Etsy Inc 2026年季度报告

OR Transition Report Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the transition period from ______ to______ ETSY, INC.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☒ The number of shares of common stock outstanding as ofApril24, 2026was94,896,231. Table of Contents Part I - Financial Information 6Item 1.Financial Statements (Unaudited)12Notes to Condensed Consolidated Financial Statements27Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations36Item 3.Quantitative and Qualitative Disclosures About Market Risk Part II - Other Information 37Item 1.Legal Proceedings37Item 1A.Risk Factors68Item 2.Unregistered Sales of Equity Securities and Use of Proceeds68Item 3.Defaults Upon Senior Securities68Item 4.Mine Safety Disclosures68Item 5.Other Information69Item 6.Exhibits70Signatures Unless the context otherwise requires, we use the terms “Etsy,” the “Company,” “we,” “us,” and “our” in this QuarterlyReport on Form 10-Q (“Quarterly Report”) to refer to Etsy, Inc. and, where appropriate, our consolidated subsidiaries. See Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—KeyOperating and Financial Metrics” and “Non-GAAP Financial Measures” for the definitions of the following terms used inthis Quarterly Report: “active buyer,” “active seller,” “Adjusted EBITDA,” “Adjusted EBITDA margin,” “currency-neutral Etsy has used, and intends to continue using, its Investor Relations website and the Etsy News Blog (etsy.com/news) todisclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly,you should monitor our Investor Relations website and the Etsy News Blog in addition to following our press releases, Note Regarding Forward-Looking Statements This Quarterly Report contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements relating to our mission, our opportunity and potential to grow;the expected timing of the closing of the Depop transaction; the impact of our growth strategies, including marketing andproduct initiatives, investments (including in artificial intelligence), and other levers for growth, on our business andoperating results, including future gross merchandise sales (“GMS”) and revenue growth; our ability to attract, engage,and retain buyers and sellers; our ability to recruit and retain a diverse group of employees; our ability to maintainprofitability; strategic investments, acquisitions or divestitures, product and marketing investments, and the potentialbenefits thereof; our ability to maintain trustworthy marketplaces; the impact that global macroeconomic, domestic andgeopolitical uncertainty and volatility may have on our business, strategy, operating results, key metrics, financial Forward-looking statements are not guarantees of performance and involve known and unknown risks and uncertainties.Other factors may cause our actual results, performance, or achievements to be materially different from any futureresults, performance, or achievements expressed or implied by the forward-looking statements. Those risks include those In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject.These statements are based upon information available to us as of the date of this Quarterly Report and, although webelieve such information forms a reasonable basis for such statements, such information may be limited or incomplete, Moreover, we operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from timeto time, and it is not possible for us to predict all risks and uncertainties that could h