Global-E Online (NasdaqGS:GLBE) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsAlan Katz - Head of Investor RelationsAmir Schlachet - Co‑Founder and CEOKoji Ikeda - Director in Enterprise Software Equity ResearchNir Debbi - Co-founder and PresidentOfer Koren - CFOConference Call ParticipantsBilly Fitzsimmons - Equity Research AnalystBrian Petersen - Managing Director and Senior Equity Research AnalystChristopher Zhang - AnalystJames Faucette - Equity Research AnalystPatrick Walraven ...

Global Payments (NYSE:GPN) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Speaker12Ladies and gentlemen, thank you for standing by, and welcome to Global Payments' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will open the lines for questions and answers. As a reminder, today's conference will be recorded. At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Nath ...

Stablecoin adoption has become a major cryptocurrency narrative over the past year, following the U.S.’s enactment of the GENIUS Act in July. Hougan said stablecoins will become a trillion-dollar sector and the primary rails for 21st-century payments.The cryptocurrency industry is yet to feel the impact of regulatory clarity, Hougan said. He said cryptocurrency investment and adoption would skyrocket once stablecoin legislation enacted last year and anticipated market structure legislation kicks in.Trending ...

Core Insights - The Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks [1] - The fund's top ten holdings represented approximately 59% of assets, indicating a concentration in a few key stocks [1] - Stock-specific challenges were noted, particularly in emerging technology holdings, while select platform and infrastructure businesses showed strength [1] Fund Performance - The fund's results were attributed to stock-specific challenges rather than broad macroeconomic shocks, with certain high-valuation innovation names facing pressure from slowing momentum and investor risk aversion [1] - The average annual portfolio turnover was reported at 21%, reflecting a long-term investment strategy [1] - Many portfolio companies continued to show solid full-year earnings growth in 2025, supported by durable revenue models related to artificial intelligence, cloud computing, and digital transformation [1] Klaviyo, Inc. Insights - Klaviyo, Inc. (NYSE:KVYO) was highlighted as a key stock, with a one-month return of -21.91% and a market capitalization of approximately $5.669 billion as of February 13, 2026 [2] - The company reported a 32% sequential revenue growth in Q3 2025, with net revenue expansion improving for the first time since Q3 2021 [3] - Management emphasized strong performance metrics, including international acceleration and record mid-market customer wins, while the stock price has not yet reflected the company's underlying momentum [3]

This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. Dive Brief: Unilever has struck a five-year partnership with Google Cloud as the CPG giant prepares for a shift toward agentic commerce and artificial intelligence-powered marketing, according to a press release. The owner of brands like Dove and Hellmann’s Mayonnaise will migrate its integrated data and cloud platforms to Google to build out an enterprise-w ...

Core Insights - Expedia Group is adapting to the rise of artificial intelligence (AI) assistants and agentic commerce by integrating these technologies into its services and enhancing its own platforms to attract travelers directly [1][2] - CEO Ariane Gorin highlighted that generative AI is creating new growth opportunities for the company, as it collaborates with major platforms to ensure visibility in AI-driven searches [2][3] AI Integration and Strategy - The company is actively experimenting with AI capabilities, gathering data and insights to improve brand visibility and understand evolving consumer behaviors [7] - Expedia is recognized as one of the brands developing agentic AI capabilities for Amazon's Alexa+ virtual assistant, indicating its commitment to leveraging AI in travel planning [3] Consumer Behavior and Trust - A report indicated that nearly 25% of consumers are comfortable allowing an AI agent to plan their travel, which is significant given the complexity of travel transactions [8] - Trust is emphasized as a critical factor in the travel industry, with the company providing verified reviews and responsive customer support to enhance customer confidence [10][11] Customer Engagement and Loyalty - The company is focused on delivering value and building trust with customers, which includes enhancing its loyalty program and ensuring reliable support during travel disruptions [9][10][11]

Financial Data and Key Metrics Changes - In Q4 2025, global revenue reached $1.319 billion, reflecting a 14% year-over-year increase or 13% on a constant currency basis [32] - Adjusted EBITDA for Q4 was $542 million, with an Adjusted EBITDA margin of 41%, up 20 basis points year-over-year [34] - Free cash flow for the full year 2025 increased by 33% to $1.25 billion, representing a free cash flow conversion of 99% [35] Business Line Data and Key Metrics Changes - The U.S. and Canada region generated $979 million in revenue, growing 9%, while Europe saw revenue of $245 million, growing 25% [32][33] - Revenue from the Rest of World markets was $96 million, growing 64% [33] - Ad impressions grew by 41% in Q4, but ad pricing declined by 19% year-over-year due to a mix shift towards under-monetized international markets [33] Market Data and Key Metrics Changes - Global monthly active users (MAUs) reached 619 million, up 12% year-over-year, marking the tenth consecutive quarter of record-high users [31] - The U.S. and Canada region had 105 million MAUs, growing 4%, while Europe had 158 million MAUs, growing 9%, and the Rest of World markets had 356 million MAUs, growing 16% [31] Company Strategy and Development Direction - The company aims to broaden its revenue mix and accelerate sales transformation, focusing on mid-market and SMB advertisers [8][22] - AI is positioned at the core of the company's strategy, enhancing user experiences and optimizing internal operations [9][16] - The acquisition of tvScientific is intended to leverage high-intent audiences beyond Pinterest's own surfaces, expanding monetization opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed dissatisfaction with Q4 revenue performance, attributing it to external factors like tariffs affecting ad spend from large retailers [7][17] - The company is focused on improving monetization to reflect user engagement strength, with plans to enhance sales and go-to-market strategies [19][20] - Management remains optimistic about long-term growth potential, emphasizing the need for execution improvements to match user engagement with revenue [29][42] Other Important Information - The company has made significant progress in expanding its Taste Graph, which grew by nearly 40% in 2025, enhancing content relevance and recommendations [13] - Approximately 50% of new code is AI-generated, reflecting the company's commitment to leveraging AI for operational efficiency [16] Q&A Session Summary Question: Can you talk more about the drivers of Q4 revenue and the Q1 guidance? - Management noted that larger retail advertisers created a headwind in Q4 as they pulled back on ad spend, impacting revenue more significantly due to the current revenue mix [47] Question: How is the new go-to-market team likely to drive wallet share and digital advertising for Pinterest? - The new team is focused on broadening revenue, particularly across mid-market and SMB advertisers, and enhancing measurement and technical capabilities within the sales organization [53][56] Question: Can you discuss the necessary tech investment to broaden the advertiser base? - Management indicated that significant tech investment is required to deepen the advertiser base and enhance performance selling capabilities, particularly for SMBs [59][64]

Core Insights - PayPal is initiating a partnership focused on artificial intelligence with tech firms Sabre and Mindtrip to enhance the travel booking experience [1][2] - The collaboration aims to create a seamless, intelligent travel booking process that eliminates fragmented multistep procedures [2][8] Company Collaboration - The partnership combines PayPal's digital payment capabilities, Sabre's enterprise-grade travel technology, and Mindtrip's consumer platform to innovate travel solutions [2][7] - The new offering will allow travelers to interact with an AI-powered travel assistant, streamlining the booking process from trip planning to payment [8] Market Trends - There is a growing consumer comfort with AI agents, with approximately 25% of consumers expressing willingness to let AI plan their trips [9] - The travel industry is shifting towards agent-led execution, moving away from traditional search-led workflows as consumers increasingly rely on AI for various services [10]

Core Insights - The company reported revenue of $342 million, a 3% increase year over year, and a non-GAAP operating income of $28 million, indicating strong cash generation improvements [1][17] - The company executed a long-term strategy focused on simplifying operations, realigning investments, and building infrastructure to adapt to AI and agentic commerce [1][6] - The company achieved significant operational improvements in 2025, laying the groundwork for sustainable growth [2][6] Financial Performance - Subscription ARR saw its highest sequential improvement in over a year and a half during Q4 [1] - The company ended 2025 with $359 million in ARR and a cash position of $143 million, with no material debt maturities until 2030 [18][16] - Operating cash flow was $3 million in Q4 and $27 million for the full year, reflecting improved operational controls [18] Market Position and Strategy - The company rebranded as Commerce.com, Inc., emphasizing its unified platform across storefronts, product data, experience, and payments [5] - B2B-oriented customers represented the majority of new platform ARR, with a nearly 20% growth in subscription ARR from BigCommerce B2B Edition [6][7] - The company launched Surface, a self-service version of Feedonomics, which resulted in a 24-point higher GMV growth for users compared to non-users [8][10] Product Innovation and Partnerships - The company expanded partnerships with major players like OpenAI, Microsoft, and Google to enhance its AI capabilities [10] - BigCommerce Payments is set to launch around 2026, aimed at providing small and midsized merchants with a streamlined payment solution [11][63] - The company plans to increase R&D investment by nearly 30% in 2026, focusing on AI capabilities, expanding Feedonomics, and enhancing payment solutions [12][24] Key Metrics and Guidance - The company reported a GMV of nearly $32 billion in 2025, with consistent double-digit growth [14][21] - Net revenue retention (NRR) was 95.2% in Q4, reflecting the company's ability to grow within its customer base [22][68] - For Q1 2026, the company expects revenue between $82.5 million and $83.5 million, and for the full year, revenue guidance is between $347.5 million and $369.5 million [23][24]

Financial Data and Key Metrics Changes - Revenue for 2025 was $342 million, representing a 3% year-over-year increase [5] - Non-GAAP operating income was $28 million, with significant improvements in cash generation [5] - Operating cash flow for Q4 was $3 million and $27 million for the full year 2025 [16] - The company ended the year with $359 million in ARR and a net debt position reduced from $33 million in 2024 to $11 million in 2025, a decrease of nearly 67% year-over-year [17] Business Line Data and Key Metrics Changes - Subscription ARR from B2B customers grew nearly 20% in 2025, with the highest retention rates across the product portfolio [7] - Enterprise customer count increased to 6,648, up 897 accounts sequentially, while average revenue per account (ARPA) decreased by 8% sequentially to $43,200 [18] - The company introduced new metrics, including total GMV, which reached nearly $32 billion in 2025, growing 12% [14][19] Market Data and Key Metrics Changes - The company reported strong momentum in B2B, with B2B-oriented customers representing the majority of new platform ARR over the past three quarters [7] - GMV growth was consistent, with 12% in 2025 and 11% in 2024, indicating a stable market presence [14] Company Strategy and Development Direction - The company is focused on three priorities: simplifying the business, realigning investments around high-value initiatives, and building infrastructure for AI and Agentic Commerce [5] - A unified brand, Commerce, was reintroduced to reflect the connected platform across storefronts, product data, experience, and payments [7] - The company plans to increase R&D investment by nearly 30% in 2026, focusing on AI capabilities, expanding Feedonomics, rolling out BigCommerce Payments, and launching Makeswift [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the foundation built in 2025 and emphasized a shift from foundation building to execution and monetization in 2026 [15] - The company anticipates delivering GAAP profitability for the first time in its history in 2026, reflecting disciplined execution and operational leverage [21] - Management acknowledged the need to improve net revenue retention (NRR), which was 95.2% in Q4, and emphasized the importance of enhancing customer satisfaction and expansion [20][67] Other Important Information - The company is positioned as an AI-ready infrastructure layer, integrating with major partners like OpenAI and Microsoft [10] - The introduction of BigCommerce Payments is expected to simplify onboarding for merchants and drive higher monetization of GMV [10][60] Q&A Session Summary Question: What opportunities does the company see in the Agentic Commerce landscape? - Management noted strong momentum and alignment with major partners like PayPal and Stripe, emphasizing their readiness to capture opportunities as the landscape evolves [25][26] Question: How should the market anticipate changes in take rates? - Management indicated that monetization will come from product growth and better monetization of the B2B install base, with a focus on enhancing existing customer relationships [32][34] Question: What factors contribute to the wide guidance range for 2026? - Management explained that the guidance reflects both conservatism due to macro uncertainties and optimism about innovation and growth opportunities [39][41] Question: What is the core driver for improving NRR? - Management acknowledged that improving NRR is a priority and highlighted initiatives aimed at enhancing customer satisfaction and retention [67][70] Question: How will the integration of AI impact product availability and customer buying patterns? - Management stated that AI will accelerate product delivery and improve customer engagement, allowing for better access to products across different ecosystems [74][76]