Q3 2025 ETSY Inc Earnings Call Transcript
Key Points
- Etsy Inc (ETSY) exceeded expectations on key financial metrics: GMS, revenue, and adjusted EBITDA.
- The company reported a return to year-over-year growth for GMS, with further sequential improvement expected.
- Depop, a subsidiary of Etsy Inc (ETSY), saw a 39.4% year-over-year increase in GMS, driven by new user growth and improved buyer conversion.
- Etsy Inc (ETSY) has successfully integrated AI and machine learning to enhance personalization and improve the shopping experience.
- The company is making significant investments in its app, resulting in higher engagement and conversion rates compared to non-app users.
- Etsy Inc (ETSY) experienced a 2.4% year-over-year decline in GMS for its marketplace.
- Active buyer count decreased by 5% year-over-year, indicating challenges in retaining or attracting new buyers.
- The expiration of the de minimis exemption posed a modest headwind to quarterly results.
- Depop's margin declined sequentially due to increased brand marketing investments.
- There is uncertainty about consumer spending into the holiday season, which could impact future performance.
Hi, everyone, and welcome to Etsy's third quarter 2025 earnings conference call. I'm Deb Wasser, VP of Investor Relations. And joining me today for our prerecording are Josh Silverman, CEO; Kruti Patel Goyal, President and Chief Growth Officer; and Lanny Baker, CFO.
In addition to our quarterly results, we have some exciting news to review regarding our leadership transition. Once we are finished with the presentation, we will take questions from our publishing sell-side analysts on video.
Please keep in mind that our results today include forward-looking statements related to our financial guidance, our business, our operating results and our leadership transition, as noted in the slide deck posted to our website for your reference. Our actual results may differ materially.
Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent periodic report and which will be updated in future periodic reports that we file with the SEC. Any forward
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