VTEX (VTEX) Q2 2025 earnings summary

Executive summary

• Delivered resilient Q2 2025 performance with disciplined execution and global expansion, 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.

• Recognized as a Leader by IDC and a Customers' Choice in Gartner's 2025 Voice of the Customer for Digital Commerce.

• Expanded global presence with new enterprise customers in the US and Europe, including KitchenAid and Road Runner Sports.

Financial highlights

• Q2 2025 GMV reached $4.8B, up 9.1% in USD and 13.6%–14% FX neutral year-over-year.

• Subscription revenue was $57.2M, up 6.1% 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 rose to $8.5M (14.4% margin), up from $6.3M (11.1%) in 2Q24.

• Free cash flow was $7.1M, up from $3.0M last year, with a 12% margin, a 7% point improvement.

Outlook and guidance

• Q3 2025 FX neutral subscription revenue growth targeted at 6%–9%, or $57.5M–$59.0M.

• Full year 2025 FX neutral subscription revenue growth expected at 9%–12%, or $233M–$239M.

• Raised full year non-GAAP income from operations and free cash flow margin outlook to high teens.

• Revenue guidance revised down by 2% in USD, but non-GAAP income from operations and free cash flow raised by over 10%.

• Multiple growth vectors: new customer additions, GMV growth with existing customers, innovation, platform expansion, geographic expansion, and ecosystem development.