Etsy Q4 2025 revenue $881.6M, Adj EBITDA margin 25.2%; sells Depop to eBay for $1.2B

ETSY INC

2025-FY EPS reported $1.39 revenue$2,883,501,000

Q4 2025 consolidated GMS $3.59B (-3.8% YoY as reported, +2.4% ex-Reverb); revenue $881.6M (+3.5%); net income $110.7M, diluted EPS $0.92.
Etsy marketplace GMS $3.29B (+0.1% YoY); active buyers 86.5M (-3.4%); gross buyer additions 17.2M (+2.7% YoY).
Agreed to sell Depop to eBay for $1.2B cash; expected close Q2 2026. Depop Q4 GMS $299.7M (+37.2% YoY currency-neutral).
Q1 2026 guidance: GMS $2.38B-2.43B, take rate ~25.5%, Adj EBITDA margin 28-30%; FY 2026 expects slight GMS growth with positive YoY each quarter.
Repurchased $133M of stock in Q4 2025; cash and investments $1.8B at December 31, 2025.

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