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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $668.31M | $631.28M | $881.64M | $678.03M | $629.13M | $612.20M | $852.16M | $662.41M |
| Cost of revenue | $184.27M | $175.68M | $237.55M | $194.65M | $168.62M | $167.80M | $217.69M | $185.64M |
| Gross profit | $484.05M | $455.60M | $644.09M | $483.38M | $460.51M | $444.40M | $634.47M | $476.77M |
| Gross margin | 72.4% | 72.2% | 73.1% | 71.3% | 73.2% | 72.6% | 74.5% | 72.0% |
| Research and development | $100.92M | $99.05M | $114.44M | $113.38M | $99.33M | $100.81M | $111.47M | $107.25M |
| Selling, general and administrative | $257.86M | $236.70M | $400.25M | $287.29M | $267.08M | $245.76M | $367.87M | $282.70M |
| Operating expenses | $358.78M | $335.75M | $514.69M | $400.67M | $366.41M | $448.28M | $479.34M | $389.95M |
| Operating income | $125.27M | $119.85M | $129.40M | $82.71M | $94.10M | −$3.87M | $155.13M | $86.82M |
| Operating margin | 18.7% | 19.0% | 14.7% | 12.2% | 15.0% | -0.6% | 18.2% | 13.1% |
| EBITDA | $140.50M | $135.16M | $154.29M | $106.97M | $108.70M | $115.02M | $181.53M | $114.56M |
| Interest income | $11.52M | $0 | $12.87M | $14.28M | $9.03M | $0 | $7.53M | $7.25M |
| Interest expense | −$5.63M | $0 | −$5.65M | −$5.69M | −$3.77M | $0 | −$3.42M | −$3.44M |
| Income before taxes | $134.97M | $129.26M | $136.75M | $92.09M | $68.91M | −$14.59M | $178.33M | $73.81M |
| Income taxes | $20.63M | $24.60M | $26.02M | $16.58M | $23.27M | $20.50M | $48.43M | $16.44M |
| Net income | −$46.43M | $69.68M | $110.74M | $75.50M | $27.88M | −$52.10M | $129.91M | $57.37M |
| Net margin | -6.9% | 11.0% | 12.6% | 11.1% | 4.4% | -8.5% | 15.2% | 8.7% |
| EPS, basic | −$0.49 | $0.72 | $1.11 | $0.76 | $0.28 | −$0.49 | $1.17 | $0.50 |
| EPS, diluted | −$0.36 | $0.60 | $0.77 | $0.63 | $0.25 | −$0.49 | $1.02 | $0.45 |
| Diluted shares | 119.96M | 121.03M | 142.90M | 124.96M | 121.51M | 107.08M | 127.68M | 130.75M |
Figures describe Etsy shares, not any token. As of Aug 5, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.