What is Etsy's net debt?

Etsy (ETSY) reported net debt of $2.51B in Q1 2026.

How has Etsy's net debt changed year-over-year?

Etsy's net debt increased by 44.5% year-over-year, from $1.74B to $2.51B.

What is the long-term trend for Etsy's net debt?

Over 5 years (2020 to 2025), Etsy's net debt has grown at a 87.7% compound annual growth rate (CAGR), from -$103.37M to $2.41B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Etsy ETSY Net debt

Discontinued — last reported Q1 '26

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Armstrong World IndustriesAWI

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LAD

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Other financials

Income statement

See full

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

See full

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

See full

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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Gross margin72%-0.8pp

Operating margin14.3%+3.2pp

Net margin9.9%+3.2pp

FCF margin24.8%-1.0pp

Returns & leverage

See full

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.

$3.7Btotal debt−$1.2Bcash and equivalents=$2.51B

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 net debt?: Etsy (ETSY) reported net debt of $2.51B in Q1 2026.
How has Etsy's net debt changed year-over-year?: Etsy's net debt increased by 44.5% year-over-year, from $1.74B to $2.51B.
What is the long-term trend for Etsy's net debt?: Over 5 years (2020 to 2025), Etsy's net debt has grown at a 87.7% compound annual growth rate (CAGR), from -$103.37M to $2.41B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.