Cash flow remains volatile due to working capital fluctuations, evidenced by a $118.8 million outflow in 2026Q1 despite the company's low capital intensity of 0.1% CapEx/Revenue.
| Cash from Operations | 297.4M | 283.78M | 169.39M | 108.22M | 81.48M | 15.75M | 29.35M | 7.03M | -7.99M |
| Operating CF Margin % | - | 29.49% | 22.5% | 18.99% | 19.92% | 6.42% | 21.52% | 10.67% | -20.67% |
| Operating CF Growth % | 224.75% | 67.53% | 56.52% | 32.81% | 417.43% | -46.34% | 317.62% | 187.99% | - |
| Net Income | 116.48M | 68.27M | -75.55M | -133.81M | -195.41M | -74.93M | 3.91M | -7.54M | -11.59M |
| Depreciation & Amortization | 22.63M | 20.98M | 169.54M | 172.67M | 29.42M | 331K | 235K | 171K | 162K |
| Stock-Based Compensation | 10.06M | 0 | 39.16M | 44.96M | 38.91M | 12M | 3.96M | 221K | 219K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -8.18M | 116K | 52K | -7K | 45K |
| Other Non-Cash Items | 56.9M | 91.21M | 25.45M | -2.57M | 7.03M | 24K | -52K | 12K | -3.34M |
| Working Capital Changes | 91.34M | 103.32M | 10.8M | 26.97M | 209.71M | 78.21M | 21.25M | 14.18M | 3.23M |
| Change in Receivables | -10.82M | -21.48M | -13.33M | -22.49M | 2.66M | -5.59M | -1.65M | -1.19M | -332K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 24K | 13.26M | 11.49M | 2.46M |
| Change in Payables | -6.32M | 70.65M | 28.62M | -1.28M | 16.65M | 5.01M | 10.02M | 4.13M | 1.31M |
| Cash from Investing | -167.33M | -180.71M | -105.12M | -55.04M | -330.1M | -40.49M | -24.05M | -452K | -1.61M |
| Capital Expenditures | -2.98M | -3.1M | -2.33M | -1.74M | -8.35M | -2.88M | -456K | -264K | -108K |
| CapEx % of Revenue | 0.29% | 0.32% | 0.31% | 0.31% | 2.04% | 1.18% | 0.33% | 0.4% | 0.28% |
| Acquisitions | -18.02M | -17.76M | 0 | 53.3M | -317.48M | 16.76M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.38M | 0 | 0 | -53.3M | -4.27M | -16.76M | -23.59M | -188K | -1.5M |
| Cash from Financing | -134.24M | -70.83M | 3.28M | 1.99M | 1.24M | 398.61M | 59.36M | 147K | 19.97M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -134.82M | -70.83M | 3.28M | 0 | 0 | 396.49M | 58.82M | 0 | 19.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -135.54M | -72.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 581.07K | 0 | 0 | 1.99M | 1.24M | 2.11M | 539K | 147K | 93K |
| Net Change in Cash | -9.71M | -8.76M | 63.09M | 57.08M | -247.38M | 373.87M | 64.66M | 6.72M | 10.37M |
| Free Cash Flow | 294.43M | 280.68M | 167.06M | 106.48M | 73.13M | 12.87M | 28.89M | 6.76M | -8.1M |
| FCF Margin % | 28.74% | 29.17% | 22.19% | 18.68% | 17.88% | 5.25% | 21.19% | 10.27% | -20.95% |
| FCF Growth % | 96.89% | 68.02% | 56.89% | 45.6% | 468.46% | -55.48% | 327.17% | 183.56% | - |
| FCF per Share | 1.69 | 1.59 | 1.00 | 0.65 | 0.46 | 0.13 | 1.01 | 0.06 | -0.07 |
| FCF Conversion (FCF/Net Income) | 2.53x | 4.16x | -2.24x | -0.81x | -0.42x | -0.21x | 7.50x | -0.93x | 0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.6M | 729K | 249K | 5K | 68K | 65K | 8K |
Working capital volatility
As reported in recent financial statements, GLBE exhibits extreme volatility in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -2.39 in 2026Q1 to 3.69 in 2025Q4, suggesting that reported earnings are heavily influenced by non-cash accruals and timing differences.
The significant divergence between net income and operating cash flow indicates that the company's accounting earnings may not be a reliable proxy for immediate liquidity. Investors should monitor whether this volatility stems from the merchant-of-record model's inherent timing lags in tax and duty settlements, which can create temporary distortions in cash conversion.
Based on the provided cash flow data, working capital changes are the primary determinant of quarterly liquidity, with a massive $118.8 million outflow in 2026Q1 contrasting sharply with the $140.6 million inflow observed in 2025Q4, highlighting the cyclical nature of the company's cash management.
The dramatic swings in working capital suggest that GLBE's cash position is highly sensitive to the timing of merchant payouts and the settlement of cross-border logistics costs. This pattern implies that the company's cash flow is not yet stabilized and remains susceptible to seasonal shifts in global e-commerce transaction volumes.
According to historical filings, GLBE maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 1% across the last ten quarters, which suggests that the platform's growth is driven by software scalability rather than heavy investment in physical infrastructure or asset replacement.
The minimal capital expenditure requirements indicate that the company does not face the burden of significant maintenance capex, allowing for greater financial flexibility. This asset-light model appears to be a core structural advantage that differentiates the firm from traditional logistics-heavy competitors.
As evidenced by recent cash flow statements, the company has initiated share repurchases, including a $58.9 million outflow in 2026Q1, which warrants investigation given the simultaneous volatility in operating cash flow and the ongoing need to fund expansion through potential future acquisitions.
The decision to return capital to shareholders while operating cash flow remains inconsistent may indicate management's confidence in the long-term durability of the business model. However, investors should consider whether these buybacks are an efficient use of capital compared to reinvesting in the platform's technical moat.
Quick answers to the most common questions about buying GLBE stock.
Global-e Online Ltd. (GLBE) generated $283.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Global-e Online Ltd. (GLBE) generated $280.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Global-e Online Ltd. (GLBE) spent $3.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Global-e Online Ltd. (GLBE) spent $72.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.