Filing Flows › Etsy (ETSY) › Q3 2026 › vs Q3 2025
Etsy (ETSY) Q3 2026 vs Q3 2025 (year over year)
Etsy's revenue rose $68.3M (+11%) from $624M in Q3 2025 to $692M in Q3 2026. The biggest changes: Marketplace revenue +$39.1M (+9%); Services revenue +$29.3M (+15%). Gross margin 72.7% against 73.4% (-0.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 72.7% | 73.4% | -0.7 pts |
| Operating margin | 16.1% | 17.8% | -1.7 pts |
| Net margin | 123.3% | 12.1% | +111.2 pts |
| Free cash flow margin | 22.9% | 34.5% | -11.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Marketplace revenue | $468M | $429M | $39.1M | +9% |
| Services revenue | $224M | $195M | $29.3M | +15% |
| Revenue | $692M | $624M | $68.3M | +11% |
| Gross profit | $503M | $458M | $45.2M | +10% |
| Cost of revenue | $189M | $166M | $23.1M | +14% |
| Other income, net | $757M | −$19.9M | $777M | — |
| Operating profit | $111M | $111M | $428K | +0.4% |
| Operating expenses | $392M | $347M | $44.8M | +13% |
| Pre-tax earnings | $869M | $91.1M | $778M | +854% |
| Research & development | $111M | $99.8M | $11.0M | +11% |
| Sales & marketing | $207M | $173M | $33.6M | +19% |
| General & admin | $73.9M | $73.8M | $146K | +0.2% |
| Net earnings | $854M | $75.5M | $778M | 11× |
| Income tax | $15.1M | $15.6M | −$490K | -3% |
| Depreciation & amortization | $16.1M | $13.3M | $2.8M | +21% |
| Share-based compensation | $45.7M | $55.1M | −$9.4M | -17% |
| Working capital & other | $756M | −$75.0M | $831M | — |
| Operating cash flow | $160M | $219M | −$59.3M | -27% |
| Free cash flow (OCF − capex) | $158M | $215M | −$56.9M | -26% |
| Capital expenditures | $1.4M | $3.8M | −$2.4M | -63% |
Questions
How much did Etsy's revenue grow year over year in Q3 2026?
Etsy's revenue rose $68.3M (+11%) from $624M in Q3 2025 to $692M in Q3 2026.
What drove Etsy's revenue change in Q3 2026?
Marketplace revenue +$39.1M (+9%); Services revenue +$29.3M (+15%).