📈 Price History

Ratio Health

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📊 Peer Medians

About

Global-E Online Ltd., together with its subsidiaries, provides direct-to-consumer cross-border e-commerce platform in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online, and merchants to sell from and to worldwide. The company was incorporated in 2013 and is headquartered in Petah Tikva, Israel.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management consistently used phrases like 'strong results', 'above the high end of our GMV and revenue guidance ranges', and 'raised guidance for the year' while providing specific figures for GMV, revenue, adjusted EBITDA, and GAAP profitability. They highlighted business resilience and a 'relentless focus on execution and operational efficiency.'

Q3 2025

Confident Specific

Management used language like 'very strong results', 'above the midpoint', 'exceeding the top end', 'durable growth', and 'confident we will end the year strong'. They repeatedly emphasized outperformance and raised all guidance metrics.

Q4 2025

Confident Specific

Management repeatedly used words like 'record-breaking', 'strongest quarter ever', 'well above guidance', 'ahead of multi-year plan', and provided specific metrics and percentages for growth and margin expansion, indicating a high level of confidence and clarity.

Q1 2026 latest

Confident Specific

Management repeatedly states they 'beat the midpoint across all guidance metrics' and 'raised outlook for GMV, revenue, and adjusted EBITDA.' Amir says 'we are slightly ahead of plan' and 'another year of strong, durable growth.' Ofer confirms 'Q1 was another quarter of strong, profitable growth' with results 'above the Rule of 50.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management delivered a beat-and-raise quarter, demonstrating durable growth with GMV accelerating 40% and margins expanding 330 bps YoY. Despite headwinds from the Middle East conflict and FX volatility, the company raised full-year guidance across all metrics. Key catalysts to watch next quarter: the ramp of Shopify Managed Markets 2.0 in the back half of 2026, the pace of duty drawback adoption, and whether same-store sales normalize as assumed. The AI-driven efficiency gains and pipeline of new merchant wins suggest continued momentum. The balance sheet remains strong with $553M cash and ongoing buybacks, providing downside support. Overall, the call reinforces Global-E's position as a high-growth, profitable cross-border commerce leader.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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📊 MIXED Global-E Q1 GMV up 40% to $1.74B, revenue up 33% to $252M, EBITDA margin 19.9%.

Revenue & Profitability

Revenue was $252.1 million, up 33% year-over-year. Non-GAAP gross profit was $118.5 million at a 47% margin. Adjusted EBITDA was $50.2 million (19.9% margin), up 59% YoY. Non-GAAP net profit was $46.9 million ($0.27 per diluted share) and GAAP net profit was $30.4 million ($0.17 per diluted share). GMV grew 40% to $1.742 billion. Free cash flow used was $72.9 million, driven by seasonal working capital.

Outlook

Management sees strong consumer demand and healthy same-store sales above historical averages in Q1 and Q2, but expects normalization in the second half of the year. The company raised full-year 2026 guidance: GMV $8.53B-$8.88B, revenue $1.22B-$1.28B, adjusted EBITDA $264.5M-$289.5M (22.2% margin). Headwinds include the Middle East conflict (temporary ~1% GMV impact in Q1, now recovering) and diminishing FX tailwinds in H2.

Growth Drivers

Key growth levers include continued onboarding of new merchants (e.g., Gallery Dept., Fresh, Coperni, LVMH and Richemont brands), expansion with existing merchants (Alo Yoga entering new markets, FIGS, Stella McCartney), and the upcoming ramp of Shopify Managed Markets 2.0 in the second half of 2026. Additional drivers include duty drawback service expansion, Borderfree.com monetization (now >6% of sales for participating merchants), and AI-generated referral traffic.

Balance Sheet & CapEx

Not discussed in detail. The company mentioned reinvesting cash into growth and strategic acquisitions, and deploying AI tools to increase R&D efficiency without adding headcount. Free cash flow was negative in Q1 due to seasonal working capital, consistent with prior years. No specific CapEx guidance was provided.

Margins

Non-GAAP gross margin was 47% in Q1, up 150 bps YoY, driven by favorable mix and slightly higher service fee take rate. Adjusted EBITDA margin reached 19.9%, up 330 bps YoY. Management expects continued operating leverage and margin expansion, with full-year adjusted EBITDA margin guided to 22.2%. Service fee take rate is expected to remain stable around 6.8-6.9%, while fulfillment take rate may see minor declines due to multi-local mix.

Key Risks

Risks flagged include the ongoing conflict with Iran, which temporarily reduced volumes to Middle East and GCC countries (~5% of inbound GMV, partially recovered). FX volatility can impact GMV and revenue. Tariff changes (e.g., US tariff rationalization) and fuel surcharges from rising energy costs are monitored. The upcoming EU de minimis removal in July 2026 is expected to have a manageable impact (~5% duty on affected orders). Analysts also probed the pace of Shopify Managed Markets ramp and duty drawback adoption.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-12

Q2 2026 delivered record GMV and revenue growth, with adjusted EBITDA margin expansion and strong free cash flow. Full-year guidance was raised, reflecting robust merchant demand, successful Passport integration, and continued adoption of value-added services.

Q1 2026 Q1 2026 2026-05-13

Q1 2026 results exceeded guidance, with 40% GMV and 33% revenue growth year-over-year, driving an upward revision to full-year outlook. Operational efficiencies, new merchant launches, and AI-driven initiatives supported strong margins and profitability despite Middle East and FX headwinds.

Q4 2025 Q4 2025 2026-02-18

Record 2025 results exceeded guidance, with 35% GMV and 28% revenue growth, and first full year of GAAP profitability. 2026 outlook calls for 31%+ GMV and 29% revenue growth, with margin expansion driven by AI efficiencies and new offerings like Duty Drawback.

Q3 2025 Q3 2025 2025-11-19

Q3 2025 results exceeded guidance, with 33% GMV growth and strong profitability. Full-year outlook was raised across all metrics, supported by global merchant expansion, new value-added services, and robust cash generation. Share repurchases and further AI-driven innovation are planned.

Q2 2025 Q2 2025 2025-08-13

Q2 delivered strong growth above guidance, with GMV up 34% and revenue up 28% year-over-year, achieving GAAP profitability. Raised 2025 outlook, expanded partnerships, and enhanced offerings with ReturnGo acquisition, while maintaining resilience amid tariff uncertainties.

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