Fiverr (FVRR) Q4 2025 earnings summary

Executive summary

• Revenue grew 10.1% year-over-year to $430.9 million in 2025, accelerating from 8% in 2024, with strong execution on strategic transformation initiatives and a shift toward high-value, AI-native projects.

• Adjusted EBITDA reached $92 million for 2025, up 23% year-over-year, with a 21.3% margin and record Q4 Adjusted EBITDA margin of 25%.

• Spend per buyer increased 13.3% year-over-year; GMV from transactions over $1,000 grew 22.8%, and buyers spending over $10,000 annually grew 7%.

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

• 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 (25% 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.

• 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%; Q1 Adjusted EBITDA expected at $19–$23 million.

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