Operating leverage has improved significantly, with margins shifting from a -20.1% loss in 2024Q1 to a 13.1% profit in 2026Q1, supported by consistent gross margins near 45%.
| Sales/Revenue | 1.02B | 962.2M | 752.76M | 569.95M | 409.05M | 245.27M | 136.38M | 65.85M | 38.64M |
| Revenue Growth % | 28.57% | 27.82% | 32.08% | 39.33% | 66.77% | 79.85% | 107.09% | 70.42% | - |
| Cost of Goods Sold | 557.35M | 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 | 467.05M | 436.25M | 339.43M | 233.6M | 158.18M | 91.43M | 43.47M | 18.66M | 8.59M |
| Gross Margin % | 45.59% | 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 | 343.22M | 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 | 215.63M | 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 | 127.59M | 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 | 123.83M | 71.67M | -67.93M | -137.06M | -189.32M | -65.66M | 8.41M | -4.95M | -10.38M |
| Operating Margin % | 12.09% | 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 | 146.46M | 92.65M | 101.61M | 35.61M | -159.91M | -65.33M | 8.65M | -4.78M | -10.22M |
| EBITDA Margin % | 14.3% | 9.63% | 13.5% | 6.25% | -39.09% | -26.63% | 6.34% | -7.26% | -26.44% |
| EBITDA Growth % | -1.13% | -8.81% | 185.31% | 122.27% | -144.78% | -855.4% | 280.92% | 53.21% | - |
| D&A (Non-Cash Add-back) | 22.63M | 20.98M | 169.54M | 172.67M | 29.42M | 331K | 235K | 171K | 162K |
| EBIT | 123.83M | 71.67M | -67.93M | -137.06M | -189.32M | -65.66M | 8.41M | -4.95M | -10.38M |
| Net Interest Income | -4.5M | -1.17M | -11.46M | 5.26M | -12.09M | -8.57M | -4.34M | -2.56M | -1.17M |
| Interest Income | 978K | 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 | -4.5M | -1.17M | -11.46M | 5.26M | -12.09M | -8.57M | -4.34M | -2.56M | -1.17M |
| Pretax Income | 119.33M | 70.5M | -79.39M | -131.8M | -201.42M | -74.23M | 4.07M | -7.51M | -11.54M |
| Pretax Margin % | 11.65% | 7.33% | -10.55% | -23.12% | -49.24% | -30.26% | 2.99% | -11.4% | -29.87% |
| Income Tax | 2.85M | 2.23M | -3.85M | 2.01M | -6.01M | 705K | 160K | 34K | 50K |
| Effective Tax Rate % | 2.39% | 3.16% | 4.84% | -1.52% | 2.98% | -0.95% | 3.93% | -0.45% | -0.43% |
| Net Income | 116.48M | 68.27M | -75.55M | -133.81M | -195.41M | -74.93M | 3.91M | -7.54M | -11.59M |
| Net Margin % | 11.37% | 7.1% | -10.04% | -23.48% | -47.77% | -30.55% | 2.87% | -11.46% | -30% |
| Net Income Growth % | 289.85% | 190.37% | 43.54% | 31.52% | -160.77% | -2014.49% | 151.88% | 34.93% | - |
| Net Income (Continuing) | 116.48M | 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) | 0.67 | 0.39 | -0.45 | -0.81 | -1.24 | -0.74 | 0.01 | -0.07 | -0.10 |
| EPS Growth % | 281.71% | 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 | 174.01M | 175.99M | 167.32M | 164.35M | 157.69M | 101.74M | 28.64M | 122.07M | 122.07M |
| Basic Shares Outstanding | 168.26M | 169.89M | 167.32M | 164.35M | 157.69M | 101.74M | 28.64M | 114.55M | 114.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Consumer discretionary spending sensitivity
According to recent financial filings, GLBE has maintained a robust growth trajectory, with revenue reaching $252.1 million in 2026Q1, representing a 32.8% year-over-year increase that underscores the platform's continued penetration into the cross-border e-commerce market despite broader macroeconomic headwinds affecting global consumer discretionary spending.
The consistent double-digit revenue expansion suggests that the company's integration with major platforms like Shopify is successfully capturing transaction volume. Investors should monitor whether this growth remains durable as the company scales into smaller merchant segments, which may carry different conversion profiles than the enterprise-heavy base.
As reported in quarterly statements, GLBE has maintained a relatively stable gross margin profile, hovering around the 45% mark, which suggests that the company is successfully managing the pass-through costs of logistics and fulfillment while preserving the value-added service fees inherent in its merchant-of-record model.
The consistency in gross margins indicates that the company's pricing power is sufficient to offset potential fluctuations in shipping and duty costs. However, further margin expansion may be constrained unless the revenue mix shifts more heavily toward high-margin software-based service fees rather than fulfillment-heavy logistics services.
Based on the provided income statement data, GLBE has demonstrated a significant improvement in operating leverage, moving from a negative 20.1% operating margin in 2024Q1 to a positive 13.1% in 2026Q1, reflecting a disciplined approach to managing SG&A expenses relative to top-line growth.
The transition to positive operating income suggests that the company is beginning to realize the benefits of its platform-based business model. Analysts should investigate whether this trend is sustainable or if it relies on temporary reductions in discretionary spending that could impact long-term competitive positioning.
Financial disclosures indicate that the recent cessation of stock-based compensation, which previously reached as high as $12.2 million in 2023Q4, has significantly improved the quality of reported net income, allowing for a clearer view of the company's underlying operational profitability and cash-generative potential.
The elimination of SBC charges appears to have removed a significant drag on GAAP earnings, providing a more accurate reflection of the company's performance. Investors should remain cautious, however, as any return to high levels of dilution could once again obscure the true economic value being generated for shareholders.
Data from recent periods suggests that GLBE's reliance on GMV-linked revenue creates a vulnerability to cyclical downturns, as evidenced by the historical volatility in operating margins that warrants investigation into the company's ability to maintain profitability during periods of reduced global consumer discretionary spending.
While the company's role as a merchant of record provides a moat, it also ties the firm's financial health directly to the volume of physical goods moving across borders. A sustained decline in international luxury or specialty retail demand could pressure the take rate and test the resilience of the current operating model.
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.