Riskified (RSKD) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $99.3 million and full-year revenue of $344.6–$345 million, up 5–6% year-over-year, with strong new business wins and upsell activity driving growth.

• Achieved first-ever quarter of GAAP profitability with Q4 2025 net profit of $5.8 million, reflecting business model scalability and disciplined expense management.

• Non-GAAP gross profit and Adjusted EBITDA both showed significant year-over-year improvement, with Q4 non-GAAP gross profit at $57.3 million and Adjusted EBITDA at $17.7 million (18% margin).

• Expanded gross profit and Adjusted EBITDA margins, with margin expansion reflecting operational execution.

• Launched new AI-powered features and expanded merchant base across all verticals and geographies.

Financial highlights

• Q4 2025 revenue was $99.3 million, up 6% year-over-year; full-year revenue reached $344.6–$345 million, up 5%.

• Q4 2025 GMV was $46.7 billion, up 18% year-over-year; full-year GMV was $155.1 billion.

• Q4 GAAP gross profit margin reached 57%; full-year non-GAAP gross profit was $180.3 million (52% margin).

• Adjusted EBITDA for the full year was $26.7 million (8% margin), up over 55% year-over-year.

• Ended 2025 with $297.6–$298 million in cash, deposits, and investments, and no debt; full-year free cash flow was $33.1 million.

Outlook and guidance

• 2026 revenue guidance: $372–$384 million (8–11% growth), with $378 million at the midpoint.

• Adjusted EBITDA guidance for 2026: $26–$34 million (8% margin at midpoint), including a 400 bps FX headwind.

• Non-GAAP gross profit growth targeted at 7–12% for 2026, with each quarter near 10% growth at the midpoint.

• Free cash flow expected to increase at least 20% to ~$40 million in 2026.

• Weighted average shares outstanding expected to be 148–152 million.