Global-E Online (GLBE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking results in 2025, surpassing guidance on all key metrics, including revenue, GMV, and Adjusted EBITDA.

• 2025 marked the first full year of GAAP profitability and the first year of a multi-year strategic plan, with GAAP EPS of $0.39.

• Strong holiday sales, with first-ever $1B GMV month in November and Q4 GMV of $2.36B, up 37.8% year-over-year.

• Continued leadership in global e-commerce enablement, driven by innovation, AI-driven efficiencies, and strategic execution.

• Expanded value-added services and launched Managed Markets 2.0.

Financial highlights

• FY 2025 GMV reached $6.569B, up 35% YoY; revenue was $962.2M, up 28% YoY; Adjusted EBITDA was $198.5M, up 41% (20.6% margin).

• Q4 2025 revenue was $336.7M, up 28% YoY; Adjusted EBITDA was $87.2M (25.9% margin), up 53% YoY.

• Q4 2025 non-GAAP net profit was $85.8M, up 62% YoY; FY 2025 non-GAAP net profit was $192.8M, up 47% YoY.

• Free cash flow for FY 2025 was $280.7M (29% margin), up 68% from 2024.

• Ended 2025 with $623M in cash and equivalents.

Outlook and guidance

• FY 2026 GMV expected at $8.45B–$8.80B (31%+ growth); revenue at $1.211B–$1.271B (29% growth at midpoint); Adjusted EBITDA at $259M–$294M (21.9% margin at midpoint, nearly 37% growth).

• Q1 2026 GMV expected at $1.705B–$1.745B (38.8% growth); revenue at $247M–$254M; Adjusted EBITDA at $46.5M–$49.5M.

• 2026 outlook anticipates revenue growth acceleration to nearly 30% and significant margin expansion.

• Guidance assumes normalization of same-store sales and FX tailwinds after Q1.