VTEX reported third quarter 2025 results with GMV of $5.0 billion, up 13% year-over-year, and subscription revenue of $58.4 million, an increase of 8%. Non-GAAP income from operations reached $9.5 million, representing 25% growth and a 16% margin. Non-GAAP net income was $10.6 million, up 41% with an 18% margin. For the fourth quarter of 2025, VTEX targets FX-neutral subscription revenue growth of 5.0% to 10.0%, implying $65.8 million to $68.8 million, and for the full year 2025, targets FX-neutral subscription revenue growth of 9.3% to 10.7%, or $234 million to $237 million. The company highlighted continued commercial expansion in the US and Europe and product innovation in B2B, retail media, and AI-powered solutions.
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