Filing Flows › Etsy (ETSY) › Q4 2025
Etsy (ETSY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Etsy (ETSY) reported revenue of $882M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +30% from the quarter before. Operating margin was 14.7%, net earnings $111M (12.6% of revenue).
Etsy, Q4 2025: revenue $882M (+4% year over year), operating margin 14.7%, net earnings $111M, operating cash flow $317M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $882M | +30% | +3% |
| Gross profit | $703M | +45% | +11% |
| Operating profit | $129M | +56% | -17% |
| Net earnings | $111M | +47% | -15% |
| Operating cash flow | $317M | +45% | +0.7% |
| Free cash flow | $316M | +47% | +2% |
What changed
Revenue was $881.6M in Q4 2025, up 3% year over year and up 30% from the previous quarter. Marketplace revenue was the largest line at 69% of revenue.
Gross margin was 79.7%, up 5.3 points from a year earlier. Operating profit was $129.4M, a 14.7% margin (down 3.5 points year over year). Operating profit fell $25.7M even though revenue rose $29.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 20% against revenue growth of 3%. The fastest-growing cost line was General & admin (+14%). Net earnings were $110.7M, down 15% year over year. The effective tax rate was 18.0%.
Operating cash flow was $317.1M (up 1% year over year), 286% of net earnings. Non-cash charges added back $24.9M of depreciation and amortization and $63.4M of share-based compensation. Working capital and other items added $118.1M. Capital expenditures of $1.5M left free cash flow of $315.6M.
Questions
What was Etsy's revenue in the fourth quarter 2025?
Etsy (ETSY) reported revenue of $882M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +30% from the quarter before.
Was Etsy profitable in the fourth quarter 2025?
Operating profit was $129M (14.7% of revenue) and net earnings $111M.
Source: Etsy 10-K on SEC EDGAR.