Etsy Inc. reported its financial results for the second quarter of 2025, revealing a revenue increase to $672.7 million, up 3.8% compared to the second quarter of 2024. This growth was primarily driven by the performance of on-site ads and, to a lesser extent, payments for Depop and Etsy. The company reported a net income of $28.8 million, a decrease of $24.2 million year-over-year. This decline reflects a non-cash foreign exchange loss of $25.4 million, contrasting with a non-cash foreign exchange gain of $4.9 million in the same period of 2024. The consolidated net income margin stood at approximately 4.3%. Etsy's non-GAAP Adjusted EBITDA reached $169.0 million, resulting in a consolidated non-GAAP Adjusted EBITDA margin of approximately 25.1%. During the quarter, Etsy successfully completed a private placement of convertible notes, raising around $700 million in cash. Additionally, the company repurchased approximately $335 million of Etsy stock, reinforcing its confidence in long-term opportunities. As of the end of the period, Etsy reported holding approximately $1.5 billion in cash and cash equivalents, and short- and long-term investments. The company expressed confidence in its financial flexibility to continue stock repurchases, manage its debt balance, and make ongoing investments in both Etsy and Depop.