0001370637falseFY202400013706372025-02-192025-02-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 8-K
_____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2025
etsy_logo_lg_rgb copy.jpg
ETSY, INC.
(Exact name of registrant as specified in its charter)
_____________________________________
Delaware 001-36911 20-4898921
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
117 Adams Street
Brooklyn, New York 11201
(Address of principal executive offices, including zip code)
(718) 880-3660
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareETSYThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.□





Item 2.02. Results of Operations and Financial Condition.

On February 19, 2025, Etsy, Inc. issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.

Information in Item 2.02 and Exhibit 99.1 of this Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.Description
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
















SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


ETSY, INC.

By: /s/ Charles Baker
Charles Baker
Chief Financial Officer
Dated: February 19, 2025


Etsy, Inc. Reports Fourth Quarter and Full Year 2024 Results
Highest-ever quarterly revenue achieved in Q4 24
Brooklyn, NY - February 19, 2025 - Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced financial results for its fourth quarter and full year ended December 31, 2024.
“Despite facing significant GMS headwinds in 2024, we are proud to have delivered year-over-year revenue growth and very strong profitability, while simultaneously investing in our future,” said Josh Silverman, Etsy, Inc. Chief Executive Officer. “Foundational improvements in the Etsy marketplace, particularly in quality, reliability, and in making our app a place for discovery, are already enhancing customer experiences - which we believe will further differentiate the Etsy experience, driving consideration and purchase frequency as we work to get back to GMS growth.”
Fourth quarter 2024 performance highlights include:
•Consolidated GMS was $3.7 billion, down 6.8% year-over-year and down 6.9% on a currency neutral basis.
•Etsy marketplace GMS was $3.3 billion, down 8.6% year-over-year, a result of pressure on consumer discretionary product spending, challenging year-over-year comparisons in a shortened holiday season, category mix, and a highly promotional and competitive retail environment.
◦Etsy marketplace GMS was weak on a year-over-year basis in October and November, with relative acceleration in December, which is partially attributed to the Cyber 5 timing shift.
◦Active buyers were 89.6 million, decreasing 2.6% year-over-year.
◦We reactivated a record 9.8 million lapsed buyers, up 1.3% from the prior year, and we acquired 6.9 million new buyers.
◦GMS per active buyer on a trailing twelve month basis was down 3.5% year-over-year to $121 in the fourth quarter.
◦Our number of habitual buyers was 6.4 million, down 9.5% year-over-year.
•Depop’s fourth quarter GMS was the highest it has been since the business was acquired by Etsy in 2021, contributing to full year GMS growth of 31.6%, as the marketplace benefited from share gains in the United States and favorable trends in re-commerce.
•Consolidated revenue reached a record $852.2 million, up 1.2% versus the fourth quarter of 2023, with take rate (i.e., consolidated revenue divided by consolidated GMS) of 22.8%. Our positive revenue growth was primarily driven by Services revenue, with Etsy Ads the primary contributor as we continued to improve our bidding algorithms on behalf of sellers.
•Consolidated net income was $129.9 million, up 56.0% year-over-year, in part due to restructuring and other exit costs of $27 million recognized in the fourth quarter of 2023. Consolidated net income margin (i.e., net income divided by revenue) was 15.2%, up approximately 530 basis points year-over-year, and diluted net income per share was $1.03.
•Consolidated non-GAAP Adjusted EBITDA was a record $250.6 million, with consolidated non-GAAP Adjusted EBITDA margin (i.e., consolidated non-GAAP Adjusted EBITDA divided by consolidated revenue) of 29.4%.
•We ended the year with $1.2 billion in cash and cash equivalents, short- and long-term investments. Under Etsy’s stock repurchase program, during the fourth quarter of 2024, Etsy repurchased an aggregate of approximately $260 million, or 4.9 million shares, of its common stock.
“As Etsy’s 2024 results again demonstrate, the Company’s marketplaces create tremendous value for the millions of sellers we serve, and our efficient operating model consistently delivers very healthy financial performance,” said Lanny Baker, Etsy’s newly appointed Chief Financial Officer. “Etsy expanded margins and generated consolidated adjusted EBITDA of over $780 million. In addition, by converting approximately 90% of that adjusted EBITDA to Free Cash Flow, the Company was able to deploy a portion of this cash to reduce share count by 12.2 million shares. This financial strength - in combination with Etsy’s highly differentiated product offerings, passionate customer base, and world class team - give me confidence in our future, as we work to re-accelerate GMS growth.”


Fourth Quarter and Full Year 2024 Financial Summary
(in thousands, except percentages; unaudited)
The financial results of Elo7 have been included in our consolidated financial results until August 10, 2023 (the date of sale). The financial measures and key operating metrics we use are:
Three Months Ended  
December 31,
% (Decline) Growth
Y/Y
Year Ended  
December 31,
% (Decline) Growth
Y/Y
 2024202320242023
GMS (1)$3,735,942 $4,007,404 (6.8)%$12,586,952 $13,161,196 (4.4)%
Revenue$852,162 $842,322 1.2 %$2,808,332 $2,748,377 2.2 %
Marketplace revenue$607,310 $615,795 (1.4)%$2,020,744 $1,997,190 1.2 %
Services revenue$244,852 $226,527 8.1 %$787,588 $751,187 4.8 %
Gross profit$634,471 $586,565 8.2 %$2,033,778 $1,919,702 5.9 %
Operating expenses$479,339 $471,107 1.7 %$1,653,570 $1,639,861 0.8 %
Net income$129,906 $83,266 56.0 %$303,281 $307,568 (1.4)%
Net income (loss) margin15.2 %9.9 %530  bps10.8 %11.2 %(40) bps
Adjusted EBITDA (Non-GAAP)$250,641 $235,514 6.4 %$781,538 $754,311 3.6 %
Adjusted EBITDA margin (Non-GAAP)29.4 %28.0 %140  bps27.8 %27.4 %40  bps
Active sellers (2)8,134 9,035 (10.0)%8,134 9,035 (10.0)%
Active buyers (2)95,459 96,483 (1.1)%95,459 96,483 (1.1)%
(1)Consolidated GMS for the year ended December 31, 2024 includes Etsy marketplace GMS of $10.9 billion, Reverb GMS of $917.9 million, and Depop GMS of $788.9 million.
(2)Consolidated active sellers and active buyers includes Etsy marketplace active sellers and active buyers of 5.6 million and 89.6 million, respectively, as of December 31, 2024. Consolidated active sellers and active buyers excludes Elo7 active sellers and buyers as of December 31, 2024 and 2023.

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Etsy Marketplace Operating Highlights
Our “Right to Win” is centered on key elements that we believe make the Etsy marketplace a better place to shop and sell and, which, in turn, will bring more buyers, lead to increased frequency and size of purchases, and build trust in the Etsy marketplace. In 2024, we continued to focus on building buyer consideration by making it easier to ‘find the best stuff’ on Etsy, driving association that Etsy sellers offer great value, and making shopping on Etsy more reliable and dependable. During the year we:

•Expanded the diversity of merchandise displayed in search results, incorporating high-quality listing indicators into our search algorithms;
•Launched the Etsy Search Visibility Page to provide sellers more insights into how they appear in search;
•Revamped the Etsy homepage to index more heavily on inspiration, and deepened investments in our Etsy app, which grew to represent 42% of 2024 GMS;
•Introduced ‘Creativity Standards’ to help clarify why items belong on Etsy;
•Made significant product improvements to the ‘Gifting’ shopping experience and expanded marketing for this purchase occasion;
•Ran multiple full-funnel marketing campaigns which put our sellers ‘front and center,’ and scaled mid-funnel paid social channels;
•Introduced ‘Etsy Insider,’ a new beta loyalty program, designed to drive increased purchase frequency and long-term customer loyalty;
•Implemented a shop set-up fee, which, combined with enhanced trust and safety measures, resulted in a significant reduction in fraudulent onboarding.


Select highlights of fourth quarter business initiatives for the Etsy marketplace are outlined below:
Product: During the holiday season, we focused on providing a reliable and joyful experience. For example, we:
•Implemented machine learning models into determining estimated delivery dates (“EDD”) for the first time, making the average EDD more than two days sooner for U.S. Domestic orders placed during the peak holiday shopping season;
•Added new shipping partners in the United States and Canada to help sellers more efficiently manage and ship orders;
•Expanded the use of conversational AI in support channels, allowing us to significantly scale support availability for our community;
•Launched the option for eligible buyers to receive their refunds as Etsy credit, making it easier to spend on another Etsy item;
•Developed more consistent communications to help sellers understand enforcement actions.
Marketing: We worked to make Etsy more top-of-mind for buyers during the holidays, including:
•Curated shopping experiences focused on ‘on sale’ items offered by our sellers, complemented by Etsy-funded promotions, one on Cyber Monday and one in the middle of December;
•Full funnel marketing activations for our holiday brand creative across multiple channels, including linear and digital TV, social media, and influencer and experiential strategies;
•Expanded online and in-store gift card offerings in the United States to appeal to last minute shoppers;
•Launched a new dynamic system to maximize listing-level ROI profitability by more efficiently segmenting Product Listing Ads.
Below are a few fourth quarter 2024 operational highlights for our subsidiary marketplaces:
etsy-20250219_g3.jpg
•Reverb’s Outlet & Exclusive categories continued to outperform others, with double-digit percentage year-over-year GMS growth during the holiday season;
•Reverb’s paid social video strategy continued to outperform benchmarks and drive both revenue and efficiency;
•Launched an improved Seller Dashboard to better surface actionable insights and tools which help professional sellers price their gear competitively.
etsy-20250219_g4.jpg

•Depop's new listing growth accelerated in Q4, following the earlier removal of seller fees and introduction of buyer fees in the United States and United Kingdom;
•Continued to scale mid-funnel YouTube presence and built efficiencies in performance marketing channels;
•Improved both the relevance of users’ search results and recommendations as well as the completeness and accuracy of information collected during the listing process.
Consolidated First Quarter 2025 Financial Guidance and Outlook Commentary

Q1 25 Guidance
GMSWe currently anticipate that consolidated first quarter 2025 GMS will decline at a rate similar to the year-over-year performance reported for the fourth quarter of 2024
Take Rate ~23%
Adjusted EBITDA Margin
~25-26%
Regarding Etsy’s focus areas for 2025, Mr. Silverman commented, “We are moving with urgency to increase buyer engagement, drive more sales, and return to GMS growth. By infusing ‘Discovery’ more deeply into the Etsy marketplace, we are working towards building more joyful shopping journeys for our buyers while simultaneously unlocking a wealth of insights about their evolving tastes and preferences. This will support our vision to craft increasingly personalized and resonant experiences that feel uniquely tailored to them.”
Silverman continued, “2025 marks Etsy’s 20th anniversary. For the past two decades, Etsy has been the home for creativity and self expression. In today’s world of automation and generic, commoditized goods, we believe our mission has never been more important. As I look ahead to what’s in store, I feel deep conviction in the power of our brand, Etsy’s millions of incredible sellers, and our strong team.”

Regarding Etsy’s 2025 financial outlook, Mr. Baker commented, “We see several factors that we believe should position the Etsy marketplace for improved GMS performance beyond the first quarter. In addition, we’re committed to maintaining a strong bottom line and generating healthy free cash flow, while also investing in the things which will further differentiate Etsy, build our opportunity, and drive our long-term growth.”
Please note that our guidance assumes currency exchange rates remain unchanged at current levels.

With respect to our expectations under “Consolidated First Quarter 2025 Financial Guidance and Outlook Commentary” above, reconciliation of Adjusted EBITDA margin guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to the charges excluded from Adjusted EBITDA; in particular, stock-based compensation expense, foreign exchange (gain) loss, acquisition, divestiture, and other corporate structure-related expenses, and other non-recurring expenses can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot reasonably be predicted.


Webcast and Conference Call Information
Etsy will host a video webcast conference call to discuss these results at 8:30 a.m. Eastern Time today, which will be live-streamed via the Company’s Investor Relations website (investors.etsy.com) under the Events section. Published research analysts will be provided an opportunity to ask company management live questions on the call. A copy of the earnings call presentation will also be posted to our website.
A replay of the video webcast will be available through the same link following the conference call starting at 12:00 p.m. Eastern Time today, for at least three months thereafter.
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces — which collectively create a “House of Brands” — share our mission, common levers for growth, similar business models, and a strong commitment to use business and technology to strengthen communities and empower people. Our primary Etsy marketplace is the global destination for unique, creative goods from independent sellers. It connects artisans and entrepreneurs with thoughtful consumers seeking items that reflect their tastes and values. In addition to providing them with access to tens of millions of buyers, we offer tools and services to help sellers grow.
Etsy, Inc.’s “House of Brands” portfolio also includes fashion resale marketplace Depop and musical instrument marketplace Reverb. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product development, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Investor Relations Contact:
Deb Wasser, Vice President, Investor Relations
Sarah Marx, Director, Investor Relations
ir@etsy.com
Media Relations Contact:
Lauren Bayse, Senior Director, Corporate Communications
press@etsy.com


Cautionary Statement Regarding Forward-Looking Statements
This press release contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial guidance for the first quarter of 2025 and underlying assumptions; expectations regarding improved GMS performance beyond the first quarter; the ability of our foundational improvements to drive consideration and purchase frequency; our ability to get back to GMS growth; the ability of our operating model to deliver healthy financial performance; our ability to re-accelerate GMS growth; the impact of our "Right to Win", and our work to build a more joyful shopping experience. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “aim,” “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “goal,” “intend,” “may,” “outlook,” “plan,” “potential,” “target,” “will,” or similar expressions and derivative forms and/or the negatives of those words.
Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include but are not limited to: (1) the fluctuation of our quarterly operating results; (2) our failure to meet our publicly announced guidance or other expectations; (3) the importance to our success of the trustworthiness of our marketplaces and our ability to attract and retain active and engaged communities of buyers and sellers; (4) any real or perceived inaccuracies in our operational metrics; (5) if we or our third-party providers are unable to protect against technology vulnerabilities, service interruptions, security breaches, or other cyber incidents; (6) our dependence on continued and unimpeded access to third-party services, platforms, and infrastructure; (7) operational and compliance risks related to our payments systems; (8) the global scope of our business; (9) our ability to recruit and retain employees; (10) our ability to compete effectively; (11) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (12) our environmental, social, and governance Impact strategy; (13) our efforts to expand internationally; (14) acquisitions, dispositions, or strategic partnerships that may prove unsuccessful or divert management attention; (15) our ability to deal effectively with fraud or other illegal activity; and (16) litigation and evolving global legal and regulatory requirements, including privacy and data protection laws, tax laws, product liability laws, laws regulating speech and platform monitoring or moderation, antitrust laws, intellectual property and counterfeiting regulations. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.


Etsy, Inc.
Condensed Consolidated Balance Sheets
(in thousands; unaudited)

As of December 31,
20242023
ASSETS
Current assets:
Cash and cash equivalents$811,178 $914,323 
Short-term investments228,322 236,118 
Accounts receivable, net8,702 24,734 
Prepaid and other current assets89,931 129,884 
Funds receivable and seller accounts189,558 265,387 
Total current assets1,327,691 1,570,446 
Property and equipment, net236,706 249,794 
Goodwill137,089 138,377 
Intangible assets, net413,898 457,140 
Deferred tax assets145,630 137,776 
Long-term investments111,725 86,676 
Other assets45,043 45,191 
Total assets$2,417,782 $2,685,400 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable$25,979 $29,920 
Accrued expenses374,947 353,553 
Finance lease obligations—current6,148 6,079 
Funds payable and amounts due to sellers189,558 265,387 
Deferred revenue19,213 14,635 
Other current liabilities49,268 41,207 
Total current liabilities665,113 710,781 
Finance lease obligations—net of current portion93,482 99,620 
Deferred tax liabilities7,957 13,192 
Long-term debt, net2,288,083 2,283,817 
Other liabilities122,013 121,705 
Total liabilities3,176,648 3,229,115 
Total stockholders' deficit(758,866)(543,715)
Total liabilities and stockholders’ deficit$2,417,782 $2,685,400 




Etsy, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts; unaudited)

Three Months Ended  
December 31,		Year Ended  
December 31,
 2024202320242023
Revenue$852,162 $842,322 $2,808,332 $2,748,377 
Cost of revenue217,691 255,757 774,554 828,675 
Gross profit634,471 586,565 2,033,778 1,919,702 
Operating expenses:
Marketing285,165 261,076 856,565 759,196 
Product development111,466 117,488 443,056 469,332 
General and administrative82,708 92,543 353,949 343,242 
Asset impairment charges— — — 68,091 
Total operating expenses479,339 471,107 1,653,570 1,639,861 
Income from operations155,132 115,458 380,208 279,841 
Other income (expense), net23,201 (6,290)30,567 12,979 
Income before income taxes178,333 109,168 410,775 292,820 
(Provision) benefit for income taxes(48,427)(25,902)(107,494)14,748 
Net income$129,906 $83,266 $303,281 $307,568 
Net income per share attributable to common stockholders:
Basic$1.17 $0.70 $2.64 $2.51 
Diluted$1.03 $0.62 $2.35 $2.24 
Weighted average common shares outstanding:
Basic110,630 119,599 114,944 122,503 
Diluted127,245 136,553 131,721 140,145 



Etsy, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands; unaudited)

Year Ended  
December 31,
 20242023
Cash flows from operating activities
Net income$303,281 $307,568 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense282,847 284,558 
Depreciation and amortization expense108,074 91,323 
Provision for expected credit losses11,950 19,634 
Asset impairment charges— 68,091 
Deferred benefit for income taxes(14,445)(50,086)
Loss on sale of business— 2,630 
Other non-cash (income) expense, net(18,962)5,499 
Changes in operating assets and liabilities, net of sale of business79,724 (23,704)
Net cash provided by operating activities752,469 705,513 
Cash flows from investing activities
Cash paid for intangible assets— (12)
Purchases of property and equipment(14,208)(12,938)
Website and app development(29,290)(26,958)
Purchases of investments(330,763)(342,850)
Sales and maturities of investments321,160 309,451 
Net cash used in investing activities(53,101)(73,307)
Cash flows from financing activities
Payment of tax obligations on vested equity awards(61,588)(83,441)
Repurchase of stock(723,899)(576,968)
Proceeds from exercise of stock options3,907 14,228 
Payments on finance lease obligations(6,091)(6,278)
Other financing, net503 (4,074)
Net cash used in financing activities(787,168)(656,533)
Effect of exchange rate changes on cash(15,345)12,031 
Net decrease in cash, cash equivalents, and restricted cash(103,145)(12,296)
Cash, cash equivalents, and restricted cash at beginning of period914,323 926,619 
Cash and cash equivalents at end of period
$811,178 $914,323 


Currency-Neutral GMS Growth
We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates.
As reported and currency-neutral GMS decline for the periods presented below is as follows:
Quarter-to-Date Period EndedYear-to-Date Period Ended
As ReportedCurrency-NeutralFX ImpactAs ReportedCurrency-NeutralFX Impact
December 31, 2024(6.8)%(6.9)%0.1 %(4.4)%(4.5)%0.1 %
December 31, 2023(0.7)%(1.6)%0.9 %(1.2)%(1.2)%— %

Non-GAAP Financial Measures
Reconciliation of Net Income to Adjusted EBITDA and the Calculation of Adjusted EBITDA Margin
(in thousands, except percentages; unaudited)
Three Months Ended  
December 31,		Year Ended  
December 31,
2024202320242023
Net Income $129,906 $83,266 $303,281 $307,568 
Excluding:
Stock-based compensation expense (1)68,155 68,476 282,847 284,558 
Depreciation and amortization26,402 23,033 108,074 91,323 
Provision (benefit) for income taxes48,427 25,902 107,494 (14,748)
Interest and other non-operating income, net(4,111)(4,904)(17,176)(21,957)
Foreign exchange (gain) loss(19,090)11,194 (13,391)6,348 
Retroactive non-income tax expense (2)— — 6,124 — 
Restructuring and other exit costs909 26,577 2,807 26,577 
Acquisition, divestiture, and corporate structure-related expenses43 1,970 1,478 3,921 
Asset impairment charges— — — 68,091 
Loss on sale of business— — — 2,630 
Adjusted EBITDA$250,641 $235,514 $781,538 $754,311 
Divided by
Revenue $852,162 $842,322 $2,808,332 $2,748,377 
Adjusted EBITDA margin 29.4 %28.0 %27.8 %27.4 %

(1)Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for the periods presented below is as follows:
 Three Months Ended  
December 31,		Year Ended  
December 31,
 2024202320242023
Cost of revenue$8,071 $7,724 $32,575 $31,246 
Marketing5,499 5,652 23,508 22,784 
Product development35,996 33,246 144,549 146,017 
General and administrative18,589 21,854 82,215 84,511 
Stock-based compensation expense$68,155 $68,476 $282,847 $284,558 
(2)Retroactive non-income tax expense related to the digital services tax legislation in Canada, which was enacted on June 28, 2024 retroactive to January 1, 2022.

v3.25.0.1
Cover Page
Feb. 19, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 19, 2025
Entity Registrant Name ETSY, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36911
Entity Tax Identification Number 20-4898921
Entity Address, Address Line One 117 Adams Street
Entity Address, City or Town Brooklyn
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11201
City Area Code 718
Local Phone Number 880-3660
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol ETSY
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001370637
Amendment Flag false
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2024
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