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Side-by-side financial comparison of ETSY INC (ETSY) and Wayfair Inc. (W), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Wayfair Inc. is the larger business by last-quarter revenue ($3.3B vs $881.6M, roughly 3.8× ETSY INC). ETSY INC runs the higher net margin — 12.6% vs -3.5%, a 16.0% gap on every dollar of revenue. On growth, Wayfair Inc. posted the faster year-over-year revenue change (6.9% vs 3.5%). ETSY INC produced more free cash flow last quarter ($315.9M vs $177.0M). Over the past eight quarters, ETSY INC's revenue compounded faster (16.8% CAGR vs 10.6%).
Etsy, Inc. is an American e-commerce company focused on handmade or vintage items and craft supplies. Its marketplace includes categories such as jewelry, apparel, home decor, furniture, toys, and art. Items described as vintage must be at least 20 years old. The platform provides sellers with individual storefronts where they list their goods for a fee of US$0.20 per item. Since 2013, the company has allowed the sale of mass-manufactured items.
Wayfair Inc. is an American e-commerce company based in Boston, Massachusetts that sells furniture and home goods online. Formerly known as CSN Stores, it was founded in 2002, and currently offers 14 million items from more than 11,000 global suppliers. The company maintains international operations, including locations in North America and in Canada, Germany, Ireland, China and the United Kingdom.
ETSY vs W — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $881.6M | $3.3B |
| Net Profit | $110.7M | $-116.0M |
| Gross Margin | 73.1% | 30.3% |
| Operating Margin | 14.7% | 2.5% |
| Net Margin | 12.6% | -3.5% |
| Revenue YoY | 3.5% | 6.9% |
| Net Profit YoY | -14.8% | 9.4% |
| EPS (diluted) | $1.00 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $881.6M | $3.3B | ||
| Q3 25 | $678.0M | $3.1B | ||
| Q2 25 | $672.7M | $3.3B | ||
| Q1 25 | $651.2M | $2.7B | ||
| Q4 24 | $852.2M | $3.1B | ||
| Q3 24 | $662.4M | $2.9B | ||
| Q2 24 | $647.8M | $3.1B | ||
| Q1 24 | $646.0M | $2.7B |
| Q4 25 | $110.7M | $-116.0M | ||
| Q3 25 | $75.5M | $-99.0M | ||
| Q2 25 | $28.8M | $15.0M | ||
| Q1 25 | $-52.1M | $-113.0M | ||
| Q4 24 | $129.9M | $-128.0M | ||
| Q3 24 | $57.4M | $-74.0M | ||
| Q2 24 | $53.0M | $-42.0M | ||
| Q1 24 | $63.0M | $-248.0M |
| Q4 25 | 73.1% | 30.3% | ||
| Q3 25 | 71.3% | 30.0% | ||
| Q2 25 | 71.2% | 30.1% | ||
| Q1 25 | 70.5% | 30.7% | ||
| Q4 24 | 74.5% | 30.2% | ||
| Q3 24 | 72.0% | 30.3% | ||
| Q2 24 | 71.6% | 30.2% | ||
| Q1 24 | 71.0% | 30.0% |
| Q4 25 | 14.7% | 2.5% | ||
| Q3 25 | 12.2% | 1.2% | ||
| Q2 25 | 11.4% | 0.5% | ||
| Q1 25 | -3.4% | -4.5% | ||
| Q4 24 | 18.2% | -3.7% | ||
| Q3 24 | 13.1% | -2.6% | ||
| Q2 24 | 10.8% | -1.1% | ||
| Q1 24 | 10.5% | -8.6% |
| Q4 25 | 12.6% | -3.5% | ||
| Q3 25 | 11.1% | -3.2% | ||
| Q2 25 | 4.3% | 0.5% | ||
| Q1 25 | -8.0% | -4.1% | ||
| Q4 24 | 15.2% | -4.1% | ||
| Q3 24 | 8.7% | -2.6% | ||
| Q2 24 | 8.2% | -1.3% | ||
| Q1 24 | 9.8% | -9.1% |
| Q4 25 | $1.00 | $-0.90 | ||
| Q3 25 | $0.63 | $-0.76 | ||
| Q2 25 | $0.25 | $0.11 | ||
| Q1 25 | $-0.49 | $-0.89 | ||
| Q4 24 | $1.01 | $-1.01 | ||
| Q3 24 | $0.45 | $-0.60 | ||
| Q2 24 | $0.41 | $-0.34 | ||
| Q1 24 | $0.48 | $-2.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $1.5B |
| Total DebtLower is stronger | $2.3B | $3.3B |
| Stockholders' EquityBook value | $-1.1B | $-2.8B |
| Total Assets | $2.8B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $649.2M | $1.4B | ||
| Q4 24 | $811.2M | $1.4B | ||
| Q3 24 | $818.9M | $1.3B | ||
| Q2 24 | $759.2M | $1.3B | ||
| Q1 24 | $788.8M | $1.2B |
| Q4 25 | $2.3B | $3.3B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.0B | $3.0B | ||
| Q1 25 | $2.3B | $3.2B | ||
| Q4 24 | $2.3B | $3.1B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.3B | $3.2B | ||
| Q1 24 | $2.3B | $3.2B |
| Q4 25 | $-1.1B | $-2.8B | ||
| Q3 25 | $-1.1B | $-2.8B | ||
| Q2 25 | $-1.1B | $-2.7B | ||
| Q1 25 | $-910.3M | $-2.8B | ||
| Q4 24 | $-758.9M | $-2.8B | ||
| Q3 24 | $-624.3M | $-2.7B | ||
| Q2 24 | $-635.0M | $-2.8B | ||
| Q1 24 | $-583.8M | $-2.8B |
| Q4 25 | $2.8B | $3.4B | ||
| Q3 25 | $2.7B | $3.1B | ||
| Q2 25 | $2.6B | $3.3B | ||
| Q1 25 | $2.1B | $3.4B | ||
| Q4 24 | $2.4B | $3.5B | ||
| Q3 24 | $2.4B | $3.4B | ||
| Q2 24 | $2.4B | $3.4B | ||
| Q1 24 | $2.5B | $3.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $317.1M | $202.0M |
| Free Cash FlowOCF − Capex | $315.9M | $177.0M |
| FCF MarginFCF / Revenue | 35.8% | 5.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.1% | 0.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $678.0M | $464.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $317.1M | $202.0M | ||
| Q3 25 | $219.0M | $155.0M | ||
| Q2 25 | $108.1M | $273.0M | ||
| Q1 25 | $49.2M | $-96.0M | ||
| Q4 24 | $315.0M | $162.0M | ||
| Q3 24 | $217.4M | $49.0M | ||
| Q2 24 | $151.1M | $245.0M | ||
| Q1 24 | $69.0M | $-139.0M |
| Q4 25 | $315.9M | $177.0M | ||
| Q3 25 | $215.0M | $128.0M | ||
| Q2 25 | $101.3M | $260.0M | ||
| Q1 25 | $45.9M | $-101.0M | ||
| Q4 24 | $310.9M | $142.0M | ||
| Q3 24 | $213.2M | $32.0M | ||
| Q2 24 | $147.4M | $222.0M | ||
| Q1 24 | $66.8M | $-152.0M |
| Q4 25 | 35.8% | 5.3% | ||
| Q3 25 | 31.7% | 4.1% | ||
| Q2 25 | 15.1% | 7.9% | ||
| Q1 25 | 7.1% | -3.7% | ||
| Q4 24 | 36.5% | 4.5% | ||
| Q3 24 | 32.2% | 1.1% | ||
| Q2 24 | 22.8% | 7.1% | ||
| Q1 24 | 10.3% | -5.6% |
| Q4 25 | 0.1% | 0.7% | ||
| Q3 25 | 0.6% | 0.9% | ||
| Q2 25 | 1.0% | 0.4% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | 0.5% | 0.6% | ||
| Q3 24 | 0.6% | 0.6% | ||
| Q2 24 | 0.6% | 0.7% | ||
| Q1 24 | 0.3% | 0.5% |
| Q4 25 | 2.86× | — | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 3.75× | 18.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 1.10× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
