| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 7/12 | 4 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q1'26 | April 29, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 6 | 0 | Call sheet → |
| Q4'25 | February 19, 2026 | 9/12 | 1 high, 5 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q3'25 | October 29, 2025 | 10/12 | 2 medium, 4 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | Drive meaningful GMS through owned marketing channels Push and email clicks up 25%+ while maintaining volume discipline |
| Q1'26 | Exceeded | Expand agentic shopping partnerships beyond OpenAI Added Microsoft Copilot, Google, and Stripe partnerships as promised |
| Q1'26 | Delivered | Improve customer support satisfaction for buyers and sellers Seller satisfaction up 15.5% since last year, buyer satisfaction improving |
| Q1'26 | Delivered | Focus on four strategic priorities: discovery, matching, loyalty, human connection Showed specific progress in discovery (app growth) and matching (AI tools) |
| Q1'26 | Delivered | Positive YoY GMS comparisons in each quarter of 2026 Q1 delivered +5.5% growth, maintaining commitment for full year |
| Q1'26 | Delivered | Return Etsy marketplace to growth in Q4 2025 Achieved +0.1% YoY growth, first positive comparison since Q3 2023 |
| Q4'25 | Pending | Stabilize active buyer decline trends Improved from -5% to -3% YoY but still declining, needs positive growth |
| Q4'25 | Exceeded | Further development of agentic partnerships Added Microsoft Copilot, Google, and Stripe beyond initial OpenAI |
| Q4'25 | Delivered | Improving buyer acquisition and reactivation 17.2M combined new/reactivated buyers, first growth in 2+ years |
| Q4'25 | Delivered | App GMS outperforming non-app by meaningful margin Q3 promised 13 percentage points outperformance, Q4 delivered 6.6% growth |
| Q4'25 | Delivered | Continue sequential improvement in GMS trends 300 bps improvement Q2 to Q3, maintained momentum Q3 to Q4 |
| Q4'25 | Delivered | Return core marketplace to growth Achieved +0.1% YoY GMS growth in Q4, first positive quarter in 4 years |
| Q3'25 | Delivered | Making meaningful shifts in brand media mix by Q4 (from Q2) Linear TV down to low single digits from 1/3 of spend, streaming up to 65% |
| Q3'25 | Exceeded | Continue to see sequential improvement in GMS comparisons (from Q2) Delivered 300bps improvement with Q4 guidance suggesting continued progress |
| Q3'25 | Delivered | Evolving Etsy Insider loyalty program by holiday season (from Q2) V2 program launching with expanded buyer set and 5% credit back structure |
| Q3'25 | Delivered | Substantially improved matching models (from Q2) New ML models showing double-digit engagement increases and conversion gains |
| Q3'25 | Delivered | Improved app navigation and better buyer-seller conversations by pre-holiday (from Q2) App redesign completed with measurable engagement improvements |
| Q3'25 | Pending | By year-end, nearly every e-mail/push communication will be personalized (from Q2) On track - moved from 40% in Q2 with specific year-end target maintained |
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