Etsy Inc

ETSY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Etsy Earnings: Higher Marketing Costs Drive a Fair Value Reduction to $74 per Share From $86

Dan Wasiolek

Oct 29, 2025

Etsy's organic gross merchandise sales increased 1% in the third quarter, above our estimate for a 1% decrease. EBITDA margin was down 230 basis points to 25.4% on a 6% increase in marketing cost. Shares dropped 10% during Oct. 29 trading on higher marketing spending through the first half of 2026.

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Etsy Inc

Etsy Earnings: Higher Marketing Costs Drive a Fair Value Reduction to $74 per Share From $86

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