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Dec 31, 2025
Fiverr Q4 2025 Earnings Report
Fiverr reported modest revenue growth and expanded margins in the fourth quarter of 2025, with higher adjusted EBITDA and stable profitability.
Key Takeaways
Fiverr generated $107.2 million in Q4 2025 revenue, up year over year, with GAAP net income of $11.46 million and adjusted EBITDA margin expanding to 24.7%. Services revenue grew strongly while marketplace revenue declined, reflecting a continued shift toward higher-value offerings.
Revenue increased to $107.2 million in Q4 2025.
Adjusted EBITDA margin expanded to 24.7%.
Services revenue grew year over year while marketplace revenue declined.
Annual spend per buyer increased despite a decline in active buyers.
Revenue by Segment
Forward Guidance
For Q1 2026, Fiverr expects revenue between $100 million and $108 million and adjusted EBITDA between $19 million and $23 million. For full-year 2026, revenue is expected between $380 million and $420 million with adjusted EBITDA between $60 million and $80 million.
Positive Outlook
- Q1 2026 adjusted EBITDA expected between $19 million and $23 million.
- Full-year 2026 adjusted EBITDA expected between $60 million and $80 million.
- Core business unit economics remain structurally sound.
- Focus on high-value work and AI-native capabilities.
- Maintaining disciplined capital allocation strategy.
Challenges Ahead
- Q1 2026 revenue guidance implies potential year-over-year decline.
- Full-year 2026 revenue guidance indicates possible contraction.
- Transformation plan may create near-term volatility.
- Intentional deprioritization of low-end transactions.
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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