Commerce.com (CMRC) Q2 2026 earnings summary

Executive summary

• Q2 revenue was $84.5M, up 0.1% year over year and within guidance; non-GAAP operating income was $8.1M, above guidance, and GAAP net income was $1.1M for a second consecutive quarter.

• GMV rose 14% year over year to $8.8B; ARR reached $360.5M, up 2% year over year, and NRR improved for a third consecutive quarter to 95.8%.

• Strategic focus centers on AI-driven commerce, product intelligence, B2B, payments, and open architecture, with near-term trade-offs to support long-term investment.

Financial highlights

• Subscription solutions revenue was $63.1M, down 1% year over year; partner and services revenue was $21.4M, up 3%.

• Non-GAAP operating income was $8.1M, with a 9.6% operating margin; adjusted EBITDA was $9.7M, up from $5.7M a year earlier.

• GAAP net income was $1.1M versus a net loss of $8.4M in Q2 2025; operating expenses declined 17.2% year over year.

• H1 operating cash flow was $23.5M and free cash flow was $14.1M; Q2 free cash flow was $0.1M as capital expenditures increased to $5.0M.

• Cash, cash equivalents, restricted cash, and marketable securities totaled $157.5M at June 30, 2026.

Outlook and guidance

• Q3 2026 revenue guidance is $82.5M–$85.5M and non-GAAP operating income guidance is $3.3M–$5.3M.

• FY2026 revenue guidance is $336.5M–$344.5M and non-GAAP operating income guidance is $28M–$34M; full-year GAAP profitability remains expected.

• Revenue midpoint was cut by $18M and non-GAAP operating income midpoint by $12.5M, reflecting partner ecosystem changes, cautious bookings, and targeted AI infrastructure and R&D investment.