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Etsy vs ExlService Holdings: ETSY and EXLS compared
Etsy is the larger company: $692M of revenue in its latest quarter (Q3 2026) against $634M for ExlService Holdings (Q3 2026). ExlService Holdings is growing faster (+20% against +11% a year earlier). Etsy is more profitable, with an operating margin of 16.1% against 14.0%.
Where the money goes: ETSY and EXLS
Etsy (ETSY) · Q3 2026
Etsy, Q3 2026: revenue $692M (+11% year over year), operating margin 16.1%, net earnings $854M, operating cash flow $160M. The chart follows the revenue to costs, profit and cash.
ExlService Holdings (EXLS) · Q3 2026
ExlService Holdings, Q3 2026: revenue $634M (+20% year over year), operating margin 14.0%, net earnings $68.8M, operating cash flow $119M. The chart follows the revenue to costs, profit and cash.
| Etsy (ETSY) | ExlService Holdings (EXLS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $692M | $634M |
| Revenue growth, Y/Y | +11% | +20% |
| Gross margin | 72.7% | 38.0% |
| Operating margin | 16.1% | 14.0% |
| Net earnings | $854M | $68.8M |
| Net margin | 123.3% | 10.8% |
| Operating cash flow | $160M | $119M |
| Free cash flow | $158M | $103M |
| Market value | $10.5B | $6.6B |
| P/E | 10.5× | 25.7× |
| Analysts’ mean target | $98.48 | $48.62 |
Where the revenue comes from
Etsy
- Marketplace revenue: $468M (68%)
- Services revenue: $224M (32%)
ExlService Holdings
- Insurance: $246M (39%)
- Banking, Capital Markets and Diversified Industries: $227M (36%)
- Healthcare and Life Sciences: $161M (25%)
Questions
Which is bigger, Etsy or ExlService Holdings?
Etsy is the larger company: $692M of revenue in its latest quarter (Q3 2026) against $634M for ExlService Holdings (Q3 2026).
Is Etsy or ExlService Holdings growing faster?
ExlService Holdings is growing faster (+20% against +11% a year earlier).
Which is more profitable, Etsy or ExlService Holdings?
Etsy is more profitable, with an operating margin of 16.1% against 14.0%.
More: Etsy earnings · how Etsy makes money · ExlService Holdings earnings · how ExlService Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.