VTEX (VTEX) Q3 2026 earnings summary

Executive summary

• GMV rose 12.0% YoY in USD to $5.548B, while revenue grew 6.3% in USD and declined 0.4% FX-neutral; weaker Brazilian consumption, particularly in October, weighed on results.

• Global Expansion, B2B, Ads, and AI grew faster than the overall business; priorities remain scaling these drivers and developing an AI-native commerce suite.

Financial highlights

• Subscription revenue was $62.5M, up 7.1% in USD and 0.2% FX-neutral; total revenue was $63.4M, up 6.3% reported and down 0.4% FX-neutral.

• GAAP operating income was $7.2M vs. $4.2M; GAAP net income was $3.0M vs. $6.4M, and diluted EPS was $0.018 vs. $0.034.

• Non-GAAP operating income was $12.1M vs. $9.5M, at a 19.0% margin; non-GAAP net income was $7.0M vs. $10.6M.

• Free cash flow rose 77.3% to $13.3M, with a 21.0% margin; LTM free cash flow was $50.4M, with a 19.6% margin.

• Subscription gross profit was $50.7M, up 8.2% FX-neutral; GAAP gross profit was $50.5M, up 9.7% in USD.

Outlook and guidance

• Q4 subscription revenue growth guidance is negative low-single-digit FX-neutral; gross profit growth is approximately flat FX-neutral.

• FY2026 subscription revenue growth guidance is approximately flat FX-neutral; gross profit growth is low-single-digit FX-neutral.

• Q4 non-GAAP operating income and free cash flow margin guidance is in the mid-20s; FY2026 guidance is in the low 20s for both.

• At October closing FX rates, currency would add 3.5 percentage points to Q4 and 7.4 points to FY2026 reported USD subscription growth; management expects a more stable 2027 growth profile but issued no formal guidance.