Etsy Inc (ETSY)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	292,820	-661,988	471,654	365,709	80,646
Revenue	US$ in thousands	2,748,380	2,566,110	2,329,110	1,725,620	818,379
Pretax margin		10.65%	-25.80%	20.25%	21.19%	9.85%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $292,820K ÷ $2,748,380K
= 10.65%

The pretax margin of Etsy Inc has fluctuated over the past five years, ranging from -25.80% in 2022 to 20.25% in 2021. In 2023, the pretax margin improved to 10.65%, indicating that the company's profitability before taxes increased compared to the previous year but remains below the levels seen in 2021 and 2020. The negative pretax margin in 2022 suggests that the company incurred losses before accounting for taxes during that year. Overall, the pretax margin trend suggests some variability in Etsy Inc's profitability over the years, with a notable rebound in 2023.