Key Highlights

  • GLBE reported second-quarter 2026 Revenue of $299 million, beating the $283.1 million estimate by 5.62 percent, with adjusted EPS of $0.37 topping the $0.22 estimate by 68.18 percent.
  • Gross merchandise value increased 44 percent year over year to almost $2.1 billion, the first time GMV exceeded $2 billion in a non-peak quarter.
  • Adjusted EBITDA rose 62 percent year over year to $62.4 million, a 20.9 percent margin, more than 300 basis points above the prior-year period.
  • The company raised full-year 2026 guidance, now expecting revenue of $1.305 billion to $1.355 billion, representing 38 percent growth at the midpoint, including a contribution from the newly acquired Passport business.

Same-Store Sales and New Merchant Launches Drive the Beat

Global-E Online Ltd. (NASDAQ:GLBE) reported second-quarter revenue growth of 39 percent, driven by same-store sales growth above historical trends and strong consumer response to annual merchant promotions, with some larger brands seeing seasonal sales day Volume increases more than 25 percent higher than the same promotions generated a year earlier. Management said merchants that launched in the second half of 2025 are ramping faster than expected, contributing to both first-half results and expected momentum in the back half of the year.

The company continued its Brand launch momentum during the quarter, adding merchants including Ferrari, Officine Universelle Buly, and Naked Wolfe across multiple geographies, alongside expanded relationships with existing brands such as FIGS and Pokemon. Because same-store sales trends have consistently run above historical levels for several quarters, management said it has built in some normalization assumptions for the second half, acknowledging that comparisons become more difficult as easier prior-year comps from 2025 tariff-related disruption roll off.

Passport Acquisition Expands Non-MOR Logistics Capabilities

Global-E closed its acquisition of Passport, an asset-light logistics provider, during the quarter, which management said is on track to generate over $100 million in revenue this year and has already turned adjusted EBITDA and Cash Flow positive. The acquisition is expected to broaden Global-E's addressable market by serving merchant categories not well suited to its traditional merchant-of-record model, while also expanding its duty drawback and direct injection capabilities.

Management said Passport's margins and cash flow are expected to improve further in 2027 as integration synergies with Global-E's existing scale are realized, though the acquisition's lower take rate profile relative to Global-E's core Business means consolidated take rate metrics have become a less reliable indicator of overall business momentum, a dynamic management said investors should weigh alongside revenue and GMV trends going forward.

Managed Markets V2 Adoption Builds Momentum With Shopify

The company's Shopify Managed Markets offering expanded into Canada and the United Kingdom during the quarter following the completed migration of merchants from its first version to the improved V2 platform, with management citing positive merchant feedback on conversion and overall trading experience. While adoption metrics such as GMV and merchant onboarding are trending in the right direction, management characterized Managed Markets as a longer-term growth driver rather than a near-term contributor of scale, meaning its contribution to overall results is likely to build gradually rather than materially move results in the next few quarters.

Conclusion

Global-E's raised guidance reflects confidence in sustained same-store sales strength, continued new merchant onboarding, and the early contribution from its Passport acquisition, even as management builds in some normalization of growth rates for the back half of the year. The pace of Managed Markets adoption alongside Shopify and the successful integration of Passport's logistics capabilities represent the primary areas that could shape the company's growth trajectory into 2027.