Global-E Online (GLBE) Stock: Q4 Earnings Just Sent Shares Flying — Here’s the Breakdown

TLDR

• GLBE stock surged more than 17% Wednesday after Q4 earnings and guidance topped expectations
• Q4 revenue hit $336.7M, up 28% YoY; adjusted EPS of $0.49 vs $0.30 a year ago
• Q4 GMV reached $2.36B, up 37.8% YoY; company crossed $1B GMV in a single month for the first time
• 2026 revenue guidance of $1.21–$1.27B came in above analyst estimates
• Free cash flow jumped 68% in 2025 to $280.7M; cash on hand ended at $623M

Global-E Online (GLBE) stock climbed more than 17% Wednesday after the company delivered a strong Q4 2025 earnings report and issued 2026 guidance that cleared Wall Street’s bar.

Q4 revenue came in at $336.7 million, up 28% from a year ago. Adjusted EPS rose to $0.49 from $0.30 in the year-prior period. Both figures beat analyst estimates.

GMV reached $2.36 billion in Q4, up 37.8% year-over-year. In November, the company crossed $1 billion in GMV in a single month — a first in its history.

Global-e Online Ltd., GLBE

Full-year 2025 revenue grew 28% to $962 million. Full-year GMV rose 35% to $6.57 billion.

Profitability and Cash Flow Hit New Highs

Q4 non-GAAP gross margin improved to 46.8%, up roughly 80 basis points year-over-year. Adjusted EBITDA grew 53% to $87.2 million, with a 25.9% margin.

For the full year, adjusted EBITDA rose 41% to $198.5 million. Global-E also achieved full-year GAAP profitability, reporting GAAP EPS of $0.39.

Free cash flow surged 68% to $280.7 million for the full year. The company ended 2025 with $623 million in cash and bought back $72 million in shares during Q4, retiring 1.8 million shares. Another $128 million remains under the buyback authorization.

Merchant retention stayed strong, with net dollar retention at 122% and gross dollar retention at 96%.

2026 Guidance Tops Estimates

Management guided for full-year 2026 revenue of $1.21–$1.27 billion — the first time Global-E expects to exceed $1 billion in annual sales — along with GMV of $8.45–$8.80 billion and adjusted EBITDA of $259–$284 million.

For Q1 2026, the company guided for revenue of $247–$254 million and GMV of $1.705–$1.745 billion, both above prior consensus.

Management did flag some near-term risks. Tariff changes and the removal of EU de minimis thresholds are creating short-term pressure on volumes. FX tailwinds and strong same-store sales boosted Q4, but the 2026 outlook assumes both normalize. The Shopify Managed Markets v2 rollout is still early-stage and could weigh on near-term growth before turning into a tailwind.

Q1 2026 guidance calls for revenue of $247–$254 million and adjusted EBITDA of $46.5–$49.5 million.

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