Etsy Names Kruti Patel Goyal As Next CEO, Stock Slides On Lower Sales Outlook

• Josh Silverman will remain on board as Executive Chair through December 31, 2026. 
• Kruti Patel Goyal currently serves as Etsy’s President and Chief Growth Officer.
• Etsy’s Q3 gross merchandise sales (GMS) of $2.72 billion decreased 6.5% year-on-year.

Etsy, Inc. (ETSY) has announced a leadership transition, with Kruti Patel Goyal set to take over as Chief Executive Officer on January 1, 2026, following Josh Silverman’s decision to step down as CEO at the end of 2025. 

Silverman will remain on board as Executive Chair through December 31, 2026. Etsy stock traded 8% lower after the morning bell on Wednesday despite an earnings beat in Q3. It has, however, revised its gross merchandise sales (GMS) outlook lower, suggesting slower demand.

For the fourth quarter, the e-commerce company anticipates GMS in the range of $3.5 billion and $3.65 billion. This is below the GMS of $3.7 billion in Q4 2024. 

On Stocktwits, retail sentiment around the stock remained in ‘neutral’ territory, and message volume shifted to ‘high’ from ‘extremely low’ levels in 24 hours. 

The executive shuffle also involves Fred Wilson, Etsy’s current Board Chair since 2017, who will step down as Board Chair but will continue serving on the Board. 

Who Is Kruti Patel Goyal?

Kruti Patel Goyal currently serves as Etsy’s President and Chief Growth Officer, overseeing Product, Engineering, Marketing, Customer Support, Trust and Safety, and Strategy and Operations. 

Goyal’s career highlights include her role as CEO of Depop in 2022, where she nearly doubled gross merchandise sales and buyer numbers.

Third-Quarter Earnings Highlight 

Etsy also reported its third-quarter (Q3) results. The gross merchandise sales (GMS) of $2.72 billion decreased 6.5% year-on-year (YoY). Q3 revenue was $678 million with an earnings per share of $0.63. Active sellers in Etsy’s marketplace slumped 10.9% YoY to 5.5 million, and active buyers declined 5% YoY to 86.6 million.

Both revenue and EPS exceeded the analysts’ consensus estimate of $655 million and $1.04, respectively. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $171.9 million, with a margin of around 25.4%. At the end of Q3, Etsy held $1.6 billion in cash, cash equivalents, and investments, both short- and long-term. 

Etsy stock has gained over 27% in 2025 and over 42% in the last 12 months. 

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