GMV.

The total value of goods sold through a marketplace in a period, counted before anybody's cut comes out. Etsy reports the same measure as GMS and says in its 2025 annual report that it "does not represent revenue earned by us": consolidated GMS of $11,916.9 million against revenue of $2,883.5 million, a take rate of 24.2%. The gap is fees, ads and services, and for a seller it is the share of the headline number that never arrives. Platforms lead with GMV because it is the largest figure available, and GMV can grow in a year when sellers earn less per order. On a shop's own books the same error looks like reading gross sales as income, before provider cost, marketplace fee, offsite advertising and refunds.