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Sep 30, 2025
Fiverr Q3 2025 Earnings Report
Fiverr reported solid Q3 2025 results with record Adjusted EBITDA and strong growth in value-added services.
Key Takeaways
Fiverr delivered a strong Q3 2025, achieving its highest-ever Adjusted EBITDA and margin. The company saw continued revenue growth driven by AI-related services and upmarket expansion. Despite a year-over-year decline in active buyers, spend per buyer increased significantly, highlighting stronger engagement from high-value customers.
Revenue grew to $107.9 million, driven by strength in services revenue and AI-related categories.
Adjusted EBITDA reached a record $24.2 million with a margin of 22.4%.
Annual spend per buyer increased 11.7% to $330 despite an 11.7% drop in active buyers.
Fiverr is positioning for 2026 with strategic investments in AI and value-added services.
Revenue by Segment
Forward Guidance
Fiverr expects Q4 2025 revenue between $104.3M and $112.3M and full-year 2025 revenue between $428M and $436M. Adjusted EBITDA guidance for Q4 is between $23.9M and $27.9M, indicating continued operational efficiency.
Positive Outlook
- Full-year revenue guidance raised to $428–$436 million.
- Q4 Adjusted EBITDA expected to remain strong at up to $27.9 million.
- Momentum in AI and value-added services expected to continue.
- Managed Services and Dynamic Matching driving higher project values.
- Expansion of Fiverr Pro and Fiverr Go supporting buyer and seller growth.
Challenges Ahead
- Annual active buyers declined 11.7% YoY, indicating churn or slower acquisition.
- Marketplace revenue fell 2% YoY, showing softness in core transactions.
- Take rate slightly decreased from 27.8% to 27.6%.
- Ongoing business transformation may cause near-term volatility.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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