“2025 was another record-breaking year for Global-E, in which we surpassed our guidance, both for the fourth quarter and on an annual level across all parameters from top line revenue down to adjusted EBITDA.”（CEO）
“We achieved our first ever $1 billion GMV month in November of 2025.”（CEO）
“2025 was also our first full year of GAAP profitability with a GAAP EPS of $0.39.”（CEO）
“With the system operating at scale, we are now able to fill the top of the sales funnel at a combination of speed and quality that was unimaginable prior to the AI revolution.”（CEO）
“Our 2026 guidance reflects an acceleration in revenue as well as expansion of our adjusted EBITDA margin, which is expected to put us above the Rule of 50.”（CFO）
Prepared Metrics
Metric
Value
Speaker/Context
Q4 GMV
$2.36B
CFO
Q4 Revenue
$337M
CEO
Q4 Non-GAAP Gross Margin
46.8%
CEO
Q4 Adjusted EBITDA
$87.2M
CEO
Q4 Adjusted EBITDA Margin
25.9%
CEO
Q4 GAAP Net Profit
$62.5M
CFO
Q4 GAAP EPS
$0.35
CFO
Q4 Non-GAAP Net Profit
$85.8M
CFO
Q4 Non-GAAP EPS (diluted)
$0.49
CFO
FY2025 GMV
~$6.57B
CEO
FY2025 Revenue
$962M
CEO
FY2025 Non-GAAP Gross Margin
46.3%
CFO
FY2025 Adjusted EBITDA
$198.5M
CEO
FY2025 Adjusted EBITDA Margin
20.6%
CEO
FY2025 GAAP EPS
$0.39
CEO
FY2025 Free Cash Flow
$280.7M
CFO
FY2025 FCF Margin
29%
CFO
Cash & Equivalents (end-2025)
$623M
CFO
Q4 Share Repurchases
$72M (1.8M shares)
CFO
FY2025 NDR / GDR
122% / 96%
CFO
Q&A Batch (1-5 of 9)
Q1 — William Nance
Topic: Q4 outperformance drivers: same-store sales vs FX tailwinds
Key points:
Q4 GMV driven by new merchants launched in 2025 (especially H2) and very strong same-store sales above multiyear averages.
FX tailwinds from USD strengthening vs most currencies in late 2024, continuing into Q1 2026 but declining to low levels.
Q1 2026 guidance assumes continued FX tailwinds and higher same-store sales; normalisation assumed for rest of 2026, with potential upside if trends persist.
Mgmt stance: Neutral to bullish – performance strong, but guidance reflects cautious normalisation assumptions for same-store sales.
Q2 — Brian Peterson
Topic: AI impact on value proposition and take rate guidance by segment
Key points:
Service fee take rate stable for 4–5 quarters, expected to remain stable in 2026.
Fulfillment take rate (per-transaction basis) expected to decline slightly due to mix shift to faster-growing multi-local model.
Overall 2026 revenue growth expected only slightly lower than GMV growth.
Mgmt stance: Bullish – AI viewed as accelerator (unique data asset, training models), not a replacement for complex infrastructure.
Q3 — James Faucette
Topic: Service fee take rate stability and managed markets outlook
Key points:
Service fee take rate stabilising; Marks & Spencer did not have an effect (mix unchanged).
2026 GMV–revenue gap narrowing due to pipeline visibility (mix similar to current, slight tilt to multi-local) and early traction from value-added services (Borderfree.com, trade compliance).
Managed markets contribution: weighs on growth early 2026, expected to grow above average in H2; guidance cautious.
Mgmt stance: Cautiously optimistic on managed markets; neutral on service fee outlook.
Q4 — Samad Samana
Topic: Agentic commerce early observations and net dollar retention (NRR) drivers
Key points:
Agentic commerce: discovery traffic from AI chats growing significantly (small base); agentic transactions still very small numbers – early to draw conclusions on product type or AOV.
NRR accelerated to 122% in 2025, improving from 2024; gross dollar retention (GDR) also improved.
2025 NRR benefited from healthy trading with leading merchants and lapping the Ted Baker loss; 2026 NRR expected to be a continuation of 2025.
Mgmt stance: Bullish on agentic commerce as long-term opportunity; neutral on NRR (expects steady 2025 level).
Q5 — Nir Debbi (analyst name likely a mix-up; speaker is management)
Topic: 2026 priorities and multi-local GMV update
Key points:
2026 priorities: trade compliance infrastructure (tariffs/de minimis removals), AI investment (data optimisation, demand gen, R&D/marketing spend), and fulfillment network optimisation.
Multi-local GMV: ~15% of total GMV in 2025, traded close to initial expectations; 2026 expected to continue growing but not outpace overall business significantly.
Mgmt stance: Bullish – sees competitive advantage from multi-local offering and demand driven by trade complexity.
Q&A Batch (6–9 of 9)
Q6 — Koji Ikeda
Topic: GAAP EPS profitability and future growth
Key points:
Full-year GAAP EPS was profitable; company expects continued GAAP profitability in coming periods.
Non-GAAP net income / EPS is also provided; gap between adjusted EBITDA and non-GAAP net income is not significant.
Directionally, non-GAAP net income is expected to grow along the lines of adjusted EBITDA (with possible minor gaps).
Mgmt stance: Bullish – highlighting sustained GAAP profitability and alignment of non-GAAP metrics with EBITDA growth.
Q7 — William Fitzsimmons
Topic: AI-driven margin expansion in 2026 adjusted EBITDA guidance
Key points:
A significant portion of EBITDA margin expansion in 2026 is AI-based.
R&D headcount is virtually not growing due to AI efficiencies (code writing, deployment, QA, etc.).
Sales & marketing leverage via AI prospecting and outreach tools (lead generation) without headcount increase.
AI benefits also seen in fraud, product classification, restriction management, trade compliance, finance reconciliation; not all realized in 2026.
Mgmt stance: Bullish – AI is a major contributor to margin expansion, enabled by scale and unique data assets.
Q8 — Patrick Walravens
Topic: Moats protecting Global-E from AI disruption
Key points:
Four differentiators: scale, expertise/data, trade compliance, infrastructure across 40+ jurisdictions with payments.
Scale gives access to tier-1 pricing with partners (fulfillment, payments, trade compliance) – a cost moat LLMs cannot replicate.
Unique data asset for training AI across 200 markets is proprietary to Global-E.
MoR model requires heavy lifting: legal entities, government licenses, after-sales, multiple PSPs, reroute/domestic acquiring – AI cannot replicate business logic, agreements, and know-how.