Etsy (ETSY) reported R&D of $99.05M in Q1 2026.

How has Etsy's R&D changed year-over-year?

Etsy's R&D decreased by 1.7% year-over-year, from $100.81M to $99.05M.

What is the long-term trend for Etsy's R&D?

Over 4 years (2021 to 2025), Etsy's R&D has grown at a 12.9% compound annual growth rate (CAGR), from $271.54M to $440.49M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Etsy ETSY R&D

R&D at other companies

eBayEBAY

$450M+14.5%

Pinterest, Inc.PINS

$380.79M+14.8%

ShopifySHOP

$437M+15.9%

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

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

Reported directly by Etsy in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

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 R&D?: Etsy (ETSY) reported R&D of $99.05M in Q1 2026.
How has Etsy's R&D changed year-over-year?: Etsy's R&D decreased by 1.7% year-over-year, from $100.81M to $99.05M.
What is the long-term trend for Etsy's R&D?: Over 4 years (2021 to 2025), Etsy's R&D has grown at a 12.9% compound annual growth rate (CAGR), from $271.54M to $440.49M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.