GigaCloud Technology (GCT) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and EPS for both Q4 and full year 2025, reflecting strong execution, resilience, and adaptability in a volatile macro environment.

• Marketplace GMV rose 18% year-over-year to nearly $1.6 billion, with 3P seller GMV up 23% to $851 million.

• Active buyers increased 30% year-over-year to 12,089, with average spend per buyer at ~$130,000.

• Expanded geographic reach, notably in Europe, and strengthened the marketplace through targeted acquisitions and integration of Noble House and New Classic Home Furnishings.

• Diluted EPS for Q4 2025 was $1.04, up 37%–40% year-over-year.

Financial highlights

• Q4 2025 revenue reached $363 million, up 23% year-over-year; full year revenue rose 11% to $1.3 billion.

• Q4 net income was $38.5 million, up 24% year-over-year; net income margin was 10.6%–11%.

• Gross margin for Q4 was 22.9%–24%; gross profit $83 million, up 28% year-over-year.

• Operating cash flow for Q4 was $64 million; full year $191 million; year-end liquidity stood at $417 million, with no debt.

• Adjusted EBITDA for Q4 was $43 million, up 39.2% year-over-year.

Outlook and guidance

• Q1 2026 revenue guidance is $330–$355 million, including contributions from New Classic.

• Continued strong growth anticipated from Europe and Noble House, though growth rates expected to moderate.

• Service and product revenue expected to grow at similar rates in Q1.

• Sustained momentum in buyer spending and engagement, supported by expanded service offerings and enhanced logistics.