ETSY Q2 2025 Earnings

Call Details

• Call Title: Etsy, Inc. Q2 2025 Earnings Call
• Date: July 30, 2025 at 12:30 PM UTC
• Management Team:
  • Deb Wasser (VP of Investor Relations)
  • Josh Silverman (Chief Executive Officer)
  • Lanny Baker (Chief Financial Officer)
  • Kruti Patel Goyal (President and Chief Growth Officer)

Call Summary

Financial Performance

• Consolidated GMS for Q2 2025 was $2.8B, down 0.8% year over year on an as-reported basis.
• Excluding Reverb from all periods, Q2 2025 consolidated GMS was approximately $2.7B, down 0.6% year over year.
• Etsy Marketplace GMS for Q2 was down 0.4% year over year, which was 0.5 percentage points better than the Q1 comparison on a like-for-like basis.
• Consolidated revenue increased approximately 4% year over year to $673M for the quarter.
• Consolidated adjusted EBITDA was reported at $169M for Q2; the transcript reports a 0.1% margin for this figure, which is inconsistent with the disclosed revenue and is flagged for clarification.
• Consolidated take rate expanded to 24%, an increase of 200 basis points versus the same period last year.

Guidance

• Q3 consolidated GMS guidance is provided as a dollar range of $2.6B to $2.7B.
• Q3 consolidated take rate is expected to be approximately 24.5%.
• Q3 consolidated adjusted EBITDA margin is expected to be approximately 25%.
• Etsy core adjusted EBITDA margins are being managed to the high-20% range while Depop investments accelerate.
• The guidance incorporates a view of a relatively stable macroeconomic environment and aims to provide clarity post-Reverb divestiture.
• Company highlighted that Q3 guidance reflects both sequential margin expansion and increased investment at Depop.