Etsy: growth far beyond its economy.

1. From profit to four straight losses. Etsy lost money every year from 2013 to 2016: $0.1 billion in all. 2017 was its first profit in five years: $0.1 billion.
2. It outgrew its own economy many times over. Revenue rose from $0.4 billion in 2016 to $2.9 billion in 2025: 7.9 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
3. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 690% in US dollars; the median among 258 large service companies grew 105%. It outgrew 90% of them.
4. Four decisions on record. Stratrix has verified four of Etsy's big decisions, each with what happened next. The hardest year after: "Etsy's Sales Fell 6%. Its Revenue Went Up. That Gap Is the Whole Strategy", with its shares 88 points behind the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2022Etsy's Sales Fell 6%. Its Revenue Went Up. That Gap Is the Whole Strategy.Stood · shares −88 pts vs the S&P 500 over 3 years
• 2022Etsy's Sellers Went on Strike. The Fee Hike Took Effect Anyway.Stood · shares −88 pts vs the S&P 500 over 3 years
• 2013Etsy Has Widened the Meaning of 'Handmade' at Every Growth Squeeze Since 2013Stood
• 2013Etsy Sells a Word, Not a Wall. "Handmade" Is the Moat - and It's Leaking.Held in part