Slide 1: Q3 2025 Financial Results
OCTOBER 29, 2025 Q3 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 the fourth quarter of 2025 and underlying assumptions; the impact of AI, ML, and LLMs
Slide 3: Q3 25 consolidated results continue to move in the right direction
3 Q3 25 consolidated Q3 25 Consolidated GMS Q3 25 Consolidated Revenue results continue to move in the right $2.7B $678M direction, coming +0.9% Y/Y ex-Reverb +6.1% Y/Y ex-Reverb in ahead of (+0.1% on a currency-neural basis) -6.5% Y/Y as reported +2.4% Y/Y as reported expectations Q3 25 Consolidate
Slide 4: Etsy marketplace Q3 25 GMS $2.4B
4 Etsy marketplace Q3 25 GMS $2.4B -2.4%1 Y/Y, ahead of expectations Growth accelerates ~300 basis points sequentially Quarterly Highlights: ● Strong mobile app trends ● Building momentum from our 4 strategic initiatives ● Direct, owned marketing eorts meaningfully contribute to GMS ● Helpful compe
Slide 5: Depop marketplace Q3 25 GMS $292M
5 Depop marketplace Q3 25 GMS $292M Growth accelerates ~400 basis points sequentially, +39.4%1 Y/Y Continued U.S. GMS strength +59% Y/Y Quarterly Highlights: ● New buyers and active sellers grew Y/Y ● Continued growth in app download share, MAUs for the U.S. market ● Australia building momentum ● La
Slide 6: Our focused set of priorities are positively impacting performance
6 Our focused set of priorities are positively impacting performance 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 7: Showing up where shoppers discover: first live partner for OpenAI's Instant Checkout
7 1 Showing up where shoppers discover: 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. We pay a performance-based fee to OpenAI —
Slide 8: Showing up where shoppers discover: Holiday 2025
8 1 Showing up where shoppers discover: Holiday 2025 Holiday Trend Edit spotlights the must-have styles shaping Holiday streaming ad the season - from Nonna Holiday to Supper Club - proof that Etsy sellers don’t just follow trends, they create them. App Home Hub showing holiday content Top 100 Gifts
Slide 9: Showing up where shoppers discover: continued progress making the Etsy App our marquee experience
9 1 Showing up where shoppers discover: continued progress making the Etsy App our marquee experience App GMS 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 holidays. buy
Slide 10: Match shoppers with the right inventory: meaningful progress in machine learning capabilities
10 2 Match shoppers with the right inventory: meaningful progress in machine learning capabilities Buyer Understanding Item Understanding ● New app recommendation models* more deeply ● New AI-powered system leverages listing images to interpret buyer’s interests. enhance how we represent and connect
Slide 11: Strengthening loyalty and retention of our best customers
11 3 Strengthening loyalty and retention of our best customers For Buyers ● Testing new ways to show that loyalty gets you more on Etsy. ○ Ex: Top buyer targeted oers. ● Launching next iteration of Etsy Insider (beta) next week: ○ 5% back in Etsy credit on every purchase. ○ Member-only oers and re
Slide 12: Further amplify human connection: bedrock of our four priorities
12 4 Further amplify human connection: bedrock of our four priorities Before After Meet your seller Humanized We’re just geing intro copy started weaving the human touch that defines Etsy into every Improved part of the product hierarchy to experience. showcase reviews Starting with simple, yet eec
Slide 13: Top-line consolidated results ahead of expectations
13 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 14: Etsy marketplace TTM GMS per active buyer grows sequentially
14 Etsy marketplace TTM GMS per active buyer grows sequentially; other buyer metrics remain under pressure Q3 25 Active Buyers $2.4B 86.6M -2.4% Y/Y -3.2% Y/Y currency-neutral basis -5.0% Y/Y -0.8% Q/Q Q3 25 GMS / Active Buyer1 -2.4% $121 -1.6% Y/Y Metric improved slightly on a sequential -6.0% basi
Slide 15: We are growing our App business
15 We are growing our …which is moving the App business… needle on engagement ● App GMS +5% Y/Y Compared to non-App users ● Mobile app GMS share in Q3 25: rose to 46% ● App users had 5x more ● App downloads +9% Y/Y, visits with new buyer app ● 3X more pages viewed downloads growing even per visit fa
Slide 16: Active seller count grows sequentially
16 Active seller count grows sequentially — both US-based and non-US-based 5.5M Active Etsy marketplace sellers TTM active seller count grew sequentially, with the Y/Y decline continuing to moderate The number of new sellers who made a sale saw strong, double-digit Y/Y growth The percentage of total
Slide 17: Take rate expansion reflects tailwinds from Reverb divestiture
Take rate expansion 17 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 18: Consolidated Q3 25 Product Development and Marketing Spend
18 Consolidated Q3 25 Product Development Spend Consolidated Q3 25 Consolidated Q3 25 Marketing Spend Marketing Spend Bridge +5.7% Y/Y Y/Y Y/Y +5.8% Y/Y 16.7% 16.2% ● Higher employee count drives some Y/Y deleverage in product development. A sequential decline in Etsy’s marketing spend as a percenta
Slide 19: Financial flexibility to continue share repurchases, manage our debt balance, and make ongoing investments
19 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 20: Consolidated Q4 25 Guidance as of October 29, 2025
20 Consolidated Q4 25 Q4 25 Guidance Guidance as of October 29, 2025 GMS $3.5B to $3.65B which, at the midpoint, would represent further quarter-over-quarter improvement in the apples-to-apples growth rate Take Rate ~24.5% Adjusted EBITDA Margin ~24% Please note that our guidance assumes currency ex
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Q3 25 Active buyer metrics
23 Q3 25 Active buyer metrics Q3 25 Active Buyers Q3 25 New Buyers Q3 25 Reactivated Buyers 86.6M 4.8M 6.6M -5.0% Y/Y; -0.8% Q/Q -10.2% Y/Y; -0.7% Q/Q +3.8% Y/Y; +0.8% Q/Q Q3 25 Repeat Buyers Q3 25 Habitual Buyers Q3 25 GMS / Active Buyer1 34.9M 6.0M $121 -5.5% Y/Y; -1.1% Q/Q -11.8% Y/Y; -1.9% Q/Q -
Slide 24: Q3 25 Etsy Marketplace GMS breakdown by category and geography
Q3 25 Etsy Marketplace GMS breakdown by category and geography 24 Etsy marketplace Category GMS (%) Etsy marketplace Geography GMS (%) 4% Craft Supplies and Toys & Games categories were up on a Y/Y basis. All other categories reported declines. Top 6 categories represented ~87% of GMS U.S. Buyer GMS
Slide 25: Condensed Consolidated Balance Sheets
25 Condensed As of September 30, 2025 As of December 31, 2024 Consolidated (in thousands) Cash and cash equivalents $ 1,248,940 $ 811,178 Balance Sheets Short-term investments 259,211 228,322 Accounts receivable, net 7,412 8,702 Funds receivable and seller accounts 168,237 189,558 Property and equip
Slide 26: Condensed Consolidated Statement of Operations
26 Condensed Three months ended 9/30/25 Three months ended 9/30/24 Consolidated (in thousands) Statement of Revenue $ 678,026 $ 662,410 Operations Cost of revenue 194,645 185,640 Gross profit 483,381 476,770 Marketing 207,841 196,526 Product development 113,379 107,251 General and administrative 79,4
Slide 27: Condensed Consolidated Statement of Operations
27 Condensed Nine months ended 9/30/25 Nine months ended 9/30/24 Consolidated (in thousands) Statement of Revenue $ 2,001,865 $ 1,956,170 Operations Cost of revenue 580,254 556,863 Gross profit 1,421,611 1,399,307 Marketing 608,955 571,400 Product development 335,750 331,590 General and administrativ
Slide 28: Condensed Consolidated Statement of Cash Flows
28 Condensed Nine months ended 9/30/25 Nine months ended 9/30/24 Consolidated (in thousands) Statement of Cash Net income $ 52,247 $ 173,375 Flows Net cash provided by operating activities 376,290 437,510 Net cash provided by (used in) investing activities 31,529 (36,759) Net cash used in financing a
Slide 29: Reconciliation of Quarterly Net Income to Adj. EBITDA
29 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 30: Reconciliation of Operating Cash Flow to Free Cash Flow
30 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 31: Reconciliation of Operating Cash Flow to Free Cash Flow
31 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