Xometry (XMTR) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $192 million, up 30% year-over-year, and full-year 2025 revenue of $687 million, up 26%, driven by robust marketplace growth, AI-native platform advances, and expanding buyer and supplier networks.

• Marketplace revenue grew 33% year-over-year in Q4 2025 to $178 million, with full-year marketplace revenue up 30% to $630 million.

• Adjusted EBITDA improved to $8.4 million in Q4 and $18.5 million for the year, reflecting strong operating leverage and a turnaround from a prior year loss.

• Active buyers increased 20% year-over-year to 81,821, and active suppliers grew 17% to nearly 5,000, with increased enterprise and international engagement.

• Leadership transition announced: President Sanjeev Singh Sahni to become CEO on July 1, 2026, as part of a planned succession; current CEO to become executive chair.

Financial highlights

• Q4 gross profit was $75.2 million (up 27% year-over-year); full-year gross profit reached $269 million, up 25%.

• Marketplace gross margin for Q4 2025 was 35.3%, up 80 bps year-over-year; services gross margin was 87.7%.

• Q4 adjusted EBITDA margin was 4.4%; full-year adjusted EBITDA margin was 2.7%.

• Q4 non-GAAP net income was $9.1 million; full-year non-GAAP net income was $20.8 million, compared to a loss of $2.1 million in 2024.

• Ended Q4 with $219 million in cash, cash equivalents, and marketable securities; operating cash flow turned positive at $6.1 million for 2025.

Outlook and guidance

• Q1 2026 revenue expected at $187–$189 million (24–25% year-over-year growth); Adjusted EBITDA guidance is $6.5–$7.5 million.

• Full-year 2026 revenue growth expected at least 21%, with incremental adjusted EBITDA margins of at least 20%.

• Marketplace growth projected at 27–28% for Q1 2026 and at least 23% for FY 2026.

• 2026 marketplace gross margin expected to exceed 2025; services revenue to remain flat with modest growth in H2.

• Continued improvement in international segment operating leverage anticipated.