Riskified (RSKD) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 revenue of $81.9M, up 4% year-over-year, and nine-month revenue of $245.3M, up 5% year-over-year, driven by new merchant and upsell activity.

• Non-GAAP gross profit grew 5% year-over-year to $41.5M, with margin improving to 51%.

• Adjusted EBITDA reached $5.6M (7% margin) in Q3, marking the eighth consecutive positive quarter and a significant year-over-year improvement.

• Significant momentum in Money Transfer and Payments, which saw 100% year-over-year revenue growth and is expected to double absolute dollar revenues for FY 2025.

• Continued investment in machine learning and automation, with 70% of models now autonomously trained and 100% outperforming prior manual models.

Financial highlights

• Q3 GMV: $37.8B (+9% YoY); nine-month GMV: $108.4B (+7% YoY).

• Q3 revenue: $81.9M (+4% YoY); nine-month revenue: $245.3M (+5% YoY).

• Non-GAAP gross profit: $41.5M (51% margin); Q3 GAAP gross profit: $41.1M (50% margin).

• Adjusted EBITDA: $5.6M (7% margin), a record for Q3.

• Free cash flow: $13.4M in Q3; $22.4M for nine months; $325M in cash, deposits, and investments at Q3 end; zero debt.

Outlook and guidance

• FY 2025 revenue guidance raised to $338M–$346M; Adjusted EBITDA expected between $21M and $27M.

• Targeting annual non-GAAP gross profit margin of 52%.

• Q4 Adjusted EBITDA margin expected to reach ~15%, with further acceleration in gross profit growth anticipated.