ETSY Q4 2025 Earnings

Call Details

• Call Title: Etsy Q4 2025 Earnings Call
• Date: February 19, 2026 at 1:30 PM UTC
• Management Team:
  • Deb Wasser (VP of Investor Relations)
  • Kruti Patel Goyal (CEO, President and Chief Growth Officer)
  • Lanny Baker (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated fourth quarter GMS was $3.6B, up 2.4% year-over-year excluding Reverb.
• Consolidated Q4 revenue was $882M, up 6.6% year-over-year excluding Reverb and setting a new quarterly record.
• Adjusted EBITDA for Q4 was $222M, representing a consolidated adjusted EBITDA margin of 25.2%.
• Etsy marketplace adjusted EBITDA margin was slightly above 30% in Q4 and was slightly lower year-over-year due to higher cost of revenue and G&A expense.
• Etsy marketplace GMS was up 0.1% year-over-year in Q4, which is the first positive comparison since Q3 2023.
• Trailing 12-month active buyers were 86.5M and were largely flat sequentially from Q3 to Q4.
• Trailing 12-month GMS per active buyer was $121, marking stabilization and the third consecutive quarter of stable to improving trends.

Guidance

• Etsy continuing-operations Q1 2026 GMS is expected in a range of $2.38B to $2.43B, implying approximately 2% to 4% year-over-year growth for the quarter.
• The company expects Q1 2026 take rate to be approximately 25.5%.
• The company expects Q1 2026 adjusted EBITDA margin to be between 28% and 30%.
• Etsy expects full-year 2026 slight GMS growth with positive year-over-year GMS comparisons in each quarter, and full-year take rate and adjusted EBITDA margin roughly consistent with the Q1 view.
• The guidance assumes macroeconomic conditions remain stable relative to the present environment.
• The Depop sale is expected to close in Q2 2026 subject to regulatory approval, and Depop will be classified as a discontinued operation as of January 1, 2026.