ETSY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ETSY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	365	441	604	818	1,726	2,329	2,566	2,748	2,808	2,884
Cost of revenue	123	151	191	271	465	655	745	829	775	818
Gross profit	242	290	413	547	1,261	1,675	1,822	1,920	2,034	2,066
Research and development	55.1	74.6	97.2	122	180	272	412	469	443	450
Selling and marketing	82.2	109	158	216	501	655	710	759	857	915
General and administrative	86.2	91.5	82.9	121	156	283	312	343	354	333
Operating expenses	224	278	338	459	837	1,209	2,480	1,640	1,654	1,799
Operating income	17.6	11.9	74.8	88.8	424	466	-659	280	380	266
Interest expense	7.2	11.1	22.2	24.3	42	9.89	14.2	14	13.8	18.5
Interest income	1.7	2.39	8.96	13.2	7.1	2.14
Other non-operating income	-20.5	20.4	-19.7	-8.12	-58.3	5.92	-3.42	13	30.6	-19.5
Pre-tax income	-2.88	32.3	55.1	80.6	366	472	-662	293	411	247
Income tax	27	-49.5	-22.4	-15.2	16.5	-21.9	32.3	-14.7	107	83.7
Net income	-29.9	81.8	77.5	95.9	349	494	-694	308	303	163
EBITDA	40.1	39.1	102	137	482	540	-562	371	488	368
EPS, basic	-0.26	0.69	0.64	0.80	2.88	3.88	-5.48	2.51	2.64	1.59
EPS, diluted	-0.26	0.68	0.61	0.76	2.69	3.40	-5.48	2.24	2.35	1.39
Shares, basic (weighted)	114	119	120	120	121	127	127	123	115	102
Shares, diluted (weighted)	114	122	127	126	136	147	127	140	132	124

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	182	315	367	443	1,244	780	921	914	811	1,355
Short-term investments	100	25.1	257	374	425	204	250	236	228	224
Receivables	26.4	33.7	12.2	15.4	22.6	27.3	27.9	24.7	8.7	8.69
Other current assets	15.6	20.4	22.7	38.6	56.2	109	80.2	130	89.9	114
Total current assets	371	439	680	921	1,895	1,342	1,514	1,570	1,328	1,961
Property, plant and equipment	126	118	120	145	112	275	250	250	237	206
Lease right-of-use assets				24.4	19.6	46	38.8	42.2	42.1	36.1
Goodwill	35.7	38.5	37.5	139	141	1,371	138	138	137	38.1
Intangible assets	7.51	4.1	34.6	199	187	607	535	457	414	14.5
Long-term investments			0	89.3	39.1	85	29.1	86.7	112	134
Other non-current assets	0.99	0.56	0.51	29.5	24.4	50.8	42.4	45.2	45	39
Total assets	581	606	902	1,542	2,404	3,832	2,635	2,685	2,418	2,827
Accounts payable	11	13.6	26.5	26.3	40.9	28	28.8	29.9	26	27.7
Accrued liabilities	24.2	28.7	49.2	88.3	232	328	331	354	375	342
Deferred revenue	5.65	6.26	7.48	7.62	11.3	12.3	14	14.6	19.2	27
Short-term debt									0	649
Total current liabilities	84	102	112	189	455	616	632	711	665	1,364
Lease liabilities				22.3	17.2	43.7	38.1	41.1	41.3	37.8
Other non-current liabilities	24.7	18.3	19.9	44	41.6	122	120	122	122	125
Total liabilities	236	209	501	1,136	1,662	3,203	3,182	3,229	3,177	3,925
Total debt		0	276	785	1,062	2,275	2,280	2,284	2,288	2,333
Paid-in capital	443	499	562	643	883	632	815	1,081	1,323	1,532
Retained earnings	-116	-96.3	-153	-227	-147	71.7	-1,048	-1,357	-1,784	-2,404
Other comprehensive income	18.5	-6.38	-7.81	-8.7	5.95	-75	-314	-267	-298	-226
Shareholders' equity	345	397	401	407	742	629	-547	-544	-759	-1,098
Total equity	345	397	401	407	742	629	-547	-544	-759	-1,098
Total liabilities and equity	581	606	902	1,542	2,404	3,832	2,635	2,685	2,418	2,827
Shares outstanding	116	122	120	118	126	127	125	119	109	97

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-29.9	81.8	77.5	95.9	349	494	-694	308	303	163
Depreciation and amortization	22.5	27.2	26.7	48	58.2	74.3	96.7	91.3	108	102
Stock-based compensation	15.9	26.6	38.2	44.4	65.1	140	231	285	283	245
Deferred income tax	1.74	-43.7	-23.1	-12.7	2.2	-89	-55.3	-50.1	-14.4	39.2
Change in receivables	-8.19	-8.83	17.2	-12.7	-22.5	-19.3	-14.1	-16.1	3.57	-10
Change in payables	-3.59	2.84	13.4	-0.95	14.6	-14.2	0.53	2.58	-3.51	2.5
Cash from operations	48	69.1	199	207	679	652	684	706	752	693
Capital expenditures	-36	-3.95	-1.02	-7.53	-1.45	-11.2	-10.2	-13	-14.2	-15.4
Acquisitions	-7.88	0	0	-270	0	-1,700	0	0
Purchases of investments	-161	-62.3	-514	-662	-499	-419	-270	-343	-331	-327
Sales and maturities of investments	80.7	137	285	461		591	278	309	321	313
Cash from investing	-135	61.8	-285	-488	-11.4	-1,558	-30	-73.3	-53.1	32.1
Stock issued	0	33.8	18.3	9.79	25.3	22.7	15	14.2	3.91	17.7
Share buybacks	0	-10.3	-135	-177	-269	-303	-426	-577	-724	-777
Cash from financing	-0.52	6.56	144	360	119	453	-506	-657	-787	-170
Exchange rate effect	-1.66	-3.64	-6	-1.85	13.9	-10.2	-6.02	12	-15.3	37.6
Net change in cash	-89.7	134	51.5	76.3	801	-464	141	-12.3	-103	593
Free cash flow	12	65.2	198	199	678	640	673	693	738	678
Interest paid	2	7.56	10	3.21	3.41	6.05	9.53	9.32	9.05	12.2
Income taxes paid	10.6	1	0.97	2.08	8.54	94.2	41.7	42.7	89.6	63.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.4%	Gross profit / revenue.
Operating margin	14.3%	Operating income / revenue.
EBITDA margin	17.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.8%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	22.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.3%	Cash from operations / revenue.
Effective tax rate	17.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	875.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.5%	Research and development expense / revenue.
Stock-based pay / revenue	7.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-30.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-8.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-5.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-46.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-14.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-12.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-8.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.48x	Current assets / current liabilities.
Quick ratio	0.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.88x	(Cash + short-term investments) / current liabilities.
Debt / assets	95.8%	Total debt / total assets.
Liabilities / assets	157.2%	Total liabilities / total assets.
Net debt	$1.21B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$605.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.21x	Revenue / average total assets.
Fixed asset turnover	14.7x	Revenue / average property, plant and equipment.
Receivables turnover	340x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
FCF conversion	310.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.52	Revenue / diluted weighted shares.
FCF per share	$5.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.48	Cash from operations / diluted weighted shares.
Book value per share	-$15.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$15.64	Tangible book value / shares outstanding.
Cash per share	$12.15	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	99.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.28B	Share price x shares outstanding.
Enterprise value	$7.50B	Market cap + total debt - cash - short-term investments.
P/E	30.0x	Market cap / net income. Only when net income is positive.
P/S	2.14x	Market cap / revenue.
P/FCF	9.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.56x	Market cap / cash from operations, when positive.
EV/Sales	2.55x	Enterprise value / revenue.
EV/EBIT	17.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.3%	(Dividends paid + share buybacks) / market cap.

What was ETSY INC's revenue in fiscal 2025?

ETSY INC reported revenue of $2.88B for fiscal 2025, 2.7% higher than the year before.

Was ETSY INC profitable in fiscal 2025?

Yes. Net income was $163.0M, a net margin of 5.7%.

How much free cash flow did ETSY INC generate in fiscal 2025?

Cash from operations of $693.4M minus capital expenditures of $15.4M left free cash flow of $678.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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