Fiverr — research brief

Fiverr International Ltd. (NYSE: FVRR), Tel Aviv / New York. Fiscal year = calendar year. Researched 2026-10-13.

Sources

FY2025 earnings release (Feb 18, 2026): https://investors.fiverr.com/news-releases/news-release-details/fiverr-announces-fourth-quarter-and-full-year-2025-results/
Form 20-F for 2025 (filed Mar 12, 2026): https://www.sec.gov/Archives/edgar/data/1762301/000117891326000858/zk2634486.htm
Q4'25 shareholder letter: https://investors.fiverr.com/static-files/11abd0ed-edd1-4c4f-804f-d0ffe595457c
6-K, Sep 15, 2025 (reduction in force): https://www.sec.gov/Archives/edgar/data/1762301/000117891325003327/zk2533783.htm
Q2 2026 results (Jul 29, 2026): https://www.sec.gov/Archives/edgar/data/1762301/000117891326003624/exhibit_99-1.htm
Help Center, buyer service fee: https://help.fiverr.com/hc/en-us/articles/37332672658193-Paying-for-orders-extras-or-custom-offers
FreelanceNation fee explainer (SECONDARY): https://freelancenation.com/blog/fiverr-fees-explained

FACT — FY2025 (year ended Dec 31, 2025)

Revenue $430.9M vs $391.5M (+10.1%); marketplace $297.5M (−1.8%); services $133.4M (+50.9%, 31.0% of revenue vs 22.6%).
Marketplace GMV $1,073.0M (−2.2%); take rate 27.7% (vs 27.6%), "slight adjustments in fee structure".
Annual active buyers 3.135M (−13.6%); annual spend per buyer $342 (+13.3%); buyers from 160+ countries.
GMV from transactions >$1,000 +22.8% in Q4'25; buyers spending >$10K/yr +7%.
GAAP gross margin 81.6%; cost of revenue $79.4M; R&D $90.7M; S&M $176.7M; G&A $85.3M; total opex $352.7M.
GAAP operating loss $(1.2)M; financial income $24.6M; net income $21.0M ($0.56 diluted). Non-GAAP net income $115.1M.
Adjusted EBITDA $91.6M (21.3%); free cash flow $103.3M. Restructuring costs $3.4M.
Revenue by geography: U.S. $205.4M, Europe $120.8M, APAC $64.9M, RoW $34.5M, Israel $5.3M.
Employees 528 at Dec 31, 2025 vs 762 (R&D 246, Marketing 96, G&A 103, Customer Care 83).
Revenue recognized net when an order completes; commissions on transaction value plus foreign-transaction fees.
Hosted on Amazon Web Services; majority of new buyers acquired organically; performance marketing + brand.
Services: Fiverr Ads (sellers promote Gigs), Seller Plus (subscription: analytics, marketing tools, priority support, success managers), AutoDS (dropshipping automation; acquired July 2024). Fiverr Pro = premium vetted catalog + team tools for larger buyers.
Sep 15, 2025: ~250-person reduction in force to become "AI-first".
Buyer fee: 5.5% of purchase price + $3.50 on orders under $200 (help center).
2026 guidance (Feb 2026): revenue $380–420M; revised down in July 2026.
Q2 2026: revenue $97.8M (−10.0%); marketplace $63.1M (−15.5%); active buyers 2.7M (−21.9%); spend/buyer $368; take rate 28.0%; cash, deposits & securities $308.5M.

SECONDARY

Sellers keep 80% of the purchase amount (~20% commission) per Terms of Service as quoted by FreelanceNation.
Seller Plus pricing ~$25 / $49 per month (FreelanceNation).

INFERENCE

Escrow-like flow (buyer pays at order, seller credited on completion) inferred from revenue-recognition and help-center flow.
Main engine: take-rate (two-sided commission on marketplace GMV = 69% of revenue).

# Fiverr — research brief Fiverr International Ltd. (NYSE: FVRR), Tel Aviv / New York. Fiscal year = calendar year. Researched 2026-10-13. ## Sources - FY2025 earnings release (Feb 18, 2026): https://investors.fiverr.com/news-releases/news-release-details/fiverr-announces-fourth-quarter-and-full-year-2025-results/ - Form 20-F for 2025 (filed Mar 12, 2026): https://www.sec.gov/Archives/edgar/data/1762301/000117891326000858/zk2634486.htm - Q4'25 shareholder letter: https://investors.fiverr.com/static-files/11abd0ed-edd1-4c4f-804f-d0ffe595457c - 6-K, Sep 15, 2025 (reduction in force): https://www.sec.gov/Archives/edgar/data/1762301/000117891325003327/zk2533783.htm - Q2 2026 results (Jul 29, 2026): https://www.sec.gov/Archives/edgar/data/1762301/000117891326003624/exhibit_99-1.htm - Help Center, buyer service fee: https://help.fiverr.com/hc/en-us/articles/37332672658193-Paying-for-orders-extras-or-custom-offers - FreelanceNation fee explainer (SECONDARY): https://freelancenation.com/blog/fiverr-fees-explained ## FACT — FY2025 (year ended Dec 31, 2025) - Revenue $430.9M vs $391.5M (+10.1%); marketplace $297.5M (−1.8%); services $133.4M (+50.9%, 31.0% of revenue vs 22.6%). - Marketplace GMV $1,073.0M (−2.2%); take rate 27.7% (vs 27.6%), "slight adjustments in fee structure". - Annual active buyers 3.135M (−13.6%); annual spend per buyer $342 (+13.3%); buyers from 160+ countries. - GMV from transactions >$1,000 +22.8% in Q4'25; buyers spending >$10K/yr +7%. - GAAP gross margin 81.6%; cost of revenue $79.4M; R&D $90.7M; S&M $176.7M; G&A $85.3M; total opex $352.7M. - GAAP operating loss $(1.2)M; financial income $24.6M; net income $21.0M ($0.56 diluted). Non-GAAP net income $115.1M. - Adjusted EBITDA $91.6M (21.3%); free cash flow $103.3M. Restructuring costs $3.4M. - Revenue by geography: U.S. $205.4M, Europe $120.8M, APAC $64.9M, RoW $34.5M, Israel $5.3M. - Employees 528 at Dec 31, 2025 vs 762 (R&D 246, Marketing 96, G&A 103, Customer Care 83). - Revenue recognized net when an order completes; commissions on transaction value plus foreign-transaction fees. - Hosted on Amazon Web Services; majority of new buyers acquired organically; performance marketing + brand. - Services: Fiverr Ads (sellers promote Gigs), Seller Plus (subscription: analytics, marketing tools, priority support, success managers), AutoDS (dropshipping automation; acquired July 2024). Fiverr Pro = premium vetted catalog + team tools for larger buyers. - Sep 15, 2025: ~250-person reduction in force to become "AI-first". - Buyer fee: 5.5% of purchase price + $3.50 on orders under $200 (help center). - 2026 guidance (Feb 2026): revenue $380–420M; revised down in July 2026. - Q2 2026: revenue $97.8M (−10.0%); marketplace $63.1M (−15.5%); active buyers 2.7M (−21.9%); spend/buyer $368; take rate 28.0%; cash, deposits & securities $308.5M. ## SECONDARY - Sellers keep 80% of the purchase amount (~20% commission) per Terms of Service as quoted by FreelanceNation. - Seller Plus pricing ~$25 / $49 per month (FreelanceNation). ## INFERENCE - Escrow-like flow (buyer pays at order, seller credited on completion) inferred from revenue-recognition and help-center flow. - Main engine: take-rate (two-sided commission on marketplace GMV = 69% of revenue).