Q3 2025 Results: Free Cash Flow Soars as Growth Accelerates
Global-e (NASDAQ: GLBE), a platform powering global direct-to-consumer e-commerce, posted a standout third quarter for 2025, with free cash flow surging 246% year-over-year to $73.6 million. GMV rose 33% to $1.51 billion, revenue climbed 25% to $220.78 million, and adjusted EBITDA grew 33% to $41.26 million. Notably, net profit flipped positive to $13.18 million from a loss of $22.56 million a year earlier.
| Metric | Q3 2025 | Y/Y Change |
|---|---|---|
| Gross Merchandise Value (GMV) | $1,512M | +33% |
| Revenue | $220.78M | +25% |
| Adjusted EBITDA | $41.26M | +33% |
| Free Cash Flow | $73.58M | +246% |
| Net Profit | $13.18M | N/A (vs. loss) |
Guidance Raised as Merchant Momentum Continues
On the back of these strong results, GLBE management raised full-year 2025 guidance for all key metrics. The company now projects GMV of $6.40–$6.52 billion and revenue of $944.1–$960.1 million for the year, both ahead of prior forecasts. Adjusted EBITDA guidance was also nudged higher.
| Metric | Q4 2025 Guidance | FY 2025 Guidance | Previous FY 2025 |
|---|---|---|---|
| GMV | $2,195M–$2,315M | $6,404M–$6,524M | $6,220M–$6,520M |
| Revenue | $318.5M–$334.5M | $944.1M–$960.1M | $921.5M–$971.5M |
| Adjusted EBITDA | $74.3M–$88.7M | $185.6M–$200M | $180M–$200M |
Merchant Expansion and Product Innovation Fuel Topline Strength
GLBE’s performance reflects strong demand from both new and existing merchants. The company onboarded major names across North America, Europe, and Asia-Pacific, including Everlane, Aritzia, Coach, Chloe, and Bandai Spirits. In addition, several brands expanded into new geographies using Global-e’s platform, reinforcing its positioning as the go-to enabler for international e-commerce growth.
Product innovations like Shopify Managed Markets, which entered beta testing, and increasing adoption of customs duty solutions, have helped GLBE and its merchants navigate new tariffs and cross-border complexities.
Profitability Trends Point to Strengthening Business Model
GLBE’s non-GAAP gross margin was stable at 46.3%, only slightly lower than 46.7% last year, even as the business scaled rapidly. Cash flow generation has improved meaningfully, as evidenced by the free cash flow leap and net cash from operating activities reaching $74.3 million for the quarter.
Shareholder Value: Share Buyback and Financial Resilience
Backing up its confidence in future prospects, GLBE’s board authorized a $200 million share repurchase program. As of September 30, 2025, the company held over $251 million in cash and cash equivalents and maintained strong shareholders’ equity of $932.99 million, underlining a robust financial foundation.
Key Financial Metrics – Q3 2025
| Metric | Value |
|---|---|
| Non-GAAP Gross Profit | $102.13M |
| Non-GAAP Gross Margin | 46.3% |
| Net Cash from Operations | $74.3M |
| Cash & Equivalents (Sep 30, 2025) | $251.38M |
| Total Shareholders' Equity | $932.99M |
Takeaway: Strong Execution and Upward Guidance Reinforce Growth Narrative
GLBE’s Q3 2025 performance delivers clear evidence of scaling success, margin discipline, and expanding merchant adoption. The company’s willingness to invest in new solutions and share buybacks points to continued momentum into Q4 and beyond. For investors tracking the evolution of global e-commerce enablers, these results and raised forecasts offer new reasons to keep a close eye on Global-e’s journey.
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