Etsy, Inc. · NYSE:ETSY
Etsy — Investor Presentation (November 2025)
33 slides from Etsy's investor presentation, November 2025
Slide 1: Investor Presentation
November 2025 Investor Presentation
Slide 2: Forward-looking Statements
This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include but are not 2 limited to statements relating to: our customer relationship flywheel; the anticipated growth of Depop; the impact of AI, ML, and LLMs; our ability
Slide 3: Our Compelling Value Proposition
Our Compelling Value Proposition 1 2 3 The Etsy Marketplace is a two-sided Leveraging advanced ML / AI Eicient marketing ecommerce platform oering to deliver personalized investments to aract, special, non-commoditized experiences intended to fuel engage, retain, and merchandise; we also own Depo
Slide 4: The Etsy Marketplace is a two-sided ecommerce platform
1 The Etsy Marketplace is a two-sided ecommerce platform oering special, non-commoditized merchandise; we also own Depop, the fastest-growing U.S. fashion resale marketplace 4
Slide 5: We believe our vibrant two-sided Etsy marketplace offers clear value
We believe our vibrant two-sided Etsy marketplace offers clear value for buyers and sellers 5.5M Active Buyers Sellers3 Go-to shopping More More ~52% US/~48% destination for Buyers GMS2 unique and Non-US1 special goods Sellers ~86.6M Active Invest in More Helping sellers Buyers4 the Buyer Experience
Slide 6: We'll make Etsy more Etsy
6 Rather than trying to become more like everyone else, we’ll chart our own course toward ‘special’ in order to gain greater buyer consideration. We’ll make Etsy more Etsy. The starting point for Special. 6
Slide 7: Depop is the fastest growing U.S. fashion resale marketplace
7 1 Depop is the fastest growing U.S. fashion resale marketplace Q3 2025 GMS $292M, up 39.4% Y/Y (+39.3% Y/Y currency neutral) ● 3.0M active sellers; 6.6M active buyers at September 30 ● Continued U.S. GMS strength +59% Y/Y ● Continued growth in app download share, MAUs for the U.S. market ● We acce
Slide 8: Leveraging advanced ML / AI to deliver personalized experiences
2 Leveraging advanced ML / AI to deliver personalized experiences intended to fuel buyer frequency and growth 8
Slide 9: Creating a powerful customer relationship flywheel
Creating a powerful customer relationship flywheel Evolve our surfaces to become more browsable Create more personalized on-site experiences Capture vastly more + enriched data about consumers’ interests, inclinations, identities and habits Generate more personalized marketing Build more powerful Tr
Slide 10: Evolving our surfaces to become more browsable
Evolving our surfaces to become more browsable In progress Intuitive navigation “Algotorial curation” Inspirational and Optimizing engaging home Blends the expertise of surface app UX to Etsy’s world-class boost buyer merchandisers with the engagement Improved app power of AI to curate performance a
Slide 11: Seeing green shoots from App investments
Seeing ‘green shoots’ from App investments We are growing our App …which is moving the business… needle on engagement ● App GMS +5% Y/Y Compared to non-App users in Q3 25: ● Mobile app GMS share rose to 46% ● App users had 5x more visits ● App downloads +9% Y/Y, with new buyer app ● 3X more pages vi
Slide 12: More personalized on-site experiences
12 More personalized on-site experiences: continued progress making the Etsy App our marquee experience App GMS in Q3 25 outperformed Non-App GMS by 13 percentage points Refreshed More intuitive Improved Discovery home screen navigation Feed App Home In time for ● Tailored to each GMS ↑20% vs the ho
Slide 13: More personalized onsite experiences: machine learning capabilities
13 More personalized onsite experiences: meaningful progress in machine learning capabilities that match shoppers with the right inventory Buyer Understanding Item Understanding ● New app recommendation models* more deeply ● New AI-powered system leverages listing images to interpret buyer’s interes
Slide 14: First live partner for OpenAI's Instant Checkout
14 Making continued progress in positioning Etsy to be a leader in Agentic Shopping: first live partner for OpenAI’s Instant Checkout HOW IT WORKS: ChatGPT already surfaced Etsy listings organically; native checkout is enabled for items in the product feed we provide, and processed via Etsy Payments
Slide 15: We invest with discipline in Product Development
We invest with discipline in Product Development to improve customer experiences, and to drive conversion rate and frequency Consolidated Q3 25 Product Development Spend Core buyer Trust & & seller Safety experiences Cross functional teams Customer and market Search & Payments that deliver key resea
Slide 16: Efficient marketing investments to attract buyers
3 Eicient marketing investments to aract, engage, retain, and reactivate buyers 16
Slide 17: We invest with discipline in full funnel marketing
We invest with discipline in full funnel, ROI-focused marketing: to attract new, retain existing, and reactivate lapsed buyers TV & Digital video PLA spending Full-funnel marketing Home & Living Sales Event Customer Social Media Relationship engagement Management On sale: Home & Living Decorate your
Slide 18: Maintaining marketing discipline at Etsy
18 Maintaining marketing discipline at Etsy; leaning into Depop’s strong momentum with targeted, opportunistic brand investments to grow awareness and accelerate U.S. traction Consolidated Marketing Spend Consolidated Marketing Spend Bridge Consolidated Performance & Brand as a % of Revenue (Q3 2024
Slide 19: Multi-disciplinary marketing strategy to attract buyers
Multi-disciplinary marketing strategy to attract, engage, retain and reactivate buyers Active Buyers (M) New Buyers (M) Habitual & Repeat Buyers Reactivated Buyers (M) % of repeat buyers (2024) ~46M (2019) 48% % of GMS represented by habitual buyers (2024) ~87M (Current) 41% Etsy has maintained the
Slide 20: Executing a long-term growth strategy focused on our Right to Win
4 Executing a long-term growth strategy focused on our Right to Win 20
Slide 21: Right to Win Strategy
Right to Win Strategy: sets us apart from other ecommerce players A Best-in-Class Human Search and ✕ ✕ A Trusted Brand Connections Discovery Our Sellers’ Unique Items 21
Slide 22: The Etsy marketplace growth opportunity
The Etsy marketplace growth opportunity Capturing more Driving purchase Expanding beyond our Retaining & reactivating ✕ ✕ ✕ of our TAM frequency top geographies lapsed buyers ~$550B TAM¹ ~50% ~30% 100M+ Online market size across all active buyer base shops on Etsy of adults who identify as women Lap
Slide 23: Getting the Etsy marketplace back to GMS growth
Getting the Etsy marketplace back to GMS growth is our #1 priority: four initiatives designed to 23 drive the greatest near-term impact 1 2 3 4 Show up where shoppers Match shoppers with the right Retain and reward our Further amplify human discover - on and o Etsy inventory through (even beer!) M
Slide 24: Capital light business model has consistently delivered
5 Capital light business model has consistently delivered strong margins and significant free cash flow 24
Slide 25: Top-line consolidated results ahead of expectations
25 Top-line consolidated results ahead of expectations Q3 25 GMS Q3 25 Revenue Q3 25 Adjusted EBITDA $2.7B $678M $172M +0.9% Y/Y ex-Reverb; +6.1% Y/Y ex-Reverb¹ 25.4% Adj. EBITDA Margin +0.1% Y/Y currency-neutral basis¹ $3,736 $852 $2,915 $2,793 $2,806 $662 $673 $651 ¹ On an as-reported basis, which
Slide 26: Take rate expansion reflects tailwinds from Reverb divestiture
Take rate expansion 26 reflects tailwinds from Incremental Consolidated Take Rate Bridge Reverb divestiture, Q3 24 vs. Q3 25 continued on-site ads expansion, growth in 24.9% Depop payments & shipping labels Total Revenue $678M 22.7% Marketplace Revenue ($M) -1.7% Y/Y $210.0 $468.1 Seller Services Re
Slide 27: Financial flexibility to continue share repurchases
27 Financial flexibility to continue share repurchases, manage our debt balance, and make ongoing investments in the business Cash Balance 9/30/251 ~$1.6B Trailing Twelve Month Consolidated Free Shares Outstanding as of Cash Flow Period-End ($M) -17% Share repurchases during Q3 25 ~$120M Q3 25 Conso
Slide 28: Agile, experienced team with a proven track record of success
6 Agile, experienced team with a proven track record of success 28
Slide 29: Our executive leadership team
Our executive leadership team Josh Silverman Kruti Patel Goyal Lanny Baker Chief Executive Oicer, present President & Chief Growth Oicer, present Chief Financial Oicer Executive Chair, eective Jan. 1, 2026 Chief Executive Oicer, eective Jan. 1, 2026 • Previously served as CFO and COO of • Memb
Slide 30: Appendix
Appendix 30
Slide 31: Reconciliation of Quarterly Net Income to Adj. EBITDA
31 Reconciliation of Quarterly Net Income to Adj. EBITDA 3Q25 2Q25 1Q25 4Q24 3Q24 (in thousands) Net income (loss) $ 75,503 $ 28,840 $ (52,096) $ 129,906 $ 57,366 Excluding: Stock-based compensation expense and related payroll taxes (1) 62,172 60,974 63,573 68,155 69,292 Depreciation and amortizatio
Slide 32: Reconciliation of Operating Cash Flow to Free Cash Flow
32 Reconciliation of Operating Cash Flow to Free Cash Flow Free cash flow is considered to be a non-GAAP financial measure. We believe that free cash flow, which measures our ability to generate cash from our business operations, is an important financial measure for use in evaluating the Company’s finan
Slide 33: Reconciliation of Operating Cash Flow to Free Cash Flow
33 Reconciliation of Operating Cash Flow to Free Cash Flow Free cash flow is considered to be a non-GAAP financial measure. We believe that free cash flow, which measures our ability to generate cash from our business operations, is an important financial measure for use in evaluating the Company’s finan