Every material Form 8-K Etsy filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Etsy reported third-quarter 2025 results for the period ended September 30, 2025. Revenue was $678.0 million, up 2.4% as reported and up 6.1% excluding the Reverb business it sold on June 2, 2025, while net income rose to $75.5 million from $57.4 million a year earlier. Adjusted EBITDA fell 6.4% to $171.9 million, and the company guided fourth-quarter Adjusted EBITDA margin to about 24%, citing planned Depop marketing investment.
Q3 revenue was $678.0 million, up 2.4% as reported and up 6.1% excluding Reverb; diluted EPS was $0.63 versus $0.45 a year earlier.
Q3 GMS was $2,724.7 million, down 6.5% as reported and up 0.9% excluding Reverb; the company said it exceeded the top end of its consolidated GMS guidance range.
Adjusted EBITDA was $171.9 million, down 6.4%, with a 25.4% margin versus 27.7% a year earlier.
Q4 2025 guidance: GMS of $3.5 billion to $3.65 billion, take rate of about 24.5%, and Adjusted EBITDA margin of about 24%.
Etsy said President and Chief Growth Officer Kruti Patel Goyal will become Chief Executive Officer and join the Board effective January 1, 2026, replacing Josh Silverman, who will resign as CEO effective December 31, 2025 and serve as Executive Chair through December 31, 2026. The filing also sets out pay terms for both executives, including a $700,000 base salary for Patel Goyal and a $420,000 base salary for Silverman, and notes that Fred Wilson will step down as Board Chair but remain a director.
Kruti Patel Goyal, age 49, to become CEO and President effective January 1, 2026, with a base salary of $700,000 and a 100% target bonus
Josh Silverman resigns as CEO effective December 31, 2025; Executive Chair through December 31, 2026, then Senior Advisor until April 1, 2027
Etsy intends to grant Patel Goyal promotion equity of about $16,000,000 and Silverman PSUs of about $8,000,000, subject to Compensation Committee approval
Fred Wilson, Board Chair since 2017, will step down as Chairman but continue as a Board member
Etsy said it will transfer the principal listing of its common stock from the Nasdaq Global Select Market to the New York Stock Exchange, with the symbol ETSY unchanged. Nasdaq trading is expected to end at market close on October 10, 2025, and NYSE trading is expected to begin at market open on October 13, 2025, so shareholders will see the change in exchange venue but no change in ticker.
Nasdaq listing expected to end at market close on October 10, 2025
NYSE trading expected to begin at market open on October 13, 2025
Stock will continue to trade under the symbol ETSY on the NYSE
Board-authorized decision announced September 29, 2025; press release furnished as Exhibit 99.1
Etsy reported second quarter 2025 results on July 30, 2025. Revenue rose 3.8% to $672.7 million, while GMS fell 4.8% to $2.8 billion and net income dropped to $28.8 million, mainly due to a $25.4 million non-cash foreign exchange loss. The company also gave third quarter GMS guidance of $2.6 billion to $2.7 billion.
Revenue was $672.7 million, up 3.8% year-over-year, with a 24.0% take rate.
Net income was $28.8 million, down 45.6%; diluted EPS was $0.25 versus $0.41 a year earlier.
Third quarter 2025 guidance: GMS of $2.6 billion to $2.7 billion, take rate of about 24.5%, and adjusted EBITDA margin of about 25%.
Reverb sale was completed on June 2, 2025; the company repurchased about $335 million of stock in the quarter.
Etsy completed a private offering of $700 million in 1.00% convertible senior notes due 2030, including an additional $50 million exercised in full by the initial purchasers. About $150.0 million of the net proceeds was used to repurchase about 2.5 million Etsy shares at $60.20 each, and the notes can be settled in cash, shares, or a combination. Shareholders may face dilution if the notes convert into shares, with a maximum of 11,627,840 shares issuable on conversion.
Notes: $700 million principal of 1.00% convertible senior notes due June 15, 2030, closed June 16, 2025, including the $50 million option exercised in full
Net proceeds were approximately $688.5 million; about $150.0 million was used to repurchase about 2.5 million shares at $60.20
Initial conversion price is about $85.79 per share, a premium of about 42.5% over the June 11, 2025 last reported sale price
Etsy may redeem the notes for cash on or after June 20, 2028 under specified conditions
Etsy reported first-quarter 2025 revenue of $651.2 million, up 0.8%, while gross merchandise sales fell 6.5% to $2.8 billion. The company posted a net loss of $52.1 million, driven by a $101.7 million goodwill impairment tied to Reverb, compared with net income of $63.0 million a year earlier. Etsy also guided to a second-quarter GMS decline similar to or slightly better than Q1, and it said it signed an agreement on April 22, 2025 to sell Reverb.
Revenue was $651.2 million, up 0.8% year over year; GMS was $2.8 billion, down 6.5%
Net loss was $52.1 million, or $(0.49) per diluted share, versus net income of $63.0 million, or $0.48 per diluted share, a year earlier
Second-quarter guidance: GMS decline similar to, or slightly better than, Q1; adjusted EBITDA margin of about 25%
Etsy signed a definitive agreement on April 22, 2025 to sell Reverb; the guidance excludes the sale
Etsy reported fourth quarter 2024 revenue of $852.2 million, up 1.2% year over year, and net income of $129.9 million, up 56.0%. Gross merchandise sales (GMS) fell 6.8% to $3.7 billion, and the company said first quarter 2025 GMS will decline at a rate similar to the fourth quarter, which points to continued weakness in sales volume for shareholders.
Q4 2024 diluted net income per share was $1.03, up from $0.62 a year earlier
Full-year 2024 revenue was $2.8 billion, up 2.2%, while full-year net income was $303.3 million, down 1.4%
Q1 2025 guidance: GMS decline similar to Q4 2024's 6.8%, take rate about 23%, adjusted EBITDA margin about 25-26%
In Q4 2024 Etsy repurchased about $260 million, or 4.9 million shares, of common stock
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Etsy filing is on SEC EDGAR ↗. 8-K briefs of other companies →