Filing Flows › Etsy (ETSY) › Q3 2026 › vs Q2 2026
Etsy (ETSY) Q3 2026 vs Q2 2026 (quarter over quarter)
Etsy's revenue rose $24.2M (+4%) from $668M in Q2 2026 to $692M in Q3 2026. The biggest changes: Services revenue +$12.1M (+6%); Marketplace revenue +$12.1M (+3%). Gross margin 72.7% against 72.4% (+0.2 pts).
Etsy, Q3 2026: revenue $692M (+11% year over year), operating margin 16.1%, net earnings $854M, operating cash flow $160M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 72.7% | 72.4% | +0.2 pts |
| Operating margin | 16.1% | 18.7% | -2.7 pts |
| Net margin | 123.3% | -7.0% | +130.2 pts |
| Free cash flow margin | 22.9% | 5.9% | +17.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Marketplace revenue | $468M | $456M | $12.1M | +3% |
| Services revenue | $224M | $212M | $12.1M | +6% |
| Revenue | $692M | $668M | $24.2M | +4% |
| Gross profit | $503M | $484M | $19.1M | +4% |
| Cost of revenue | $189M | $184M | $5.1M | +3% |
| Other income, net | $757M | −$151M | $908M | — |
| Operating profit | $111M | $125M | −$13.8M | -11% |
| Operating expenses | $392M | $359M | $32.9M | +9% |
| Pre-tax earnings | $869M | −$26.0M | $895M | — |
| Research & development | $111M | $101M | $9.9M | +10% |
| Sales & marketing | $207M | $191M | $16.1M | +8% |
| General & admin | $73.9M | $66.9M | $7.0M | +10% |
| Net earnings | $854M | −$46.6M | $900M | — |
| Income tax | $15.1M | $20.6M | −$5.6M | -27% |
| Depreciation & amortization | $16.1M | $15.2M | $830K | +5% |
| Share-based compensation | $45.7M | $51.2M | −$5.5M | -11% |
| Working capital & other | $756M | −$20.8M | $776M | — |
| Operating cash flow | $160M | $40.6M | $119M | +294% |
| Free cash flow (OCF − capex) | $158M | $39.3M | $119M | +303% |
| Capital expenditures | $1.4M | $1.2M | $170K | +14% |
Questions
How much did Etsy's revenue grow quarter over quarter in Q3 2026?
Etsy's revenue rose $24.2M (+4%) from $668M in Q2 2026 to $692M in Q3 2026.
What drove Etsy's revenue change in Q3 2026?
Services revenue +$12.1M (+6%); Marketplace revenue +$12.1M (+3%).