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ETSY Q2'25 Earnings Highlights

$ETSY (+0,16%)


๐Ÿ”น Revenue: $672.7M (Est. $646.86M) ๐ŸŸข; +3.8% YoY

๐Ÿ”น EPS: $0.25 (Est. $0.48) ๐Ÿ˜

๐Ÿ”น Adj EBITDA: $169.0M; -5.8% YoY

๐Ÿ”น Adj EBITDA Margin: 25.1%; -260 bps YoY

๐Ÿ”น Revenue Take Rate: 24.0%; UP +200 bps YoY


Segment Results:

๐Ÿ”น Consolidated GMS: $2.81B; DOWN -4.8% YoY

๐Ÿ”น Etsy Marketplace GMS: $2.4B; DOWN -5.4% YoY

๐Ÿ”น Depop GMS: $249.6M; UP +35.3% YoY (U.S. +54%)

๐Ÿ”น Marketplace Revenue: $468.2M; DOWN -0.5% YoY

๐Ÿ”น Services Revenue: $204.5M; UP +15.3% YoY


User Metrics:

๐Ÿ”น Active Buyers: 93.3M; DOWN -3.4% YoY

๐Ÿ”น Etsy Active Buyers: 87.3M; DOWN -4.6% YoY

๐Ÿ”น Active Sellers: 8.1M; DOWN -7.8% YoY

๐Ÿ”น GMS per Active Buyer (TTM): $120; DOWN -2.9% YoY

๐Ÿ”น Etsy App GMS Share: ~45% of Etsy Marketplace GMS


Other Metrics:

๐Ÿ”น Cash & Investments: ~$1.5B

๐Ÿ”น Convertible Notes Raised: $700M

๐Ÿ”น Stock Repurchase: $335M (6.4M shares)

๐Ÿ”น Q2 Reverb GMS: $153M | Revenue: $17.6M

๐Ÿ”น Q2 Take Rate (incl. Reverb): 24.0%


Q3'25 Guidance:

๐Ÿ”น GMS: $2.6Bโ€“$2.7B

๐Ÿ”น Take Rate: ~24.5%

๐Ÿ”น Adjusted EBITDA Margin: ~25%


CEO Commentary:

๐Ÿ”ธ โ€œWeโ€™re seeing early success building a more browsable shopping experience, amplified by AI and personalized marketing.โ€

๐Ÿ”ธ โ€œWe believe this creates a significant runway for growth and sustainable value creation.โ€

๐Ÿ”ธ โ€œGetting the Etsy marketplace back to GMS growth is our number one priority.โ€


CFO Commentary:

๐Ÿ”ธ โ€œGMS and revenue exceeded expectations; adjusted EBITDA was in line with guidance.โ€

๐Ÿ”ธ โ€œWe strengthened our balance sheet through a successful convertible notes offering and continued share repurchases.โ€

๐Ÿ”ธ โ€œGuidance reflects sequential expansion and strong profitability for the core Etsy business.โ€

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