In short: Managed Markets scales. Q2 revenue +39% Y/Y to $299M ($16M beat) while GMV accelerated to +44% Y/Y at $2.1B; adjusted EBITDA surged 62% to $62M with margin expanding three points to 21%, and free cash flow rebounded to $73M after the seasonal Q1 outflow. Global-E completed the migration of Managed Markets merchants to V2, expanded the product into Canada and the UK, and simplified onboarding enough that most merchants can activate in a single session; same-store sales stayed above historical trends. It also closed the Passport acquisition — asset-light cross-border logistics — which "expands the addressable market beyond merchants that fit Global-E's traditional Merchant of Record model." FY26 guidance moved higher again: GMV $8.81–$9.11B and revenue $1.305–$1.355B (a $75M raise), partly Passport but "the underlying business is also running ahead of plan." Bottom Line: the first real evidence Managed Markets 2.0 "could become a meaningful Shopify growth lever." A disclosed author holding.
Global-E lets an online store sell internationally without dealing with the mess of doing so — local currencies, duties, taxes, shipping and returns are handled for the merchant. It is deeply tied to Shopify, whose merchants are its main customer base. Revenue grew 39% and the value of goods sold through it accelerated to +44%.
Two things drive the positive read. First, "Managed Markets" — a lighter-touch version of the product where Global-E doesn't take legal ownership of the goods — finished migrating to a new platform (V2), expanded into Canada and the UK, and got simple enough that a merchant can switch it on in a single sitting. That is what makes it scalable, and App Economy calls it the first real evidence it could become "a meaningful Shopify growth lever."
Second, buying Passport — an asset-light cross-border logistics platform — extends the addressable market to merchants who never fit the original "Merchant of Record" model. And this is growth that pays: EBITDA rose 62% with margin up three points to 21%, and guidance rose again on both volume and revenue.
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