Income: $75.5M; Margin 11.1%
🔹 Cash & Investments: ~$1.6B; Buybacks: ~$120M (~2.1M shares)
Etsy Marketplace
🔹 GMS: $2.43B; DOWN -2.4% YoY (cc: -3.2%)
🔹 App GMS Mix: ~46% (App GMS +5% YoY)
🔹 Active Buyers: 86.6M; DOWN -5% YoY (reactivated 6.6M; UP +3.8% YoY)
🔹 Active Sellers: 5.5M; DOWN -10.9% YoY
Depop
🔹 GMS: $292M; UP +39.4% YoY (U.S. +59% YoY)
🔹 Active Buyers: 6.6M; UP +38.8% YoY
🔹 Active Sellers: 3.0M; UP +40.8% YoY
Guidance (Q4’25)
🔹 GMS: $3.5B–$3.65B 😑
🔹 Take Rate: ~24.5% 😑
🔹 Adj. EBITDA Margin: ~24%
Strategy / Commentary
🔸 “Etsy + Depop GMS returned to YoY growth; customer-centric priorities gaining traction.”
🔸 New OpenAI/ChatGPT partnership to surface U.S. Etsy listings directly in ChatGPT, aiming to tap high-intent discovery.