Q2 FY2026
Filed Aug 12, 2026Global-e Achieves Significant GMV, Revenue and Profit Expansion in the Second Quarter of 2026, Raises Outlook for the Year
GMV increased 44% year over year, revenue increased 39% year over year, Adjusted EBITDA increased 62% year over year, and the company raised FY 2026 outlook across GMV, revenue and Adjusted EBITDA.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gross Merchandise Valueother | $2,089 million | – | 44% |
| RevenueGAAP | $299.0 million | – | 39% |
| Cost of revenueGAAP | $167,127 (In thousands) | – | – |
| Gross profitGAAP | $131.9 million | – | – |
| Gross marginGAAP | 44.1% | – | – |
| Non-GAAP gross profitnon-GAAP | $135.4 million | – | 36% |
| Non-GAAP gross marginnon-GAAP | 45.3% | – | – |
| Research and development expenseGAAP | $34,979 (In thousands) | – | – |
| Sales and marketing expenseGAAP | $35,820 (In thousands) | – | – |
| General and administrative expenseGAAP | $16,395 (In thousands) | – | – |
| Total operating expensesGAAP | $87,194 (In thousands) | – | – |
| Operating profitGAAP | $44,679 (In thousands) | – | – |
| Financial income, netGAAP | $(4,711) (In thousands) | – | – |
| Profit before income taxesGAAP | $49,390 (In thousands) | – | – |
| Income taxesGAAP | $1,667 (In thousands) | – | – |
| Net profit attributable to ordinary shareholdersGAAP | $47.7 million | – | – |
| Net profit per share attributable to ordinary shareholders, basicGAAP | $0.28 | – | – |
| Net profit per share attributable to ordinary shareholders, dilutedGAAP | $0.27 | – | – |
| Adjusted EBITDAnon-GAAP | $62.4 million | – | 62% |
| Adjusted EBITDA marginnon-GAAP | 20.9% | – | 300 basis points |
| Non-GAAP net profitnon-GAAP | $64.9 million | – | – |
| Non-GAAP net profit per share, basicnon-GAAP | $0.39 | – | – |
| Non-GAAP net profit per share, dilutednon-GAAP | $0.37 | – | – |
| Net cash provided by operating activitiesGAAP | $73.6 million | – | – |
| Purchase of property and equipmentGAAP | $(452) (In thousands) | – | – |
| Free Cash Flownon-GAAP | $73.2 million | – | – |
| Six Months RevenueGAAP | $551,086 (In thousands) | – | – |
| Six Months Gross Merchandise Valueother | 3,830,837 (In thousands) | – | – |
| Six Months Operating profit (loss)GAAP | $77,651 (In thousands) | – | – |
| Six Months Net profit (loss) attributable to ordinary shareholdersGAAP | $78,078 (In thousands) | – | – |
| Six Months Adjusted EBITDAnon-GAAP | $112,583 (In thousands) | – | – |
| Six Months Non-GAAP net profitnon-GAAP | $111,795 (In thousands) | – | – |
| Six Months Net cash provided by (used in) operating activitiesGAAP | $1,084 (In thousands) | – | – |
| Six Months Free Cash Flownon-GAAP | $271 (In thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Service fees47% of total revenue. | $139,427 (In thousands) | – | – |
| Fulfillment services53% of total revenue. | $159,573 (In thousands) | – | – |
| United States merchant outbound region51% of total revenue. | $151,380 (In thousands) | – | – |
| United Kingdom merchant outbound region19% of total revenue. | $58,270 (In thousands) | – | – |
| European Union merchant outbound region19% of total revenue. | $57,378 (In thousands) | – | – |
| Israel merchant outbound region0% of total revenue. | $247 (In thousands) | – | – |
| Other merchant outbound region11% of total revenue. | $31,725 (In thousands) | – | – |
Q3 2026 and FY 2026 outlook
- RevenueQ3 2026: $308.5 - $315.5 million; FY 2026: $1,305 - $1,355 million; Previous FY 2026: $1,220 - $1,280 million
- NoteGMV: Q3 2026: $1,995 - $2,045 million; FY 2026: $8,810 - $9,110 million; Previous FY 2026: $8,530 - $8,880 million
- NoteAdjusted EBITDA: Q3 2026: $58.5 - $62.5 million; FY 2026: $278 - $300 million; Previous FY 2026: $264.5 - $289.5 million
- NotePassport Q3 2026 GMV: ~$20 million (of Merchant of Record business)
- NotePassport Q3 2026 Revenue: $24-26 million
- NotePassport Q3 2026 Adjusted EBITDA: under $1 million
- NotePassport FY 2026 (H2 2026 contribution) GMV: ~$60 million (of Merchant of Record business)
- NotePassport FY 2026 (H2 2026 contribution) Revenue: $55-59 million
- NotePassport FY 2026 (H2 2026 contribution) Adjusted EBITDA: $3-4 million
Capital returns
- Executed $68 million of share repurchases in Q2 2026.
- Completed the 2025 share repurchase plan of $200 million.
- On June 4, 2026, the Global-e Board of Directors authorized a new, incremental $500 million share repurchase plan.
- Repurchase of shares was $(67,999) (In thousands) for the three months ended June 30, 2026 and $(126,944) (In thousands) for the six months ended June 30, 2026.
What drove it
- Very strong volumes from existing merchants and the 2025 cohort of launched merchants.
- Strong initial performance from recently onboarded merchants.
- Operating leverage and efficiency gains driven throughout the business using AI.
- Managed Markets Version 2.0 became available in Canada and the UK, expanding availability beyond the US for the first time.
- The company migrated the remaining merchants from Managed Markets Version 1.0 to Version 2.0.
- Global-e continued to launch enterprise brands across Europe, the UK, North America and APAC.
- The company expanded scope of business with merchants including FIGS, Pokémon, Peter Millar and G/FORE, and Isabel Marant.
Concerns
- Non-GAAP gross margin was 45.3%, compared to 46.5% in the second quarter of 2025.
- Accounts receivable was $(34,483) (In thousands) within Q2 2026 operating cash flow adjustments.
- The company cannot provide a forward-looking reconciliation of Adjusted EBITDA to Net Profit (Loss) without unreasonable effort.
- The filing identifies risks related to tariffs and other trade regulations, shipping rates, foreign-currency exchange rates, third-party dependencies, Shopify platform adaptation, international operations, regulatory requirements, and the ongoing war and related hostilities in Israel.
What to watch
- Q3 2026 GMV guidance of $1,995 - $2,045 million, revenue guidance of $308.5 - $315.5 million, and Adjusted EBITDA guidance of $58.5 - $62.5 million.
- Passport's expected Q3 2026 contribution of ~$20 million of GMV, $24-26 million of revenue, and under $1 million of Adjusted EBITDA.
- FY 2026 GMV guidance of $8,810 - $9,110 million, revenue guidance of $1,305 - $1,355 million, and Adjusted EBITDA guidance of $278 - $300 million.
- Further rollout and merchant response to Shopify Managed Markets Version 2.0 in Canada and the UK.
- The pace of merchant launches and expanded scope of business with existing merchants.
- Whether non-GAAP gross margin sustains or improves from 45.3%.
Balance sheet and cash flow
- Cash and cash equivalents were $285,356 (In thousands) as of June 30, 2026, compared with $245,860 (In thousands) as of December 31, 2025.
- Short-term deposits were $170,392 (In thousands) as of June 30, 2026, compared with $302,829 (In thousands) as of December 31, 2025.
- Marketable securities were $74,660 (In thousands) as of June 30, 2026, compared with $74,147 (In thousands) as of December 31, 2025.
- Total assets were $1,355,258 (In thousands) as of June 30, 2026, compared with $1,462,787 (In thousands) as of December 31, 2025.
- Total liabilities were $451,602 (In thousands) as of June 30, 2026, compared with $530,103 (In thousands) as of December 31, 2025.
- Total shareholders' equity was $903,656 (In thousands) as of June 30, 2026, compared with $932,684 (In thousands) as of December 31, 2025.
- Net cash provided by operating activities was $73.6 million in Q2 2026.
- Free Cash Flow generated was $73.2 million in Q2 2026.
Analysis
Global-e reported strong Q2 2026 operating momentum. GMV was $2,089 million, up 44% year over year, while revenue was $299.0 million, up 39% year over year. Management attributed the volume performance to existing merchants, the 2025 cohort of launched merchants and recently onboarded merchants. Service fees contributed $139.4 million of revenue and fulfillment services contributed $159.6 million of revenue.
Profitability improved substantially. GAAP gross profit was $131.9 million and non-GAAP gross profit was $135.4 million, up 36% year over year. Adjusted EBITDA increased 62% year over year to $62.4 million, and management reported Adjusted EBITDA margin of 20.9%, an expansion of 300 basis points year over year. GAAP operating profit was $44,679 (In thousands), compared with $10,513 (In thousands) a year earlier, while GAAP net profit attributable to ordinary shareholders was $47.7 million and non-GAAP net profit was $64.9 million.
The main margin item requiring attention is gross margin. Non-GAAP gross margin was 45.3%, compared with 46.5% in Q2 2025, even as Adjusted EBITDA margin expanded. Operating expenses were $87,194 (In thousands), essentially unchanged from $87,158 (In thousands) a year earlier. Sales and marketing expense was $35,820 (In thousands), compared with $43,957 (In thousands) a year earlier, while research and development and general and administrative expense increased.
Cash generation was strong in the quarter, with net cash provided by operating activities of $73.6 million and Free Cash Flow of $73.2 million. The company executed $68 million of share repurchases in Q2 2026, completing its 2025 share repurchase plan of $200 million. The board authorized a new, incremental $500 million share repurchase plan on June 4, 2026. Cash and cash equivalents were $285,356 (In thousands) at June 30, 2026.
Guidance was raised across all FY 2026 metrics. The company guided FY 2026 GMV to $8,810 - $9,110 million, revenue to $1,305 - $1,355 million, and Adjusted EBITDA to $278 - $300 million. Q3 guidance calls for GMV of $1,995 - $2,045 million, revenue of $308.5 - $315.5 million, and Adjusted EBITDA of $58.5 - $62.5 million. Passport is expected to contribute $24-26 million of Q3 revenue and $55-59 million of FY 2026 H2 revenue.
Management, verbatim
The second quarter continued to show great top-line momentum, fueled by very strong volumes from existing merchants and the 2025 cohort of launched merchants, as well as strong initial performance from recently onboarded merchants.
Amir Schlachet, Founder and CEO of Global-e
Given our operating leverage and the efficiency gains we are driving throughout the business using AI, our Adjusted EBITDA margin showed a significant step up of 300 basis points compared with last year, reaching over 20%.
Amir Schlachet, Founder and CEO of Global-e
Given the strong results through the first half of 2026 and the trends that we are seeing in the market today, we expect 2026 revenue growth to show meaningful year-on-year acceleration, and we remain ahead of our long-term growth targets.
Amir Schlachet, Founder and CEO of Global-e
Not in the filing
stated, not guessed- Q2 2026 GAAP gross margin prior-year comparison
- Q2 2026 GAAP gross profit year-over-year percentage change
- Q2 2026 GAAP operating profit year-over-year percentage change
- Q2 2026 GAAP net profit year-over-year percentage change
- Q2 2026 GAAP and non-GAAP EPS year-over-year percentage changes
- Q2 2026 revenue category year-over-year and sequential growth rates
- Q2 2026 merchant outbound region year-over-year and sequential growth rates
- Q2 2026 debt balance
- Q2 2026 dividend information
- Forward guidance for gross margin, operating expenses and tax rate
- Previous-release outlook section for formal actual-versus-prior-guidance comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.