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Etsy ETSY Operating margin

Operating margin at other companies

Amazon logo
AmazonAMZN
11.5%+0.5pp
eBay logo
eBayEBAY
19.6%-2.7pp
Pinterest, Inc. logo
Pinterest, Inc.PINS
6.3%+1.0pp
Shopify logo
ShopifySHOP
13.3%+0.6pp
Wayfair logo
WayfairW
1%+0.6pp
Mercado Libre logo
Mercado LibreMELI
9.6%-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
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.

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 operating margin?
Etsy (ETSY) reported operating margin of 14.3% in Q1 2026.
How has Etsy's operating margin changed year-over-year?
Etsy's operating margin increased by 28.4% year-over-year, from 11.1% to 14.3%.
What is the long-term trend for Etsy's operating margin?
Over 4 years (2020 to 2025), Etsy's operating margin has grown at a -20.1% compound annual growth rate (CAGR), from 24.6% to 10%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.