Revenue growth has decelerated into a 1.6% contraction as of 2026Q1, though disciplined expense management successfully pushed operating margins to 8.1% from a 5.7% loss in 2024Q4.
| Sales/Revenue | 429.22M | 430.91M | 391.48M | 361.38M | 337.37M | 297.66M | 189.51M | 107.07M | 75.5M | 52.11M |
| Revenue Growth % | 5.94% | 10.07% | 8.33% | 7.12% | 13.34% | 57.07% | 76.99% | 41.81% | 44.89% | - |
| Cost of Goods Sold | 80.37M | 83.16M | 70.57M | 61.85M | 65.95M | 51.72M | 33.19M | 22.22M | 15.62M | 13.36M |
| COGS % of Revenue | - | 19.3% | 18.03% | 17.11% | 19.55% | 17.38% | 17.51% | 20.76% | 20.69% | 25.64% |
| Gross Profit | 348.84M | 347.75M | 320.92M | 299.53M | 271.42M | 245.94M | 156.32M | 84.85M | 59.88M | 38.75M |
| Gross Margin % | 81.27% | 80.7% | 81.97% | 82.89% | 80.45% | 82.62% | 82.49% | 79.24% | 79.31% | 74.36% |
| Gross Profit Growth % | - | 8.36% | 7.14% | 10.36% | 10.36% | 57.33% | 84.24% | 41.69% | 54.53% | - |
| Operating Expenses | 336.33M | 348.93M | 336.73M | 314.64M | 345.95M | 291.28M | 168.13M | 119.6M | 96.35M | 58.27M |
| OpEx % of Revenue | - | 80.98% | 86.02% | 87.07% | 102.55% | 97.86% | 88.72% | 111.7% | 127.61% | 111.82% |
| Selling, General & Admin | 252.12M | 259.45M | 246.49M | 223.92M | 225.76M | 211.98M | 122.41M | 85.12M | 70.32M | 42.2M |
| SG&A % of Revenue | - | 60.21% | 62.96% | 61.96% | 66.92% | 71.22% | 64.59% | 79.49% | 93.13% | 80.98% |
| Research & Development | 84.21M | 89.48M | 90.24M | 90.72M | 92.56M | 79.3M | 45.72M | 34.48M | 26.04M | 16.07M |
| R&D % of Revenue | - | 20.76% | 23.05% | 25.1% | 27.44% | 26.64% | 24.12% | 32.21% | 34.48% | 30.85% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 27.63M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 12.51M | -1.18M | -15.82M | -15.11M | -74.53M | -45.34M | -11.81M | -34.75M | -36.47M | -19.52M |
| Operating Margin % | 2.92% | -0.27% | -4.04% | -4.18% | -22.09% | -15.23% | -6.23% | -32.45% | -48.3% | -37.46% |
| Operating Income Growth % | - | 92.56% | -4.69% | 79.73% | -64.39% | -283.91% | 66.01% | 4.71% | -86.8% | - |
| EBITDA | 26.34M | 13.52M | -5.34M | -9.12M | -64.35M | -38.46M | -7.47M | -31.18M | -34.22M | -18.43M |
| EBITDA Margin % | 6.14% | 3.14% | -1.36% | -2.52% | -19.07% | -12.92% | -3.94% | -29.12% | -45.32% | -35.37% |
| EBITDA Growth % | 912.06% | 353% | 41.44% | 85.82% | -67.3% | -414.78% | 76.04% | 8.88% | -85.64% | - |
| D&A (Non-Cash Add-back) | 13.82M | 14.69M | 10.48M | 5.99M | 10.19M | 6.88M | 4.34M | 3.57M | 2.25M | 1.09M |
| EBIT | 19.33M | -1.18M | 14.44M | 7.59M | -62M | -44.69M | -10.57M | -34.75M | -36.47M | -19.52M |
| Net Interest Income | 19.23M | 24.59M | 28.57M | 20.43M | 3.95M | -18.24M | -2.54M | 1.37M | 408K | 493K |
| Interest Income | 19.23M | 24.59M | 31.26M | 23.15M | 12.87M | 1.92M | 1.87M | 1.37M | 408K | 493K |
| Interest Expense | 0 | 0 | 2.69M | 2.73M | 8.91M | 20.16M | 4.41M | 0 | 0 | 0 |
| Other Income/Expense | 19.23M | 24.59M | 27.71M | 20.16M | 3.62M | -19.51M | -2.8M | 1.37M | 408K | 493K |
| Pretax Income | 31.74M | 23.42M | 11.89M | 5.05M | -70.91M | -64.85M | -14.61M | -33.38M | -36.06M | -19.03M |
| Pretax Margin % | 7.4% | 5.43% | 3.04% | 1.4% | -21.02% | -21.79% | -7.71% | -31.17% | -47.76% | -36.52% |
| Income Tax | 3M | 2.43M | -6.36M | 1.37M | 577K | 159K | 200K | 160K | 0 | 294K |
| Effective Tax Rate % | 9.43% | 10.39% | -53.48% | 27.17% | -0.81% | -0.25% | -1.37% | -0.48% | 0% | -1.54% |
| Net Income | 28.75M | 20.98M | 18.25M | 3.68M | -71.49M | -65.01M | -14.81M | -33.54M | -36.06M | -19.32M |
| Net Margin % | 6.7% | 4.87% | 4.66% | 1.02% | -21.19% | -21.84% | -7.81% | -31.32% | -47.76% | -37.08% |
| Net Income Growth % | 57.48% | 15% | 395.68% | 105.15% | -9.96% | -338.97% | 55.84% | 6.99% | -86.61% | - |
| Net Income (Continuing) | 28.75M | 20.98M | 18.25M | 3.68M | -71.49M | -65.01M | -14.81M | -33.54M | -36.06M | -19.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.79 | 0.56 | 0.48 | 0.09 | -1.94 | -1.81 | -0.46 | -1.64 | -1.41 | -0.75 |
| EPS Growth % | 63.81% | 16.67% | 410.64% | 104.85% | -7.18% | -293.48% | 71.95% | -16.31% | -88% | - |
| EPS (Basic) | - | 0.58 | 0.49 | 0.10 | -1.94 | -1.81 | -0.46 | -1.64 | -1.41 | -0.75 |
| Diluted Shares Outstanding | 36.6M | 37.17M | 37.84M | 39.15M | 36.86M | 35.96M | 32.32M | 20.5M | 25.64M | 25.64M |
| Basic Shares Outstanding | 35.97M | 36.28M | 36.98M | 38.07M | 36.86M | 35.96M | 32.32M | 20.5M | 25.64M | 25.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
SMB demand sensitivity
According to recent quarterly filings, Fiverr's revenue growth has decelerated from 14.8% in 2025Q2 to a contraction of 1.6% by 2026Q1, signaling that the platform's ability to capture incremental demand from its core SMB customer base is currently facing significant pressure in the current macroeconomic environment.
The transition from double-digit growth to a year-over-year decline suggests that the company's marketplace model is struggling to maintain momentum as the post-pandemic surge in digital service demand normalizes. Investors should monitor whether this trend reflects a permanent saturation of the addressable market or a temporary cyclical downturn in discretionary spending by small businesses.
As reported in financial statements, Fiverr successfully achieved positive operating income of $8.5M in 2026Q1, a notable shift from the $5.9M operating loss recorded in 2024Q4, primarily driven by a disciplined reduction in SG&A expenses relative to the company's stable gross profit generation.
The ability to scale operating income despite stagnant top-line growth indicates a pivot toward operational efficiency and cost control. This suggests that management is prioritizing bottom-line profitability over aggressive customer acquisition, which may be a necessary evolution for a maturing marketplace platform.
Based on the provided income statement data, the quality of net income has improved as the company transitioned away from heavy stock-based compensation, which reached $19.0M in 2024Q1 but appears to have been eliminated in recent quarters, thereby reducing the dilution impact on reported earnings per share.
The cessation of significant stock-based compensation expenses suggests a more conservative approach to capital management and a clearer path to GAAP profitability. However, analysts should remain cautious, as the reliance on non-operating items or tax adjustments to bolster net income may mask underlying operational volatility.
While Fiverr has demonstrated margin expansion, the sustainability of this trend is questionable, as the 8.1% operating margin in 2026Q1 appears heavily reliant on reduced marketing spend rather than organic growth, which may ultimately undermine the platform's long-term competitive positioning against rivals like Upwork.
Short-term profitability gains achieved through cutting variable costs like Sales & Marketing may lead to a long-term erosion of the active buyer base. Investors should investigate whether the current margin profile is a result of structural efficiency or a defensive posture that sacrifices future growth for immediate earnings targets.
Quick answers to the most common questions about buying FVRR stock.
For fiscal year 2025, Fiverr International Ltd. (FVRR) reported total revenue of $430.9M. This represents a 726.9% increase compared to $52.1M in 2017.
Fiverr International Ltd. (FVRR) is profitable, generating $21.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
Fiverr International Ltd. (FVRR) reported an operating income of $-1.2M, resulting in an operating profit margin of -0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Fiverr International Ltd. (FVRR) generated $347.8M in gross profit for the year, representing a gross profit margin of 80.7%. This demonstrates the company's core pricing power and production efficiency.