Filing Flows › Etsy (ETSY) › Q2 2026 › vs Q2 2025
Etsy (ETSY) Q2 2026 vs Q2 2025 (year over year)
Etsy's revenue rose $39.2M (+6%) from $629M in Q2 2025 to $668M in Q2 2026. The biggest changes: Marketplace revenue +$21.0M (+5%); Services revenue +$18.1M (+9%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 5.9% | 16.1% | -10.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Marketplace revenue | $456M | $435M | $21.0M | +5% |
| Services revenue | $212M | $194M | $18.1M | +9% |
| Revenue | $668M | $629M | $39.2M | +6% |
| Net loss | $46.6M | −$28.8M | $75.5M | — |
| Costs & expenses | $715M | $629M | $85.8M | +14% |
| Operating costs | $543M | $535M | $8.0M | +1% |
| Interest & other, net | $151M | $42.0M | $109M | +260% |
| Income tax | $20.6M | $23.3M | −$2.6M | -11% |
| Cost of revenue | $184M | $169M | $15.6M | +9% |
| Research & development | $101M | $99.3M | $1.6M | +2% |
| Sales & marketing | $191M | $191M | −$125K | -0.1% |
| General & admin | $66.9M | $76.0M | −$9.1M | -12% |
| Operating cash sources | $87.2M | $79.3M | $7.9M | +10% |
| Depreciation & amortization | $15.2M | $14.6M | $631K | +4% |
| Share-based compensation | $51.2M | $52.9M | −$1.7M | -3% |
| Working capital & other | $20.8M | $11.8M | $9.0M | +77% |
| Net loss absorbed | $46.6M | −$28.8M | $75.5M | — |
| Operating cash flow | $40.6M | $108M | −$67.6M | -62% |
| Free cash flow (OCF − capex) | $39.3M | $101M | −$62.0M | -61% |
| Capital expenditures | $1.2M | $6.9M | −$5.6M | -82% |
Questions
How much did Etsy's revenue grow year over year in Q2 2026?
Etsy's revenue rose $39.2M (+6%) from $629M in Q2 2025 to $668M in Q2 2026.
What drove Etsy's revenue change in Q2 2026?
Marketplace revenue +$21.0M (+5%); Services revenue +$18.1M (+9%).