NYSE$FVRR
Fiverr International · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Fiverr hits record adjusted EBITDA margin at 22.4% as services revenue surges 40% to $34.3M
Fiverr International reported third quarter 2025 revenue of $107.9 million, up 8.3% year over year, with marketplace revenue of $73.6 million down 2.0% while services revenue jumped 39.6% to $34.3 million. GAAP net income was $5.5 million, or $0.15 per diluted share, compared with $1.4 million, or $0.04, in Q3 2024. Non-GAAP net income was $30.5 million, or $0.77 per diluted share. Adjusted EBITDA reached a quarterly record of $24.2 million with a 22.4% margin, up 270 basis points, as spend per buyer rose 11.7% to $330 despite active buyers declining 11.7% to 3.3 million. Free cash flow was $29.1 million and cash and equivalents were $559.7 million at September 30.
- Total revenue grew 8.3% YoY to $107.9M; services revenue rose 39.6% to $34.3M while marketplace revenue declined 2.0%
- GAAP EPS was $0.15 and non-GAAP diluted EPS was $0.77; adjusted EBITDA hit a record $24.2M at 22.4% margin
- Annual spend per buyer increased 11.7% to $330; annual active buyers fell 11.7% to 3.3 million
- Free cash flow was $29.1M, up 175% YoY; cash and equivalents totaled $559.7M
- Q4 revenue guidance is $104.3M to $112.3M and full-year 2025 revenue guidance is $428M to $436M
Headline financials
Revenue & EPS history
Fiverr · Revenue · Quarterly
$108M
Revenue by segment
Fiverr · $108M total across 2 segments · Q3 2025
- Marketplace$73.6M—68.2%
- Services$34.3M—31.8%
Forward guidance
Fiverr guided Q4 2025 revenue of $104.3M to $112.3M (1% to 8% YoY growth) and full-year 2025 revenue of $428M to $436M (9% to 11% growth), with Q4 adjusted EBITDA of $23.9M to $27.9M and full-year adjusted EBITDA of $88M to $93M.
Tailwinds
- Record quarterly adjusted EBITDA and margin demonstrate operating leverage
- Services growth and higher spend per buyer offset marketplace buyer decline
Headwinds
- Marketplace revenue declined 2% as active buyers fell 11.7%
- Recent strategic restructuring reflects focus on re-accelerating GMV growth
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
+3.0%
Avg return
Earnings day
+2.7%
Avg return
5 days after
+0.9%
Avg return
30 days after
60%
15 / 25 earnings
Positive
+26.5%
Q3 2022
Best reaction
-26.9%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.7% | +11.6% | +4.8% | |
| Q4 2025 | -6.0% | -18.7% | -21.8% | |
| Q3 2025 | -4.9% | +0.9% | -0.4% | |
| Q1 2025 | +8.8% | +18.6% | +26.1% | |
| Q3 2024 | +16.7% | +12.3% | +30.1% | |
| Q1 2024 | +15.7% | +27.8% | +20.7% | |
| Q4 2023 | -10.5% | -10.0% | -16.5% | |
| Q3 2023 | -9.3% | -3.4% | +10.7% | |
| Q2 2023 | +11.6% | +8.9% | -1.6% | |
| Q1 2023 | -2.6% | -2.0% | -3.6% | |
| Q4 2022 | +12.3% | +4.7% | -9.5% | |
| Q3 2022 | +26.5% | +29.2% | +8.9% | |
| Q2 2022 | +8.0% | +6.2% | -8.5% | |
| Q1 2022 | -15.7% | -9.3% | -7.3% | |
| Q4 2021 | -6.8% | -7.6% | -2.4% | |
| Q3 2021 | +13.1% | +14.2% | -21.1% | |
| Q2 2021 | -26.9% | -25.3% | -20.2% | |
| Q1 2021 | -1.9% | -4.0% | +7.6% | |
| Q4 2020 | +4.1% | -9.8% | -26.6% | |
| Q3 2020 | +3.2% | +1.9% | +38.4% | |
| Q2 2020 | +15.2% | +1.7% | +6.8% | |
| Q1 2019 | +8.4% | +21.2% | +41.9% | |
| Q4 2019 | +25.4% | +17.0% | -22.5% | |
| Q3 2019 | +4.5% | +0.7% | +7.0% | |
| Q2 2019 | -16.4% | -18.9% | -19.4% | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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