Global-e Online Ltd.

Q2 2026 GMV was $2.089 billion, up 44% year over year. Revenue was $299 million, up 39% year over year. Service fee revenue was $139.4 million, up 36%, and fulfillment services revenue was $159.6 million, up 42%. Non-GAAP gross profit was $135.4 million, up 36%, with non-GAAP gross margin of 45.3% versus 46.5% last year; GAAP gross margin was 44.1%. Adjusted EBITDA was $62.4 million, up 62%, with a 20.9% margin versus 17.9% last year. Non-GAAP net profit was $64.9 million versus $37.9 million, and non-GAAP EPS was $0.37 versus $0.22; GAAP net profit was $47.7 million and GAAP EPS was $0.27. Cash and cash equivalents, including short-term deposits and marketable securities, ended at $530 million. Free cash flow was $73.2 million, versus $63.5 million a year ago. For Q3 2026, guidance is GMV of $1.995 billion to $2.045 billion, revenue of $308.5 million to $315.5 million, and adjusted EBITDA of $58.5 million to $62.5 million. For full-year 2026, guidance is GMV of $8.81 billion to $9.11 billion, revenue of $1.305 billion to $1.355 billion, and adjusted EBITDA of $278 million to $300 million. Management said Passport is expected to contribute about $20 million of Q3 Merchant of Record GMV and $24 million to $26 million of Q3 revenue, and about $60 million of second-half 2026 Merchant of Record GMV and $55 million to $59 million of second-half revenue.

Amir Schlachet said the company had “another very strong quarter” and that momentum continued across existing merchants, new brands, strategic partners and AI-driven efficiency efforts. He emphasized that Global-e is beating the high end of guidance across metrics, raising outlook for GMV, revenue and adjusted EBITDA, and believes the business is executing ahead of the long-term plan presented at Investor Day. He framed Passport as strategically important because it broadens logistics capabilities and expands the company into verticals beyond its traditional merchant-of-record model.

Ofer Koren focused on the financial quality of the quarter and cited the core metrics: GMV of $2.089 billion, revenue of $299 million, adjusted EBITDA of $62.4 million and free cash flow of $73.2 million. He said non-GAAP gross margin was 45.3% and that the quarter’s gross margin pressure was mainly due to fuel costs and volatility, not a structural issue; he also noted the Managed Markets V1-to-V2 migration is complete. He highlighted balance-sheet strength with $530 million in cash and said the company repurchased about $68 million of stock in Q2, completing the remaining capacity under the prior $200 million buyback plan and moving to a new $500 million authorization.

Analysts focused heavily on Managed Markets V2 adoption, asking for signs of conversion improvement, faster merchant ramping, and what milestones to watch. Management said adoption is increasing, feedback from migrated merchants is positive, Canada and the U.K. expansion is helping interest, and onboarding is now “same session” for most merchants, which should accelerate uptake. Questions also centered on margin durability, Passport seasonality, and take-rate pressure; management said Passport seasonality should look similar to Global-e’s, gross margins were mainly hit by fuel costs, and take rates matter less as the mix shifts toward different business models and value-added services.