Etsy, Inc. (ETSY) Balance Sheet
ETSY balance sheet, 2025
December 31, 2025 · U.S. dollars$2.83B assets = $3.93B liabilities + −$1.10B equity
Liabilities exceed assets: shareholders’ equity is negative (−$1.10B).
Both columns are drawn to the same scale: what ETSY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ETSY financial health
Descriptive bands, not a rating. Fiscal 2025.
ETSY balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $581.2M2016 | $2.83B2025 | +19.2%/yr | |
| Total liabilities | $236.4M2016 | $3.93B2025 | +36.6%/yr | |
| Shareholders’ equity | $344.8M2016 | −$1.10B2025 | — | |
| Cash & short-term investments | $282.1M2016 | $1.62B2025 | +21.4%/yr | |
| Total debt | $69.5M2016 | $3.08B2025 | +52.4%/yr | |
| Net cash (debt) | $212.6M2016 | −$1.46B2025 | −$1.7B | |
| Working capital | $287.0M2016 | $597.4M2025 | +$310.3M | |
| Book value per share | $3.042016 | −$8.892025 | — | |
| Current ratio | 4.422016 | 1.442025 | −2.98 | |
| Debt / equity | 0.202016 | 3.802021 | +3.60 | |
| Shares outstanding | 113.6M2016 | 123.5M2025 | +0.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ETSY assets
ETSY liabilities and equity
ETSY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ETSY balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.62B | $1.04B | $1.15B | $1.17B | $984.6M | $1.67B | $817.3M | $624.3M | $340.6M | $282.1M |
| Cash & equivalents | $1.40B | $811.2M | $914.3M | $921.3M | $780.2M | $1.24B | $443.3M | $367.0M | $315.4M | $181.6M |
| Short-term investments | $224.1M | $228.3M | $236.1M | $250.4M | $204.4M | $425.1M | $374.0M | $257.3M | $25.1M | $100.5M |
| Receivables | $213.7M | $198.3M | $290.1M | $261.8M | $247.5M | $169.4M | $65.2M | $33.3M | $78.3M | $56.2M |
| Inventory | $0 | $0 | $1 | $1 | $1 | $1 | $0 | $1 | $0 | $1 |
| Other current assets | $127.4M | $89.9M | $129.9M | $80.2M | $109.4M | $56.2M | $38.6M | $22.7M | $20.4M | $32.7M |
| Total current assets | $1.96B | $1.33B | $1.57B | $1.51B | $1.34B | $1.89B | $921.0M | $680.3M | $439.3M | $371.0M |
| Property, plant & equipment (net) | $229.2M | $236.7M | $249.8M | $249.7M | $275.1M | $112.5M | $144.9M | $120.2M | $117.6M | $126.4M |
| Goodwill & intangible assets | $335.4M | $551.0M | $595.5M | $673.1M | $1.98B | $328.3M | $338.0M | $72.1M | $42.6M | $43.2M |
| Long-term investments | $134.4M | $111.7M | $86.7M | $29.1M | $85.0M | $39.1M | $89.3M | $0 | $0 | $0 |
| Other non-current assets | $167.3M | $190.7M | $183.0M | $169.2M | $152.0M | $29.9M | $49.1M | $29.3M | $6.1M | $40.6M |
| Total assets | $2.83B | $2.42B | $2.69B | $2.63B | $3.83B | $2.40B | $1.54B | $901.9M | $605.6M | $581.2M |
| Liabilities | ||||||||||
| Accounts payable | $233.8M | $215.5M | $295.3M | $262.7M | $248.2M | $40.9M | $76.1M | $14.3M | $13.6M | $11.0M |
| Short-term debt | $649.0M | $6.1M | $6.1M | $9.0M | $6.4M | $8.5M | $12.4M | $3.9M | $5.8M | $6.8M |
| Deferred revenue | $27.0M | $19.2M | $14.6M | $14.0M | $12.3M | $11.3M | $7.6M | $7.5M | $6.3M | $5.6M |
| Total current liabilities | $1.36B | $665.1M | $710.8M | $631.8M | $615.6M | $454.7M | $188.5M | $112.1M | $102.5M | $84.0M |
| Long-term debt | $2.33B | $2.29B | $2.28B | $2.28B | $2.28B | $1.06B | $785.1M | $278.6M | $4.1M | $5.3M |
| Lease obligations | $93.5M | $99.6M | $105.7M | $110.4M | $112.7M | $53.5M | $61.9M | $2.1M | $4.1M | $5.3M |
| Other long-term liabilities | $228.5M | $223.5M | $234.5M | $270.8M | $312.2M | $145.1M | $162.1M | $110.3M | $102.1M | $147.1M |
| Total liabilities | $3.93B | $3.18B | $3.23B | $3.18B | $3.20B | $1.66B | $1.14B | $501.0M | $208.7M | $236.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $97,000 | $109,000 | $119,000 | $125,000 | $127,000 | $126,000 | $119,000 | $120,000 | $122,000 | $116,000 |
| Retained earnings (deficit) | −$2.40B | −$1.78B | −$1.36B | −$1.05B | $71.7M | −$146.8M | −$227.4M | −$153.4M | −$96.3M | −$116.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$226.4M | −$297.7M | −$267.5M | −$314.2M | −$75.0M | $6.0M | −$8.7M | −$7.8M | −$6.4M | $18.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$1.10B | −$758.9M | −$543.7M | −$547.3M | $628.6M | $742.4M | $406.6M | $400.9M | $396.9M | $344.8M |
| Key figures | ||||||||||
| Total debt | $3.08B | $2.39B | $2.39B | $2.39B | $2.39B | $1.12B | $847.0M | $342.5M | $70.0M | $69.5M |
| Net cash (debt) | −$1.46B | −$1.35B | −$1.24B | −$1.22B | −$1.40B | $553.4M | −$29.8M | $281.8M | $270.6M | $212.6M |
| Working capital | $597.4M | $662.6M | $859.7M | $882.0M | $725.9M | $1.44B | $732.5M | $568.2M | $336.8M | $287.0M |
| Tangible book value | −$1.43B | −$1.31B | −$1.14B | −$1.22B | −$1.35B | $414.2M | $68.7M | $328.8M | $354.3M | $301.6M |
| Book value per share | −$8.89 | −$5.76 | −$3.88 | −$4.32 | $4.29 | $5.44 | $3.23 | $3.15 | $3.25 | $3.04 |
| Shares outstanding | 123.5M | 131.7M | 140.1M | 126.8M | 146.7M | 136.4M | 125.7M | 127.1M | 122.3M | 113.6M |
| Current ratio | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 | 4.17 | 4.89 | 6.07 | 4.29 | 4.42 |
| Quick ratio | 1.34 | 1.86 | 2.03 | 2.27 | 2.00 | 4.04 | 4.68 | 5.87 | 4.09 | 4.03 |
| Debt / equity | — | — | — | — | 3.80 | 1.50 | 2.08 | 0.85 | 0.18 | 0.20 |
| Equity / assets | −38.8% | −31.4% | −20.2% | −20.8% | 16.4% | 30.9% | 26.4% | 44.5% | 65.5% | 59.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.12B | $1.43B | $1.62B | $1.51B | $1.41B | $867.7M | $1.04B | $1.04B | $999.9M | $1.04B | $1.15B | $976.9M |
| Cash & equivalents | $901.3M | $1.21B | $1.40B | $1.25B | $1.18B | $649.2M | $811.2M | $818.9M | $759.2M | $788.8M | $914.3M | $742.0M |
| Short-term investments | $221.0M | $211.4M | $224.1M | $259.2M | $229.0M | $218.5M | $228.3M | $226.0M | $240.7M | $254.9M | $236.1M | $234.9M |
| Receivables | $202.5M | $194.6M | $213.7M | $175.6M | $147.1M | $171.0M | $198.3M | $181.2M | $249.8M | $256.1M | $290.1M | $241.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 |
| Other current assets | $550.5M | $492.5M | $127.4M | $109.8M | $88.6M | $71.3M | $89.9M | $94.5M | $109.3M | $104.6M | $129.9M | $125.6M |
| Total current assets | $1.88B | $2.11B | $1.96B | $1.79B | $1.65B | $1.11B | $1.33B | $1.32B | $1.36B | $1.40B | $1.57B | $1.34B |
| Property, plant & equipment (net) | $200.3M | $202.4M | $229.2M | $231.8M | $230.2M | $237.8M | $236.7M | $242.9M | $238.8M | $241.9M | $249.8M | $245.8M |
| Goodwill & intangible assets | $49.4M | $50.8M | $335.4M | $342.1M | $355.1M | $450.1M | $551.0M | $582.6M | $573.4M | $582.7M | $595.5M | $590.3M |
| Long-term investments | $160.7M | $150.6M | $134.4M | $108.3M | $126.6M | $129.5M | $111.7M | $107.0M | $93.5M | $84.4M | $86.7M | $76.6M |
| Other non-current assets | $153.5M | $164.5M | $167.3M | $176.9M | $197.2M | $193.4M | $190.7M | $189.0M | $183.3M | $184.2M | $183.0M | $192.6M |
| Total assets | $2.44B | $2.68B | $2.83B | $2.65B | $2.56B | $2.12B | $2.42B | $2.44B | $2.45B | $2.50B | $2.69B | $2.45B |
| Liabilities | ||||||||||||
| Accounts payable | $20.4M | $201.3M | $233.8M | $177.5M | $155.8M | $179.4M | $215.5M | $192.2M | $252.6M | $249.7M | $295.3M | $236.1M |
| Short-term debt | $649.6M | $649.3M | $649.0M | $1.2M | $6.3M | $6.2M | $6.1M | $6.1M | $6.0M | $6.0M | $6.1M | $5.2M |
| Deferred revenue | $32.5M | $30.3M | $27.0M | $25.6M | $23.6M | $22.3M | $19.2M | $17.1M | $15.8M | $13.9M | $14.6M | $15.0M |
| Total current liabilities | $1.27B | $1.25B | $1.36B | $565.1M | $486.4M | $519.1M | $665.1M | $553.0M | $564.5M | $565.1M | $710.8M | $548.8M |
| Long-term debt | $2.34B | $2.33B | $2.33B | $2.98B | $2.98B | $2.29B | $2.29B | $2.29B | $2.29B | $2.28B | $2.28B | $2.28B |
| Lease obligations | $90.3M | $91.9M | $93.5M | $95.1M | $96.6M | $98.1M | $99.6M | $101.1M | $102.6M | $104.2M | $105.7M | $106.3M |
| Other long-term liabilities | $228.0M | $232.8M | $228.5M | $219.7M | $216.4M | $222.8M | $223.5M | $226.5M | $232.6M | $231.4M | $234.5M | $240.2M |
| Total liabilities | $3.83B | $3.82B | $3.93B | $3.77B | $3.68B | $3.03B | $3.18B | $3.07B | $3.08B | $3.08B | $3.23B | $3.07B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $92,000 | $95,000 | $97,000 | $99,000 | $100,000 | $105,000 | $109,000 | $113,000 | $115,000 | $117,000 | $119,000 | $120,000 |
| Retained earnings (deficit) | −$2.78B | −$2.48B | −$2.40B | −$2.38B | −$2.34B | −$2.03B | −$1.78B | −$1.65B | −$1.55B | −$1.45B | −$1.36B | −$1.35B |
| Accumulated other comprehensive income | −$242.2M | −$240.1M | −$226.4M | −$226.2M | −$220.0M | −$268.5M | −$297.7M | −$242.5M | −$285.8M | −$281.6M | −$267.5M | −$303.8M |
| Total shareholders' equity | −$1.40B | −$1.14B | −$1.10B | −$1.11B | −$1.12B | −$910.3M | −$758.9M | −$624.3M | −$635.0M | −$583.8M | −$543.7M | −$622.5M |
| Key figures | ||||||||||||
| Total debt | $3.08B | $3.08B | $3.15B | $3.08B | $3.08B | $2.39B | $2.39B | $2.39B | $2.39B | $2.39B | $2.39B | $2.39B |
| Net cash (debt) | −$1.95B | −$1.65B | −$1.53B | −$1.57B | −$1.66B | −$1.52B | −$1.35B | −$1.34B | −$1.39B | −$1.35B | −$1.24B | −$1.41B |
| Working capital | $605.0M | $862.3M | $597.4M | $1.23B | $1.16B | $590.8M | $662.6M | $767.7M | $794.5M | $839.3M | $859.7M | $795.0M |
| Tangible book value | −$1.44B | −$1.19B | −$1.43B | −$1.45B | −$1.48B | −$1.36B | −$1.31B | −$1.21B | −$1.21B | −$1.17B | −$1.14B | −$1.21B |
| Book value per share | −$11.63 | −$9.39 | −$8.89 | −$8.90 | −$9.25 | −$8.50 | −$5.76 | −$4.77 | −$4.77 | −$4.31 | −$3.98 | −$4.48 |
| Shares outstanding | 120.0M | 121.0M | 123.5M | 125.0M | 121.5M | 107.1M | 131.7M | 130.7M | 133.1M | 135.3M | 136.6M | 138.9M |
| Current ratio | 1.48 | 1.69 | 1.44 | 3.17 | 3.39 | 2.14 | 2.00 | 2.39 | 2.41 | 2.49 | 2.21 | 2.45 |
| Quick ratio | 1.04 | 1.30 | 1.34 | 2.98 | 3.21 | 2.00 | 1.86 | 2.22 | 2.21 | 2.30 | 2.03 | 2.22 |
| Equity / assets | −57.2% | −42.4% | −38.8% | −41.9% | −44.0% | −42.9% | −31.4% | −25.6% | −25.9% | −23.4% | −20.2% | −25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
ETSY financial position
At the end of fiscal 2025 (December 31, 2025), Etsy had total assets of $2.8 billion (up 16.9% from a year earlier), total liabilities of $3.9 billion and shareholders' equity of -$1.1 billion. It held $1.6 billion in cash and short-term investments against $3.1 billion of debt, net debt of $1.5 billion. Its current ratio was 1.44. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity -$1.4 billion.
Related: ETSY income statement, ETSY cash flow statement, ETSY key metrics. See the ETSY stock overview for the latest quote and news.
ETSY balance sheet FAQ
What are Etsy's total assets?
Etsy reported total assets of $2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.4 billion a year earlier.
How much debt does Etsy have?
Etsy had $3.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Etsy have?
Etsy held $1.6 billion in cash and short-term investments at the end of fiscal 2025; with $3.1 billion of debt that is net debt of $1.5 billion.
What is Etsy's book value?
Etsy's shareholders' equity (book value) was -$1.1 billion at the end of fiscal 2025, or −$8.89 per share.
What is Etsy's current ratio?
Etsy had current assets of $2.0 billion and current liabilities of $1.4 billion, a current ratio of 1.44 (it can cover its short-term obligations).
How much goodwill does Etsy have?
Etsy carried $335.4 million of goodwill and intangible assets, 11.9% of total assets, at the end of fiscal 2025.