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Software - Application · Technology · Fiscal year ends Dec 31
Global-E Online reported revenue of $962M in the fiscal year ended Dec 2025, up 27.8% from the year before. Operating income was $72M, an operating margin of 7.4%, and net income was $68M. Operating cash flow of $284M less capital expenditure of $3M left free cash flow of $281M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 245 | 409 | 570 | 753 | 962 |
| Cost of revenue | 154 | 251 | 336 | 413 | 526 |
| Gross profit | 91.4 | 158 | 234 | 339 | 436 |
| Research & development | 29.8 | 81.2 | 97.6 | 105 | 123 |
| Selling, general & admin | 127 | 266 | 273 | 302 | 242 |
| Operating income | −65.7 | −189 | −137 | −67.9 | 71.7 |
| Pre-tax income | −74.2 | −201 | −132 | −79.4 | 70.5 |
| Income tax | 0.7 | −6.0 | 2.0 | −3.8 | 2.2 |
| Net income | −74.9 | −195 | −134 | −75.5 | 68.3 |
| Diluted EPS | −0.74 | −1.24 | −0.81 | −0.45 | 0.39 |
| Diluted shares | 102 | 158 | 164 | 167 | 176 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 449 | 165 | 200 | 255 | 246 |
| Receivables | 9.2 | 16.4 | 27.8 | 41.2 | 55.7 |
| Current assets | 622 | 375 | 520 | 723 | 987 |
| Net PP&E | 3.3 | 10.3 | 10.2 | 10.4 | 11.2 |
| Goodwill | 0.0 | 368 | 368 | 368 | 375 |
| Total assets | 846 | 1,163 | 1,202 | 1,263 | 1,463 |
| Payables | 24.1 | 52.2 | 50.9 | 79.6 | 91.6 |
| Deferred revenue | 7.4 | 9.2 | 10.5 | 44.0 | 79.2 |
| Current liabilities | 132 | 210 | 274 | 348 | 510 |
| Total liabilities | 150 | 234 | 300 | 370 | 530 |
| Shareholders' equity | 696 | 928 | 902 | 893 | 933 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 18.2 | 89.3 | 108 | 169 | 284 |
| Capital expenditure | 2.9 | 8.4 | 1.7 | 2.3 | 3.1 |
| Free cash flow | 15.3 | 81.0 | 106 | 167 | 281 |
| Depreciation & amortisation | 0.3 | 1.6 | 1.8 | 2.1 | 2.3 |
| Stock-based compensation | 12.0 | 38.9 | 45.0 | 39.2 | 39.3 |
| Acquisitions | 0.0 | 317 | 0.0 | 0.0 | 17.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 66.8% | 39.3% | 32.1% | 27.8% |
| Gross margin | 37.3% | 38.7% | 41.0% | 45.1% | 45.3% |
| Operating margin | −26.8% | −46.3% | −24.0% | −9.0% | 7.4% |
| Net margin | −30.6% | −47.8% | −23.5% | −10.0% | 7.1% |
| Return on equityBlank when equity is negative | −10.8% | −21.1% | −14.8% | −8.5% | 7.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −9.2% | −19.9% | −14.8% | −7.4% | 7.5% |
| Free cash flow margin | 6.2% | 19.8% | 18.7% | 22.2% | 29.2% |
| Cash conversion (CFO ÷ net income) | −0.24x | −0.46x | −0.81x | −2.24x | 4.16x |
| Receivable days | 14 | 15 | 18 | 20 | 21 |
| Payable days | 57 | 76 | 55 | 70 | 64 |
| Current ratio | 4.73x | 1.79x | 1.90x | 2.08x | 1.93x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.