Commerce.com (CMRC) Q3 2025 earnings summary

Executive summary

• Q3 revenue was $86.0M, up 2.8% year-over-year; ARR reached $355.7M, up 2% year-over-year, with 76% from enterprise accounts.

• Non-GAAP operating income was $8.0M, nearly $5M above the high end of guidance; operating cash flow was $10.6M.

• Strategic focus on profitable growth through AI-led commerce, product innovation, partnerships, and more efficient go-to-market execution.

• Rebranding unified BigCommerce, Feedonomics, and Makeswift under a unified brand family, supporting a cohesive AI-led commerce platform.

Financial highlights

• Q3 revenue was $86.0M, up 2.8% year-over-year; subscription solutions revenue rose 3% to $64.7M.

• GAAP gross margin improved to 78.4% from 76.3%; non-GAAP gross margin rose to 79% from 78%.

• Non-GAAP operating income was $8.0M, or 9.3% of revenue, versus a 5.2% margin a year earlier; adjusted EBITDA was $8.8M, up from $5.4M.

• GAAP net loss narrowed to $2.2M from $7.0M; non-GAAP net income was $6.2M, up from $4.4M.

• Free cash flow was $7.6M; nine-month operating cash flow was $24.5M, up from $13.9M.

Outlook and guidance

• Q4 2025 revenue guidance is $87.8M–$92.8M; non-GAAP operating income guidance is $4.3M–$9.3M.

• FY2025 revenue guidance is $340.6M–$345.6M; non-GAAP operating income guidance is $24.7M–$29.7M, with the midpoint raised $5.2M to $27.2M.

• 2026 priorities include partner-led distribution, simpler mid-market packaging and pricing, tighter resource alignment, and efficient growth with expanding cash flow.

• Liquidity is expected to be sufficient for at least the next twelve months; R&D investment is expected to rise as a percentage of revenue.