Etsy grew consolidated Gross Merchandise Sales (GMS) 2.4% in the 4th quarter of 2025, year-over-year, (or 1.3% foreign exchange-neutral). That included Etsy and Depop GMS but excluded Reverb from the prior-year period (Etsy sold Reverb in 2025).
Etsy grew consolidated revenue 6.6% in the quarter, year-over-year, excluding Reverb from the prior-year period. Consolidated take rate was 24.5%, Etsy reported, adding, “Growth in revenue was primarily driven by continued strong consolidated on-site ads performance.”
When breaking out the numbers, Etsy reported the following statistics exclusively for the Etsy marketplace for the 4th quarter of 2025:
- GMS was $3,292.9 million, up 0.1% year-over-year and down 1.0% on a currency-neutral basis.
- GMS transacted on the Etsy app grew 6.6% year-over-year, and represented approximately 46% of GMS.
- Active sellers totaled 5.6 million, a 1.5% year-over-year decrease, but up modestly on a sequential basis with retention of prior year active sellers inflecting positively in the quarter.
- Active buyers totaled 86.5 million, down 3.4% year-over-year, and nearly flat sequentially, with modest sequential growth in U.S. buyers.
- During the quarter, Etsy acquired 6.8 million new buyers and reactivated 10.4 million buyers, representing 17.2 million gross buyer additions, a 2.7% increase from the prior year. Additionally, at quarter end our trailing twelve month count of habitual buyers was 5.9 million.
- GMS per active buyer on a trailing twelve month basis was $121, down 0.5% year-over-year. This metric improved sequentially, and the year-over-year decline moderated.
And breaking out its used-fashion marketplace (which it just agreed to sell to eBay), Etsy reported the following statistics for Depop as follows:
- GMS was $299.7 million, up 37.2% year-over-year on a currency-neutral basis, driven primarily by continued strength in the United States. U.S. buyer GMS grew 60.2% year-over-year, with strong momentum in December driven by improved sign-ups and new buyer contribution. Depop’s largest-ever brand marketing campaign in the United States contributed to this strong performance.
- Product enhancements to recommendations and search drove meaningful lifts in purchases and conversion.
- Depop active sellers totaled 3.2 million, a 41.1% increase year-over-year; active buyers were up 37.7% to 7.0 million.
Etsy CEO Kruti Patel Goyal was quoted in yesterday’s press release:
“Our clear strategic focus and solid execution are driving progress on the journey to bring the Etsy marketplace back to sustained growth. What sets Etsy apart is not just what we sell, but who we’re built for: buyers seeking something personal and sellers bringing creativity to life. By strengthening how we connect the right people with the right items at the right moments, we see a meaningful opportunity to grow relevance, engagement, and market share over time, while continuing to deliver long-term value to all of our stakeholders.”
See the full February 19th Etsy press release for more details.
