Etsy Q2 revenue $672.7M (+3.8% YoY), net income $28.8M; GMS down 4.8%; Q3 guidance issued

ETSY INC

2025-Q2 EPS reported -$0.22 revenue$1,323,839,000

Revenue $672.7M (+3.8% YoY), net income $28.8M (down 45.6% YoY); non-GAAP EBITDA $169.0M (margin 25.1%).
Consolidated GMS $2.8B (-4.8% YoY); Etsy marketplace GMS $2.4B (-5.4% YoY); Depop GMS $249.6M (+35.3% YoY).
Sold Reverb on June 2, 2025; completed $700M convertible note private placement; repurchased $335M of stock in Q2.
Active buyers 87.3M (-4.6% YoY); GMS per active buyer $120 on TTM, stable sequentially.
Q3 guidance: GMS $2.6B-$2.7B, take rate ~24.5%, adjusted EBITDA margin ~25%.

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