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VTEX (VTEX) investor relations material
VTEX Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 results showed strong profit growth, margin expansion, and operational efficiency, driven by AI-powered automation and international B2B momentum, with GMV of $5.0B and subscription revenue of $58.4M.
Achieved $234.1M in LTM revenue for 3Q25, with $19.5B in B2C GMV, operations in 43 countries, and 2.4k customers across 3.4k active online stores.
AI transformation is central, delivering cost reductions, improved service, and enabling new revenue streams in B2B, Retail Media, and Agentic Commerce.
Customer base expanded with notable wins and go-lives, including H&M, Itaú, PicPay, Etihad Arena, and others, reinforcing platform scalability.
Recognized as a leader by IDC and a Customers' Choice in Gartner's 2025 Voice of the Customer for Digital Commerce.
Financial highlights
Q3 2025 GMV reached $5.0B, up 13% YoY in USD and 11.8% FX-neutral; subscription revenue was $58.4M, up 8.4% YoY in USD and 7.2% FX-neutral.
Non-GAAP subscription gross margin reached 80.2% (record high); total gross margin was 77.5%, up 270 bps YoY.
Non-GAAP operating margin reached 16%, up 230 bps YoY; non-GAAP net income was $10.6M, up 41% YoY, with a margin of 17.8%.
Free cash flow was $7.5M, with a 13% margin; cash balance at quarter-end was ~$200M.
Share buyback: 4.5M shares repurchased in Q3 2025 at $4.14 average price, totaling $18.8M.
Outlook and guidance
Q4 2025 FX-neutral subscription revenue growth targeted at 5%-10% YoY ($65.8M-$68.8M); non-GAAP operating margin expected in the mid-20% range; free cash flow margin in the high teens.
Full-year 2025 FX-neutral subscription revenue growth targeted at 9.3%-10.7% ($234M-$237M).
Focused on scaling in the U.S. and Europe, expanding B2B and Retail Media, and accelerating AI transformation.
Multiple growth vectors: new customer additions, GMV growth with existing customers, innovation, platform expansion, and geographic reach.
AI's impact on R&D throughput vs. cost cuts?
B2B pipeline split: LatAm vs. U.S./EMEA?
VTEX's role with new AI aggregators like OpenAI?
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Q4 202525 Feb, 2026
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Frequently asked questions
VTEX is a global provider of enterprise digital commerce platform solutions, primarily focusing on software-as-a-service (SaaS) for enterprise brands and retailers. The company's platform is designed to facilitate various aspects of digital commerce, including the creation of online stores, integration and management of orders across different channels, and the development of marketplaces to sell products from third-party vendors. VTEX's solutions cater to a range of industries such as grocery, retail, manufacturing, and consumer packaged goods, addressing their needs for order management systems, conversational commerce, fulfillment, and cloud infrastructure among others. The company is headquartered in London, United Kingdom, and its shares are listed on the New York Stock Exchange.
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