"Gross Services Volume (GSV) -- Exceeded $4 billion for the year, with 3% year-over-year growth in the fourth quarter. Revenue -- $788 million for 2025, up 2.4% year over year; Q4 revenue rose 4% year over year. Adjusted EBITDA -- $226 million for the year, at a record 29% margin; Q4 adjusted EBITDA was $53 million with a 27% margin."
"Marketplace Take Rate -- Increased to 19% in Q4, up from 18.1% a year earlier, supporting 5% year-over-year growth in marketplace revenue. Free Cash Flow -- $223 million generated for 2025, with $57 million in Q4. Share Repurchases -- $136 million used to repurchase over 9 million shares in 2025, including $34 million spent on approximately 2 million shares in Q4. Cash Position -- Cash, cash equivalents, and marketable securities totaled $673 million at year-end."
Gross Services Volume exceeded $4 billion for the year, with 3% year-over-year growth in the fourth quarter. Revenue was $788 million for 2025, up 2.4% year over year, and Q4 revenue rose 4% year over year. Adjusted EBITDA reached $226 million for the year, a record 29% margin, with Q4 adjusted EBITDA of $53 million and a 27% margin. Gross margin was 78% in Q4 and 77.8% for the full year. Marketplace take rate increased to 19% in Q4, supporting 5% marketplace revenue growth. Free cash flow totaled $223 million for 2025, and $136 million was used for share repurchases. Active clients ended at 785,000 with lower churn and a record average GSV per active client above $5,100. AI-related annualized GSV surpassed $300 million, with AI clients spending about three times the platform average.
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