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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
Growth in 2025 was below long-term ambitions due to macro headwinds in Brazil and Argentina, a 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.
Four strategic growth levers—global expansion, B2B, retail media, and AI—are driving future growth, with these areas representing 15% of Q4 subscription revenue and delivering 20% FX-neutral growth.
Expanded customer base, especially among those with ARR above $250K, validating the enterprise strategy and achieving notable new enterprise customers and expansions across Latin America, Europe, and North America.
Continued expansion in global markets, with 44 countries hosting active online stores.
Financial highlights
FY 2025 total revenue was $240.5M, up 6.1% YoY in USD (FX-neutral: 7.6%), with $234.9M from subscriptions and $5.6M from services.
Q4 2025 GMV reached $6.3B, up 17.2% YoY in USD and 10.0% FX-neutral; full-year GMV was $20.5B.
Q4 subscription revenue was $66.7M, up 12.2% YoY in USD; FY 2025 subscription revenue was $234.9M, up 7.9% YoY 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%.
FY 2025 non-GAAP income from operations was $39.4M (16.4% margin), up from $29.0M YoY; Q4 non-GAAP income from operations was $16.2M (23.8% margin).
Outlook and guidance
Q1 2026: Subscription revenue expected to grow mid-single digits FX-neutral YoY; gross profit to grow high single digits; non-GAAP operating margin and free cash flow margin in the mid-to-high teens.
Full-year 2026: Subscription revenue targeted to grow mid-to-high single digits FX-neutral; gross profit to grow high single to low teens; non-GAAP operating and free cash flow margins in the 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?
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Next VTEX earnings date
Q1 20265 May, 2026
VTEX
Next VTEX earnings date
Q1 20265 May, 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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