0001370637-26-000019
SEC filingEtsy, Inc. reported revenue of $2.88 billion for fiscal year 2025, generating gross profit of $2.07 billion and net income of $163.0 million. The company achieved operating income of $266.2 million with operating cash flow of $693.4 million. Key financial metrics include gross margin of 71.9% and operating margin of 9.2%. The balance sheet shows total assets of $2.83 billion against total liabilities of $3.93 billion, resulting in stockholders' deficit of $1.10 billion. Cash and cash equivalents stood at $1.40 billion with total current assets of $1.96 billion. The company generated positive cash flow from operations and investing activities while using cash in financing activities primarily for stock repurchases and debt issuance.
Etsy, Inc. reported fiscal year 2025 results with revenue of $2.88 billion, gross profit of $2.07 billion, and net income of $163.0 million. The company achieved operating income of $266.2 million with income before taxes of $246.7 million. Basic earnings per share were $2.00 while diluted earnings per share were $1.00. The company maintained strong cash generation with operating cash flow of $693.4 million and free cash flow of $638.7 million. The balance sheet shows total assets of $2.83 billion, total liabilities of $3.93 billion, and stockholders' deficit of $1.10 billion. Cash and cash equivalents were $1.40 billion with total current assets of $1.96 billion.
The company reported total revenue of $2.88 billion for fiscal year 2025. Cost of revenue was $817.8 million, resulting in gross profit of $2.07 billion. The document does not provide segment breakdown, geographic mix, or specific growth drivers beyond the aggregate revenue figure. Operating expenses totaled $1.80 billion, consisting of marketing expenses of $914.8 million, product development expenses of $450.2 million, general and administrative expenses of $332.8 million, and asset impairment charges of $101.7 million.
Gross margin was 71.9% based on revenue of $2.88 billion and gross profit of $2.07 billion. Operating margin was 9.2% calculated from operating income of $266.2 million divided by revenue of $2.88 billion. The cost structure shows marketing as the largest operating expense at $914.8 million (31.8% of revenue), followed by product development at $450.2 million (15.6% of revenue), and general and administrative at $332.8 million (11.6% of revenue). Asset impairment charges of $101.7 million represented 3.5% of revenue.
Operating cash flow was $693.4 million, driven by net income of $163.0 million adjusted for non-cash items including stock-based compensation of $244.7 million and depreciation/amortization of $101.8 million. Free cash flow was $638.7 million (operating cash flow of $693.4 million minus capital expenditures of $54.7 million). The balance sheet shows total debt of $2.98 billion (short-term debt of $649.0 million plus long-term debt of $2.33 billion). Current ratio was 1.44 (current assets of $1.96 billion divided by current liabilities of $1.36 billion).
The document does not provide management guidance, strategic priorities, or specific risk factors beyond the reported financial results. The filing includes standard financial statements without forward-looking statements or outlook commentary. The company's financial position shows significant cash resources of $1.40 billion alongside substantial debt of $2.98 billion and stockholders' deficit of $1.10 billion.