Etsy appoints new CEO as Q3 results surpass expectations

Online marketplace Etsy has promoted its current chief growth officer, Kruti Patel Goyal, to chief executive officer as Josh Silverman prepares to step down from the helm. The shift in leadership comes as the company reported Q3 performance that surpassed expectations.

Patel Goyal, who also currently serves as president of the company, will take over from Silverman on January 1, 2026, at which time she will also join the company’s board of directors. From then on, Silverman will become executive chair through December 31, 2026. As such, Fred Wilson, who has served as Etsy’s chair since 2017, will step down from the position, yet will retain a place on the board.

Silverman’s decision to step down comes eight years after the executive first took the helm of Etsy. In a statement, Silverman said he felt it was the right time to hand over leadership, calling Patel Goyal “fabulously talented” while recognising her success as CEO of Depop, a position she had been in since September 2022.

Prior to Depop, Patel Goyal had already been with Etsy for over 10 years, serving in a range of leadership roles, including chief product officer and head of marketplace integrity and trust safety. She took on her current dual role in April 2025.

Commenting on her appointment, Patel Goyal said: "As customer needs continue to evolve, Etsy will too – but we'll do it in a way that stays true to who we are, leaning into what makes us different: human connection, our sellers' creativity, and a distinctly personal shopping experience. I believe that we have been on the right track this year in our efforts to return our core marketplace to GMS growth and deliver value to our community and our shareholders."

Group GMS marginally increases as revenues spike

The shift in leadership comes on the back of strong financial performance for Etsy, which reported a 6.1 percent increase in year-over-year revenue for the third quarter ended September 30, 2025. According to Silverman, the results “surpassed expectations” across all three financial metrics.

Group GMS amounted to 2.7 billion dollars, increasing 0.9 percent on the year prior, excluding musical instrument platform Reverb. On a reported basis, including Reverb’s 2024 GMS, consolidated GMS fell 6.5 percent YoY. Net income came to 75.5 million dollars, up 18.1 million dollars, reflecting a non-cash foreign exchange gain of 0.8 million dollars. Non-GAAP adjusted EBITDA was 171.9 million dollars, with a margin of 25.4 percent.

For the fourth quarter of the year, Etsy is anticipating GMS in the range of 3.5 and 3.65 billion dollars. It further expects “stable, strong profitability” for Etsy marketplace over the period, alongside an increase in brand marketing investment at Depop.