Aug 12, 2026 earnings call — Strong growth and Passport acquisition
Raised outlook after Q2; GMV up 44% to almost $2.1 billion and revenue $299 million.
Revenue $0.3B (est $0.3B) · EPS $0.27 (est $0.22)
Key quotes
"We beat the high end of the range across all of our guidance metrics and are now raising our outlook for GMV, revenue and adjusted EBITDA for the remainder of the year."
"Passport is currently on track to generate over $100 million in revenues this year, growing slightly ahead of our overall growth rate."
"In Q2, we officially expanded the geographical footprint of the Managed Markets offering, making it available for the first time to merchants outside of the U.S., namely in Canada and in the U.K."
Analyst Q&A 13
Managed Markets adoption and growth
Q (Andrew Bauch · BMO): Analyst asked for data on conversion and attach after Managed Markets 2.0 and growth expectations for the year.
A: Management said adoption increased after V2 and general availability in Canada and the U.K. is raising interest outside the U.S. They noted positive merchant feedback on conversion and that Managed Markets is a longer-term play expected to grow and accelerate.
"We are seeing an increase in adoption following the rollout of V2." — Nir Debbi (PRESIDENT)
New customers ramp and same-store sales
Q (William Fitzsimmons · Piper Sandler): Analyst asked why new merchants (late 2025) are ramping faster and what to expect for same-store sales in the back half.
A: Management said merchants that launched in late 2025 performed exceptionally well with conversion and sales above expectations, and this will contribute to the back half. They said same-store sales are above historical levels but noted some normalization due to FX and duties; guidance reflects a stronger back half.
"The performance of merchants that launched with us in the back half of 2025 is exceptionally good." — Nir Debbi (PRESIDENT)
Promotions effect on GMV and cadence
Q (Robert Wildhack · Autonomous): Analyst asked how larger promotions by top merchants affected GMV and the expected cadence of promotions through the year.
A: Management said these are regular annual or biannual promotions seen in prior years and nothing out of the ordinary. They said consumer reaction to the same promotions was very strong in Q2 2026 and that better reaction to promotions is a multi-year trend they expect to continue.
"The interesting thing is that the consumer reaction in 2026, in Q2 2026 was very strong to those -- to the same promotions that they run every year." — Nir Debbi (PRESIDENT)
KPIs for Managed Markets and gross margin baseline
Q (Scott Berg · Needham): Analyst asked which KPIs to watch for Managed Markets and whether Q2 gross margin is the right baseline going forward.
A: Management said they are tracking adoption and GMV for Managed Markets and the migration to V2 is complete, so focus is on growth. They said gross margins have been stable and Q2 decreases were mainly due to rising fuel prices and volatility; the V1 to V2 migration impact is behind them.
"we are tracking adoption and tracking GMV on Managed Markets, and this would be our main factors." — Nir Debbi (PRESIDENT)
Margins and Passport impact
Q (James Faucette · Morgan Stanley): Analyst asked how margins may evolve and whether Passport can reach corporate profitability and drive cross-sell.
A: Management said they have gradually expanded adjusted EBITDA margins and expect continued improvement driven by growth and operational leverage. They said Passport is growing fast, is adjusted EBITDA positive and cash flow positive, and they believe Passport can reach similar profitability and add synergies and revenue by offering a more complete shipping proposition.
"We have been able to gradually expand adjusted EBITDA margins as we planned." — Ofer Koren (CFO)
Managed Markets promotion and Passport seasonality
Q (Craig Maurer · FT Partners): Analyst asked if summer additions accelerated Managed Markets and whether Shopify promotes it through AI tools; also asked about Passport seasonality.
A: Management said additions and the switch to V2 increased interest and adoption, and Shopify is backing and pushing Managed Markets through channels including their console. They said Passport seasonality is similar to Global-e so you can assume similar quarterly seasonality.
"Shopify is backing the plan. They are pushing it in different channels, including their console." — Nir Debbi (PRESIDENT)
Take rate and value-added services
Q (William Nance · Goldman Sachs): Analyst asked how value-added services affect revenue relative to GMV and whether they can stop take rate compression.
A: Management said they focus on the best mix of platform and services; different solutions carry different take rates but all add to top and bottom line and drive profitable growth. They highlighted growing adoption of duty drawback and Borderfree, said take rates are more a result of mix and will stabilize, and that excluding Passport they expect take rates fairly stable in the back half of 2026.
"By offering these different models that are catering different merchant needs, this enables us to drive consistently fast and profitable growth." — Ofer Koren (CFO)
Seasonality and luxury exposure
Q (Mark Zgutowicz · Benchmark): Analyst asked about variables affecting Q3/Q4 GMV and whether GMV exposure to luxury changed versus a year ago.
A: Management said they had some luxury wins and can land-and-expand within large luxury accounts, but luxury's percentage of overall business has not increased and they do not expect its share to rise. They said they expect normal seasonality with Q3 lighter on promotions and Q4 similar to prior years.
"In terms of luxury, we did have some nice wins, and we are really excited about being able to have some land and expand motion within the large luxury group." — Ofer Koren (CFO)
Top-of-funnel velocity and new merchant behavior
Q (Brian Peterson · Raymond James): Analyst asked about the pace of new customers coming in and whether new customers are larger or buying more products.
A: Management said new merchant launches for 2026 are progressing well with a busy first half and many brands onboarding for the second half. They said the top of the funnel and leads have increased, aided by AI discovery tools, and conversion has improved partly due to changes in duties like the EU minimum removal.
"So far, 2026 is shaping to be stronger than what we have seen in 2025." — Nir Debbi (PRESIDENT)
Managed Markets potential in UK and Canada
Q (Chao Zhang · UBS Financial): Analyst asked if UK and Canada are meaningful markets for Managed Markets and how to think about opportunity size.
A: Management said there is immense potential and Shopify has a large and growing roster of relevant merchants in those geographies. They said U.S. is Shopify's largest market, followed by Canada and the U.K. in descending order, and they are building features to make onboarding easier.
"For Shopify, obviously, the U.S. is the largest market." — Amir Schlachet (CEO)
Features making onboarding easier
Q (Patrick Walravens · Citizens): Analyst asked which features and capabilities make Managed Markets easier to onboard and trade.
A: Management said they are building out almost out-of-the-box onboarding and bringing enterprise best practices to Managed Markets, including managed pricing and upcoming managed pricing on shipping. They also said onboarding was sped from application review to 24 hours and now to same-session onboarding so most merchants can go live almost instantaneously.
"So essentially, for the vast majority of merchants, as soon as they click that they're interested in Managed Markets, the process is done almost instantaneously, and they can go live within a very, very short time span." — Amir Schlachet (CEO)
Passport integration and synergies
Q (Matthew Coad · Truist): Analyst asked for more detail on Passport integration and expected synergies now the deal closed.
A: Management said they are excited about Passport, citing a strong management team and strategic solutions, and that Global-e's scale can improve Passport offerings like smart returns and direct injection. They said non-MoR expands addressable segments and that being deeper in the integration makes them more optimistic about bringing Passport closer to Global-e's bottom line in coming quarters.
"Add to it non-MoR and the ability of Global-e now to actually go to additional segments and verticals that are not best fit for MoR." — Nir Debbi (PRESIDENT)
Duty drawback pipeline and timing
Q (Matthew Bullock · BofA): Analyst asked how the pipeline looks for merchants preparing documentation for duty drawback for the back half of the year.
A: Management said duty drawback is valuable for U.S. merchants and they have a strong pipeline with very good adoption, but the process takes time because the first submission must be comprehensive. They said they are not rushing merchants and are giving them time to prepare documents so the initial claim can include as much historic data as possible.
"There's a very good adoption rate of this offering." — Amir Schlachet (CEO)