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Etsy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$158M in Q3 2026 · $592M over twelve months

Operating cash flow$160M
Capital spending−$1.4M
Free cash flow+$158M
Cash / net income0.2×
Cash conversion cycle-9 days

Analysis

In Q3 2026, Etsy generated $160M of operating cash flow and spent $1.4M on capital projects, leaving free cash flow of $158M. That is $56.9M less than in Q3 2025 ($215M).

Over the twelve months to Sep 30, 2026, operating cash flow was $598M; the largest uses were buybacks ($923M), taxes on employees’ shares ($99.0M), capital spending ($5.6M); besides operations, cash came from other investing ($1.2B), shares issued ($17.3M); the cash balance rose by $823M.

Operating cash flow was $160M against net income of $854M — 0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$45.7M, depreciation & amortization +$16.1M, other non-cash −$4.2M.

Its cash conversion cycle was -9 days (receivables 1 + inventory 0 − payables 10): suppliers fund its working capital.

Free cash flow

Etsy: free cash flow by quarterEtsy: free cash flow by quarter$311MQ4 2024$45.9MQ1 2025$101MQ2 2025$215MQ3 2025$316MQ4 2025$79.3MQ1 2026$39.3MQ2 2026$158MQ3 2026
Operating cash flow less capital spending.
Etsy: operating cash flow against capital spendingEtsy: operating cash flow against capital spendingOperating cash flowCapital spending$315M$4.0MQ4 2024$49.2M$3.2MQ1 2025$108M$6.9MQ2 2025$219M$3.8MQ3 2025$317M$1.5MQ4 2025$80.7M$1.5MQ1 2026$40.6M$1.2MQ2 2026$160M$1.4MQ3 2026
Latest (Q3 2026): Operating cash flow $160M, Capital spending $1.4M.

Capital allocation, year by year

Etsy: where the cash came from (up) and went (down), by fiscal yearEtsy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $652MFY2021: Net borrowing $947MFY2021: Shares issued $22.7MFY2021: Capital spending −$11.2MFY2021: Acquisitions −$1.7BFY2021: Buybacks −$303M$1.6BFY2021FY2022: Operating cash flow $684MFY2022: Net borrowing −$6.4MFY2022: Shares issued $15.0MFY2022: Capital spending −$10.2MFY2022: Buybacks −$426M$699MFY2022FY2023: Operating cash flow $706MFY2023: Net borrowing −$6.4MFY2023: Shares issued $14.2MFY2023: Capital spending −$12.9MFY2023: Buybacks −$577M$720MFY2023FY2024: Operating cash flow $752MFY2024: Net borrowing −$6.1MFY2024: Shares issued $3.9MFY2024: Capital spending −$14.2MFY2024: Buybacks −$724M$756MFY2024FY2025: Operating cash flow $693MFY2025: Net borrowing $694MFY2025: Shares issued $17.7MFY2025: Asset sales $100MFY2025: Capital spending −$15.4MFY2025: Buybacks −$777M$1.5BFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were buybacks ($2.8B) and acquisitions ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$3.0B
Net debt$676M

Etsy funds itself: free cash flow was $592M over the last twelve months, and $2.3B of cash and investments stands against $3.0B of debt.

Where the cash came from and went

Etsy: sources (+) and uses (−) of cash, Q3 2026Etsy: sources (+) and uses (−) of cash, Q3 2026Other investing$1.3BCash drawn (+) / kept (−)−$1.0BBuybacks−$395MOperating cash flow$160MTaxes on employees’ shares−$25.7MShares issued$4.7MCapital spending−$1.4MOther financing$1.0MExchange rates$177K
Etsy: sources (+) and uses (−) of cash, TTM to Q3 2026Etsy: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$1.2BBuybacks−$923MCash drawn (+) / kept (−)−$823MOperating cash flow$598MTaxes on employees’ shares−$99.0MShares issued$17.3MExchange rates−$8.8MCapital spending−$5.6MNet borrowing (+) / repaid (−)−$4.8MOther financing$112K

From profit to cash

Etsy: net income to operating cash flow, Q3 2026Etsy: net income to operating cash flow, Q3 2026Net income$854MDepreciation & amortization$16.1MStock-based pay$45.7MOther non-cash−$4.2MOperating cash flow$160M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261—10-9
Q2 20261—9-8
Q1 20261—11-10
Q4 20251—5-5
Q3 20251—7-6
Q2 20251—9-8
Q1 20251—12-10
Q4 20241—10-9

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$160M−$1.4M−$395M—$4.7M−$1.0B$158M
Q2 2026$40.6M−$1.2M−$250M−$1.6M$8.0M$264M$39.3M
Q1 2026$80.7M−$1.5M−$145M−$1.6M$2.2M$101M$79.3M
Q4 2025$317M−$1.5M−$133M−$1.6M$2.3M−$153M$316M
Q3 2025$219M−$3.8M−$120M−$1.5M$9.7M−$67.5M$215M
Q2 2025$108M−$6.9M−$335M−$1.5M$2.7M−$534M$101M
Q1 2025$49.2M−$3.2M−$189M−$1.5M$2.9M$162M$45.9M
Q4 2024$315M−$4.0M−$260M−$1.5M$77K$7.8M$311M

Etsy: income statement and cash flow

Etsy, Q3 2026: revenue $692M (+11% year over year), operating margin 16.1%. The chart follows the revenue to costs, profit and cash.

Etsy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.