EarningsQ2 2026 Earnings Report
DE:3E2 Q2 2026 EPS Results
Actual EPS€0.87
Consensus EPS€0.67
Beat/MissBeat by +€0.21
One Year Ago EPS€0.22
DE:3E2 Q2 2026 Revenue Results
Actual Revenue€595.05M
Expected Revenue€575.27M
Beat/MissBeat by +€19.78M
YoY Revenue Growth-0.65%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
DE:3E2 Upcoming Earnings
Etsy's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:3E2 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed improving marketplace fundamentals: sequential and year-over-year acceleration in GMS, revenue growth, strong adjusted EBITDA margin and cash generation, meaningful app-led engagement gains, and a substantial $2 billion buyback authorization. Management also announced a targeted restructuring (≈12% headcount reduction) to streamline product and engineering and to concentrate machine-learning talent, incurring ~$35 million in charges. Purchase frequency still lags prior-year levels and AI/agentic channels remain nascent, but these lowlights are outweighed by the stronger top-line momentum, profitability, balance sheet flexibility and capital returns outlined on the call.Company Guidance
Accelerating GMS Growth
Etsy marketplace GMS was $2.6 billion, growing 7.5% year-over-year and marking the third consecutive quarter of YoY GMS growth; Q3 GMS guidance of $2.53B–$2.58B implies ~4%–6% YoY growth and the company now expects mid-single-digit GMS growth for full-year 2026.
Revenue and Take Rate Expansion
Revenue was $668 million (continuing operations), up 6.2% YoY on continuing ops and 9.3% for the Etsy marketplace stand-alone; overall take rate was 25.9%, up 130 basis points YoY (including ~80 bps benefit from Reverb divestiture).
Strong Profitability and Flow-Through
Adjusted EBITDA was $195 million with a 29.2% adjusted EBITDA margin; nearly half (≈50%) of marketplace revenue growth flowed through to adjusted EBITDA in the quarter and the full-year adjusted EBITDA margin outlook was tightened to 29%–30%.
Robust Cash Generation and Balance Sheet
As of June 30, 2026, Etsy had $1.3 billion in cash and investments; the company converted 81% of adjusted EBITDA to free cash flow in the quarter and received $1.4 billion in cash proceeds from the sale of Depop.
Aggressive Capital Return
Etsy repurchased approximately $250 million of stock in Q2 (≈70% more than Q1), reducing shares outstanding by ~3.9 million; the company announced a new $2 billion share repurchase authorization.
App-Led Engagement and Growth
Mobile app GMS growth accelerated to +12.5% YoY and the app now represents ~47% of total GMS; key engagement metrics — visits per MAU and orders per visit — increased YoY, and feed freshness and personalization improved discovery and new mission starts.
Improving Buyer Quality and Value
Active buyers reached ~87 million (up ~350k sequentially and roughly stable YoY); trailing 12-month GMS per active buyer rose 2.8% YoY to $124; gross buyer additions accelerated and habitual/repeat buyer cohorts showed slight sequential growth for the first time since 2023.
Marketplace and Services Revenue Strength
Etsy marketplace revenue grew 8.4% YoY and services revenue grew 11.2% YoY, indicating broad-based revenue improvement across core monetization areas.
Category and Geographic Breadth
Etsy grew across every top category in the quarter and outpaced peer benchmarks in those categories; U.S. buyer GMS and import channels were notably strong, with healthy performance across household income segments.
DE:3E2 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed