Global-E Online (GLBE) Morgan Stanley US Financials Conference 2026 summary

Growth durability and market opportunity

• GMV grew 40% year-over-year in Q1, with full-year GMV and revenue growth expected in the low 30% range, supported by a strong value proposition and a large addressable market estimated at $200–$300 billion.

• The business model enables merchants to capitalize on international opportunities risk-free, leveraging scale, data, and infrastructure.

• Long-term targets include high 20s to low 30s GMV growth and high margins in the low to mid-20s.

• Reducing friction in cross-border commerce expands the addressable market and drives growth.

Take rates and revenue mix

• Service fee take rates have stabilized around 6.8–6.9% for the past six quarters, with expectations for continued stability on the enterprise side.

• Managed Markets agreements, especially with Shopify, will reduce service fee take rates due to revenue recognition changes.

• Fulfillment take rates are impacted by the growing share of multi-local services, which have lower rates but expand TAM and maintain healthy margins.

• Value-added services, such as duty drawback and demand generation, are contributing to service fee take rates.

Multi-local services and merchant segments

• Multi-local adoption is strongest in consumer electronics and large legacy brands with inventory in multiple markets.

• Multi-local now represents about 15% of business, with growth expected to be more balanced in 2026.

• The service expands TAM and supports large merchants, despite lower fulfillment take rates.