Global-E Online (GLBE) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results, exceeding or meeting the top end of guidance for GMV, revenue, and adjusted EBITDA, with robust trading volumes and resilient consumer spending across key markets.

• Achieved 33% year-over-year GMV growth, 25% revenue growth, and 33% adjusted EBITDA growth in Q3 2025.

• Net profit reached $13.2 million in Q3 2025, reversing a net loss from the prior year.

• Raised full-year 2025 outlook for GMV, revenue, and adjusted EBITDA, reflecting confidence in continued growth and profitability.

• Expanded merchant base globally, launched new value-added services, and advanced AI and agentic commerce initiatives.

Financial highlights

• Q3 GMV reached $1.512 billion, up 33% year-over-year; revenue was $220.8 million, up 25% year-over-year.

• Adjusted gross profit was $102.1 million (+24% YoY); adjusted EBITDA was $41.3 million (+33% YoY), with an 18.7% margin.

• GAAP net profit was $13.2 million, reversing a net loss from the prior year; free cash flow was $73.6 million, up 246% YoY.

• Ended Q3 with $552 million in cash and equivalents.

• Service fees were $103.5 million and fulfillment services $117.3 million in Q3 2025.

Outlook and guidance

• Full-year 2025 GMV expected at $6.46 billion (33% growth), revenue at $952.1 million (26.5% growth), and adjusted EBITDA at $192.8 million (37% growth).

• Q4 2025 GMV guidance: $2.195–$2.315 billion (32% YoY growth); revenue: $318.5–$334.5 million (24% YoY growth); adjusted EBITDA: $74.3–$88.7 million (25% margin at midpoint).

• Full-year 2025 GMV guidance raised to $6.404–$6.524 billion; revenue to $944.1–$960.1 million; adjusted EBITDA to $185.6–$200 million.

• 2025 expected to be the first GAAP profitable year as a public company.