Slide 1: Q4 2025 Financial Results
FEBRUARY 19, 2026 Q4 2025 Financial Results
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 financial guidance for 2026 and underlying assumptions; expected timing of the closing of the Depop transact
Slide 3: Our focused set of priorities designed to improve the customer experience
3 Our focused set of priorities designed to improve the customer experience 1 2 3 4 Show up where Match shoppers with the Retain and reward Further amplify shoppers discover - right inventory through our most valuable human connection on and o Etsy (even beer!) ML customers
Slide 4: Q4 25 results in-line with or ahead of our expectations
4 Q4 25 results in-line with or ahead of our expectations… Consolidated GMS ↑Y/Y1; Etsy Marketplace Etsy Marketplace Q4 25 U.S. buyer GMS grew for also grew, and has seen nearly 9 percentage 1st time in 4 years points of improvement since Q1 25 Etsy Marketplace customer metrics continue to stabilize
Slide 5: Etsy marketplace customer metrics reflecting a healthier business
5 …with Etsy marketplace customer metrics reflecting a healthier business More relevant messages, Support experiences More shopping Buyers are finding more not more noise are improving happening in the app that’s relevant to them Increased Buyer CSAT App share of App Home clicks per personalization a
Slide 6: In 2026, we're doubling down on what is working
6 In 2026, we’re doubling down on what is working 1 2 3 4 Show up where Match shoppers with Retain and reward Further amplify shoppers discover - the right inventory our most valuable human connection on and o Etsy through ML customers 2026 EXAMPLES ● Double down on our ● Deepen understanding ● Del
Slide 7: AI as an amplifier: early-mover in agentic shopping integrations
7 AI as an amplifier: Etsy is an early-mover in agentic shopping integrations Buy directly in the Gemini Microsoft Copilot OpenAI integration: early app and AI Mode in Checkout learnings are encouraging Google Search ● In addition to new buyers, existing Etsy buyers are engaging, including those who
Slide 8: Q4 consolidated results
Q4 25 consolidated results 8 Q4 25 GMS Q4 25 Revenue Q4 25 Adjusted EBITDA $3.6B $881.6M $222M +6.6% Y/Y ex-Reverb¹ 25.2% Adj. EBITDA Margin +2.4% Y/Y & +1.3% Y/Y currency-neutral basis ex-Reverb¹ $3,736 $852 $2,793 $2,806 $651 $673 ¹ On an as-reported basis, which includes Reverb in the prior year,
Slide 9: Etsy marketplace Q4 GMS $3.3B
9 Etsy marketplace Q4 25 GMS $3.3B GMS was slightly positive Y/Y1 Quarterly Highlights: ● U.S. buyer GMS grew 0.3% Y/Y - the first quarter of positive growth since Q4 21 ● Impactful holiday programs - Cyber deals and curated gift ideas ● Buyer engagement consistently skewed toward personalized, senti
Slide 10: App users visit more often, engage more deeply, and convert at higher rates
10 App users consistently visit more often, engage more deeply, and convert at higher rates than non-app users ● Mobile app GMS growth accelerated to +6.6% Y/Y in Q4 25 from +5.0% in Q3 25 ● Mobile App GMS share was stable sequentially at ~46% ● App downloads were up 4% Y/Y, with new buyer app downl
Slide 11: Active buyers and GMS/buyer have stabilized; seller base is healthier
11 Active buyers and GMS/buyer have stabilized, we’re bringing millions of new buyers to Etsy, and our seller base is healthier Q4 25 Active Buyers Q4 25 Active Sellers Nearly Flat Sequentially 86.5M 5.6M -3.4% Y/Y; -0.1% Q/Q -1.5% Y/Y; +1.5% Q/Q ● Grew 1.5% sequentially. Q4 25 GMS / Active Buyer1 Q
Slide 12: Depop marketplace Q4 GMS $300M
12 Depop marketplace Q4 25 GMS $300M Up 37.8% Y/Y1 - highest-ever GMS Continued U.S. Buyer GMS strength +60.2% Y/Y Quarterly Highlights: ● 1.0M new buyers added in Q4 25, and 3.8M in FY 25 ● Initial wins from ‘Taste Recognizes Taste’ campaign - awareness is accelerating; positive gains in the propor
Slide 13: Consolidated Take Rate Bridge Q4 24 vs. Q4 25
Take rate primarily 13 driven by Reverb divestiture tailwinds, Consolidated Take Rate Bridge and Etsy and Depop Q4 24 vs. Q4 25 on-site Ads growth 24.5% Q4 25 Revenue $882M 22.8% Marketplace Revenue ($M) +0.8% Y/Y $269.2 $612.4 Seller Services Revenue ($M) +9.9% Y/Y Take rate expands ~170 basis poin
Slide 14: Consolidated Q4 Product Development and Marketing Spend
14 Consolidated Q4 25 Product Development Spend Consolidated Q4 25 Consolidated Q4 25 Marketing Spend Marketing Spend Bridge +2.7% Y/Y Y/Y Y/Y +7.3% Y/Y Step-up in spending at Depop is the key driver of Spend was largely flat as a percentage of revenue. deleverage in our Consolidated Marketing line.
Slide 15: Financial flexibility for share repurchases, debt and investments
15 Financial flexibility to continue share repurchases, manage our debt balance, and make ongoing investments in the business Cash Balance 12/31/251 ~$1.8B Trailing Twelve Month Consolidated Free Shares Outstanding as of Cash Flow Period-End2 ($M) -19% Share repurchases during Q4 25 ~$133M Share rep
Slide 16: Q1 26 Guidance and FY 26 Commentary
16 Q1 26 Guidance Q1 26 Guidance FY 26 Commentary and FY 26 Commentary for GMS $2.38B to $2.43B We currently expect slight Y/Y growth in GMS, with Continuing positive Y/Y comparisons in Operations as of each quarter of 2026 Feb 19, 2026 Take Rate ~25.5% Roughly consistent with Q1 26 guidance Adjuste
Slide 17: Q&A
Q&A
Slide 18: Appendix
Appendix
Slide 19: FY 25 consolidated results
19 FY 25 consolidated FY25 Consolidated GMS FY25 Consolidated Revenue results - we ended the year with a $11.9B $2.9M much healthier -1.1% Y/Y ex-Reverb +4.9% Y/Y ex-Reverb business than we (-1.7% on a currency-neural basis) -5.3% Y/Y as reported +2.7% Y/Y as reported started FY25 Consolidated Adj.
Slide 20: Etsy Marketplace 2025 GMS and Revenue
20 Etsy Marketplace 2025 GMS and Revenue 2025 Etsy Marketplace GMS and Y/Y Performance 2025 Etsy Marketplace Revenue and Y/Y Performance FY 25 GMS FY 25 Revenue $10.5B $2.7B -3.9% Y/Y +2.9% Y/Y FY 25 Take Rate 25.4%
Slide 21: Q4 Etsy Marketplace GMS breakdown by category and geography
Q4 25 Etsy Marketplace GMS breakdown by category and geography 21 Etsy marketplace Category GMS (%) Etsy marketplace Geography GMS (%) 4% Home and Living, Craft Supplies, Paper & Party Supplies and Toys & Games categories were up on a Y/Y basis. All other categories reported declines. Top 6 categori
Slide 22: Condensed Consolidated Balance Sheets
22 Condensed As of December 31, 2025 As of December 31, 2024 Consolidated (in thousands) Cash and cash equivalents $ 1,395,836 $ 811,178 Balance Sheets Short-term investments 224,088 228,322 Accounts receivable, net 8,690 8,702 Funds receivable and seller accounts 205,002 189,558 Property and equipm
Slide 23: Condensed Consolidated Statement of Operations
23 Condensed Three months ended 12/31/25 Three months ended 12/31/24 Consolidated (in thousands) Statement of Revenue $ 881,636 $ 852,162 Operations Cost of revenue 237,546 217,691 Gross profit 644,090 634,471 Marketing 305,875 285,165 Product development 114,442 111,466 General and administrative 94
Slide 24: Condensed Consolidated Statement of Operations
24 Condensed Twelve months ended 12/31/25 Twelve months ended 12/31/24 Consolidated (in thousands) Statement of Revenue $ 2,883,501 $ 2,808,332 Operations Cost of revenue 817,800 774,554 Gross profit 2,065,701 2,033,778 Marketing 914,830 856,565 Product development 450,192 443,056 General and adminis
Slide 25: Condensed Consolidated Statement of Cash Flows
25 Condensed Twelve months ended 12/31/25 Twelve months ended 12/31/24 Consolidated (in thousands) Statement of Cash Net income $ 162,982 $ 303,281 Flows Net cash provided by operating activities 693,414 752,469 Net cash provided by (used in) investing activities 32,081 (53,101) Net cash used in fina
Slide 26: Reconciliation of Quarterly Net Income to Adj. EBITDA
26 Reconciliation of Quarterly Net Income to Adj. EBITDA 4Q25 3Q25 2Q25 1Q25 4Q24 (in thousands) Net income (loss) $ 110,735 $ 75,503 $ 28,840 $ (52,096) $ 129,906 Excluding: Stock-based compensation expense and related payroll taxes (1) 66,267 62,172 60,974 63,573 68,155 Depreciation and amortizati
Slide 27: Reconciliation of Annual Net Income to Adj. EBITDA
27 Reconciliation of Annual Net Income to Adj. EBITDA Year ended December 31, 2025 (in thousands) Net income $ 162,982 Excluding: Stock-based compensation expense and related payroll taxes (1) 252,986 Depreciation and amortization 101,845 Provision for income taxes 83,683 Interest and other non-oper
Slide 28: Reconciliation of Operating Cash Flow to Free Cash Flow
28 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 29: Reconciliation of Operating Cash Flow to Free Cash Flow
29 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