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Etsy (ETSY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Etsy (ETSY) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $692M · 123¢ of every $1 of revenue kept as net profit · operating margin 16.1%
Etsy made $692M in Q3 2026 (+11% Y/Y): Marketplace revenue $468M, Services revenue $224M. Operating margin 16.1%, net earnings $854M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $692.5M in Q3 2026, up 11% year over year and up 4% from the previous quarter. Marketplace revenue was the largest line at 68% of revenue. Marketplace revenue added $39.1M year over year (up 9%), 57% of the total change.
Gross margin was 72.7%, down 0.7 points from Q3 2025. Operating profit was $111.4M, a 16.1% margin (down 1.7 points year over year). Of the extra revenue versus Q3 2025, 1% reached operating profit, below the 18% margin then. Operating expenses grew 13% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+19%). Net earnings were $853.5M, up 1030% year over year. The effective tax rate was 1.7%. Non-operating items added $757.1M, 87% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $159.7M (down 27% year over year), 19% of net earnings. Non-cash charges added back $16.1M of depreciation and amortization and $45.7M of share-based compensation. Working capital and other items used $755.6M. Capital expenditures of $1.4M left free cash flow of $158.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $692M | +11% | 16.1% | $854M | $160M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $668M | +6% | 18.7% | −$46.6M | $40.6M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $631M | +3% | 19.0% | $69.7M | $80.7M |
| Q4 2025 | 10-K | Feb 19, 2026 | $882M | +4% | 14.7% | $111M | $317M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $678M | +2% | 12.2% | $75.5M | $219M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $673M | +4% | 11.4% | $28.8M | $108M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $651M | +0.8% | -3.4% | −$52.1M | $49.2M |
Charts
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
- GOOGL · Stated in 10-K (named, share not stated) · source
- AMZN · Stated in 10-K (named, share not stated) · source
About Etsy
“Keep Commerce Human” reflects our belief that creativity and connection set us apart in an increasingly automated world. We see lasting value in businesses that balance people, planet, and profit, and we strive to align our growth strategy with this principle—using our platform to foster entrepreneurship and sustainable economic impact. You can read more about Etsy’s Impact strategy beginning on page 9 . Etsy op erates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world.
In its own words, from its 10-K, filed Feb 19, 2026.
Etsy against its Services-Business Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: 16.1% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ETSY Etsy | Q3 2026 | $692M | +11% | 16.1% |
| ACN Accenture | Q4 FY26 | $18.7B | +6% | 15.3% |
| UBER Uber Technologies | Q3 2026 | $14.8B | +10% | 9.8% |
| V Visa | Q4 FY26 | $12.1B | +13% | 59.8% |
| MELI MercadoLibre | Q3 2026 | $10.8B | +45% | 6.3% |
| MA Mastercard | Q3 2026 | $9.8B | +14% | 59.8% |
| PYPL PayPal Holdings | Q3 2026 | $8.6B | +2% | 16.3% |
| FISV Fiserv | Q3 2026 | $5.2B | -1% | -105.7% |
| DASH DoorDash | Q3 2026 | $4.6B | +34% | 9.6% |
Source: Etsy 10-Q on SEC EDGAR · CIK 1370637 · Services-Business Services, NEC
13F: who owns ETSY and who is buying
More on ETSY
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results