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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Etsy
Etsy (ETSY) investor relations material
Etsy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Marketplace momentum strengthened for a third consecutive quarter, with product, personalization and marketing initiatives increasingly driving growth.
Active buyers returned to YoY growth, active sellers grew at their fastest rate in two years, and GMS per buyer rose for a third consecutive quarter.
Strategic priorities include personalized discovery, higher-quality inventory, seller support, and making craftsmanship and human connection more visible.
Financial highlights
Q3 revenue was $692.5M, up 10.9% YoY; marketplace revenue rose 9.1% to $468.1M and services revenue rose 15.0% to $224.3M.
Marketplace GMS was $2.6B, up 8.8% YoY; continuing-operations net income was $113.6M (+8.6%) and diluted EPS was $1.00, versus $0.86.
Adjusted EBITDA was $210.4M, up 14.6% YoY, with a 30.4% margin, up 100 bps; growth exceeded revenue growth for a second consecutive quarter.
Total net income was $853.5M, including $739.9M from discontinued operations and the $839.7M Depop sale gain.
Gross profit was $503.1M; operating expenses were $391.7M and operating income was $111.4M, versus $111.0M a year earlier.
Outlook and guidance
Q4 marketplace GMS guidance: $3.46B–$3.52B, or ~5%–7% YoY growth; take rate ~25.6% and Adjusted EBITDA margin ~30%.
FY 2026 outlook: GMS growth ~7%, take rate ~25.8%, and Adjusted EBITDA margin ~30%.
Outlook assumes relatively consistent macro conditions, modest FX headwinds and less favorable Q4 comparisons; holiday demand and timing of product benefits drive the guidance range.
Marketing investment will be set against ROI targets, reflecting efficiency, competitive conditions and expected returns.
Cash, investments and operating cash generation are expected to cover anticipated operating cash needs for at least 12 months; macroeconomic conditions remain a source of uncertainty for liquidity needs.
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Latest events from Etsy
- Focused strategy, tech investment, and marketing shifts drive growth and shareholder returns.ETSY
Canaccord Genuity's 46th Annual Growth Conference - Revenue up 6.2%, GMS up 7.5%, $1.4B Depop sale, and $2B buyback program authorized.ETSYQ2 2026
- Record revenue and all proposals approved, with 2024 focus on growth and buyer engagement.ETSYAGM 2024
- Board elections, equity plan approval, and majority vote proposal rejection highlighted.ETSYAGM 2026
- Share increase for equity plan and director re-elections support growth and diversity goals.ETSYProxy filing
- Personalization, mobile growth, and AI adoption drive renewed marketplace momentum.ETSYBernstein 42nd Annual Strategic Decisions Conference
- Q3 GMS and revenue rose year-over-year, with Depop driving growth and Q4 outlook positive.ETSYQ3 2025
- Revenue up 4.1% to $662.4M, GMS down 4.1%, net income falls, $1B buyback approved.ETSYQ3 2024
- Q1 2025: Revenue up 0.8%, GMS down 6.5%, net loss $52.1M on Reverb impairment, strong EBITDA margin.ETSYQ1 2025
Next Etsy earnings date
Q4 202618 Feb, 2027
Etsy
Next Etsy earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
A marketplace with a home-grown feeling
Etsy is an online marketplace that connects buyers and sellers of unique, handmade, and vintage products. The platform provides a space for independent artisans, crafters, and small businesses to showcase and sell their creations to a global customer base. With a focus on handmade and vintage items, Etsy offers a wide range of unique products available for purchase via their website. Through an user-friendly interface that’s easy to navigate and thanks to a community-driven approach, Etsy has created a platform to connect and foster a sense of connection between buyers and sellers.
The idea behind the business
Etsy was founded on the idea of providing a platform for individual artists, crafters, and vintage collectors to sell their handmade and unique products. The company was, and still is, driven by the belief that there is value in connecting people directly with the makers of goods. The idea is that this can foster a sense of community while supporting independent creators at the same time. Many of the sellers on the platform create products as a hobby or as something they do in addition to their nine to five. The company strives to celebrate creativity, promote small-scale businesses, and offer customers access to a wide array of distinctive and meaningful products.
The marketplace
The platform offers a diverse selection of unique and handcrafted products, allowing sellers to showcase their creativity and buyers to discover one-of-a-kind items that would be impossible to find anywhere else. On Etsy, customers can find a massive inventory of products, including handmade jewelry, artisanal home decor, personalized gifts, fashion accessories, vintage collectibles, art prints, and craft supplies. Providing a marketplace that connects buyers and sellers is not an uncommon way of doing business. Companies such as Amazon and eBay operate in a similar fashion to how Etsy conducts their business.
Enabling side-hustles
Private individuals choose to sell their products on Etsy for various reasons. Etsy's platform offers a convenient and user-friendly interface for setting up and managing online shops, making it accessible to sellers of all skill levels. The marketplace provides a global reach, enabling sellers to connect with a diverse customer base. Etsy's focus on handmade, vintage, and unique items attracts buyers seeking one-of-a-kind products and supports sellers who are passionate about craftsmanship and creativity. Moreover, Etsy enables sellers to network, share expertise, and collaborate. These factors make Etsy an attractive platform for individuals looking to showcase their products, connect with like-minded buyers, and turn their creative passions into successful businesses.