Global-E Online Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Global-E Online Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	65.9	136	245	409	570	753	962
Cost of revenue	47.2	92.9	154	251	336	413	526
Gross profit	18.7	43.5	91.4	158	234	339	436
Research and development	12	15.4	29.8	81.2	97.6	105	123
Selling and marketing	4.59	9.84	105	206	217	251	190
General and administrative	6.99	9.82	22.6	60.2	56.1	51.2	51.7
Operating expenses	23.6	35.1	157	348	371	407	365
Operating income	-4.95	8.41	-65.7	-189	-137	-67.9	71.7
Other non-operating income	-2.56	-4.34	-8.57	-12.1	5.26	-11.5	-1.17
Pre-tax income	-7.51	4.07	-74.2	-201	-132	-79.4	70.5
Income tax	0.03	0.16	0.71	-6.01	2.01	-3.85	2.23
Net income	-7.54	3.91	-74.9	-195	-134	-75.5	68.3
EBITDA	-4.78	8.65	-65.3	-188	-135	-65.8	74
EPS, basic	-0.38	0.03	-0.74	-1.24	-0.81	-0.45	0.40
EPS, diluted	-0.38	0.03	-0.74	-1.24	-0.81	-0.45	0.39
Shares, basic (weighted)	19.7	21.1	102	158	164	167	170
Shares, diluted (weighted)	19.7	28.6	102	158	164	167	176

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.03	68.6	449	165	200	255	246
Short-term investments		16.9	18.5	16.8	20.4	36.3	74.1
Receivables		3.59	9.19	16.4	27.8	41.2	55.7
Other current assets		0.07	1.27	0.76	2.36	2.72	9.08
Total current assets		153	622	375	520	723	987
Property, plant and equipment		0.72	3.27	10.3	10.2	10.4	11.2
Lease right-of-use assets		4.16	20.1	19.7	23.1	24.4	20.5
Goodwill			0	368	368	368	375
Intangible assets				98.5	78	59.2	52.4
Long-term investments					0	1.08
Other non-current assets		0.37	0.21	3.74	4.08	3.45
Total assets		161	846	1,163	1,202	1,263	1,463
Accounts payable		19.1	24.1	52.2	50.9	79.6	91.6
Deferred revenue		4.42	7.43	9.16	10.5	44	79.2
Total current liabilities		83.9	132	210	274	348	510
Lease liabilities		3.51	18.8	16.6	19.3	20.5	18.4
Total liabilities		93.3	150	234	300	370	530
Paid-in capital		8.09	824	1,253	1,360	1,425	1,466
Retained earnings		-52.7	-128	-323	-457	-532	-536
Other comprehensive income	0	0.11	-0.16	-1.93	-1.42	0.52	2.8
Shareholders' equity	-53	-44.5	696	928	902	893	933
Total equity	-53	-44.5	696	928	902	893	933
Total liabilities and equity		161	846	1,163	1,202	1,263	1,463
Shares outstanding		21.8	150	161	166	169	169

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.54	3.91	-74.9	-195	-134	-75.5	68.3
Depreciation and amortization	0.17	0.24	0.33	1.59	1.79	2.13	2.32
Stock-based compensation	0.22	3.96	12	38.9	45	39.2	39.3
Deferred income tax	-0.01	0.05	-0.09	-7.52	-0.05	-6.51	-0.44
Change in receivables	-1.19	-1.65	-5.59	2.66	-11.4	-13.3	-14.4
Change in payables	4.13	10	5.01	16.6	-1.28	28.6	12
Cash from operations	7.03	29.4	18.2	89.3	108	169	284
Capital expenditures	-0.26	-0.46	-2.88	-8.35	-1.74	-2.34	-3.1
Acquisitions		0	0	-317	0	0	-17.8
Purchases of investments	0	-16.8	-2.81	-8.3	-3.73	-21.1	-39.5
Sales and maturities of investments	0	0	81.7	74.4	125	4.99	3.95
Cash from investing	-0.45	-24	-40.5	-330	-55	-105	-181
Stock issued	0.15	0.54	396	0	0	3.27	1.39
Share buybacks					0	0	-72.2
Cash from financing	0.15	59.4	399	1.24	1.99	3.28	-70.8
Net change in cash	6.72	64.7	374	-247	57.1	63.1	43.2
Free cash flow	6.76	28.9	15.3	81	106	167	281
Income taxes paid	0.07	0.07	0.01	0.25	0.73	2.6	3.67

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $40.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.3%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	7.1%	Net income / revenue.
FCF margin	29.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.5%	Cash from operations / revenue.
Effective tax rate	3.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	10.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.8%	Research and development expense / revenue.
Stock-based pay / revenue	4.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	33.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	47.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	40.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	58.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	53.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	53.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	77.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	67.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	67.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	47.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	57.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	68.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	51.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	57.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	55.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	43.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.93x	Current assets / current liabilities.
Quick ratio	0.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.63x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.2%	Total liabilities / total assets.
Working capital	$476.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$504.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	88.8x	Revenue / average property, plant and equipment.
Receivables turnover	19.9x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
FCF conversion	411.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.40	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.47	Revenue / diluted weighted shares.
FCF per share	$1.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.61	Cash from operations / diluted weighted shares.
Book value per share	$5.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.99	Tangible book value / shares outstanding.
Cash per share	$1.89	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	25.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.73B	Share price x shares outstanding.
Enterprise value	$6.41B	Market cap + total debt - cash - short-term investments.
P/E	98.6x	Market cap / net income. Only when net income is positive.
P/S	7.00x	Market cap / revenue.
P/B	7.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.3x	Market cap / tangible book value, when positive.
P/FCF	24.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.7x	Market cap / cash from operations, when positive.
EV/Sales	6.66x	Enterprise value / revenue.
EV/EBIT	89.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	86.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Global-E Online Ltd.'s revenue in fiscal 2025?

Global-E Online Ltd. reported revenue of $962.2M for fiscal 2025, 27.8% higher than the year before.

Was Global-E Online Ltd. profitable in fiscal 2025?

Yes. Net income was $68.3M, a net margin of 7.1%.

How much free cash flow did Global-E Online Ltd. generate in fiscal 2025?

Cash from operations of $283.8M minus capital expenditures of $3.1M left free cash flow of $280.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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