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Investor Relations14 Oct 2025
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VTEX (VTEX) investor relations material
VTEX Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Delivered resilient Q2 2025 performance with disciplined execution, global expansion, and operational profitability despite challenging markets in Brazil and Argentina and slower new customer migrations.
Achieved $230.4M in LTM revenue and $19.0B in B2C GMV as of 2Q25, with 2.4k customers and 3.4k active online stores across 43 countries.
88% of ARR comes from enterprise customers, with an average ARR of $131K per active online store.
U.S. and Europe markets grew twice as fast as the overall company, with notable new enterprise customer additions and expanded partnerships.
Strategic focus on B2B commerce and retail media, unlocking new revenue streams and reinforcing enterprise positioning.
Financial highlights
Q2 2025 GMV reached $4.8B, up 9% year-over-year in USD and 14% FX neutral.
Subscription revenue was $57.2M, up 6% in USD and 11.2% FX neutral year-over-year.
Total revenue was $58.8M, up 4% in USD and 9% FX neutral year-over-year.
Non-GAAP income from operations increased 46% FX neutral to $8.5M (14.4% margin), up from $6.3M (11.1%) in 2Q24.
Free cash flow for the quarter was $7.1M, up from $3M last year, with a 12% margin, a 7-point improvement.
Outlook and guidance
FX neutral subscription revenue growth targeted at 6–9% for Q3 2025 ($57.5M–$59M) and 9–12% for full year 2025 ($233M–$239M).
Full year 2025 non-GAAP income from operations and free cash flow margin outlook raised to high teens.
Revenue guidance reduced by 2% in USD at midpoint, but non-GAAP operating income and free cash flow guidance increased by over 10%.
Guidance embeds deceleration in Brazil and continued volatility in Argentina.
Multiple growth vectors: new customer additions, GMV growth with existing customers, innovation, platform expansion, geographic expansion, and ecosystem development.
How did AI initiatives impact cost efficiency?
Explain the rationale for share repurchase.
Detail VTEX's strategy for global expansion.
How will KitchenAid success impact future deployments?
What's driving the increased margin expectations?
How are B2B/retail media rollouts adapting to volatility?
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Next VTEX earnings date
Q3 20254 Nov, 2025
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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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