What is Etsy's gross margin?

Etsy (ETSY) reported gross margin of 72% in Q1 2026.

How has Etsy's gross margin changed year-over-year?

Etsy's gross margin decreased by 1.1% year-over-year, from 72.8% to 72%.

What is the long-term trend for Etsy's gross margin?

Over 5 years (2020 to 2025), Etsy's gross margin has grown at a -0.3% compound annual growth rate (CAGR), from 73.1% to 72.1%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Etsy ETSY Gross margin

Gross margin at other companies

AmazonAMZN

50.6%+1.4pp

eBayEBAY

72%-0.1pp

Pinterest, Inc.PINS

79.9%+0.3pp

ShopifySHOP

48%-2.0pp

WayfairW

30.1%-0.2pp

Mercado LibreMELI

43.9%-2.3pp

Other financials

Income statement

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Revenue$631.3M+3.1%

Gross profit$455.6M+2.5%

Operating income$119.8M+3,194%

Net income$69.7M+234%

EPS (diluted)$0.60+222%

Balance sheet

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Cash & equivalents$1.2B+87.1%

Total debt$3.7B+56.0%

Total equity-$1.1B-24.9%

Total assets$2.7B+26.4%

Cash flow

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Operating cash flow$80.7M+64.2%

CapEx$1.5M-54.3%

Free cash flow$79.3M+72.5%

Valuation

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Market cap$7.02B-4.8%

Enterprise value$9.53B+7.8%

P/E24.6×-14.5×

P/S2.5×-0.2×

Profitability

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Operating margin14.3%+3.2pp

Net margin9.9%+3.2pp

FCF margin24.8%-1.0pp

Returns & leverage

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Return on equity73.9%-17.6pp

Debt / equity4.1×-0.3×

Current ratio1.7×-0.4×

Where this comes from

Calculated from Etsy’s reported figures.

gross profit/total revenue=72%

Based on trailing twelve months.

The official record: Etsy’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Etsy's gross margin?: Etsy (ETSY) reported gross margin of 72% in Q1 2026.
How has Etsy's gross margin changed year-over-year?: Etsy's gross margin decreased by 1.1% year-over-year, from 72.8% to 72%.
What is the long-term trend for Etsy's gross margin?: Over 5 years (2020 to 2025), Etsy's gross margin has grown at a -0.3% compound annual growth rate (CAGR), from 73.1% to 72.1%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.