Good morning, and welcome to Etsy's Annual Meeting of Stockholders. Thank you for joining us today. I'm Josh Silverman, CEO and member of the Board of Directors. I'll also introduce Fred Wilson, who's Etsy's Chairman of the Board of Directors.
Hi, everyone, this is Fred. I'd also like to welcome our stockholders and acknowledge the other members of Etsy's Board of Directors who are present at the meeting today: Andy Ballard, Marla Blow, Gary Briggs, Michele Burns, Jonathan Klein, Melissa Reiff, Peggy Smyth, and Marc Steinberg. I'd like to say a few brief words on behalf of Etsy's Board of Directors and the entire Etsy team before turning it over to Josh. Throughout 2023, the board oversaw Etsy's efforts to meet its commitments to a broad range of stakeholders, including our employees, our buyers and sellers, our global communities, and you, our stockholders. We are proud of the role Etsy plays in the e-commerce sector in our mission of Keep Commerce Human, and our ability to support the approximately 9 million plus global sellers who are part of our House of Brands community.
However, we are also keenly aware that following rapid and significant growth during the pandemic, our core Etsy marketplace has not grown its Gross Merchandise Sales significantly over the last two years. While we have held on to most of our market share gains and overall, we continue to grow revenues and produce strong levels of profit and cash flow, we are not satisfied with our performance. The management team is working very hard to find new ways to reignite GMS growth. Josh will touch on these in a moment. I will now hand the meeting over to Josh.
Thanks, Fred. Before I provide the business update, allow me to introduce the other members of Etsy's executive team present at the meeting. Rachel Glaser, Etsy's Chief Financial Officer, and Colin Stretch, Etsy's Chief Legal Officer and Corporate Secretary. Additionally, for the Q&A period, which will follow the formal business of the meeting, Deb Wasser, the Vice President of Investor Relations, will help us to moderate questions. I'll also note that Mary Davis is here from PricewaterhouseCoopers, our independent auditor, and she will be available to answer questions during the Q&A period. Tracy Oates from Broadridge is also participating as our Inspector of Elections for today's meeting. I'll now turn the meeting over to Colin, who's acting as Secretary of the meeting, to cover some formalities.
Thanks, Josh, and good morning, everyone. We will begin today's meeting with a presentation of the proposals described in our proxy statement, followed by a brief management presentation, reporting of preliminary voting results, and Q&A. As a reminder, our remarks in the management presentation and responses to questions today may include forward-looking statements. Forward-looking statements involve risks and uncertainties, certain of which are described in our SEC filings, included in our first quarter Form 10-Q, and our actual results may differ materially. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them. Also, information presented today includes certain non-GAAP financial measures, for which a reconciliation to GAAP is included in the slide presentation available on the annual meeting portal.
The polls are now open, and you can vote online through the annual meeting portal anytime until I announce that the polls are closed. I've received affirmation that notice of this meeting was properly given as of April 22nd, 2024, to our stockholders. I've also been informed by Broadridge that a quorum is present and that this meeting is duly convened and can proceed. The agenda and rules of conduct for the meeting are posted on the annual meeting portal. We ask that you follow these rules to help the meeting run smoothly. We will address appropriate questions during the Q&A portion of the meeting. If you have a question, please submit it by entering it into the text box on the annual meeting portal. Per the rules of conduct, please include your name and affiliation, if any.
Only stockholders of record and their proxy holders may submit questions or comments. Please be respectful of your fellow stockholders and meeting participants. Please limit remarks to one brief question or comment that is relevant to the annual meeting and/or Etsy's business. We may group questions by topic and edit questions for clarity, with a representative question read aloud and answered. We'll now move to the proposals. The first item of business today is the election of directors. The board of directors recommends that stockholders re-elect the following nominees as Class Three directors: Marla Blow, Gary S. Briggs, and Melissa Reiff. The second item of business is the approval on an advisory basis of executive compensation. The board recommends that stockholders approve the compensation of our named executive officers.
The third item of business is the ratification of the appointment of PricewaterhouseCoopers as Etsy's independent registered public accounting firm for 2024. The board recommends that stockholders ratify the appointment of PricewaterhouseCoopers. The fourth item of business is the approval of our 2024 Equity Incentive Plan. The board recommends that stockholders approve our 2024 Equity Incentive Plan. If you have already voted, there is no need to vote now unless you would like to change your vote. If you have not voted and you'd like to, please click the Vote Now button located at the center of the screen, directly below the media player. You will need the control number that you used to join the meeting. We'll pause for a moment to give anyone who hasn't yet voted a chance to vote.... The polls are now closed.
I'll now turn the meeting back to Josh for a management presentation.
Thanks, Colin. While our 2023 performance did not achieve the expectations we set at the start of the year, we delivered respectable performance. Consolidated GMS was $13.2 billion. Revenue was a record $2.7 billion, up about 7% year-over-year. Net income was $307 million, and adjusted EBITDA was about $754 million. In addition, capital return accounted for nearly 90% of free cash flow in 2023. After several years of overperforming our sector, it's been difficult for the Etsy marketplace to outpace e-commerce during the past few years. However, we all know that e-commerce is a massive business, still taking share from traditional retail. Earlier this year, we estimated that the total available market in our core geographies and categories is $500 billion, just online.
With our market share sitting at about 2%, we believe that we still have a long runway for growth. Despite significant macroeconomic headwinds, particularly for consumer discretionary items, we dramatically improved the Etsy customer experience and maintained the vast majority of our pandemic gains. We also performed well versus pure-play competitors in our top categories. We've doubled our buyer base since 2019, which grew on a year-over-year basis for four consecutive quarters in 2023, and buyers, on average, continued to shop more frequently and spend much more on Etsy than they did before the pandemic.
For 2024, we're focused on our vital few, making some bold moves to break down brand barriers so that buyers will think to shop with us more often across a wider range of purchase occasions, which we believe will lead to significantly improved consideration and ultimately increased frequency, one of the keys to unlocking growth for Etsy. We believe the best is still ahead for Etsy. Right now is a moment when many consumers are feeling stretched, with low confidence in the economy and with less money to spend on discretionary items, but it's a moment we believe will pass. Etsy's mission to keep commerce human and our compelling right to win strategy remain relevant and sound. We're leaning in hard to our differentiation, and we believe that we have the financial strength to do so in a sustainable way.
With that, I'll turn it back to Colin to announce the preliminary voting results.
Thanks, Josh. Our preliminary results indicate that Marla Blow, Gary S. Briggs, and Melissa Reiff have been reelected as directors. The compensation of our named executive officers has been approved on an advisory basis. Stockholders have ratified the appointment of PricewaterhouseCoopers as our independent registered public accounting firm for 2024, and stockholders have approved the 2024 equity incentive plan. We expect to report the final vote results that are certified by our inspector of elections in a filing with the SEC within four business days. We'll now turn to the Q&A portion of the meeting. I'll turn this over to Deb.
Hello, everyone. If you have not already submitted a question and wish to do so, please enter your question now into the text box on the annual meeting portal. It appears we have no questions. Josh? Thanks, everyone. The meeting is now adjourned. This concludes today's meeting. You may now disconnect.