Continued expansion into complex, high-value projects: Our marketplace continued to evolve toward high-value work. Spend per buyer increased 13.3% year over year, accelerating from the prior year, while GMV from transactions over $1,000 grew 22.8%. The number of buyers spending over $10,000 annually also accelerated 7%. These trends validate our upmarket strategy and demonstrate the growing adoption of Dynamic Matching and Managed Services, enabling us to capture larger, more complex projects.
Transformation plan underway: Since our restructuring in September, we have initiated a focused transformation to scale trust, quality, and AI-native capabilities across the platform. Anchored around upgrades in matching infrastructure, product experience, go-to-market execution, and operational excellence, this multi-year plan is designed to extend our leadership in high-value work while maintaining a disciplined cost structure. We expect to see measurable progress within the next four to six quarters.
Resetting expectations to invest for long-term growth: As we execute this transformation, we are aligning expectations around a disciplined investment phase. While near-term growth may be volatile due to market conditions and the scope of our initiatives, we are committed to protecting structural profitability and generating healthy cash flow. We believe these investments position Fiverr to accelerate growth and drive value creation in 2027 and beyond.
NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE:FVRR), the company that is transforming the way the world creates and works together, today reported financial results for the fourth quarter and full year 2025. Additional operating results and management commentary can be found in the Company's shareholder letter, which is posted to its investor relations website at investors.fiverr.com.
"As we close 2025, a year of disciplined execution for us, it is clear that we are living through a significant shift in AI adoption. We are seeing a profound migration on our marketplace where humans are becoming more essential, not less. By moving toward an agentic economy, where AI helps navigate complexity, we are ensuring that we remain the bridge between businesses and the most exceptional human talent. With our expansive global talent network, outcome based hiring model, and depth of proprietary data, Fiverr has a unique right to win in this new age of AI," said Micha Kaufman, founder and CEO of Fiverr. "We have a multi-year plan to lead this transition, and I have never been more excited about the road ahead."
"We finished the year with a record Adjusted EBITDA margin, a testament to the health of our business as we pivot upmarket. To accelerate our next phase of execution, we are aligning our leadership structure to better support this scalability. I am thrilled to see Esti step into the role of CFO, her knowledge and disciplined financial leadership provide the exact continuity we need to navigate this transformation. As President, my focus will remain on our long-term strategic investments and M&A efforts," said Ofer Katz, President and CFO of Fiverr. "Looking towards 2026, we are prioritizing product innovation and platform re-architecture investments, while also maintaining a disciplined capital allocation strategy that ensures we have the flexibility to act on opportunities that align with our AI-native future."
Fourth Quarter 2025 Financial Highlights
Revenue in the fourth quarter of 2025 was $107.2 million, compared to $103.7 million in the fourth quarter of 2024, an increase of 3.4% year over year.
Marketplace revenue in the fourth quarter of 2025 was $71.5 million, compared to $73.5 million in the fourth quarter of 2024, a decline of 2.7% year over year.
Annual active buyers1 as of December 31, 2025, were 3.1 million, compared to 3.6 million as of December 31, 2024, a decline of 13.6% year over year.
Annual spend per buyer1 as of December 31, 2025, reached $342, compared to $302 as of December 31, 2024, an increase of 13.3% year over year.
Marketplace take rate1 for the twelve months period ended December 31, 2025, was 27.7%, an increase of 10 basis points from 27.6% for the twelve months period ended December 31, 2024.
Services revenue in the fourth quarter of 2025 was $35.6 million, compared to $30.2 million in the fourth quarter of 2024, an increase of 18.2% year over year.
GAAP gross margin in the fourth quarter of 2025 was 82.4%, an increase of 190 basis points from 80.5% in the fourth quarter of 2024. Non-GAAP gross margin1 in the fourth quarter of 2025 was 84.7%, an increase of 70 basis points from 84.0% in the fourth quarter of 2024.
GAAP net income in the fourth quarter of 2025 was $11.5 million, or $0.32 basic net income per share and $0.31 diluted net income per share, compared to $12.8 million GAAP net income, or $0.36 basic net income per share and $0.33 diluted net income per share in the fourth quarter of 2024.
Non-GAAP net income1 in the fourth quarter of 2025 was $32.1 million, or $0.89 basic non-GAAP net income per share1 and $0.86 diluted non-GAAP net income per share1, compared to $24.9 million non-GAAP net income1, or $0.70 basic non-GAAP net income per share1 and $0.64 diluted non-GAAP net income per share1, in the fourth quarter of 2024.
Net cash provided by operating activities in the fourth quarter of 2025 was $21.9 million, compared to $30.0 million in the fourth quarter of 2024, a decrease of 27.2% year over year. Excluding one-time escrow payment for contingent consideration of $5.7 million in the fourth quarter of 2025, net cash provided by operating activities decreased by 8.1% year over year.
Free cash flow1 in the fourth quarter of 2025 was $21.8 million, compared to $29.6 million in the fourth quarter of 2024, a decrease of 26.5% year over year. Excluding one-time escrow payment for contingent consideration of $5.7 million in the fourth quarter of 2025, free cash flow decreased by 7.1% year over year.
Adjusted EBITDA1 in the fourth quarter of 2025 was $26.5 million, compared to $20.7 million in the fourth quarter of 2024. Adjusted EBITDA margin1 was 24.7% in the fourth quarter of 2025, compared to 20.0% in the fourth quarter of 2024, representing a 470 basis points improvement year over year.
Full Year 2025 Financial Highlights
Revenue in 2025 was $430.9 million, compared to $391.5 million in 2024, an increase of 10.1% year over year.
Marketplace revenue in 2025 was $297.5 million, compared to $303.1 million in 2024, a decline of 1.8% year over year.
Services revenue in 2025 was $133.4 million, compared to $88.4 million in 2024, an increase of 50.9% year over year.
GAAP gross margin in 2025 was 81.6%, a decrease of 40 basis points from 82.0% in 2024. Non-GAAP gross margin1 in 2025 was 84.4%, an increase of 10 basis points from 84.3% in 2024.
GAAP net income in 2025 was $21.0 million, or $0.58 basic net income per share and $0.56 diluted net income per share, compared to a net income of $18.2 million, or $0.49 basic net income per share and $0.48 diluted net income per share in 2024.
Non-GAAP net income1 in 2025 was $115.1 million, or $3.17 basic Non-GAAP net income per share1 and $2.95 diluted Non-GAAP net income per share1, compared to $95.1 million, or $2.57 basic Non-GAAP net income per share1 and $2.38 diluted Non-GAAP net income per share1, in 2024.
Net cash provided by operating activities in 2025 was $104.6 million, compared to $83.1 million in 2024, an increase of 25.9% year over year. Net cash provided by operating activities, excluding one-time escrow payment for contingent consideration of $5.7 million in 2025 and $12.2 million in 2024, was $110.3 million in 2025, compared to $95.2 million in 2024, an increase of 15.9% year over year.
Free cash flow1 in 2025 was $103.3 million, compared to $81.7 million in 2024, an increase of 26.5% year over year. Free cash flow1, excluding one-time escrow payment for contingent consideration of $5.7 million in 2025 and $12.2 million in 2024, was $109.0 million in 2025 compared to $93.8 million in 2024, an increase of 16.2% year over year.
Adjusted EBITDA1 in 2025 was $91.6 million, compared to $74.2 million in 2024. Adjusted EBITDA margin1 was 21.3% in 2025, an increase of 230 basis points from 19.0% in 2024.
Financial Outlook
For Q1'26 and full-year 2026 guidance, the wider-than-normal revenue range reflects the elevated uncertainty on our business as the transformation plan underway focuses on high-value work, and intentionally deprioritizes incremental optimization of low-end transactions. This is coupled with the continued uncertainty around external market conditions. On Adjusted EBITDA, the updated guidance for this year reflects the revenue trends we see, as well as the impact from investments we're making in foundational work. The core business unit economics remain structurally sound, and our ability to drive intrinsic leverage in the marketplace business model remains intact.
Q1 2026
FY 2026
Revenue
$100, $108 million
$380, $420 million
y/y growth
(7)%, 1%
(12)%, (3)%
Adjusted EBITDA(1)
$19, $23 million
$60, $80 million
Leadership Transition
To support long-term growth and operational complexity, we are refining our executive leadership structure:
President: Ofer Katz will continue to serve as President. By transitioning the CFO title, Ofer will now dedicate his time to driving strategic investments and leading M&A efforts.
Chief Financial Officer: Esti Levy Dadon is being promoted to CFO, alongside overseeing multiple business and operational responsibilities. Esti has been with Fiverr for nearly a decade, serving as EVP Finance for the past four years.
Chief Business Officer: Jinjin Qian is being promoted to the newly created CBO role, where she will oversee revenue, talent, fulfillment, and business operations. Jinjin has been leading IR and Strategy for the last seven years.
Conference Call and Webcast Details
Fiverr's management will host a conference call to discuss its financial results on Wednesday, February 18, 2026, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr's Investor Relations website. An archived version will be available on the website after the call. To participate in the conference call, please dial: Toll-Free: 1-833-630-1956 or International: 1-412-317-1837.
About Fiverr
Fiverr's mission is to transform the way the world creates and works together. We're shaping the future of work with the world's leading open platform, seamlessly connecting top talent and cutting-edge technology with businesses around the globe. From expert freelancers in over 750 skilled categories to best-in-class GenAI models and agents, Fiverr provides the most advanced and comprehensive talent and tools for digital services—helping businesses get mission-critical projects done fast and cost-effectively.
From small businesses to Fortune 500 companies, millions trust Fiverr for projects in software and AI development, digital marketing, finance, business consulting, video animation, music, architecture, and more.
Learn how to future-proof your business with exceptional talent and cutting-edge tools at fiverr.com. Follow us on LinkedIn, Instagram, TikTok, and Facebook.
Investor Relations:Jinjin QianEmily Greenstein[email protected]
Press:Jenny ChangTommy Lee[email protected]
Source: Fiverr International Ltd.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
December 31,
2025
2024
(Unaudited)
(Audited)
Assets
Current assets:
Cash and cash equivalents
$
125,215
$
133,472
Marketable securities
117,705
288,947
User funds
159,849
153,309
Bank deposits
40,000
144,843
Restricted deposit
3,409
1,315
Other receivables
32,970
34,198
Total current assets
479,148
756,084
Long-term assets:
Marketable securities
–
122,009
Property and equipment, net
3,360
4,271
Operating lease right of use asset
3,513
5,122
Deferred Tax Assets, net
26,423
22,517
Intangible assets, net
36,554
41,882
Goodwill
126,313
110,218
Other non-current assets
7,795
7,871
Total long-term assets
203,958
313,890
TOTAL ASSETS
$
683,106
$
1,069,974
Liabilities and Shareholders' Equity
Current liabilities:
Trade payables
$
9,081
$
5,533
User accounts
149,454
141,691
Deferred revenue
18,567
20,090
Other account payables and accrued expenses
66,931
57,167
Operating lease liabilities
3,365
2,608
Convertible notes, net
–
457,860
Total current liabilities
247,398
684,949
Long-term liabilities:
Operating lease liabilities
798
2,747
Other non-current liabilities
22,926
19,628
Total long-term liabilities
23,724
22,375
TOTAL LIABILITIES
$
271,122
$
707,324
Shareholders' equity:
Share capital and additional paid-in capital
786,195
727,176
Accumulated deficit
(377,739
)
(366,193
)
Accumulated other comprehensive income
3,528
1,667
Total shareholders' equity
411,984
362,650
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
683,106
$
1,069,974
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and pfb share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(Uaudited)
(Unaudited)
(Audited)
Revenue
$
107,174
$
103,666
$
430,909
$
391,481
Cost of revenue
18,870
20,201
79,416
70,566
Gross profit
88,304
83,465
351,493
320,915
Operating expenses:
Research and development
17,893
22,329
90,664
90,241
Sales and marketing
43,772
45,232
176,675
171,678
General and administrative
20,736
21,782
85,331
74,814
Total operating expenses
82,401
89,343
352,670
336,733
Operating income (loss)
5,903
(5,878
)
(1,177
)
(15,818
)
Financial income and other, net
3,899
5,662
24,593
27,706
Income (loss) before taxes on income
9,802
(216
)
23,416
11,888
Tax benefit (taxes on income)
1,658
13,054
(2,433
)
6,358
Net income attributable to ordinary shareholders
$
11,460
$
12,838
$
20,983
$
18,246
Basic net income per share attributable to ordinary shareholders
$
0.32
$
0.36
$
0.58
$
0.49
Basic weighted average ordinary shares
36,107,120
35,658,287
36,281,883
36,984,757
Diluted net income per share attributable to ordinary shareholders
$
0.31
$
0.33
$
0.56
$
0.48
Diluted weighted average ordinary shares
36,669,122
38,947,644
37,174,763
37,840,154
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
(Uaudited)
(Unaudited)
(Audited)
Cash flows from operating activities:
Net income
$
11,460
$
12,838
$
20,983
$
18,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,245
4,328
14,692
10,476
Amortization of premium and accretion of discount of marketable securities, net
(309
)
(1,647
)
(1,134
)
(4,753
)
Amortization of discount and issuance costs of convertible notes
214
640
2,140
2,555
Shared-based compensation
9,655
18,020
51,389
73,942
Exchange rate fluctuations and other items, net
122
166
(391
)
226
Gain from sale of subsidiary
(750
)
–
(750
)
–
Impairment of intangible assets
–
–
2,400
–
Revaluation of earn outs
5,955
3,059
15,558
3,202
Changes in assets and liabilities:
User funds
8,442
6,017
(6,540
)
(1,707
)
Operating lease ROU assets and liabilities
52
89
417
(104
)
Other receivables
4,190
10,267
7,262
4,201
Deferred tax assets, net
1,000
(22,517
)
(3,785
)
(22,517
)
Trade payables
3,231
2,653
2,589
(409
)
Deferred revenue
(1,057
)
484
(1,523
)
2,275
User accounts
(6,250
)
(6,597
)
7,763
(512
)
Payment of earn out
