Fiverr (FVRR) Q4 2025 earnings summary

Executive summary

• Revenue grew 10.1% year-over-year to $430.9 million in 2025, with Adjusted EBITDA reaching $92 million and a 21.3% margin, reflecting strong execution on strategic transformation initiatives.

• The business is shifting focus from low-end, transactional work to high-value, complex projects, leveraging AI and human expertise, with spend per buyer up 13.3% and GMV from transactions over $1,000 rising 22.8%.

• 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.

• Leadership transitions include a new CFO and Chief Business Officer to support strategic investments and operational complexity.

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 25% margin, up 470 basis points year-over-year.

• Free cash flow for 2025 was $103.3 million, up 26.5% year-over-year; $460 million convertible note fully repaid.

• Marketplace revenue in Q4 was $71.5 million, with 3.1 million active buyers and $342 spend per buyer.

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 expected between $100 million and $108 million, year-over-year growth of -7% to 1%.

• Wider guidance range reflects uncertainty from the ongoing transformation and market conditions.