VTEX (VTEX) Q4 2025 earnings summary

Executive summary

• Growth in 2025 was below long-term ambitions due to macro headwinds in Brazil and Argentina, a promotional marketplace, and elongated enterprise sales cycles amid AI-driven uncertainty.

• Achieved record profitability in 2025, driven by disciplined execution and a strategic shift to a multi-product, AI-driven commerce platform.

• Four strategic growth levers—global expansion, B2B, retail media, and AI—are driving future growth, with these areas representing 15% of Q4 subscription revenue and delivering 20% FX-neutral growth.

• Expanded customer base, especially among those with ARR above $250K, validating the enterprise strategy and achieving notable new enterprise customers and expansions across Latin America, Europe, and North America.

• Continued expansion in global markets, with 44 countries hosting active online stores.

Financial highlights

• FY 2025 total revenue was $240.5M, up 6.1% YoY in USD (FX-neutral: 7.6%), with $234.9M from subscriptions and $5.6M from services.

• Q4 2025 GMV reached $6.3B, up 17.2% YoY in USD and 10.0% FX-neutral; full-year GMV was $20.5B.

• Q4 subscription revenue was $66.7M, up 12.2% YoY in USD; FY 2025 subscription revenue was $234.9M, up 7.9% YoY in USD and 9.5% FX-neutral.

• Subscription gross margin rose to 81.8% in Q4 (from 78.8% YoY); FY 2025 non-GAAP subscription gross margin was 80.3%.

• FY 2025 non-GAAP income from operations was $39.4M (16.4% margin), up from $29.0M YoY; Q4 non-GAAP income from operations was $16.2M (23.8% margin).

Outlook and guidance

• Q1 2026: Subscription revenue expected to grow mid-single digits FX-neutral YoY; gross profit to grow high single digits; non-GAAP operating margin and free cash flow margin in the mid-to-high teens.

• Full-year 2026: Subscription revenue targeted to grow mid-to-high single digits FX-neutral; gross profit to grow high single to low teens; non-GAAP operating and free cash flow margins in the low twenties.

• FX-neutral growth guidance implies higher reported USD growth due to currency effects.