TLDR
- Global-E Online (GLBE) stock jumped over 17% Wednesday after Q4 2025 earnings beat Wall Street expectations
- Q4 revenue came in at $336.7 million, up 28% year-over-year, with adjusted EPS of $0.49 vs $0.30 a year ago
- Gross merchandise value hit $2.36 billion in Q4, up 37.8% year-over-year
- Full-year 2026 revenue guidance of $1.21–$1.27 billion topped analyst estimates
- Free cash flow surged 68% in 2025 to $280.7 million; company ended the year with $623 million in cash
Global-E Online (GLBE) stock surged more than 17% on Wednesday after the company posted strong Q4 results and issued 2026 guidance that topped analyst expectations.
Results:
📊 Adj. EPS: $0.50 🟢
💰 Revenue: $336.7M 🟢
📈 Net Income: $62.5M
🔎 Record Q4 performance with 38% GMV growth and 53% increase in Adjusted EBITDA, driving strong margin expansion and free cash flow generation. pic.twitter.com/sZKYctZ8dc— EarningsTime (@Earnings_Time) February 18, 2026
The Israeli cross-border e-commerce platform reported Q4 revenue of $336.7 million, up 28% from a year ago. Adjusted EPS came in at $0.49, up sharply from $0.30 in the same period last year. Both figures beat what Wall Street had been expecting.
Gross merchandise value, a key metric for Global-E, reached $2.36 billion in Q4 — up 37.8% year-over-year. The company also crossed $1 billion in GMV in a single month for the first time, hitting that milestone in November.
For the full year 2025, revenue rose 28% to $962 million, just shy of the $1 billion mark. GMV grew 35% to $6.57 billion.
The stock’s big move was fueled in large part by the company’s 2026 outlook. Management guided for full-year revenue of $1.21–$1.27 billion, which would mark the first time Global-E surpasses $1 billion in annual sales. That range came in above analyst estimates.
CEO Amir Schlachet said the company is “excited about the opportunities and the pipeline” ahead, pointing to strong structural demand in cross-border e-commerce.
Margins and Cash Flow Strengthen
Profitability improved across the board. Q4 non-GAAP gross margin reached 46.8%, about 80 basis points better than a year earlier. Adjusted EBITDA climbed 53% to $87.2 million in the quarter, with a 25.9% margin.
For the full year, adjusted EBITDA grew 41% to $198.5 million. The company also achieved GAAP profitability for the full year, with GAAP EPS of $0.39.
Free cash flow surged 68% in 2025 to $280.7 million. Global-E ended the year with $623 million in cash and completed $72 million in share buybacks during Q4, retiring 1.8 million shares. It has $128 million remaining under its buyback authorization.
Net dollar retention came in at 122%, with gross dollar retention at 96%, pointing to strong merchant relationships.
Headwinds on the Horizon
Management flagged some near-term risks. Tariff changes and the upcoming removal of de minimis thresholds in the EU are creating short-term pressure on trading volumes, particularly for U.S.-inbound shipments.
Foreign exchange tailwinds and stronger-than-usual same-store sales also boosted Q4 results. The 2026 outlook assumes both of those factors normalize, which introduces some downside risk if they reverse faster than expected.
Fulfillment take rates came in slightly below expectations at around 7.44% in Q4, reflecting higher average order values and a growing mix of multi-local operations.
The rollout of Shopify Managed Markets v2 is still early-stage and may weigh modestly on growth in early 2026 before becoming a tailwind later in the year.
For Q1 2026, Global-E guided for revenue of $247–$254 million and GMV of $1.705–$1.745 billion, both above prior consensus estimates.
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