Q2 2026 Global-E Online Ltd Earnings Call Transcript
Key Points
- Global E Online Ltd (GLBE) delivered strong Q2 2026 results, with GMV up 44% year-over-year to $2.089 billion and revenue up 39% to $299 million, beating guidance across all metrics.
- The company raised its full-year 2026 outlook for GMV, revenue, and adjusted EBITDA, reflecting continued strong momentum and confidence in its growth trajectory.
- Adjusted EBITDA margin expanded significantly, reaching 20.9% in Q2, up 300 basis points year-over-year, driven by operational leverage and AI-driven efficiencies.
- The acquisition of Passport is progressing well, with the company optimistic about integration synergies and the expansion of its total addressable market through non-MoR logistics solutions.
- Managed Markets V2 is gaining traction, with successful migration of merchants, expansion to Canada and the UK, and positive feedback on conversion improvements, positioning the company for long-term growth.
- Gross margin declined to 45.3% in Q2 from 46.5% a year ago, primarily due to increased fuel costs and the company's decision to absorb some volatility rather than pass it on to merchants.
- The migration of Managed Markets V1 merchants to V2 caused a one-time decrease in service fee take rate and revenue, though it also reduced sales and marketing expenses.
- The company expects some normalization in same-store sales growth in the back half of the year, as FX tailwinds and easier comparisons from 2025 are not expected to repeat.
- Passport's contribution to adjusted EBITDA is currently minimal (less than $1 million in Q3), and its margins are below the corporate average, though expected to improve over time.
- The company's take rate is becoming less indicative of business performance due to a mix of business models, which may create uncertainty for investors tracking this metric.
Welcome to the Global-e second quarter 2026 earnings announcement conference call. This call is being simultaneously webcast on the company's website in the Investors section under News and Events.
For opening remarks and introductions, I will now turn the call over to Alan Katz, Global-e's Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. With me on the call today are Amir Schlachet, Co-Founder and Chief Executive Officer; Ofer Koren, Chief Financial Officer; and Nir Debbi, Co-Founder and President. Amir will begin with a review of the operations and the business results for the second quarter of 2026. Ofer will then review the financial results of the second quarter in more detail, followed by the company's updated outlook for the full year as well as the Q3 outlook. We will then open the call for questions.
Before I read the forward-looking statements disclaimer, I'll note that as in previous quarters, we have posted an Excel-based metrics file
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