Fiverr (FVRR) Q4 2025 earnings summary

Executive summary

• Revenue grew 10.1% year-over-year to $430.9 million in 2025, with strong execution on strategic transformation initiatives and a focus on high-value, complex projects and AI-native services.

• Adjusted EBITDA reached $91.6 million for 2025, up 23% year-over-year, with a 21.3% margin and strong cash generation.

• Leadership transitions include a new CFO and Chief Business Officer to support the next phase of growth and strategic investments.

• A multi-year transformation plan is underway, focusing on trust, quality, and AI-native capabilities, with measurable progress expected in the next four to six quarters.

Financial highlights

• Full-year 2025 revenue was $430.9 million, up 10.1% from 2024; Q4 2025 revenue was $107.2 million, up 3.4% year-over-year.

• Marketplace revenue declined 1.8% to $297.5 million for the year, while services revenue surged 50.9% to $133.4 million.

• Q4 Adjusted EBITDA was $26.5 million, with a 24.7% margin, up 470 basis points year-over-year.

• Free cash flow for 2025 was $103.3 million, up 26.5% year-over-year; Q4 free cash flow was $21.8 million.

• GAAP net income for 2025 was $21.0 million ($0.58 basic EPS); non-GAAP net income was $115.1 million ($3.17 basic non-GAAP EPS).

Outlook and guidance

• FY 2026 revenue guidance is $380–$420 million, representing a year-over-year decline of 12% to 3%, reflecting transformation focus and market uncertainty.

• 2026 Adjusted EBITDA expected at $60–$80 million, with an 18% margin at midpoint.

• Q1 2026 revenue guidance: $100–$108 million, year-over-year growth of -7% to 1%; Adjusted EBITDA: $19–$23 million, 20% margin at midpoint.

• Wider guidance range reflects elevated uncertainty during the transformation.