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, with a GAAP EPS of $0.39.

• FY 2025 was the first year of a multi-year strategic plan, with performance slightly ahead of targets.

• Strong holiday sales, including a first-ever billion-dollar GMV month in November 2025.

• Continued leadership in global e-commerce enablement, with robust merchant acquisition, expansion, and value-added services.

Financial highlights

• Q4 2025 GMV reached $2,361M, up 37.8% year-over-year; revenue was $336.7M, up 28%.

• Q4 Adjusted EBITDA was $87.2M (25.9% margin), up 53% year-over-year.

• Full-year 2025 GMV was $6,569M (+35%), revenue $962.2M (+28%), Adjusted EBITDA $198.5M (+41%, 20.6% margin).

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

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

Outlook and guidance

• 2026 GMV expected at $8,450M–$8,800M (31%+ growth); revenue $1,211M–$1,271M (29% growth).

• 2026 Adjusted EBITDA guidance: $259M–$294M (21.9% margin, ~37% growth).

• Q1 2026 GMV guidance: $1,705M–$1,745M (+38.8%); revenue $247M–$254M (+32%).

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

• 2026 outlook anticipates significant margin expansion and revenue growth acceleration.