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Edge3 Apr 2026
Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
VTEX
VTEX (VTEX) investor relations material
VTEX Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
2025 growth was below long-term ambition due to macro headwinds in Brazil and Argentina, a more promotional marketplace, and elongated enterprise sales cycles amid AI-driven uncertainty.
Achieved record profitability in 2025, driven by disciplined execution and a strategic shift to a multi-product, AI-driven commerce platform.
Focus remains on disciplined execution of four growth levers: global expansion, B2B, retail media, and AI, which together contributed nearly half of subscription revenue growth in Q4.
Expanded customer base, especially among those with ARR above $250k, validating the enterprise strategy.
Major organizational restructuring in December centralized global teams and simplified management, enhancing agility and efficiency.
Financial highlights
FY 2025 total revenue grew 6.1% YoY in USD to $240.5M, with $234.9M from subscriptions and $5.6M from services; Q4 2025 GMV reached $6.3B, up 17.2% YoY in USD.
Q4 subscription revenue was $66.7M, up 12.2% YoY in USD; full-year subscription revenue was $234.9M, up 7.9% in USD and 9.5% FX-neutral.
Subscription gross margin rose to 81.8% in Q4 from 78.8% YoY; FY 2025 non-GAAP subscription gross margin was 80.3%.
Non-GAAP income from operations was $39.4M for FY 2025 (16.4% margin), up from $29.0M YoY; Q4 non-GAAP income from operations was $16.2M (23.8% margin).
Free cash flow for FY 2025 was $32.3M, with Q4 at $11.1M (16.3% margin); ended 2025 with $15.7M in cash and cash equivalents.
Outlook and guidance
Q1 2026: Subscription revenue expected to grow at mid-single digit % FX-neutral YoY; gross profit at high single digit %; non-GAAP operating margin in mid-teens %; free cash flow in high teens %.
Full-year 2026: Subscription revenue to grow at mid to high single digit % FX-neutral; gross profit at high single to low-teens %; non-GAAP operating and free cash flow margins in low twenties %.
FX-neutral growth guidance implies higher reported USD growth due to currency effects.
R&D headcount grew despite overall reduction. Why?
Explain disparity in regional subscription growth
What validates Retail Media as a core growth engine?
Explain the AI wait-and-see effect on sales
B2B deal mix in US and EMEA markets
How does AI impact subscription gross margins?
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Latest events from VTEX
- Q2 revenue up 18% YoY, margins expand, profitability returns, and guidance raised for 2024.VTEX
Q2 20242 Feb 2026 - Double-digit revenue growth, margin expansion, and raised guidance mark strong Q3 results.VTEXQ3 202416 Jan 2026
- 2024 saw strong revenue and margin gains; 2025 guidance targets 14–17% FX-neutral growth.VTEXQ4 202423 Dec 2025
- Q2 2025 saw 11.2% FXN subscription growth, 79.9% margin, and raised 2025 guidance.VTEXQ2 202523 Nov 2025
- Q1 2025 saw 15% FX-neutral subscription growth, 79% gross margin, and strong cash flow.VTEXQ1 202521 Nov 2025
- Q3 2025 delivered record margins, double-digit GMV growth, and strong global expansion.VTEXQ3 202513 Nov 2025
Next VTEX earnings date
Q1 20265 May, 2026
VTEX
Next VTEX earnings date
Q1 20265 May, 2026
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