How is Global-e Online (GLBE) turning 44% GMV growth into profit?

Sonal Goyal

28 October 2026 05:40 PM AEDT

How is Global-e Online (GLBE) turning 44% GMV growth into profit?

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Key Highlights

Global-e's second-quarter 2026 gross merchandise value was $2,089 million, up 44%, with Revenue up 39% to $299.0 million.
Adjusted EBITDA rose 62% to $62.4 million, a Margin of 20.9%.
The company raised its 2026 outlook to revenue of $1,305 million to $1,355 million and adjusted EBITDA of $278 million to $300 million.

Highest quarter to date and a raised outlook

Global-e Online Ltd. (NASDAQ:GLBE) reported second-quarter 2026 results on 12 August 2026, raising its full-year outlook. The company provides technology that helps merchants sell to shoppers in other countries, and its revenue is split between service fees and fulfilment services.

Gross merchandise value (GMV) was $2,089 million, up 44% year on year. Revenue rose 39% to $299.0 million, made up of $139.4 million of service fees and $159.6 million of fulfilment services.

Service fees were about 47% of revenue and fulfilment about 53%, and revenue equated to roughly 14.3% of GMV. Revenue growth of 39% trailed GMV growth of 44%, which means the company earned slightly less revenue per dollar of merchandise sold than a year earlier.

Profitability

GAAP Gross Profit was $131.9 million, while non-GAAP gross profit was $135.4 million, up 36%. Non-GAAP gross margin was 45.3%, compared with 46.5% in the second quarter of 2025, so gross profit grew more slowly than revenue.

Adjusted EBITDA, a non-GAAP measure, increased 62% to $62.4 million from $38.5 million, a margin of 20.9%. GAAP net profit was $47.7 million, and non-GAAP net profit was $64.9 million. The gap between the two measures reflects adjustments that are detailed in the reconciliation tables.

Cash generation and Capital returns

Operating cash flow was $73.6 million and free cash flow was $73.2 million. At 30 June 2026 the company held $285.4 million in cash and cash equivalents and $170.4 million in short-term deposits.

Global-e repurchased $68 million of shares in the quarter, completing its $200 million 2025 plan, and its board authorised a new $500 million repurchase plan on 4 June 2026. Buybacks can support per-share metrics, although the pace of any future repurchases is at management's discretion.

Guidance versus reported results

For the third quarter, management guided to GMV of $1,995 million to $2,045 million, revenue of $308.5 million to $315.5 million and adjusted EBITDA of $58.5 million to $62.5 million. For 2026, it raised its ranges to GMV of $8,810 million to $9,110 million, revenue of $1,305 million to $1,355 million and adjusted EBITDA of $278 million to $300 million. The previous ranges were $8,530 million to $8,880 million, $1,220 million to $1,280 million and $264.5 million to $289.5 million respectively.

These figures are forecasts rather than reported outcomes. The third-quarter GMV range is below the second quarter's $2,089 million, whereas revenue guidance is higher.

Taken together, the guidance suggests that management expects continued double-digit growth but not a rise in every quarterly metric each period.

What to watch

The next results are expected around 18 November 2026, although the company has not confirmed this date. Items to follow include reported GMV growth, non-GAAP gross margin, free cash flow generation and the scale of buybacks.

FAQs

Q: What was Global-e's GMV in the second quarter of 2026?

A: GMV was $2,089 million, up 44% year on year. Revenue rose 39% to $299.0 million.

Q: How much did adjusted EBITDA grow?

A: Adjusted EBITDA increased 62% to $62.4 million from $38.5 million, a margin of 20.9%.

Q: What is Global-e's raised 2026 outlook?

A: It expects GMV of $8,810 million to $9,110 million, revenue of $1,305 million to $1,355 million and adjusted EBITDA of $278 million to $300 million.

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