Xometry (XMTR) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $192 million, up 30% year-over-year, with full year revenue reaching $687 million, a 26% increase, driven by robust marketplace growth and enterprise adoption.

• Marketplace revenue grew 33% year-over-year in Q4 2025, with gross profit up 27% and marketplace gross profit up 36% year-over-year.

• Active buyers increased 20% year-over-year to over 81,000 in Q4 2025, and active suppliers grew 17% year-over-year to nearly 5,000, reflecting strong network effects and product-led growth.

• Adjusted EBITDA improved significantly, reaching $8.4 million in Q4 and $18.5 million for the year, reflecting strong operating leverage.

• Leadership transition announced: CEO to become executive chair, President to assume CEO role effective July 1, 2026.

Financial highlights

• Q4 gross profit was $75.2 million, up 27% year-over-year, with gross margin at 39.1%; 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 was $8.4 million, a $7.3 million increase year-over-year; full year Adjusted EBITDA margin was 2.7%.

• Advertising spend as a percentage of marketplace revenue decreased 40 bps year-over-year to 5.2%.

• Non-GAAP operating expenses as a percentage of revenue declined across all categories, reflecting improved operating leverage.

Outlook and guidance

• Q1 2026 revenue expected between $187 million and $189 million, representing 24%-25% year-over-year growth, with Adjusted EBITDA guidance of $6.5–$7.5 million.

• Full year 2026 revenue growth expected at least 21%, with marketplace growth of at least 23% and incremental Adjusted EBITDA margins of at least 20%.

• Marketplace gross margin for 2026 projected to be higher than 2025.

• Services revenue expected to be flat year-over-year in 2026, with modest growth in the second half.