Filing Flows › Etsy (ETSY) › Q3 2025
Etsy (ETSY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Etsy (ETSY) reported revenue of $678M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +0.8% from the quarter before. Operating margin was 12.2%, net earnings $75.5M (11.1% of revenue).
Etsy, Q3 2025: revenue $678M (+2% year over year), operating margin 12.2%, net earnings $75.5M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $678M | +0.8% | +2% |
| Gross profit | $483M | +5% | +1% |
| Operating profit | $82.7M | +8% | -5% |
| Net earnings | $75.5M | +162% | +32% |
| Operating cash flow | $219M | +102% | +0.7% |
| Free cash flow | $215M | +112% | +1% |
What changed
Revenue was $678.0M in Q3 2025, up 2% year over year and up 1% from the previous quarter. Marketplace revenue was the largest line at 69% of revenue. Services revenue added $23.6M year over year (up 13%), 151% of the total change. Marketplace revenue declined 2%.
Gross margin was 71.3%, down 0.7 points from a year earlier. Operating profit was $82.7M, a 12.2% margin (down 0.9 points year over year). Operating profit fell $4.1M even though revenue rose $15.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 3% against revenue growth of 2%. Net earnings were $75.5M, up 32% year over year. The effective tax rate was 18.0%.
Operating cash flow was $219.0M (up 1% year over year), 290% of net earnings. Non-cash charges added back $24.3M of depreciation and amortization and $60.8M of share-based compensation. Working capital and other items added $58.4M. Capital expenditures of $3.8M left free cash flow of $215.2M.
Questions
What was Etsy's revenue in the third quarter 2025?
Etsy (ETSY) reported revenue of $678M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +0.8% from the quarter before.
Was Etsy profitable in the third quarter 2025?
Operating profit was $82.7M (12.2% of revenue) and net earnings $75.5M.
Source: Etsy 10-Q on SEC EDGAR.