Investor Relations

Cautionary Statement Regarding Forward-Looking Statements

This shareholder letter contains or references forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements relating to our financial outlook for the third quarter and full year of 2026, and the underlying assumptions; the growth potential of our business; our ability to drive long-term loyalty and fully capitalize on Etsy’s value proposition; our ability to deliver value for our buyers and sellers and create long-term value for our shareholders; the momentum of our customer-centric priorities, and our ability to build on our momentum and support the next phase of Etsy's evolution into 2027 and beyond; statements concerning our Restructuring Plan, including the objectives, the amount of the related charges and cash and non-cash expenditures, the anticipated timeline of such costs, charges, implementation, and the expected benefits, if any; our ability to attract, deepen, and elevate talent in areas consistent with our growth priorities; our AI-related initiatives and the impact thereof; the expected impact of the Depop sale; and the future impact of our strategic investments. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “aim,” “anticipate,” “believe,” “could,” “enable,” “estimate,” “expect,” “goal,” “intend,” “may,” “outlook,” “plan,” “potential,” “should,” “will,” or similar expressions and derivative forms and/or the negatives of those words.

Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include but are not limited to: (1) the preliminary nature of our estimates of the charges and cash expenditures to be incurred in connection with the Restructuring Plan, which are subject to change as we make decisions and refine these estimates over time; (2) timing delays in implementing the Restructuring Plan due to legal requirements and other factors; (3) potential disruption to our business and operations as we implement the Restructuring Plan; (4) macroeconomic, geopolitical, and other events outside of our control; (5) the level of demand for our services or products sold in our marketplace; (6) the importance to our success of the trustworthiness and safety of our marketplace and our ability to attract and retain active and engaged communities of buyers and sellers; (7) any real or perceived inaccuracies in our operational metrics; (8) if we or our third-party providers are unable to protect against technology vulnerabilities, service interruptions, security breaches, or other cyber incidents; (9) our dependence on continued and unimpeded access to third-party services, platforms, and infrastructure; (10) operational and compliance risks related to our payments systems; (11) the global scope of our business; (12) our ability to compete effectively; (13) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (14) risks related to our environmental, social, and governance activities and disclosures; (15) barriers to international trade and our efforts to grow our marketplace globally; (16) acquisitions, dispositions, or strategic partnerships that may prove unsuccessful or divert management attention; (17) our ability to deal effectively with fraud or other illegal activity increasingly amplified by advances in AI; and (18) litigation and evolving global legal and regulatory requirements, including privacy and data protection laws, tax laws, product liability laws, laws regulating speech and platform moderation, antitrust laws, and intellectual property and counterfeiting regulations.

These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our most recent periodic report, and in subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent our beliefs and assumptions only as of the date of this shareholder letter. We disclaim any obligation to update forward-looking statements.