---
schema_version: "secwatch.filing_event.v1"
accession: "0001370637-25-000038"
form_type: "8-K"
ticker: "ETSY"
cik: "0001370637"
company_name: "ETSY INC"
filed_at: "2025-04-30T23:59:59+00:00"
generated_at: "2026-05-23T02:08:23.517228+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Etsy Q1 net loss of $52M on $101.7M Reverb impairment; GMS falls 6.5%

## Summary
- Consolidated GMS $2.8B (-6.5% YoY); revenue $651M (+0.8%); net loss $52.1M vs net income $63M.
- Etsy marketplace GMS $2.3B (-8.9% YoY); active buyers 88.5M (-3.4%); habitual buyers 6.2M (-11%).
- Non-GAAP adjusted EBITDA $171.1M (26.3% margin); Q2 guidance ~25% adjusted EBITDA margin.
- Goodwill impairment of $101.7M on Reverb; definitive agreement signed to sell Reverb announced April 22.
- Repurchased $189M shares in Q1; cash and investments $997M.

## SEC filing metadata
- accession: 0001370637-25-000038
- form_type: 8-K
- ticker: ETSY
- cik: 0001370637
- company_name: ETSY INC
- filed_at: 2025-04-30T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1370637/000137063725000038/0001370637-25-000038-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1370637/000137063725000038/etsy-20250430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001370637-25-000038
- JSON: https://secwatch.observer/filing/0001370637-25-000038.json
- Plain text: https://secwatch.observer/filing/0001370637-25-000038.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.