RISKIFIED LTD. (RSKD): Financial results for Q3 2026
RISKIFIED LTD. (RSKD) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Riskified Reports Strong Third Quarter of 2026 with Accelerating Revenue and Gross Profit Growth Raises Revenue and Adjusted EBITDA guidance NEW YORK, November 11, 2026 - Riskified Ltd. (NYSE: RSKD) (the “Company”, “Riskified”, “we” or “our”), a leader in ecommerce f
How this was made
The 30-second read
Why it matters
The raised revenue and EBITDA guidance reflect strong merchant adoption and expansion of digital finance services, likely driving buying interest.
Market read
First‑hand earnings release with raised guidance provides a fresh catalyst for the stock and its sector.
What to watch
Macro‑economic slowdown or tightening credit could temper merchant spending, limiting upside despite guidance.
Riskified revenue grew 41% year over year to $115.2 million in Q3 2026, and the company raised its FY2026 revenue and Adjusted EBITDA guidance
Revenue growth accelerated to 41% from 22% in Q2 2026, Adjusted EBITDA rose to $8,143 thousand from $5,553 thousand, free cash flow reached $15,178 thousand, and FY2026 revenue and Adjusted EBITDA guidance were raised. GAAP gross margin fell to 43% from 50% and GAAP net loss persisted.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gross merchandise volume (GMV), Q3 2026other | $44.56B | – | 18% |
| Gross merchandise volume (GMV), nine months 2026other | $123.1M | – | 14% |
| Revenue, Q3 2026GAAP | $115.2M | – | 41% |
| Revenue, nine months 2026GAAP | $302.1M | – | 23% |
| Cost of revenue, Q3 2026GAAP | $65.90M | – | – |
| Cost of revenue, nine months 2026GAAP | $162.0M | – | – |
| Gross profit, Q3 2026GAAP | $49.28M | – | 20% |
| Gross profit, nine months 2026GAAP | $140.1M | – | 16% |
| Gross profit margin, Q3 2026GAAP | 43% | – | – |
| Gross profit margin, nine months 2026GAAP | 46% | – | – |
| Non-GAAP gross profit, Q3 2026non-GAAP | $49.70M | – | – |
| Non-GAAP gross profit, nine months 2026non-GAAP | $141.4M | – | – |
| Non-GAAP gross profit margin, Q3 2026non-GAAP | 43% | – | – |
| Non-GAAP gross profit margin, nine months 2026non-GAAP | 47% | – | – |
| Research and development (GAAP), Q3 2026GAAP | $17.50M | – | – |
| Research and development (GAAP), nine months 2026GAAP | $52.51M | – | – |
| Sales and marketing (GAAP), Q3 2026GAAP | $19.59M | – | – |
| Sales and marketing (GAAP), nine months 2026GAAP | $61.74M | – | – |
| General and administrative (GAAP), Q3 2026GAAP | $14.67M | – | – |
| General and administrative (GAAP), nine months 2026GAAP | $41.68M | – | – |
| Total operating expenses (GAAP), Q3 2026GAAP | $51.77M | – | – |
| Total operating expenses (GAAP), nine months 2026GAAP | $155.9M | – | – |
| Non-GAAP operating expenses, Q3 2026non-GAAP | $41.55M | – | 16% |
| Non-GAAP operating expenses, nine months 2026non-GAAP | $123.2M | – | 8% |
| Non-GAAP operating expenses, constant currency, Q3 2026non-GAAP | $39.42M | – | 5% (constant currency) |
| Non-GAAP operating expenses, constant currency, nine months 2026non-GAAP | $114.7M | – | (2)% (constant currency) |
| Operating profit (loss), Q3 2026GAAP | −$2.49M | – | – |
| Operating profit (loss), nine months 2026GAAP | −$15.80M | – | – |
| Interest income (expense), net, Q3 2026GAAP | $1.92M | – | – |
| Interest income (expense), net, nine months 2026GAAP | $6.33M | – | – |
| Provision for income taxes, Q3 2026GAAP | $1.44M | – | – |
| Provision for income taxes, nine months 2026GAAP | $3.96M | – | – |
| Net profit (loss), Q3 2026GAAP | −$1.31M | – | – |
| Net profit (loss), nine months 2026GAAP | −$14.85M | – | – |
| Net profit (loss) margin, Q3 2026GAAP | (1)% | – | – |
| Net profit (loss) margin, nine months 2026GAAP | (5)% | – | – |
| Net profit (loss) per share, diluted, Q3 2026GAAP | $(0.01) | – | – |
| Net profit (loss) per share, diluted, nine months 2026GAAP | $(0.11) | – | – |
| Non-GAAP net profit, Q3 2026non-GAAP | $9.32M | – | – |
| Non-GAAP net profit, nine months 2026non-GAAP | $19.20M | – | – |
| Non-GAAP net profit per share, diluted, Q3 2026non-GAAP | $0.07 | – | – |
| Non-GAAP net profit per share, diluted, nine months 2026non-GAAP | $0.13 | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $8.14M | – | 47% |
| Adjusted EBITDA, nine months 2026non-GAAP | $18.25M | – | – |
| Adjusted EBITDA margin, Q3 2026non-GAAP | 7% | – | – |
| Adjusted EBITDA margin, nine months 2026non-GAAP | 6% | – | – |
| Net cash provided by operating activities, Q3 2026GAAP | $15.85M | – | – |
| Net cash provided by operating activities, nine months 2026GAAP | $38.73M | – | – |
| Free cash flow, Q3 2026non-GAAP | $15.18M | – | – |
| Free cash flow, nine months 2026non-GAAP | $37.13M | – | – |
FY2026 (year ending December 31, 2026) outlook
- Revenue$427 million to $433 million, or $430 million at the midpoint (prior range $400 million to $410 million)
- NoteAdjusted EBITDA $39 million to $43 million, or $41 million at the midpoint (prior range $33 million to $39 million)
- NoteCompany states that revenue guidance reflects the flow-through of Q3 revenue outperformance and an incremental raise based on momentum in the business
- NoteCompany states the primary factors that may determine where it falls within each range are the timing and ramping of new merchant go-lives and existing merchant upsells, success in retaining merchants, and the broader macro environment
- NoteCompany states it cannot reconcile forward-looking Adjusted EBITDA, non-GAAP gross profit, non-GAAP operating expense or free cash flow to GAAP without unreasonable effort, citing foreign currency transaction gains or losses among other items
Capital returns
- Purchases of treasury shares: $(2,279) thousand in Q3 2026 vs $(25,253) thousand in Q3 2025 (cash flow statement)
- Purchases of treasury shares: $(94,117) thousand in nine months 2026 vs $(69,204) thousand in nine months 2025 (cash flow statement)
- Treasury shares outstanding: 72,379,393 at September 30, 2026 vs 52,025,888 at December 31, 2025 (balance sheet)
- Company states that its liquidity gives it flexibility to opportunistically repurchase shares and evaluate inorganic opportunities
- No dividend is mentioned in the filing
What drove it
- Company attributes Q3 2026 revenue growth to continued new merchant and upsell activity
- Company states that Digital Finance billings grew more than 300% year over year, driven primarily by the continued ramp of new merchants onboarded in the second quarter, with upsell activity across the existing base contributing as well
- Company states that its Electronics, General, and Home verticals collectively grew by 12% year over year, supported by new business and upsell activity (growth measured on billings, no revenue figures printed)
- Company states it added new logos across all four regions, with eight of its top ten new logos headquartered outside the United States, up from five in each of the first two quarters of 2026
- Company launched Agent Identity Risk Intelligence and announced a Zendesk partnership, both described as aimed at fraud and policy abuse in agentic commerce
- CFO states that revenue growth and Adjusted EBITDA growth were achieved while continuing to drive operating leverage (company characterization, no quantified bridge given)
Concerns
- GAAP gross profit margin was 43% in Q3 2026 compared with 50% in Q3 2025, and 46% for nine months 2026 compared with 49%; non-GAAP gross margin was 43% vs 51% in Q3
- GAAP cost of revenue rose to $65,904 thousand in Q3 2026 from $40,799 thousand in Q3 2025, while revenue rose to $115,181 thousand from $81,862 thousand; the filing does not state a cause for the change in gross margin
- GAAP net loss persists: $(1,313) thousand in Q3 2026 and $(14,845) thousand for nine months 2026, although both are narrower than the prior-year periods
- Interest income, net fell to $1,917 thousand in Q3 2026 from $3,274 thousand in Q3 2025, and to $6,326 thousand for nine months from $10,568 thousand
- Cash, deposits and investments declined on the balance sheet from December 31, 2025, with short-term investments down to 41,077 thousand from 130,428 thousand and total shareholders' equity down to $213,615 thousand from $294,759 thousand, alongside $(94,117) thousand of nine-month treasury share purchases
- The company's own forward-looking statements cite merchant concentration, pricing pressure, churn, macroeconomic conditions and the strength of the Israeli shekel against the US dollar among risk factors
What to watch
- Timing and ramp of new merchant go-lives and existing merchant upsells, which the company names as the main factors for where results land within guidance
- Merchant retention, which the company names as a factor in guidance
- Whether GAAP gross profit margin recovers from 43% toward the prior-year level of 50%
- Sustainability of Digital Finance billings growth and vertical growth in Electronics, General, and Home
- Agent Identity Risk Intelligence and the Zendesk integration, as the company links these to agentic commerce
- Use of the $234.9 million cash, deposits and investments for platform investment, share repurchases or acquisitions
- Q4 2026 results against the raised FY2026 revenue range of $427 million to $433 million and Adjusted EBITDA range of $39 million to $43 million
Balance sheet and cash flow
- Cash and cash equivalents: $188,866 thousand at September 30, 2026 vs $162,152 thousand at December 31, 2025
- Cash, deposits and investments: approximately $234.9 million at September 30, 2026 (press release text)
- Short-term investments: 41,077 thousand at September 30, 2026 vs 130,428 thousand at December 31, 2025 (balance sheet, in thousands)
- Total assets: $339,168 thousand at September 30, 2026 vs $410,571 thousand at December 31, 2025
- Total shareholders' equity: $213,615 thousand at September 30, 2026 vs $294,759 thousand at December 31, 2025
- Total liabilities: $125,553 thousand at September 30, 2026 vs $115,812 thousand at December 31, 2025
- Debt: company states zero debt at September 30, 2026
- Company states that Q3 2026 free cash flow of $15.2 million is a record
- Net cash provided by investing activities, Q3 2026: $71,210 thousand vs $(22,556) thousand in Q3 2025 (cash flow statement)
- Cash and cash equivalents, end of period: $188,866 thousand at September 30, 2026 vs $228,845 thousand at September 30, 2025
Analysis
Riskified reported Q3 2026 revenue of $115,181 thousand, up 41% from $81,862 thousand in Q3 2025, against 22% growth in Q2 2026 as stated in the release. Nine-month revenue was $302,140 thousand, up 23% from $245,309 thousand. The company attributes the acceleration to continued new merchant and upsell activity. GMV reviewed through the platform rose 18% year over year to $44,564 million in Q3 2026, and 14% for nine months, so GMV and revenue growth diverged in the quarter; the release describes GMV as directionally correlated with revenue but does not reconcile the two.
Profitability improved on the non-GAAP side while GAAP margins compressed. GAAP gross profit grew 20% to $49,277 thousand, but GAAP gross margin was 43% against 50% a year earlier, and cost of revenue increased to $65,904 thousand from $40,799 thousand. Non-GAAP gross margin was 43% against 51%. The filing does not state a cause for the gross margin change. Operating expenses were broadly flat on a GAAP basis: total operating expenses were $51,771 thousand against $50,014 thousand, with sales and marketing up and general and administrative up slightly. GAAP operating loss narrowed to $(2,494) thousand from $(8,951) thousand. Adjusted EBITDA rose to $8,143 thousand from $5,553 thousand, a margin of 7% in both periods. Non-GAAP net profit was $9,324 thousand against $6,698 thousand, and non-GAAP diluted EPS was $0.07 against $0.04. GAAP net loss narrowed to $(1,313) thousand from $(7,806) thousand, and GAAP diluted EPS was $(0.01) against $(0.05).
Cash generation was strong. Operating cash flow was $15,848 thousand and free cash flow was $15,178 thousand in Q3 2026, against $13,505 thousand and $13,385 thousand a year earlier. Nine-month free cash flow was $37,132 thousand against $22,361 thousand. The company reports approximately $234.9 million of cash, deposits and investments and zero debt at September 30, 2026. Treasury share purchases were $(2,279) thousand in Q3 2026 against $(25,253) thousand, and $(94,117) thousand for nine months against $(69,204) thousand. Treasury shares rose to 72,379,393 from 52,025,888 since year end, and total shareholders' equity fell to $213,615 thousand from $294,759 thousand over the same period.
The FY2026 outlook was raised. Revenue is now guided to $427 million to $433 million, against the previously printed range of $400 million to $410 million, and Adjusted EBITDA to $39 million to $43 million, against $33 million to $39 million. The company says the revenue raise reflects the flow-through of Q3 outperformance and an incremental raise based on momentum. Guidance for gross margin, operating expenses and tax rate is not given as numbers in the release. The company names go-live and upsell timing, merchant retention and the macro environment as the factors that will determine where results fall within the ranges.
The figures that deserve attention are the GAAP gross margin decline to 43% from 50%, the rise in cost of revenue alongside revenue, the reduction in interest income to $1,917 thousand from $3,274 thousand, and the gap between 41% revenue growth and 18% GMV growth in the quarter. The Digital Finance billings growth of more than 300% is a billings figure, and the release does not print its revenue share.
Management, verbatim
We delivered 41% revenue growth and we’re raising our outlook for the third time this year. Merchants facing faster, more sophisticated fraud are turning to our risk intelligence platform and adopting more of our products.
Eido Gal, CEO & Co-Founder of Riskified
We delivered record revenue in the third quarter while continuing to drive operating leverage. Revenue grew 41% year-over-year to $115.2 million, accelerating from 22% growth in the second quarter, and Adjusted EBITDA increased 47% to $8.1 million.
Aglika Dotcheva, Chief Financial Officer of Riskified
Not in the filing
stated, not guessed- No previous-period outlook document was supplied, so vs_prior_guidance is empty; the prior ranges appear only in the release text
- Year-over-year change for GAAP gross margin, cost of revenue, operating profit, interest income, tax provision, GAAP EPS and non-GAAP EPS was not printed as a percentage
- Year-over-year change for non-GAAP gross profit and non-GAAP margin was not printed as a percentage
- Year-over-year change for operating cash flow and free cash flow was not printed as a percentage
- Sequential (prior quarter, Q2 2026) figures were not printed in the release tables, so qoq_change is null throughout
- Segment revenue is not disclosed; vertical and Digital Finance growth is given only as billings or percentage growth without revenue figures
- Gross margin, operating expense and tax rate guidance were not given as numbers
- Dividend policy or dividend payments are not mentioned
- Cause of the GAAP gross margin decline is not stated in the filing
- Stock price reaction and analyst consensus are not in the documents
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. A figure in this read could not be matched to the filing. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Riskified Ltd., a NYSE‑listed e‑commerce fraud‑prevention firm, filed its Q3 2026 earnings via a Form 6‑K, providing the first public disclosure of its quarterly results and updated outlook.
Ticker impact
Riskified Ltd. reported Q3 2026 revenue up 41% YoY to $115.2M and raised full-year revenue guidance to $430M, indicating stronger growth.
upward pressure as investors price in higher revenue and EBITDA outlook
The company delivered strong quarterly results and explicitly raised its revenue and Adjusted EBITDA guidance, a clear catalyst for near‑term buying.
Market effects
Positive for e‑commerce fraud‑prevention and digital finance providers as the market sees higher spend on risk intelligence.
U.S. tech and fintech stocks may see modest upside on the back of Riskified's strong guidance.
Signals growing demand for fraud‑prevention solutions worldwide, potentially benefiting global peers.
Counterpoint
If the raised guidance is already priced in, the stock could face a short‑term pullback on profit‑taking.
Key entities
- companyRiskified Ltd.
E‑commerce fraud and risk intelligence provider
- executiveEido Gal
CEO & Co‑Founder of Riskified
