Filing Flows › Etsy (ETSY) › Q2 2025
Etsy (ETSY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Etsy (ETSY) reported revenue of $673M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 11.4%, net earnings $28.8M (4.3% of revenue).
Etsy, Q2 2025: revenue $673M (+4% year over year), operating margin 11.4%, net earnings $28.8M, operating cash flow $108M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $673M | +3% | +4% |
| Gross profit | $461M | +4% | -0.7% |
| Operating profit | $76.4M | — | +9% |
| Net earnings | $28.8M | — | -46% |
| Operating cash flow | $108M | +120% | -28% |
| Free cash flow | $101M | +120% | -31% |
What changed
Revenue was $672.7M in Q2 2025, up 4% year over year and up 3% from the previous quarter.
Gross margin was 68.5%, down 3.1 points from a year earlier. Operating profit was $76.4M, a 11.4% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 11% margin then. Operating expenses fell 2% while revenue rose 4%. Net earnings were $28.8M, down 46% year over year. The effective tax rate was 44.7%.
Operating cash flow was $108.1M (down 28% year over year), 375% of net earnings. Non-cash charges added back $25.4M of depreciation and amortization and $58.5M of share-based compensation. Capital expenditures of $6.9M left free cash flow of $101.3M.
Questions
What was Etsy's revenue in the second quarter 2025?
Etsy (ETSY) reported revenue of $673M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before.
Was Etsy profitable in the second quarter 2025?
Operating profit was $76.4M (11.4% of revenue) and net earnings $28.8M.
Source: Etsy 10-Q on SEC EDGAR.