Filing Flows › Etsy (ETSY) › Q1 2026
Etsy (ETSY) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Etsy (ETSY) reported revenue of $631M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -28% from the quarter before. Operating margin was 19.0%, net earnings $69.7M (11.0% of revenue).
Etsy, Q1 2026: revenue $631M (+3% year over year), operating margin 19.0%, net earnings $69.7M, operating cash flow $80.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $631M | -28% | +3% |
| Gross profit | $456M | -35% | +3% |
| Operating profit | $120M | -7% | — |
| Net earnings | $69.7M | -37% | — |
| Operating cash flow | $80.7M | -75% | +64% |
| Free cash flow | $79.3M | -75% | +73% |
What changed
Revenue was $631.3M in Q1 2026, up 3% year over year and down 28% from the previous quarter. Marketplace revenue was the largest line at 69% of revenue. Services revenue added $14.5M year over year (up 8%), 76% of the total change.
Gross margin was 72.2%, down 0.4 points from Q1 2025. Operating profit was $119.8M, a 19.0% margin (up 19.6 points year over year). Operating expenses fell 25% while revenue rose 3%. Net earnings were $69.7M. The effective tax rate was 26.1%.
Operating cash flow was $80.7M (up 64% year over year), 116% of net earnings. Non-cash charges added back $15.3M of depreciation and amortization and $53.0M of share-based compensation. Working capital and other items used $57.2M. Capital expenditures of $1.5M left free cash flow of $79.3M.
Questions
What was Etsy's revenue in the first quarter 2026?
Etsy (ETSY) reported revenue of $631M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -28% from the quarter before.
Was Etsy profitable in the first quarter 2026?
Operating profit was $120M (19.0% of revenue) and net earnings $69.7M.
Source: Etsy 10-Q on SEC EDGAR.