Etsy (ETSY): what its 10-K says it depends on

Customers

Habitual buyers

concentrated in · about 40% of our 2025 GMSnamed as a risk

Habitual buyers comprised approximately 7% of active buyers and represented about 40% of our 2025 GMS.Business (Item 1)

Suppliers

Amazon Web Services

depends onnamed as a risk

Depop relies on Amazon Web Services for its primary production environment, and that marketplace is thus subject to analogous risks.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Google Cloud

depends onnamed as a risk

We rely on Google Cloud for a substantial portion of the computing, storage, data processing, networking, and other services for the Etsy Marketplace.Risk factors (Item 1A)

Also named by AAON, CME, DGX, FTNT, GTLB, LBTYA, MSTR, NTAP and 4 more

Postal services and shipping carriers

depends onnamed as a risk

In addition, our sellers rely on continued and unimpeded access to postal services and shipping carriers to deliver their goods reliably and timely to buyers.Risk factors (Item 1A)

Partners and platforms

Google

depends onnamed as a risk

We obtain a significant number of visits via search engines such as Google.Risk factors (Item 1A)

Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, EXPE and 14 more

Facebook

depends onnamed as a risk

We also obtain a significant number of visits from social media platforms such as Facebook, Instagram, and Pinterest.Risk factors (Item 1A)

Also named by MGNI, TTWO

Instagram

depends onnamed as a risk

We also obtain a significant number of visits from social media platforms such as Facebook, Instagram, and Pinterest.Risk factors (Item 1A)

Pinterest

depends onnamed as a risk

We also obtain a significant number of visits from social media platforms such as Facebook, Instagram, and Pinterest.Risk factors (Item 1A)

iOS and Android

depends onnamed as a risk

changes in mobile operating systems, such as iOS and Android, that degrade the functionality of our mobile website or mobile apps, our understanding of the data and usage related to our services, or that give preferential treatment to competitive products;Risk factors (Item 1A)

Visa and Mastercard network rules

subject tonamed as a risk

Further, through our agreements and arrangements with our third-party payments service providers, we are subject to evolving rules and requirements, like the Visa and Mastercard network rules and Payment Card Industry Data Security Standard, rules governing electronic funds transfers, and various fee arrangements, all of which are subject to change in ways that may adversely affect our business.Risk factors (Item 1A)

Third-party AI-enabled shopping platforms

depends onnamed as a risk

We have entered into strategic relationships with certain third-party platforms, including AI–enabled applications, that surface our sellers’ products within those platforms and, in some cases, enable buyers to complete purchases directly through those applications.Risk factors (Item 1A)

Other companies

eBay Inc.

$1.2 billion in cashnamed as a risk

On February 15, 2026, we entered into a Sale and Purchase Agreement (the “Purchase Agreement”) to sell Depop to eBay Inc.Risk factors (Item 1A)

Depop

earns from · $1,074.9 million (or 9.0% of the total) of GMS

Of this, Etsy marketplace GMS was $10,460.7 million or 87.8% of the total and Depop generated $1,074.9 million (or 9.0% of the total) of GMS.Business (Item 1)

Fourth-quarter holiday shopping season

concentrated in

This has resulted in increased GMS and revenue for us during the fourth quarter of each fiscal year.Business (Item 1)

Places

United States

earns from · 74% of GMS

74% of GMS came from U.S. buyers and 26% came from buyers outside of the United States.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

United Kingdom

operates innamed as a risk

Although we have a significant number of sellers and buyers outside of the United States, and Depop is headquartered in the United Kingdom, we are primarily a U.S.-based company with less experience developing local markets outside the United States and managing cross-border trade.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Hazards

Los Angeles fires

nearly 77,000 sellers

In 2025, we deferred fees owed by nearly 77,000 sellers impacted by the Los Angeles fires and continued to partner with the Craft Emergency Relief Fund (“CERF+”) to provide individual grants of $2,000 to Etsy marketplace U.S. sellers impacted by a Federal Emergency Management Agency (“FEMA”) declared disaster.Business (Item 1)

Commodities and inputs

Euro, Pound Sterling, and Canadian dollar

exposed to its price · decrease to revenue of $117.1 million or approximately 4.1% of total revenuenamed as a risk

An adverse 10% change in foreign currency exchange rates would have resulted in a decrease to revenue of $117.1 million or approximately 4.1% of total revenue for 2025.Market risk (Item 7A)

Regulators

European Economic Area payment institution regulation

subject tonamed as a risk

We act as a regulated payment institution in the European Economic Area through our subsidiary Etsy Payments Ireland Limited, we are registered as a payments services provider in Canada through our subsidiary Etsy Canada Limited, and we may in the future apply for registration or licensure in additional jurisdictions.Risk factors (Item 1A)

Laws and programs

Tariffs

subject tonamed as a risk

In particular, recent volatility in the global tariff environment has pressured delivery times or carrier service availability as carriers adapt to keep pace with new requirements relating to the calculation, collection, and remittance of tariffs and related fees.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

The E.U. General Data Protection Regulation and the U.K. General Data Protection Regulations, which apply to our activities conducted from an establishment in the European Union or the United Kingdom, respectively, or related to products and services that we offer to our users in the European Union or the United Kingdom.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

EU Digital Services Act

subject tonamed as a risk

For example, regulations such as the U.S. Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act (INFORM), the Digital Services Act (DSA), the General Product Safety Regulation, and the U.K. Online Safety Act subject Etsy to obligations with respect to seller verification, minors’ safety, product safety, and consumer protection, among other things, and in many cases imposeRisk factors (Item 1A)

Also named by ABNB, ADBE, BKNG, CSGP, DASH, EBAY, GDDY, GOOG and 8 more

Digital Millennium Copyright Act

subject tonamed as a risk

While we benefit from certain protections and safe harbors from liability, such as the Digital Millennium Copyright Act § 512 et seq., those protections are limited, vary across jurisdictions, and may diminish as lawmakers, courts, and regulators across the globe continue to reexamine the legal liability of platforms for the content and actions of their third-party users.Risk factors (Item 1A)

Also named by APP, DOCN, GDDY, GOOG, NET, PINS, RBLX

Brexit

subject tonamed as a risk

uncertainties and instability in the U.K. and E.U. markets caused by the patchwork of cross-border service agreements triggered by Brexit.Risk factors (Item 1A)

Also named by ARES, DLR, EVR, LBTYA, NDSN, POST

U.S. de minimis exemption

subject tonamed as a risk

For example, OBBBA eliminates the global de minimis exemption for commercial goods imported into the United States beginning in July 2027, and the exemption was earlier suspended by an executive order that became effective on August 29, 2025.Risk factors (Item 1A)

Also named by EBAY

EU General Product Safety Regulation

subject tonamed as a risk

For example, regulations such as the U.S. Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act (INFORM), the Digital Services Act (DSA), the General Product Safety Regulation, and the U.K. Online Safety Act subject Etsy to obligations with respect to seller verification, minors’ safety, product safety, and consumer protection, among other things, and in many cases imposeRisk factors (Item 1A)

Also named by SGI

INFORM Consumers Act

subject tonamed as a risk

For example, regulations such as the U.S. Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act (INFORM), the Digital Services Act (DSA), the General Product Safety Regulation, and the U.K. Online Safety Act subject Etsy to obligations with respect to seller verification, minors’ safety, product safety, and consumer protection, among other things, and in many cases imposeRisk factors (Item 1A)

U.K. Online Safety Act

subject tonamed as a risk

For example, regulations such as the U.S. Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act (INFORM), the Digital Services Act (DSA), the General Product Safety Regulation, and the U.K. Online Safety Act subject Etsy to obligations with respect to seller verification, minors’ safety, product safety, and consumer protection, among other things, and in many cases imposeRisk factors (Item 1A)

One Big Beautiful Bill Act (OBBBA)

subject to

While certain provisions of OBBBA are currently expected to favorably change the timing of our cash tax payments in the near term, we do not expect the legislation to have a material impact on our provision for income taxes.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more