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Xometry: Xometry's Q4 2025 Earnings: A Strong Finish to a Record Year

Xometry's Q4 2025 financial performance was impressive, with revenue growing 30% year-over-year to $192 million, driven by a 33% increase in marketplace growth. The company's gross margin expanded to 39.1%, with marketplace gross margin reaching 35.3%, an 80 basis point expansion. The earnings per share (EPS) came in at -$0.17, missing estimates of $0.12. The company's adjusted EBITDA was $8.4 million, a significant $7.3 million year-over-year increase, driven by strong revenue growth and operating efficiencies.

XMTR

USD 44.44

-22.24%

A-Score: 4.4/10

Publication date: February 24, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Q4 Revenue Growth: Revenue surged 30% YoY to $192 million, driven by 33% marketplace growth and 40%+ growth in enterprise accounts ($500K+ spend).
  • Gross Margin Expansion: Marketplace gross margin expanded 80 bps to 35.3%, with Q4 gross profit up 27% YoY to $75.2 million (39.1% margin).
  • Leadership Transition: Randy Altschuler steps down as CEO, succeeded by Sanjeev Sahni (President), effective July 1, 2026, with a focus on product-led growth and global expansion.
  • Financial Strength: 2025 adjusted EBITDA reached $18.5 million, with Q4 adjusted EBITDA up $7.3M YoY to $8.4 million; $219 million in cash and equivalents.
  • 2026 Guidance: Projects 21%+ revenue growth, $187–$189 million in Q1 revenue (24–25% YoY), and $6.5–$7.5 million in Q1 adjusted EBITDA (vs. breakeven in 2025).

Leadership Transition and Strategic Focus

The company announced a leadership transition, with Randy Altschuler stepping down as CEO and becoming Executive Chair on July 1, 2026, and Sanjeev Singh Sahni taking over as CEO. Xometry is focused on product-led growth, expanding marketplace offerings, driving structural growth for enterprise accounts, and building out its global supplier network. As Sahni highlighted, the company will continue to drive growth initiatives, including expanding the marketplace offering and building out the global supplier network.

Valuation and Growth Prospects

Xometry's valuation metrics indicate a mixed picture, with a Price-to-Sales Ratio of 3.22 and an EV/EBITDA ratio of -65.72. The company's growth prospects are promising, with expected revenue growth of at least 21% in 2026. Analysts estimate revenue growth of 16.2% for the next year. As the company scales towards $1 billion in revenue, it aims to maintain at least 20% incremental adjusted EBITDA margins, a target that is consistent with its 2025 performance.

Operational Highlights and Future Plans

Xometry's AI-native marketplace delivered strong revenue and gross profit growth in 2025, driven by significant operating leverage. The company plans to drive automation with AI across operations and support, and balance future investments with a focus on operating leverage. With a growing pool of millions of buyers, Xometry is well-positioned to continue delivering growth and profitability. The company's target to be free cash flow positive on a sustainable basis once it hits a $225 million quarterly run rate is an encouraging sign for investors.

Xometry's A-Score