Filing Flows › Etsy (ETSY) › Q2 2026 › vs Q1 2026
Etsy (ETSY) Q2 2026 vs Q1 2026 (quarter over quarter)
Etsy's revenue rose $37.0M (+6%) from $631M in Q1 2026 to $668M in Q2 2026. The biggest changes: Marketplace revenue +$23.3M (+5%); Services revenue +$13.7M (+7%).
Etsy, Q2 2026: revenue $668M (+6% year over year), operating margin 18.7%, net loss $46.6M, operating cash flow $40.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 5.9% | 12.6% | -6.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Marketplace revenue | $456M | $433M | $23.3M | +5% |
| Services revenue | $212M | $199M | $13.7M | +7% |
| Revenue | $668M | $631M | $37.0M | +6% |
| Net loss | $46.6M | −$69.7M | $116M | — |
| Costs & expenses | $715M | $631M | $83.7M | +13% |
| Operating costs | $543M | $511M | $31.6M | +6% |
| Interest & other, net | $151M | $25.6M | $126M | +492% |
| Income tax | $20.6M | $24.6M | −$4.0M | -16% |
| Cost of revenue | $184M | $176M | $8.6M | +5% |
| Research & development | $101M | $99.1M | $1.9M | +2% |
| Sales & marketing | $191M | $174M | $16.7M | +10% |
| General & admin | $66.9M | $62.5M | $4.5M | +7% |
| Operating cash sources | $87.2M | $11.1M | $76.1M | +688% |
| Depreciation & amortization | $15.2M | $15.3M | −$86K | -0.6% |
| Share-based compensation | $51.2M | $53.0M | −$1.8M | -3% |
| Working capital & other | $20.8M | −$57.2M | $78.0M | — |
| Net loss absorbed | $46.6M | −$69.7M | $116M | — |
| Operating cash flow | $40.6M | $80.7M | −$40.2M | -50% |
| Free cash flow (OCF − capex) | $39.3M | $79.3M | −$39.9M | -50% |
| Capital expenditures | $1.2M | $1.5M | −$250K | -17% |
Questions
How much did Etsy's revenue grow quarter over quarter in Q2 2026?
Etsy's revenue rose $37.0M (+6%) from $631M in Q1 2026 to $668M in Q2 2026.
What drove Etsy's revenue change in Q2 2026?
Marketplace revenue +$23.3M (+5%); Services revenue +$13.7M (+7%).