ETSY Financials Etsy Inc

13 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 42 d ago Overview →

Growth & profitability

Revenue has grown 10.8% per year over the past 5 years.
Net income has grown slower than revenue (-14.1% vs 10.8% per year).
Operating margin has contracted, at 9.2% in the latest year.
Free cash flow has grown 0.0% per year over the past 5 years.

Financial health

Total debt ($3.0B) exceeds cash ($1.4B); net debt is $1.6B.
Total debt has grown faster than revenue (22.9% vs 10.8% per year).
Operating income covered interest expense 14× in the latest year.
Total debt is 8.1× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.9B	$163M	71.6%	9.2%	-14.8%	5.8%	$678M	$3.0B	$1.4B
2024	$2.8B	$303M	72.4%	13.5%	-39.9%	12.5%	$738M	$2.3B	$811M
2023	$2.7B	$308M	69.8%	10.2%	-56.6%	11.5%	$693M	$2.3B	$914M
2022	$2.6B	-$694M	71.0%	-25.7%	126.8%	-26.3%	$673M	$2.3B	$921M
2021	$2.3B	$494M	71.9%	20.0%	78.6%	12.9%	$640M	$2.3B	$780M
2020	$1.7B	$349M	73.1%	24.6%	47.0%	14.5%	$678M	$1.1B	$1.2B
2019	$818M	$96M	66.9%	10.8%	23.6%	6.2%	$199M	$785M	$443M
2018	$604M	$77M	68.4%	12.4%	19.3%	8.6%	$198M	$276M	$367M
2017	$441M	$82M	65.8%	2.7%	20.6%	13.5%	$65M	$0	$315M
2016	$365M	-$30M	66.2%	4.8%	-8.7%	-5.1%	$12M	—	$182M
2015	—	-$54M	—	—	-16.4%	-9.8%	$22M	—	$271M
2014	—	-$15M	—	—	-22.7%	-6.2%	$11M	—	$70M
2013	—	-$796000	—	—	-19.9%	—	$9M	—	$37M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$668M	-$47M	72.4%	18.7%	3.3%	-1.9%	$39M	$3.0B	$901M
Mar '26	$631M	$70M	72.2%	19.0%	-6.1%	2.6%	$79M	$3.0B	$1.2B
Dec '25	$882M	$111M	73.1%	14.7%	-10.1%	3.9%	$316M	$3.0B	$1.4B
Sep '25	$678M	$76M	71.3%	12.2%	-6.8%	2.8%	$215M	$3.0B	$1.2B
Jun '25	$629M	$29M	73.2%	15.0%	-2.6%	1.1%	$101M	$3.0B	$1.2B
Mar '25	$612M	-$52M	72.6%	-0.6%	5.7%	-2.5%	$46M	$2.3B	$618M
Dec '24	$852M	$130M	74.5%	18.2%	-17.1%	5.4%	$311M	$2.3B	$811M
Sep '24	$662M	$57M	72.0%	13.1%	-9.2%	2.3%	$213M	$2.3B	$819M
Jun '24	$648M	$53M	71.6%	10.8%	-8.3%	2.2%	$147M	$2.3B	$759M
Mar '24	$646M	$63M	71.0%	10.5%	-10.8%	2.5%	$67M	$2.3B	$789M
Dec '23	$842M	$83M	69.6%	13.7%	-15.3%	3.1%	$290M	$2.3B	$914M
Sep '23	$636M	$88M	70.3%	13.9%	-14.1%	3.6%	$215M	$2.3B	$742M
Jun '23	$629M	$62M	70.0%	-0.4%	-13.3%	2.4%	$135M	$2.3B	$842M
Mar '23	$641M	$75M	69.5%	12.2%	-13.8%	3.0%	$53M	$2.3B	$787M
Dec '22	$807M	$110M	72.0%	17.3%	-20.0%	4.2%	$290M	$2.3B	$921M
Sep '22	$594M	-$963M	70.7%	-160.6%	158.9%	-39.3%	$204M	$2.3B	$790M
Jun '22	$585M	$73M	70.7%	12.4%	12.6%	2.0%	$123M	$2.3B	$759M
Mar '22	$579M	$86M	70.1%	14.6%	12.7%	2.3%	$56M	$2.3B	$756M
Dec '21	$717M	$162M	70.9%	19.8%	25.7%	4.2%	$285M	$2.3B	$780M
Sep '21	$532M	$90M	71.1%	15.7%	16.9%	2.6%	$87M	$2.3B	$619M

Valuation over time

How the market has priced ETSY against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 19.8× (Jan '24) to 46.2× (Sep '26).
The price-to-sales ratio has fallen from 4.0× (Mar '23) to 2.6× (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is ETSY growing its revenue and profit?

Over the past 5 years, Etsy Inc's revenue has grown 10.8% per year, and net income declined 14.1% per year. These are computed facts, not advice.

How much debt does ETSY have?

As of FY2025, Etsy Inc reported $3.0B of total debt against $1.4B of cash; operating income covered interest expense 14×.

What is ETSY's profit margin?

In FY2025, gross margin was 71.6%, operating margin 9.2%, and net margin 5.7%.

What is ETSY's P/E ratio?

As of Sep '26, Etsy Inc traded at a price-to-earnings ratio of about 46.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.