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Internet retail · Consumer Cyclical · Fiscal year ends Dec 31
ETSY reported revenue of $2.9B in the fiscal year ended Dec 2025, up 2.7% from the year before. Operating income was $266M, an operating margin of 9.2%, and net income was $163M. Operating cash flow of $693M less capital expenditure of $15M left free cash flow of $678M. Net debt was $1.6B.
Ranks among the 14 internet retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,329 | 2,566 | 2,748 | 2,808 | 2,884 |
| Cost of revenue | 655 | 745 | 829 | 775 | 818 |
| Gross profit | 1,675 | 1,822 | 1,920 | 2,034 | 2,066 |
| Research & development | 272 | 412 | 469 | 443 | 450 |
| Selling, general & admin | 937 | 1,023 | 1,102 | 1,211 | 1,248 |
| Operating income | 466 | −659 | 280 | 380 | 266 |
| Interest expense | 9.9 | 14.2 | 14.0 | 13.8 | 18.5 |
| Pre-tax income | 472 | −662 | 293 | 411 | 247 |
| Income tax | −21.9 | 32.3 | −14.7 | 107 | 83.7 |
| Net income | 494 | −694 | 308 | 303 | 163 |
| Diluted EPS | 3.40 | −5.48 | 2.24 | 2.35 | 1.39 |
| Diluted shares | 147 | 127 | 140 | 132 | 124 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 780 | 921 | 914 | 811 | 1,355 |
| Receivables | 27.3 | 27.9 | 24.7 | 8.7 | 8.7 |
| Current assets | 1,342 | 1,514 | 1,570 | 1,328 | 1,961 |
| Net PP&E | 275 | 250 | 250 | 237 | 206 |
| Goodwill | 1,371 | 138 | 138 | 137 | 38.1 |
| Total assets | 3,832 | 2,635 | 2,685 | 2,418 | 2,827 |
| Payables | 28.0 | 28.8 | 29.9 | 26.0 | 27.7 |
| Deferred revenue | 12.3 | 14.0 | 14.6 | 19.2 | 27.0 |
| Current liabilities | 616 | 632 | 711 | 665 | 1,364 |
| Short-term debt | – | – | – | 0.0 | 649 |
| Long-term debt | 2,275 | 2,280 | 2,284 | 2,288 | 2,333 |
| Total liabilities | 3,203 | 3,182 | 3,229 | 3,177 | 3,925 |
| Shareholders' equity | 629 | −547 | −544 | −759 | −1,098 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 652 | 684 | 706 | 752 | 693 |
| Capital expenditure | 11.2 | 10.2 | 13.0 | 14.2 | 15.4 |
| Free cash flow | 640 | 673 | 693 | 738 | 678 |
| Depreciation & amortisation | 74.3 | 96.7 | 91.3 | 108 | 102 |
| Stock-based compensation | 140 | 231 | 285 | 283 | 245 |
| Acquisitions | 1,700 | 0.0 | 0.0 | – | – |
| Share buybacks | 303 | 426 | 577 | 724 | 777 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.2% | 7.1% | 2.2% | 2.7% |
| Operating income growth (YoY) | – | −241.4% | – | 35.9% | −30.0% |
| EPS growth (YoY) | – | −261.2% | – | 4.9% | −40.9% |
| Gross margin | 71.9% | 71.0% | 69.8% | 72.4% | 71.6% |
| Operating margin | 20.0% | −25.7% | 10.2% | 13.5% | 9.2% |
| Net margin | 21.2% | −27.1% | 11.2% | 10.8% | 5.7% |
| Return on equityBlank when equity is negative | 78.5% | – | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 14.5% | −32.9% | 14.2% | 21.7% | 18.2% |
| Free cash flow margin | 27.5% | 26.2% | 25.2% | 26.3% | 23.5% |
| Cash conversion (CFO ÷ net income) | 1.32x | −0.98x | 2.29x | 2.48x | 4.25x |
| Receivable days | 4 | 4 | 3 | 1 | 1 |
| Payable days | 16 | 14 | 13 | 12 | 12 |
| Interest cover | 47.1x | −46.5x | 19.9x | 27.5x | 14.4x |
| Debt ÷ equity | 3.62x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,495 | 1,358 | 1,369 | 1,477 | 1,627 |
| Current ratio | 2.18x | 2.40x | 2.21x | 2.00x | 1.44x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.