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 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
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
FCF
Total debt
Cash
2025
$2.9B
$163M
71.6%
9.2%
$678M
$3.0B
$1.4B
2024
$2.8B
$303M
72.4%
13.5%
$738M
$2.3B
$811M
2023
$2.7B
$308M
69.8%
10.2%
$693M
$2.3B
$914M
2022
$2.6B
-$694M
71.0%
-25.7%
$673M
$2.3B
$921M
2021
$2.3B
$494M
71.9%
20.0%
$640M
$2.3B
$780M
2020
$1.7B
$349M
73.1%
24.6%
$678M
$1.1B
$1.2B
2019
$818M
$96M
66.9%
10.8%
$199M
$785M
$443M
2018
$604M
$77M
68.4%
12.4%
$198M
$276M
$367M
2017
$441M
$82M
65.8%
2.7%
$65M
$0
$315M
2016
$365M
-$30M
66.2%
4.8%
$12M
—
$182M
2015
—
-$54M
—
—
$22M
—
$271M
2014
—
-$15M
—
—
$11M
—
$70M
2013
—
-$796000
—
—
$9M
—
$37M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$631M
$70M
72.2%
19.0%
$79M
$3.0B
$1.2B
Dec '25
$882M
$111M
73.1%
14.7%
$316M
$3.0B
$1.4B
Sep '25
$678M
$76M
71.3%
12.2%
$215M
$3.0B
$1.2B
Jun '25
$673M
$29M
71.2%
11.4%
$101M
$3.0B
$1.2B
Mar '25
$612M
-$52M
72.6%
-0.6%
$46M
$2.3B
$618M
Dec '24
$852M
$130M
74.5%
18.2%
$311M
$2.3B
$811M
Sep '24
$662M
$57M
72.0%
13.1%
$213M
$2.3B
$819M
Jun '24
$648M
$53M
71.6%
10.8%
$147M
$2.3B
$759M
Mar '24
$646M
$63M
71.0%
10.5%
$67M
$2.3B
$789M
Dec '23
$842M
$83M
69.6%
13.7%
$290M
$2.3B
$914M
Sep '23
$636M
$88M
70.3%
13.9%
$215M
$2.3B
$742M
Jun '23
$629M
$62M
70.0%
-0.4%
$135M
$2.3B
$842M
Mar '23
$641M
$75M
69.5%
12.2%
$53M
$2.3B
$787M
Dec '22
$807M
$110M
72.0%
17.3%
$290M
$2.3B
$921M
Sep '22
$594M
-$963M
70.7%
-160.6%
$204M
$2.3B
$790M
Jun '22
$585M
$73M
70.7%
12.4%
$123M
$2.3B
$759M
Mar '22
$579M
$86M
70.1%
14.6%
$56M
$2.3B
$756M
Dec '21
$717M
$162M
70.9%
19.8%
$285M
$2.3B
$780M
Sep '21
$532M
$90M
71.1%
15.7%
$87M
$2.3B
$619M
Jun '21
$529M
$98M
71.8%
16.8%
$120M
$2.3B
$2.1B
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 20.5× (Jan '24) to 45.3× (Jun '26).
The price-to-sales ratio has fallen from 4.1× (Mar '23) to 2.6× (Jun '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 Jun '26, Etsy Inc traded at a price-to-earnings ratio of about 45.3× (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.