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Earnings analysis · 10-Q

ETSY earnings analysis

Filed April 29, 2026 · Our reading of the company's report

The latest report

Etsy's Q1 2026 reported earnings showed a revenue of $631 million, growing 7.6% year-over-year and surpassing expectations of $617 million. Earnings per share (EPS) matched estimates at $0.62, marking a significant…

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Etsy's Q1 2026 reported earnings showed a revenue of $631 million, growing 7.6% year-over-year and surpassing expectations of $617 million. Earnings per share (EPS) matched estimates at $0.62, marking a significant recovery from last year's loss. Operating expenses were sharply reduced, contributing to a net income of $104.7 million, a turnaround from a loss in the prior year.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $28 Operating expenses $55 Left as operating profit $17

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$0.62

What stood out

  • Revenue Growth Over Prior Year

    Etsy reported Q1 revenue of $631 million, a 7.6% increase from $586.6 million in Q1 2025.

  • Matching EPS Estimates

    EPS for Q1 2026 was $0.62, aligning with market expectations.

  • Significant Improvement in Net Income

    Net income reached $104.7 million, a dramatic increase from a net loss of $35.1 million in the same quarter last year.

  • Reduction in Operating Expenses

    Operating expenses were reduced by 25.1% year-over-year to $335.8 million, contributing to improved margins.

  • Free Cash Flow Generation

    Free cash flow for the trailing twelve months stood at $671.2 million, slightly down from $684.9 million in 2025.

  • Active Seller Base Remains Stable

    Active sellers totaled 5,563, down marginally by 0.7% year-over-year.

What to watch

  • Market Vulnerabilities Due to Inflation

    Ongoing inflationary pressures may adversely impact consumer spending and operational costs.

  • Pending Sale of Depop

    The pending $1.2 billion sale of Depop, subject to regulatory approvals, poses financial and operational uncertainty.

  • Fluctuating Consumer Behavior

    Shifts in consumer preferences and economic conditions could affect sales and active buyer metrics.

Management's outlook

Management did not provide specific numeric guidance for upcoming quarters.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.