Essendon have pulled off the biggest upset of the season so far with a remarkable four-point win over the previously undefeated Cats at Etihad Stadium on Saturday night.

Coming into the match on the back of five straight losses and missing captain Jobe Watson, the Bombers were given no chance to win but they outran, outpressured and ultimately outplayed Geelong on their way to an 18.7 (115) to 16.15 (111) victory.

The scoring shots and inside 50 count (59-44) would suggest the Cats should have won, but the Bombers were fully deserving of their victory as they controlled the ball with 112 more possessions.

With the game in the balance heading into the final quarter, Geelong almost pulled off one of the great escapes to snatch victory but Essendon held firm to give assistant coach Mark Thompson the last laugh after his controversial departure from Geelong at the end of last season.

It was the first time the Bombers had beaten the Cats since 2005 and could rejuvenate their finals hopes after they were all but written off after last week's capitulation to Hawthorn.

Essendon had contributors all across the park with Angus Monfries' three goals leading 14 individual goal kickers, while Stewart Crameri and Travis Colyer booted two each.

Young gun Dyson Heppell was their leading ball-winner with 30 touches, while Ben Howlett had an outstanding game with 27 disposals and seven tackles.

Paul Chapman was the Cats' best player with 28 quality uses of the ball to go with his two goals, but he was just one of three Geelong players to get over 20 touches as the late withdrawal of Joel Corey before the match proved pivotal.

Steve Johnson booted three goals - all in the last quarter - to almost steal the win, while Mitch Duncan and Allen Christensen kicked two each.

The loss was the first of coach Chris Scott's career after leading the Cats to a 13-0 start to the season.

Christensen jagged the opening two goals and when Nathan Vardy added another it looked like another big Geelong victory was on the cards.

But Essendon had other ideas and gradually worked their way into the match. Heppell got their first and then Monfries had the crowd on their feet with a magnificent snap from deep in the pocket.

Andrew Welsh got the Bombers back on level terms before Monfries put them in front as they took a surprising six-point lead into the first change.

Essendon carried their momentum into the second term with the first two goals as the Cats remarkably went 30 minutes without scoring.

James Kelly stopped the rot with a fine snap, but the Bombers had the answers with another two majors putting them up by 23 points.

Ling kicked a captain's goal in the dying stages of the half to reduce the deficit to 15 points at the main break.

The Bombers added two quick goals to start the third term and when Josh Hunt lost his cool and gave away a free kick and 50m penalty to Ben Howlett, the margin was suddenly out to 33 points.

But as they have done on so many times in the past five years, the Cats fought back and in the space of 10 minutes they had the margin down to a single kick thanks to running goals from Duncan, David Wojcinski, Steven Motlop and Chapman.

Just when it looked like Geelong would take the lead, the Bombers responded with Monfries marking and goaling before Kyle Reimers rammed one home from close range to put the Dons up by 17 at the final change.

Colyer kicked the opening goal to keep Essendon going before the Cats dominated the next 15 minutes, but they could only register two goals as the Bombers held them at bay.

The Dons then went forward with David Hille marking and goaling before Colyer got his second to put the game basically beyond doubt and send the pro-Bombers crowd into a frenzy.

But there was still one final twist with Johnson booting two goals in a minute, including one while lying on his back, and Duncan adding another two reduce the margin to just four points with over three minutes left.

Geelong threw everything at their opponents in the dying stages but the Bombers stood tall as Jake Melksham booted the sealer to ensure his side got the four points.

ESSENDON: 4.3, 8.4, 13.5, 18.7 (115)
GEELONG: 3.3, 5.7, 9.12, 16.15 (111)

GOALS: Essendon: Monfries 3, Welsh 2, Colyer 2, Heppell, Crameri, Zaharakis, Jetta, Davey, Ryder, Howlett, Reimers, Hille, Crameri, Melksham
Geelong: Johnson 3, Christensen 2, Chapman 2, Vardy, Kelly, Ling, Duncan, Wojcinski, Motlop, Ottens, Stokes
BEST: Essendon: Howlett, Heppell, Monfries, Hocking, Stanton, Melksham
Geelong: Chapman, Kelly, Ling, Enright, Taylor, Ottens
INJURIES: Essendon: Welsh (hamstring)
Geelong: Nil
REPORTS: Nil
CHANGES: Joel Corey replaced in Geelong's selected side by Tom Gillies.
UMPIRES: Kennedy, Margetts, Jennings
CROWD: 43,806 at Etihad Stadium