Revenue growth has accelerated from 24.0% in 2024Q1 to 39.1% in 2026Q2, while operating margin has expanded dramatically from -20.1% to 14.9% over the same period, demonstrating powerful operating leverage.
Global-e Online Ltd. (GLBE) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 1.11B | 962.2M | 752.76M | 569.95M | 409.05M | 245.27M | 136.38M | 65.85M | 38.64M |
| Revenue Growth % | 31.4% | 27.82% | 32.08% | 39.33% | 66.77% | 79.85% | 107.09% | 70.42% | - |
| Cost of Goods Sold | 607.27M | 525.95M | 413.33M | 336.34M | 250.87M | 153.84M | 92.9M | 47.19M | 30.05M |
| COGS % of Revenue | - | 54.66% | 54.91% | 59.01% | 61.33% | 62.72% | 68.12% | 71.66% | 77.77% |
| Gross Profit | 501.25M | 436.25M | 339.43M | 233.6M | 158.18M | 91.43M | 43.47M | 18.66M | 8.59M |
| Gross Margin % | 45.22% | 45.34% | 45.09% | 40.99% | 38.67% | 37.28% | 31.88% | 28.34% | 22.23% |
| Gross Profit Growth % | - | 28.52% | 45.3% | 47.68% | 73% | 110.32% | 132.92% | 117.28% | - |
| Operating Expenses | 343.25M | 364.58M | 407.36M | 370.66M | 347.5M | 157.09M | 35.06M | 23.61M | 18.97M |
| OpEx % of Revenue | - | 37.89% | 54.12% | 65.03% | 84.95% | 64.05% | 25.71% | 35.86% | 49.09% |
| Selling, General & Admin | 211.42M | 241.82M | 301.87M | 273.09M | 266.3M | 127.33M | 19.66M | 11.58M | 9.43M |
| SG&A % of Revenue | - | 25.13% | 40.1% | 47.92% | 65.1% | 51.91% | 14.42% | 17.59% | 24.4% |
| Research & Development | 131.84M | 122.75M | 105.49M | 97.57M | 81.21M | 29.76M | 15.4M | 12.03M | 9.54M |
| R&D % of Revenue | - | 12.76% | 14.01% | 17.12% | 19.85% | 12.13% | 11.29% | 18.27% | 24.69% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 157.99M | 71.67M | -67.93M | -137.06M | -189.32M | -65.66M | 8.41M | -4.95M | -10.38M |
| Operating Margin % | 14.25% | 7.45% | -9.02% | -24.05% | -46.28% | -26.77% | 6.17% | -7.52% | -26.86% |
| Operating Income Growth % | - | 205.51% | 50.44% | 27.61% | -188.35% | -880.43% | 269.93% | 52.29% | - |
| EBITDA | 180.36M | 92.65M | 101.61M | 35.61M | -159.91M | -65.33M | 8.65M | -4.78M | -10.22M |
| EBITDA Margin % | 16.27% | 9.63% | 13.5% | 6.25% | -39.09% | -26.63% | 6.34% | -7.26% | -26.44% |
| EBITDA Growth % | -0.3% | -8.81% | 185.31% | 122.27% | -144.78% | -855.4% | 280.92% | 53.21% | - |
| D&A (Non-Cash Add-back) | 17.66M | 20.98M | 169.54M | 172.67M | 29.42M | 331K | 235K | 171K | 162K |
| EBIT | 162.7M | 71.67M | -67.93M | -131.8M | -189.32M | -65.66M | 8.41M | -4.95M | -10.38M |
| Net Interest Income | -5.47M | -1.17M | -11.46M | 5.26M | -12.09M | -8.57M | -4.34M | -2.56M | -1.17M |
| Interest Income | 0 | 0 | 0 | 5.26M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.47M | 1.17M | 11.46M | 0 | 12.09M | 8.57M | 4.34M | 2.56M | 1.17M |
| Other Income/Expense | -762K | -1.17M | -11.46M | 5.26M | -12.09M | -8.57M | -4.34M | -2.56M | -1.17M |
| Pretax Income | 157.23M | 70.5M | -79.39M | -131.8M | -201.42M | -74.23M | 4.07M | -7.51M | -11.54M |
| Pretax Margin % | 14.18% | 7.33% | -10.55% | -23.12% | -49.24% | -30.26% | 2.99% | -11.4% | -29.87% |
| Income Tax | 3.52M | 2.23M | -3.85M | 2.01M | -6.01M | 705K | 160K | 34K | 50K |
| Effective Tax Rate % | 2.24% | 3.16% | 4.84% | -1.52% | 2.98% | -0.95% | 3.93% | -0.45% | -0.43% |
| Net Income | 153.71M | 68.27M | -75.55M | -133.81M | -195.41M | -74.93M | 3.91M | -7.54M | -11.59M |
| Net Margin % | 13.87% | 7.1% | -10.04% | -23.48% | -47.77% | -30.55% | 2.87% | -11.46% | -30% |
| Net Income Growth % | 640.86% | 190.37% | 43.54% | 31.52% | -160.77% | -2014.49% | 151.88% | 34.93% | - |
| Net Income (Continuing) | 153.71M | 68.27M | -75.55M | -133.81M | -195.41M | -74.93M | 3.91M | -7.54M | -11.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.88 | 0.39 | -0.45 | -0.81 | -1.24 | -0.74 | 0.01 | -0.07 | -0.10 |
| EPS Growth % | 609.96% | 186.67% | 44.44% | 34.68% | -67.57% | - | 108.95% | 34.1% | - |
| EPS (Basic) | - | 0.40 | -0.45 | -0.81 | -1.24 | -0.74 | 0.01 | -0.07 | -0.10 |
| Diluted Shares Outstanding | 175.12M | 175.99M | 167.32M | 164.35M | 157.69M | 101.74M | 28.64M | 122.07M | 122.07M |
| Basic Shares Outstanding | 167.54M | 169.89M | 167.32M | 164.35M | 157.69M | 101.74M | 28.64M | 114.55M | 114.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GLBE stock.
For fiscal year 2025, Global-e Online Ltd. (GLBE) reported total revenue of $962.2M. This represents a 2390.2% increase compared to $38.6M in 2018.
Global-e Online Ltd. (GLBE) is profitable, generating $68.3M in net income for the fiscal year ending 2025 with a net profit margin of 7.1%.
Global-e Online Ltd. (GLBE) reported an operating income of $71.7M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Global-e Online Ltd. (GLBE) generated $436.2M in gross profit for the year, representing a gross profit margin of 45.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
GMV-linked revenue cyclicality
Sustained High-Velocity Growth
Global-e's revenue growth has accelerated from 24.0% in 2024Q1 to 39.1% in 2026Q2, indicating strong momentum in its transaction-based model. This acceleration, as reported in recent SEC filings, suggests the company is successfully capturing a larger share of the cross-border e-commerce market.
The consistent acceleration in year-over-year revenue growth, from the mid-20s to nearly 40%, points to successful merchant acquisition and increased GMV throughput, likely driven by the deepening Shopify Markets Pro integration. This trajectory implies the company's localization platform is gaining significant traction, moving beyond a cyclical recovery into a phase of structural market share gains.
Gross Margin Stability Amid Mix Shift
Gross margins have remained remarkably stable in the 44-46% range over the past ten quarters, despite significant revenue growth. This stability, based on reported figures, suggests the company is effectively managing the variable cost structure of its fulfillment services while scaling its higher-margin platform fees.
The consistent gross margin band indicates that the revenue mix between lower-margin fulfillment pass-throughs and higher-margin service fees is holding steady, or that logistics cost efficiencies are offsetting any mix dilution. This stability is a positive indicator of pricing power and operational discipline, though it also suggests the business has not yet achieved a significant mix shift toward pure software-like margins.
Operating Leverage Finally Materializing
Operating income swung from a loss of $29.3M in 2024Q1 to a profit of $44.7M in 2026Q2, demonstrating powerful operating leverage as revenue scales. This inflection, as seen in the financial statements, indicates that fixed overhead costs like R&D and SG&A are being absorbed by a rapidly expanding revenue base.
The dramatic improvement in operating margin from -20.1% to 14.9% over ten quarters is the most significant development in the income statement. It suggests that the company's heavy prior investments in technology and sales infrastructure are now yielding returns, and that incremental revenue is flowing through to the bottom line at a high rate, a hallmark of a maturing platform business.
SG&A Discipline Driving Profitability
Selling, General & Administrative expenses as a percentage of revenue have fallen from 47.3% in 2024Q1 to 17.5% in 2026Q2, representing the primary driver of margin expansion. This trend, based on the company's reported cost structure, highlights a significant improvement in sales efficiency and overhead leverage.
The sharp decline in SG&A intensity is more impactful than the stable R&D spend, which has grown in absolute terms but declined as a percentage of revenue. This implies management has successfully scaled its commercial operations without a proportional increase in headcount or marketing spend, likely benefiting from the organic pull of the Shopify partnership and a more efficient go-to-market motion.
The 2025Q4 Profitability Breakthrough
The fourth quarter of 2025 marked a clear inflection point, with the company posting its first material quarterly operating profit of $63.3M and a net margin of 18.6%. This period, as reported in financial statements, appears to be the culmination of scaling efforts, demonstrating the model's ability to generate substantial earnings during peak seasonal demand.
This quarter is critical because it proves the business can achieve high profitability at scale, not just incremental improvement. The combination of peak holiday GMV and a now-optimized cost structure resulted in operating income that was more than six times that of the prior year's quarter, establishing a new baseline for earnings potential and validating the long-term investment thesis.
Margin Sustainability at Scale
The rapid expansion to a 14.9% operating margin in 2026Q2 may be partially inflated by favorable seasonality and could face pressure as the company invests to capture the next wave of growth. Investors should monitor whether the current cost discipline can be maintained as the company pursues larger, more complex enterprise accounts.
The strongest challenge to the bullish narrative is the sustainability of the current margin profile. The leap from near-breakeven to double-digit operating margins in two years is exceptional, but it coincides with peak e-commerce periods. A potential counter-argument is that maintaining this level of SG&A efficiency will become harder as the company saturates the mid-market and must spend more to win and service larger, more demanding global brands.