VTEX (VTEX) Q3 2025 earnings summary

Executive summary

• Q3 2025 results showed strong profit growth, margin expansion, and operational efficiency, driven by AI-powered automation and international B2B momentum, with GMV of $5.0B and subscription revenue of $58.4M.

• Achieved $234.1M in LTM revenue for 3Q25, with $19.5B in B2C GMV, operations in 43 countries, and 2.4k customers across 3.4k active online stores.

• AI transformation is central, delivering cost reductions, improved service, and enabling new revenue streams in B2B, Retail Media, and Agentic Commerce.

• Customer base expanded with notable wins and go-lives, including H&M, Itaú, PicPay, Etihad Arena, and others, reinforcing platform scalability.

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

Financial highlights

• Q3 2025 GMV reached $5.0B, up 13% YoY in USD and 11.8% FX-neutral; subscription revenue was $58.4M, up 8.4% YoY in USD and 7.2% FX-neutral.

• Non-GAAP subscription gross margin reached 80.2% (record high); total gross margin was 77.5%, up 270 bps YoY.

• Non-GAAP operating margin reached 16%, up 230 bps YoY; non-GAAP net income was $10.6M, up 41% YoY, with a margin of 17.8%.

• Free cash flow was $7.5M, with a 13% margin; cash balance at quarter-end was ~$200M.

• Share buyback: 4.5M shares repurchased in Q3 2025 at $4.14 average price, totaling $18.8M.

Outlook and guidance

• Q4 2025 FX-neutral subscription revenue growth targeted at 5%-10% YoY ($65.8M-$68.8M); non-GAAP operating margin expected in the mid-20% range; free cash flow margin in the high teens.

• Full-year 2025 FX-neutral subscription revenue growth targeted at 9.3%-10.7% ($234M-$237M).

• Focused on scaling in the U.S. and Europe, expanding B2B and Retail Media, and accelerating AI transformation.

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