The beat-and-raise quarter with accelerating GMV growth, expanding margins, and a GAAP profitability inflection is a strong positive catalyst. Watch for continued merchant adoption of Shopify Managed Markets V2.0 and enterprise brand launches as key growth drivers. The raised guidance implies confidence in sustained momentum through 2026.
Price Chart
Executive Summary
Global-E reported Q1 2026 results with GMV up 40% YoY to $1.74B, revenue up 33% YoY to $252.1M, and GAAP net income of $30.4M vs a loss of $17.9M a year ago. The company raised its full-year 2026 guidance across all metrics, including revenue to $1.22-1.28B and Adjusted EBITDA to $264.5-289.5M, while also executing $59M in share repurchases during the quarter.
Key Facts
- Q1 2026 GMV of $1,742M, up 40% YoY from $1,243M
- Q1 2026 revenue of $252.1M, up 33% YoY from $189.9M
- GAAP net profit of $30.4M vs net loss of $17.9M in Q1 2025
- Adjusted EBITDA of $50.2M, up 59% YoY from $31.6M; margin expanded 330 bps to 19.9%
- Non-GAAP gross margin improved to 47% from 45.4% YoY
- Raised FY 2026 revenue guidance to $1.22-1.28B from $1.211-1.271B
- Raised FY 2026 Adjusted EBITDA guidance to $264.5-289.5M from $259-284M
- Executed $59M in share repurchases in Q1; $131M of $200M plan completed to date
- Free cash flow used was $72.9M, roughly flat vs $72.6M in Q1 2025
Financial Impact
Revenue growth of 33% YoY, GAAP net income swing of +$48.3M YoY, Adjusted EBITDA up 59% YoY
Risk Factors
- Free cash flow remains negative at -$72.9M, though stable YoY
- Tariff and trade regulation changes could impact cross-border e-commerce volumes
- Execution risk on Shopify partnership expansion and enterprise merchant onboarding
- Geopolitical risks from Israel-based operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002617 |
| Document: zk2635306.htm | 0001178913-26-002617 |
| Document: 0001178913-26-002617-index-headers.html | 0001178913-26-002617 |
| Document: 0001178913-26-002617-index.html | 0001178913-26-002617 |
| Document: 0001178913-26-002617.txt | 0001178913-26-002617 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Insider Cluster | $41.14 | awaiting T+5 | — | $41.84 (−1.70%) |
Oct 20, 2026 6d ago | Insider Cluster | $41.78 | awaiting T+5 | — | $41.84 (−0.14%) |
Oct 19, 2026 7d ago | 144 | $41.78 | awaiting T+5 | — | $41.84 (+0.14%) |
Oct 9, 2026 17d ago | SC 13G | $40.39 $38.82 | ▼ −3.89% | ▼ −1.92% | $41.84 (+3.59%) |
Oct 5, 2026 21d ago | Insider Cluster | $39.76 $39.02 | ▲ +1.86% | ▲ +2.28% | $41.84 (−5.23%) |
Oct 1, 2026 25d ago | 6-K | $40.21 $40.15 | ▼ −0.15% | ▼ −1.45% | $41.84 (+4.05%) |
Sep 24, 2026 4w ago | Insider Cluster | $40.88 $40.21 | ▲ +1.64% | ▲ +1.22% | $41.84 (−2.35%) |
Sep 22, 2026 4w ago | Insider Cluster | $41.55 $40.06 | ▲ +3.59% | ▲ +2.40% | $41.84 (−0.70%) |
Sep 14, 2026 6w ago | Insider Cluster | $36.48 $38.04 | ▼ −4.28% | ▼ −3.46% | $41.84 (−14.69%) |
Sep 8, 2026 7w ago | Insider Cluster | $36.93 $36.48 | ▲ +1.22% | ▲ +0.10% | $41.84 (−13.30%) |
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