Etsy Inc. reported consolidated gross merchandise sales $(GMS)$ of $2.7 billion for the third quarter of 2025, representing a 0.9% year-over-year increase excluding Reverb from the prior-year period. Revenue growth was primarily driven by strong on-site ads performance from both Etsy and Depop, resulting in a take rate of 24.9%. The company reported net income of $75.5 million, up $18.1 million from the previous year, with a consolidated net income margin of 11.1% and diluted net income per share of $0.63. Non-GAAP Adjusted EBITDA was $171.9 million, with a consolidated margin of 25.4%. As of the end of the quarter, Etsy held $1.6 billion in cash, cash equivalents, and investments. During the third quarter, Etsy repurchased approximately $120 million, or 2.1 million shares, of its common stock. The results reflect improved year-over-year GMS comparisons for the Etsy marketplace and accelerated brand marketing efforts at Depop. The financial results of Reverb were included in Etsy's consolidated figures until its sale on June 2, 2025.