Global-E Online (GLBE) Q2 2025 earnings summary

Executive summary

• Achieved Q2 results above the high end of GMV and revenue guidance, and at the top end of EBITDA guidance, reflecting strong execution and resilience despite global trade uncertainties.

• Achieved sustainable GAAP profitability in Q2 2025, reporting net profit of $10.5M versus a net loss of $22.4M last year; expected to remain GAAP profitable for 2025 and beyond.

• Raised full-year 2025 guidance, citing robust business model and continued merchant demand across geographies.

• Onboarded several new merchants across diverse geographies and verticals.

• Extended strategic partnership with DHL for three more years and acquired ReturnGo, an AI-driven returns solution.

Financial highlights

• Q2 GMV reached $1.454B, up 34% year-over-year; revenue was $214.9M, up 28% year-over-year.

• Adjusted gross profit was $99.9M (up 24% YoY), and adjusted EBITDA was $38.5M (up 23% YoY), with a 17.9% margin.

• GAAP gross profit was $97.7M (45.5% margin); free cash flow for Q2 was $63.5M; net cash from operating activities was $65M.

• Service fee revenue was $102.9M; fulfillment services revenue was $112M; service fee take rate increased sequentially.

• Shopify warrant-related amortization expense dropped to $12.9M from $37.4M YoY, with full amortization expected by early 2026.

Outlook and guidance

• Q3 2025 GMV expected at $1.455B–$1.495B; revenue $214M–$221M; adjusted EBITDA $37.5M–$41.5M.

• Full-year 2025 GMV guidance raised to $6.22B–$6.52B; revenue $921.5M–$971.5M; adjusted EBITDA $180M–$200M.

• ReturnGo acquisition expected to add slightly over $1M to 2025 revenue and be nearly EBITDA neutral by 2026.