Detailed financial statements for Etsy, Inc. (ETSY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Etsy, Inc. oversees online retail platforms designed to link independent merchants with a global customer base. Its primary marketplace is dedicated to unique and handcrafted items, while its Depop division focuses on the resale of apparel.
Analysis Summary
Etsy, Inc. reported revenue of $2.88B in the most recent fiscal year, growing at a 5-year CAGR of 10.8%. Net income reached $163.0M, with a -14.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 72.6%, operating margin 16.9%, net margin 34.4%. Free cash flow grew at -1.0% CAGR over 5 years.
At $96.24 (closing price, November 4, 2026), ETSY trades at a P/E of 11.31 and an ROE of -91.69%. Market capitalisation stands at $8.3B.
Balance sheet quality for ETSY: debt-to-equity ratio of -4.54, current ratio of 1.36 over the last 12 months, net debt of $1.46B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $638.8M represents 392% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $365.0M | $441.2M | $603.7M | $818.4M | $1.73B | $2.33B | $2.57B | $2.75B | $2.81B | $2.88B |
| Cost of Revenue | $123.3M | $151.0M | $190.8M | $271.0M | $464.7M | $654.5M | $744.6M | $828.7M | $774.6M | $817.8M |
| Gross Profit | $241.6M | $290.2M | $412.9M | $547.3M | $1.26B | $1.67B | $1.82B | $1.92B | $2.03B | $2.07B |
| Research & Development | $55.1M | $74.6M | $97.2M | $121.9M | $180.1M | $271.5M | $412.4M | $469.3M | $443.1M | $450.2M |
| Selling, General & Admin | $168.4M | $200.6M | $240.9M | $336.7M | $656.8M | $937.3M | $1.02B | $1.10B | $1.21B | $1.25B |
| Operating Expenses | $224.1M | $278.3M | $338.1M | $458.6M | $836.9M | $1.21B | $2.48B | $1.64B | $1.65B | $1.70B |
| Operating Income | $17.6M | $11.9M | $74.8M | $88.8M | $424.0M | $465.7M | -$658.6M | $279.8M | $380.2M | $367.9M |
| EBITDA | $26.9M | $70.6M | $104.0M | $153.0M | $465.9M | $555.8M | -$551.1M | $398.2M | $532.7M | $367.0M |
| Interest Expense | $7.2M | $11.1M | $22.2M | $24.3M | $42.0M | $9.9M | $14.2M | $14.0M | $13.8M | $18.5M |
| Pre-tax Income | -$2.9M | $32.3M | $55.1M | $80.6M | $365.7M | $471.7M | -$662.0M | $292.8M | $410.8M | $246.7M |
| Income Tax | $27.0M | -$49.5M | -$22.4M | -$15.2M | $16.5M | -$21.9M | $32.3M | -$14.7M | $107.5M | $83.7M |
| Net Income | -$29.9M | $81.8M | $77.5M | $95.9M | $349.2M | $493.5M | -$694.3M | $307.6M | $303.3M | $163.0M |
| EPS | -$0.26 | $0.69 | $0.61 | $0.80 | $2.88 | $3.88 | -$5.48 | $2.56 | $2.64 | $1.68 |
| EPS (Diluted) | -$0.26 | $0.68 | $0.61 | $0.76 | $2.69 | $3.40 | -$5.48 | $2.24 | $2.35 | $1.39 |
| Shares Outstanding (Diluted) | 113.6 M | 122.3 M | 127.1 M | 125.7 M | 136.4 M | 146.7 M | 126.8 M | 140.1 M | 131.7 M | 123.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $881.6M | $631.3M | $668.3M | $692.5M |
| Gross Profit | $644.1M | $455.6M | $484.0M | $503.1M |
| Operating Income | $129.4M | $119.8M | $125.3M | $111.4M |
| EBITDA | $167.3M | $144.6M | $125.2M | $150.4M |
| Net Income | $110.7M | $69.7M | -$46.4M | $853.5M |
| EPS | $1.13 | $0.72 | -$0.49 | $9.37 |
| EPS (Diluted) | $0.96 | $0.60 | -$0.36 | $7.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $181.6M | $315.4M | $367.0M | $443.3M | $1.24B | $780.2M | $921.3M | $914.3M | $811.2M | $1.40B |
| Short-term Investments | $100.5M | $25.1M | $257.3M | $374.0M | $425.1M | $204.4M | $250.4M | $236.1M | $228.3M | $224.1M |
| Receivables | $56.2M | $78.3M | $33.3M | $65.2M | $169.4M | $247.5M | $261.8M | $290.1M | $198.3M | $213.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $371.0M | $439.3M | $680.3M | $921.0M | $1.89B | $1.34B | $1.51B | $1.57B | $1.33B | $1.96B |
| Property, Plant & Equipment | $126.4M | $117.6M | $120.2M | $144.9M | $112.5M | $275.1M | $249.7M | $249.8M | $236.7M | $229.2M |
| Goodwill | $35.7M | $38.5M | $37.5M | $138.7M | $140.8M | $1.37B | $137.7M | $138.4M | $137.1M | $38.1M |
| Intangible Assets | $7.5M | $4.1M | $34.6M | $199.2M | $187.4M | $607.2M | $535.4M | $457.1M | $413.9M | $297.4M |
| Total Assets | $581.2M | $605.6M | $901.9M | $1.54B | $2.40B | $3.83B | $2.63B | $2.69B | $2.42B | $2.83B |
| Accounts Payable | $11.0M | $13.6M | $14.3M | $76.1M | $40.9M | $248.2M | $262.7M | $295.3M | $215.5M | $233.8M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $649.0M |
| Total Current Liabilities | $84.0M | $102.5M | $112.1M | $188.5M | $454.7M | $615.6M | $631.8M | $710.8M | $665.1M | $1.36B |
| Long-term Debt | 0 | 0 | $276.5M | $785.1M | $1.06B | $2.28B | $2.28B | $2.28B | $2.29B | $2.33B |
| Total Liabilities | $236.4M | $208.7M | $501.0M | $1.14B | $1.66B | $3.20B | $3.18B | $3.23B | $3.18B | $3.93B |
| Retained Earnings | -$116.3M | -$96.3M | -$153.4M | -$227.4M | -$146.8M | $71.7M | -$1.05B | -$1.36B | -$1.78B | -$2.40B |
| Total Equity | $344.8M | $396.9M | $400.9M | $406.6M | $742.4M | $628.6M | -$547.3M | -$543.7M | -$758.9M | -$1.10B |
| Total Debt | $69.5M | $70.0M | $342.5M | $847.0M | $1.12B | $2.39B | $2.39B | $2.39B | $2.39B | $3.08B |
| Net Debt | -$212.6M | -$270.6M | -$281.8M | $29.8M | -$553.4M | $1.40B | $1.22B | $1.24B | $1.35B | $1.46B |
| Working Capital | $287.0M | $336.8M | $568.2M | $732.5M | $1.44B | $725.9M | $882.0M | $859.7M | $662.6M | $597.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.40B | $1.21B | $901.3M | $2.07B |
| Total Assets | $2.83B | $2.68B | $2.44B | $3.17B |
| Total Liabilities | $3.93B | $3.82B | $3.83B | $3.85B |
| Total Equity | -$1.10B | -$1.14B | -$1.40B | -$677.8M |
| Total Debt | $3.15B | $3.08B | $3.08B | $3.08B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$29.9M | $81.8M | $77.5M | $95.9M | $349.2M | $493.5M | -$694.3M | $307.6M | $303.3M | $163.0M |
| Depreciation & Amortization | $22.5M | $27.2M | $26.7M | $48.0M | $58.2M | $74.3M | $96.7M | $91.3M | $108.1M | $101.8M |
| Stock-based Compensation | $15.9M | $26.6M | $38.2M | $44.4M | $65.1M | $139.9M | $230.9M | $284.6M | $282.8M | $244.7M |
| Change in Working Capital | -$10.5M | $319,000 | $59.3M | $10.0M | $124.2M | $23.9M | $40.5M | -$23.7M | $79.7M | -$692,000 |
| Operating Cash Flow | $48.0M | $69.1M | $198.9M | $206.9M | $679.0M | $651.6M | $683.6M | $705.5M | $752.5M | $693.4M |
| Capital Expenditure | -$47.8M | -$13.2M | -$20.6M | -$15.3M | -$7.1M | -$30.1M | -$37.2M | -$39.9M | -$43.5M | -$54.7M |
| Acquisitions | -$7.9M | 0 | 0 | -$270.4M | 0 | -$1.70B | 0 | 0 | 0 | $100.5M |
| Stock Repurchased | 0 | -$10.3M | -$134.6M | -$177.0M | -$268.7M | -$302.8M | -$425.7M | -$577.0M | -$723.9M | -$776.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $214,000 | $55.9M | $178.4M | $191.6M | $671.8M | $621.4M | $646.4M | $665.6M | $709.0M | $638.8M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $317.1M | $80.7M | $40.6M | $159.7M |
| Capital Expenditure | -$9.2M | -$9.9M | -$7.8M | -$6.5M |
| Free Cash Flow | $307.9M | $70.9M | $32.8M | $153.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $63.4M | $53.0M | $104.1M | $45.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.9% | +36.8% | +35.6% | +110.9% | +35.0% | +10.2% | +7.1% | +2.2% | +2.7% | |
| Net Income Growth (YoY) | +373.6% | -5.3% | +23.7% | +264.2% | +41.3% | -240.7% | +144.3% | -1.4% | -46.3% | |
| EPS Growth (YoY) | +365.4% | -11.6% | +31.1% | +260.0% | +34.7% | -241.2% | +146.7% | +3.1% | -36.4% | |
| Shares Change (YoY) | +7.7% | +3.9% | -1.1% | +8.5% | +7.5% | -13.6% | +10.5% | -6.0% | -6.2% | |
| FCF Growth (YoY) | +26,042.5% | +218.8% | +7.4% | +250.6% | -7.5% | +4.0% | +3.0% | +6.5% | -9.9% | |
| 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% | 12.8% |
| EBITDA Margin | 7.4% | 16.0% | 17.2% | 18.7% | 27.0% | 23.9% | -21.5% | 14.5% | 19.0% | 12.7% |
| Net Margin | -8.2% | 18.5% | 12.8% | 11.7% | 20.2% | 21.2% | -27.1% | 11.2% | 10.8% | 5.7% |
| FCF Margin | 0.1% | 12.7% | 29.5% | 23.4% | 38.9% | 26.7% | 25.2% | 24.2% | 25.2% | 22.2% |
| Effective Tax Rate | -939.7% | -153.5% | -40.7% | -18.9% | 4.5% | -4.6% | -4.9% | -5.0% | 26.2% | 33.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.00 | $0.46 | $1.40 | $1.52 | $4.93 | $4.24 | $5.10 | $4.75 | $5.38 | $5.17 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 113.6 M | 118.5 M | 127.0 M | 119.7 M | 121.3 M | 127.2 M | 126.8 M | 122.5 M | 114.9 M | 98.2 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -91.69% |
| Return on Invested Capital | 15.95% |
| Return on Assets | 31.17% |
| Gross Margin | 72.62% |
| Operating Margin | 16.91% |
| Net Margin | 34.36% |
Financial Health
| Debt / Equity | -4.54 |
| Current Ratio | 1.36 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -45.31 | 29.64 | 77.98 | 55.37 | 61.77 | 56.43 | -21.86 | 31.66 | 20.03 | 33.00 |
| P/B | 3.88 | 6.11 | 15.07 | 13.04 | 29.06 | 44.31 | -27.75 | -18.26 | -8.01 | -4.96 |
| P/S | 3.67 | 5.49 | 10.01 | 6.48 | 12.50 | 11.96 | 5.92 | 3.61 | 2.16 | 1.89 |
| 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% | 12.8% |
| Net Margin | -8.2% | 18.5% | 12.8% | 11.7% | 20.2% | 21.2% | -27.1% | 11.2% | 10.8% | 5.7% |
Related companies: PDD · MELI · EBAY · JD · SE · W · VIPS
Explore sector: Consumer Cyclical · Specialty Retail
More sections of ETSY: Overview · Valuation · Estimates · Technical · Ownership
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