General Information [Cover Page Information](index=1&type=section&id=Cover%20Page%20Information) This section provides administrative details of the Form 10-Q filing, including the registrant's name, address, securities registered, and filer status as a large accelerated filer - Etsy, Inc. is filing a Quarterly Report on Form 10-Q for the period ended June 30, 2025[2](index=2&type=chunk) - The registrant is a **Large Accelerated Filer**[4](index=4&type=chunk) Registered Securities | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock, $0.001 par value per share | ETSY | The Nasdaq Global Select Market | [Note Regarding Forward-Looking Statements](index=3&type=section&id=Note%20Regarding%20Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements in the report, highlighting that they involve known and unknown risks and uncertainties that could cause actual results to differ materially - **Forward-looking statements** relate to **growth potential**, **impact of strategies** (including **AI investments**), ability to attract/retain buyers/sellers, **profitability**, **strategic investments**, **marketplace trustworthiness**, and effects of **macroeconomic/geopolitical uncertainty**[8](index=8&type=chunk) - Actual results may differ materially due to **risks** described in Part II, Item 1A, '**Risk Factors**' and other uncertainties[9](index=9&type=chunk) - The company disclaims any obligation to update **forward-looking statements**[12](index=12&type=chunk) [Summary Risk Factors](index=4&type=section&id=Summary%20Risk%20Factors) This section provides a high-level overview of the key risks facing the company, categorized into financial performance and operational, strategic, regulatory, compliance, legal, and other risks - **Risks** are categorized into **Financial Performance** and **Operational**, **Strategic**, **Regulatory**, **Compliance**, and **Legal**, and **Other Risks**[16](index=16&type=chunk)[17](index=17&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - **Key risks** include **fluctuating operating results** due to **macroeconomic conditions**, failure to meet **guidance**, importance of **marketplace trustworthiness**, **technology disruptions**, **intense competition**, and **compliance with evolving regulations**[17](index=17&type=chunk)[21](index=21&type=chunk) - Investors should review Part II, Item 1A, '**Risk Factors**' for a more complete discussion[15](index=15&type=chunk) Part I - Financial Information [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including the Balance Sheets, Statements of Operations, Comprehensive Income, Changes in Stockholders' Deficit, and Cash Flows for the reported periods [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and stockholders' deficit for the reported periods Consolidated Balance Sheets (Unaudited) (In thousands) | ASSETS | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,183,357 | $811,178 | | Short-term investments | $228,979 | $228,322 | | Total current assets | $1,647,999 | $1,327,691 | | Goodwill | $38,072 | $137,089 | | Total assets | $2,557,149 | $2,417,782 | | LIABILITIES AND STOCKHOLDERS' DEFICIT | | | | Total current liabilities | $486,362 | $665,113 | | Long-term debt, net | $2,978,971 | $2,288,083 | | Total liabilities | $3,681,719 | $3,176,648 | | Total stockholders' deficit | $(1,124,570) | $(758,866) | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income (loss) for the reported periods Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $672,663 | $647,806 | $1,323,839 | $1,293,760 | | Gross profit | $479,115 | $463,716 | $938,230 | $922,537 | | Income from operations | $76,429 | $70,169 | $54,102 | $138,259 | | Net income (loss) | $28,840 | $53,005 | $(23,256) | $116,009 | | Basic EPS | $0.28 | $0.46 | $(0.22) | $0.99 | | Diluted EPS | $0.25 | $0.41 | $(0.22) | $0.89 | [Consolidated Statements of Comprehensive Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's comprehensive income, including net income and other comprehensive income (loss), for the reported periods Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $28,840 | $53,005 | $(23,256) | $116,009 | | Total other comprehensive income (loss) | $48,486 | $(4,176) | $77,766 | $(18,293) | | Comprehensive income | $77,326 | $48,829 | $54,510 | $97,716 | [Consolidated Statements of Changes in Stockholders' Deficit](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) This section outlines changes in the company's equity, including stock-based compensation, repurchases, and net income (loss), for the reported periods Changes in Stockholders' Deficit (Unaudited) (In thousands) - Six Months Ended June 30, 2025 | Item | Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of Dec 31, 2024 | 108,540 | $109 | $1,322,809 | $(1,784,037) | $(297,747) | $(758,866) | | Stock-based compensation | — | — | $131,643 | — | — | $131,643 | | Stock repurchase | (10,076) | $(10) | — | $(528,550) | — | $(528,560) | | Net loss | — | — | — | $(23,256) | — | $(23,256) | | Balance as of June 30, 2025 | 99,608 | $100 | $1,431,154 | $(2,335,843) | $(219,981) | $(1,124,570) | Changes in Stockholders' Deficit (Unaudited) (In thousands) - Six Months Ended June 30, 2024 | Item | Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of Dec 31, 2023 | 119,069 | $119 | $1,081,026 | $(1,357,390) | $(267,470) | $(543,715) | | Stock-based compensation | 9 | — | $152,551 | — | — | $152,551 | | Stock repurchase | (4,577) | $(5) | — | $(311,261) | — | $(311,266) | | Net income | — | — | — | $116,009 | — | $116,009 | | Balance as of June 30, 2024 | 115,315 | $115 | $1,203,294 | $(1,552,642) | $(285,763) | $(634,996) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports the company's cash inflows and outflows from operating, investing, and financing activities for the reported periods Condensed Consolidated Statements of Cash Flows (Unaud

Etsy, Inc. Reports Second Quarter 2025 Results Brooklyn, NY - July 30, 2025 - Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced results for its second quarter ended June 30, 2025. "We are encouraged by our second quarter performance, which reflects tangible progress in our key investment areas," said Josh Silverman, Etsy, Inc. Chief Executive Officer. "These efforts are designed to str ...

Core Insights - Etsy, Inc. reported its second quarter results for 2025, highlighting a focus on strengthening customer relationships and enhancing buyer engagement through improved shopping experiences and personalized marketing [2][3][5] Financial Performance - Gross Merchandise Sales (GMS) for Q2 2025 was $2.8 billion, a decrease of 4.8% year-over-year, while revenue increased by 3.8% to $672.7 million [6][7] - The take rate improved to 24.0%, up from 22.0% in the previous year, driven by enhanced Etsy Ads revenue [6][7] - Net income for the quarter was $28.8 million, down from $53.0 million year-over-year, primarily due to a non-cash foreign exchange loss [6][7] - Adjusted EBITDA was $169.0 million, with a margin of 25.1%, reflecting a decline from the previous year [6][7][25] Strategic Initiatives - The company is prioritizing GMS growth through four strategic initiatives: enhancing shopper discovery, improving machine learning for content matching, retaining valuable customers, and amplifying the unique human connection of Etsy [10] - Etsy completed the sale of Reverb on June 2, 2025, which contributed $153.0 million to GMS and $17.6 million to revenue for the first two months of Q2 2025 [3][6] Market Trends - Depop, another marketplace owned by Etsy, reported a GMS of $249.6 million for Q2 2025, marking a 35.3% year-over-year growth [5] - Active buyers decreased by 4.6% year-over-year to 87.3 million, although the company reactivated 6.5 million buyers during the quarter [6][7] Cash Position and Investments - Etsy ended Q2 2025 with $1.5 billion in cash and cash equivalents, following a successful convertible notes offering that raised approximately $700 million [6][7] - The company repurchased approximately $335 million of its stock during the quarter, reflecting confidence in long-term growth opportunities [6][7] Future Guidance - For Q3 2025, Etsy expects GMS to be between $2.6 billion and $2.7 billion, with a take rate of approximately 24.5% and an adjusted EBITDA margin around 25% [9][10]

Etsy, Inc. ETSY will release earnings results for the fourth quarter before the opening bell on Wednesday, July 30. Analysts expect the Brooklyn, New York-based company to report quarterly earnings at 49 cents per share, up from 41 cents per share in the year-ago period. Etsy is projected to report quarterly revenue of $647.63 million, compared to $647.81 million a year earlier, according to data from Benzinga Pro. On June 12, Etsy announced the pricing of $650 million of convertible senior notes offering. ...

Core Viewpoint - Analysts forecast Etsy (ETSY) will report quarterly earnings of $0.54 per share, reflecting a year-over-year increase of 31.7%, with revenues expected to be $648.01 million, showing no change from the previous year [1]. Earnings Estimates - Over the last 30 days, there has been a 0.7% upward revision in the consensus EPS estimate for the quarter, indicating analysts' reassessment of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Revenue Projections - Analysts project 'Revenue- Services' to reach $189.56 million, representing a year-over-year increase of 6.8% [4]. - The estimated 'Revenue- Marketplace' is $459.65 million, indicating a year-over-year decline of 2.3% [5]. - Total Gross Merchandise Sales (GMS) are expected to be $2.77 million, down from $2.95 million in the same quarter last year [5]. Active User Metrics - Analysts estimate 'Active buyers' will total 94,648, a decrease from 96,610 reported in the same quarter of the previous year [5]. - The consensus for 'Active sellers' is 8,155, down from 8,801 in the same quarter last year [6]. Stock Performance - Shares of Etsy have increased by 23.3% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.9% [6].

Core Viewpoint - Etsy is anticipated to report a year-over-year increase in earnings despite lower revenues, which could significantly influence its stock price depending on the actual results compared to estimates [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.53 per share, reflecting a year-over-year increase of +29.3%, while revenues are projected to be $647.76 million, unchanged from the previous year [3]. - The earnings report is scheduled for release on July 30, and better-than-expected results could lead to a stock price increase, whereas disappointing results may cause a decline [2]. Estimate Revisions - The consensus EPS estimate has been revised 0.29% higher in the last 30 days, indicating a slight positive reassessment by analysts [4]. - The Most Accurate Estimate for Etsy is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -10.86%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a strong predictor being a positive Earnings ESP combined with a favorable Zacks Rank [10][11]. - Despite a Zacks Rank of 2 (Buy), the negative Earnings ESP reading complicates the prediction of an earnings beat for Etsy [12]. Historical Performance - In the last reported quarter, Etsy was expected to post earnings of $0.50 per share but only achieved $0.46, resulting in a surprise of -8.00% [13]. - Over the past four quarters, Etsy has only beaten consensus EPS estimates once [14]. Conclusion - While Etsy does not appear to be a strong candidate for an earnings beat, investors should consider other factors influencing stock performance ahead of the earnings release [17].

The Florida GOP isn’t the only one profiting from the detention center known as “Alligator Alcatraz” by selling merchandise. A subset of Etsy buyers and sellers began a boycott of the online marketplace this month over its decision to allow “Alligator Alcatraz”-branded merchandise on its site. Today, this sort of merchandise — including T-shirts, hats, mugs, stickers, patches, and other items — can be found across e-commerce platforms beyond Etsy, ranging from large retailers like Amazon to online marketpla ...

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Group 1 - Fiverr's CEO Micha Kaufman emphasizes the need for individuals to adapt to the changing job landscape influenced by AI, suggesting that traditional roles may become obsolete and that workers should focus on automating their tasks to free up time for more complex thinking [2][11][5] - The company has successfully navigated various technological shifts since its founding in 2010, including the transition from PC to mobile internet and the rise of the gig economy [2][3] - Fiverr went public in 2019 with a valuation of $650 million, and its revenue surged to $189.5 million in 2020 due to the COVID-19 pandemic and the shift to remote work [3][2] Group 2 - Kaufman warns that 99% of AI startups are likely to fail within one to two years, with only a few companies that provide foundational infrastructure or solve specific problems surviving [4][30] - He stresses that true innovation should focus on identifying new problems rather than merely optimizing existing products [4][30] - Speed is identified as a critical competitive advantage in the rapidly evolving AI market, where being first to test and validate ideas can determine a company's survival [4][30] Group 3 - The conversation highlights a collective anxiety regarding AI's impact on employment, with Kaufman stating that individuals must continuously update their skills and knowledge to remain relevant [11][14][16] - He argues that the essence of human value lies in creativity, aesthetic judgment, and moral discernment, which machines cannot replicate [11][14] - The current AI landscape is compared to the dot-com bubble, suggesting that many companies are entering the market without offering substantial value, leading to an inevitable market correction [30][19] Group 4 - Kaufman believes that the rapid pace of AI development has made traditional predictive models obsolete, as the industry is now characterized by uncertainty and volatility [39][40] - He notes that the market is currently oversaturated with AI companies, and only a few will emerge as leaders, similar to the consolidation seen in the cloud services market [32][40] - The importance of human creativity and the unique contributions of individuals are emphasized, as technology alone cannot drive success without the right people behind it [26][27]

Core Points - Etsy, Inc. plans to release its second quarter 2025 financial results on July 30, 2025, before market opening [1] - A video webcast conference call will be held at 8:30 a.m. Eastern Time on the same day to discuss the results, allowing analysts to ask questions [2] - A replay of the webcast will be available starting at 12:00 p.m. Eastern Time on the same day for at least three months [3] Company Overview - Etsy operates two-sided online marketplaces connecting millions of buyers and sellers globally, with a mission to "Keep Commerce Human" [3][4] - The primary marketplace, Etsy.com, is known for unique and creative goods, providing tools and services for sellers [3] - Etsy also owns the fashion resale marketplace Depop, with both marketplaces operating independently but sharing expertise [4] Investor Relations - The company uses its Investor Relations website and Etsy News Blog to disclose material non-public information and comply with disclosure obligations [5]