TLDR

  • Global-E Online (GLBE) shares rose by more than 17% on Wednesday following Q4 2025 earnings that exceeded Wall Street’s forecasts
  • Q4 revenue totaled $336.7 million, marking a 28% year-over-year increase, with adjusted EPS at $0.49 compared to $0.30 in the prior year
  • Gross merchandise value (GMV) reached $2.36 billion in Q4, up 37.8% year-over-year
  • Full-year 2026 revenue guidance of $1.21–$1.27 billion exceeded analyst projections
  • Free cash flow jumped 68% in 2025 to $280.7 million; the company closed the year with $623 million in cash reserves

Global-E Online (GLBE) shares surged over 17% on Wednesday after the firm reported robust Q4 results and released 2026 guidance that beat analyst expectations.

The Israeli cross-border e-commerce platform announced Q4 revenue of $336.7 million, a 28% increase from the prior year. Adjusted EPS was $0.49, a significant jump from $0.30 in the same quarter last year. Both metrics exceeded Wall Street’s expectations.

Gross merchandise value (GMV), a critical metric for Global-E, hit $2.36 billion in Q4 — a 37.8% year-over-year rise. The firm also achieved a first: crossing $1 billion in GMV in a single month, reaching that milestone in November.

GLBE Stock Card

For full-year 2025, revenue climbed 28% to $962 million, narrowly missing the $1 billion threshold. GMV increased by 35% to $6.57 billion.

The stock’s significant gain was driven largely by the company’s 2026 outlook. Leadership projected full-year revenue of $1.21–$1.27 billion, which would mark Global-E’s first annual sales total above $1 billion. This range exceeded analyst estimates.

CEO Amir Schlachet stated the company is “enthusiastic about the opportunities and pipeline” ahead, citing robust structural demand in cross-border e-commerce.

Margins and Cash Flow Strengthen

Profitability improved across all areas. Q4 non-GAAP gross margin reached 46.8%, an increase of roughly 80 basis points from the prior year. 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 firm also attained GAAP profitability for the full year, reporting 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 was 122%, with gross dollar retention at 96%, indicating 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 factors normalize, introducing 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 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.