Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- NYSE: ETSY
- Incorporated
- DE
- Headquarters
- Brooklyn, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $2.88B
- Net income
- $163.0M
- Total assets
- $2.83B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $2.88B | $163.0M | $2.83B |
| FY2024 | $2.81B | $303.3M | $2.42B |
| FY2023 | $2.75B | $307.6M | $2.69B |
| FY2022 | $2.57B | −$694.3M | $2.63B |
| FY2021 | $2.33B | $493.5M | $3.83B |
| FY2020 | $1.73B | $349.2M | $2.40B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
4 verified Decision Records on Etsy, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 2013 | Moat Anatomy | Read the story → | Moat Anatomy Casebook → |
| 2013 | The Money Machine | Read the story → | The Money Machine Casebook → |
| 2022 | The Money Machine | Read the story → | The Money Machine Casebook → |
| 2022 | Crisis Response | Read the story → | Crisis Response Casebook → |
Run one of these yourself
The decisions Etsy faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Crisis & ReinventionThe Crisis ResponseWhat is one more quarter of not acting worth?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →
The analyses
The Money Machine · Business Model
Etsy Has Widened the Meaning of 'Handmade' at Every Growth Squeeze Since 2013
Etsy is built on a word it keeps redefining. Since 2013, every major policy pivot has widened what 'handmade' means to relieve growth pressure on a marketplace now moving $10.9 billion a year - and the 2024 'reboot' is a rebrand, not a return.
8 min
The Money Machine · Business Model
Etsy's Sales Fell 6%. Its Revenue Went Up. That Gap Is the Whole Strategy.
Everyone thinks Etsy makes money when sellers sell. Not anymore. In 2024 marketplace volume dropped 6% to $10.9 billion, yet revenue rose to $2.8 billion. Etsy now extracts a 22.7% take rate from a shrinking pile - and the squeeze is the business model.
7 min
The Crisis Response · Crisis & Reinvention
Etsy's Sellers Went on Strike. The Fee Hike Took Effect Anyway.
In April 2022, tens of thousands of Etsy sellers signed a petition and pledged to strike over a fee increase to 6.5%. The fee took effect on schedule, fewer than 1% of sellers paused their shops, and Etsy's own filings credit the hike for revenue growth. The revolt was loud. The lock-in was louder.
7 min
The Moat Anatomy · Moat & Competition
Etsy Sells a Word, Not a Wall. "Handmade" Is the Moat - and It's Leaking.
Etsy's defensibility was never enforced authenticity. Since 2013 it has let sellers use outside manufacturers, and its marketplace GMS has fallen from a ~$12.2B peak in 2021 to $10.5B in 2025 - a moat made of a word, and the word is wearing thin.
8 min