Filing Flows › Etsy (ETSY) › Q1 2025
Etsy (ETSY) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Etsy (ETSY) reported revenue of $651M for the first quarter 2025 (Q1 2025), +0.8% from a year earlier and -24% from the quarter before. Operating margin was -3.4%, net loss $52.1M (8.0% of revenue).
Etsy, Q1 2025: revenue $651M (+0.8% year over year), operating margin -3.4%, net loss $52.1M, operating cash flow $49.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $651M | -24% | +0.8% |
| Operating profit | −$22.3M | — | — |
| Net earnings | −$52.1M | — | — |
| Operating cash flow | $49.2M | -84% | -29% |
| Free cash flow | $45.9M | -85% | -31% |
What changed
Revenue was $651.2M in Q1 2025, up 1% year over year and down 24% from the previous quarter.
Gross margin was 68.2%, down 2.8 points from a year earlier. Operating costs exceeded revenue by $22.3M, an operating margin of -3.4%. Operating expenses grew 19% against revenue growth of 1%. The quarter ended with a net loss of $52.1M, after a profit of $129.9M the previous quarter.
Operating cash flow was $49.2M (down 29% year over year). Non-cash charges added back $27.3M of depreciation and amortization and $62.1M of share-based compensation. Working capital and other items added $11.9M. Capital expenditures of $3.2M left free cash flow of $45.9M.
Questions
What was Etsy's revenue in the first quarter 2025?
Etsy (ETSY) reported revenue of $651M for the first quarter 2025 (Q1 2025), +0.8% from a year earlier and -24% from the quarter before.
Was Etsy profitable in the first quarter 2025?
Operating loss was $22.3M (-3.4% of revenue) and net loss $52.1M.
Source: Etsy 10-Q on SEC EDGAR.