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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Etsy
Etsy (ETSY) investor relations material
Etsy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Announced definitive agreement to sell Depop to eBay for $1.2 billion in cash, expected to close in Q2 2026, allowing exclusive focus on the core marketplace.
Q4 2025 results met or exceeded expectations, with record consolidated revenue and healthy profitability for both the quarter and full year.
Etsy Marketplace saw its first U.S. buyer GMS growth in four years, and customer metrics are stabilizing or improving.
Strategic priorities include earlier presence in the shopping journey, improved buyer-item matching, deepened loyalty, and human connection.
Organizational restructuring around customer outcomes, with consolidated product, engineering, and unified trust/support teams.
Financial highlights
Q4 2025 consolidated GMS: $3.6 billion, up 2.4% year-over-year (excluding Reverb); revenue: $881.6 million, up 6.6% year-over-year (excluding Reverb), a new quarterly record.
Adjusted EBITDA for Q4 2025: $222 million, with a margin of 25.2%.
Q4 consolidated take rate: 24.5%, up 170 basis points year-over-year.
Q4 net income: $110.7 million, with diluted EPS of $0.92 and net income margin of 12.6%.
Free cash flow for the year was $638.8 million, converting ~87% of Adjusted EBITDA.
Outlook and guidance
Q1 2026 GMS expected at $2.38–$2.43 billion, up 2–4% year-over-year; take rate expected at ~25.5%; adjusted EBITDA margin between 28–30%.
Full-year 2026: slight GMS growth expected, with positive year-over-year GMS in each quarter.
Guidance reflects continuing operations only, as Depop will be classified as discontinued operations from Q1 2026.
Full-year take rate and adjusted EBITDA margin expected to be consistent with Q1 outlook.
Guidance assumes stable macroeconomic and consumer discretionary conditions.
AI shopping partnerships strategy
Core Etsy marketplace strategic priorities
Drivers of buyer metric stabilization
Agentic commerce: impact on take rates or on-site ads?
Detail strategy to acquire younger buyers
Prioritize Depop sale proceeds allocation
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Next Etsy earnings date
Morgan Stanley Technology, Media & Telecom Conference 20264 Mar, 2026
Etsy
Next Etsy earnings date
Morgan Stanley Technology, Media & Telecom Conference 20264 Mar, 2026
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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.
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