Etsy Q4 Revenues Rise 6.6% to $881.6M; Q1 GMS Guidance $2.38B–$2.43B
Etsy’s fourth-quarter revenues excluding Reverb rose 6.6% to $881.6 million while gross merchandise sales climbed 2.4% year over year to $3.59 billion. The platform reclassified Depop as a discontinued operation starting Q1 2026 and forecast a 25.5% take rate with marketplace GMS of $2.38–$2.43 billion.
1. Fourth-Quarter 2025 Financial Results
Etsy reported fourth-quarter revenues excluding Reverb of $881.6 million, up 6.6% year over year, while gross merchandise sales excluding Reverb increased 2.4% to $3.59 billion. Growth was driven by strong on-site advertising performance and sustained marketplace transaction volumes.
2. First-Quarter 2026 Outlook and Depop Discontinuation
Beginning Q1 2026, Etsy reclassified its Depop resale marketplace as a discontinued operation and provided guidance for a 25.5% take rate. Marketplace gross merchandise sales are projected between $2.38 billion and $2.43 billion, reflecting expectations for continued ad-driven revenue expansion.