Commerce.com (CMRC) Q1 2026 earnings summary

Executive summary

• Q1 revenue was $86.8M, up 5% year over year; GAAP net income was $3.7M, the first profitable quarter as a public company.

• GMV reached $8.3B, up 14% year over year, accelerating from 12% growth in FY2025.

• ARR was $359.8M at quarter-end; non-GAAP operating income was $12.4M and operating cash flow was $18.4M.

• Product strategy centers on agentic commerce, payments, and B2B, supported by integrated product, data, and transaction capabilities.

Financial highlights

• Subscription solutions revenue was $63.7M; partner and services revenue was $23.2M.

• Non-GAAP operating margin was 14.3%; non-GAAP gross margin was 77%.

• GAAP net income was $3.7M, versus a $0.4M loss in Q1 2025; non-GAAP net income was $10.4M, versus $5.7M.

• Adjusted EBITDA was $13.8M, up from $8.8M; free cash flow was $14.1M.

• Cash, cash equivalents, and marketable securities totaled $157.0M at quarter-end.

Outlook and guidance

• Q2 2026 revenue guidance is $84.5M–$85.5M; non-GAAP operating income guidance is $4M–$5M.

• FY 2026 guidance was reaffirmed at revenue of $347.5M–$369.5M and non-GAAP operating income of $34M–$53M.

• FY guidance implies a 10%–14% non-GAAP operating margin and 11%–22% combined growth plus margin on a Rule of 40 basis.

• GAAP earnings profitability is expected for FY2026.