What is Etsy's net margin?

Etsy (ETSY) reported net margin of 9.9% in Q1 2026.

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

Etsy's net margin increased by 46.6% year-over-year, from 6.8% to 9.9%.

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

Over 4 years (2020 to 2025), Etsy's net margin has grown at a -27.1% compound annual growth rate (CAGR), from 20.2% to 5.7%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Etsy ETSY Net margin

Net margin at other companies

AmazonAMZN

10.6%+0.5pp

eBayEBAY

17.6%-2.2pp

Pinterest, Inc.PINS

7.6%-42.8pp

ShopifySHOP

10.8%-6.4pp

WayfairW

-2.4%-0.4pp

Mercado LibreMELI

6%-3.2pp

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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Gross margin72%-0.8pp

Operating margin14.3%+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.

net income/total revenue=9.9%

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 net margin?: Etsy (ETSY) reported net margin of 9.9% in Q1 2026.
How has Etsy's net margin changed year-over-year?: Etsy's net margin increased by 46.6% year-over-year, from 6.8% to 9.9%.
What is the long-term trend for Etsy's net margin?: Over 4 years (2020 to 2025), Etsy's net margin has grown at a -27.1% compound annual growth rate (CAGR), from 20.2% to 5.7%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.