Etsy

Marketing spend by year

Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.

What they told investors

“We're bringing creativity, craftsmanship and human connection to the forefront across both the marketplace and our brand marketing, which celebrates being human and the way Etsy sellers bring meaning to moments that matter, big and small.”Kruti Goyal · 2026 Q2 · transcript

“And you know we are a company that doesn't set a marketing budget. It sets a return target.”Charles Baker · 2026 Q2 · transcript

“So you see that in the shift in our marketing investments, shifting our investment to social channels to OTT, the channels that are -- the places that younger shoppers shop and really focused on both putting in front of them content that is more relevant and showing up in…”Kruti Goyal · 2026 Q2 · transcript

“And if our marketing dollars are going further, that says the return is better, and that is, over time, going to lead us to continue to spend more on marketing and drive flywheel.”Charles Baker · 2026 Q2 · transcript

“We've been talking about showing up much more strongly in places like social media.”Charles Baker · 2026 Q1 · transcript

“We increased our marketing spend year-over-year, and we gained operating leverage in terms of GMS and revenue operating leverage on the marketing line.”management · 2026 Q1 · transcript

What the 10-K says about marketing

• measurement “We invest in technology that enhances search and discovery, strengthens trust and safety, and improves overall platform performance and scalability. Marketing - utilizing disciplined marketing investments to engage our communities: Our marketing strategies are designed to…” 10-K, Feb 19, 2026
• shifting the mix “Show up where shoppers discover. We are working to increase Etsy’s presence across the channels where today’s shoppers - particularly younger audiences - find inspiration, including social, streaming, and AI-enabled platforms. In 2025, we prioritized an app-first, browsable and…” 10-K, Feb 19, 2026
• shifting the mix “Amplify human connection. We’re re-centering our brand around the creativity and authenticity of our sellers by making their stories more visible across our marketplace and marketing. In 2025, we began this work with targeted improvements to core features, including listing…” 10-K, Feb 19, 2026
• investing in brand “In the second half of 2025, Etsy initiated an incremental brand investment in Depop to accelerate U.S. audience expansion and build brand awareness, with the goal of establishing Depop as the leading resale platform across broader demographics and driving long-term growth for…” 10-K, Feb 19, 2026
• shifting the mix “Marketing expenses increased primarily due to an increase in performance marketing, as we continued to invest in efficient channels and regions with positive return on investment. This increase was partially offset by the sale of Reverb on June 2, 2025 and a decrease in brand…” 10-K, Feb 19, 2026

Say vs do

Walk the talk. In 24 statements from its leaders in interviews, 5 argued for investing in brand and 0 for cutting; the filed spend went up.

Peers