GMV & Revenue (Q4): GMV +17.2% (10.0% FXN) and subscription revenue +12.2% (5.4% FXN)
Enterprise Focus (FY25): US$250k+ ARR customers reached 158; cohort revenue +13.4% (14.5% FXN)
Global Expansion (FY25): Global Markets(1) (US/Europe-led) subscription revenue +21.6% (19.2% FXN)
Profitability (Q4): Non-GAAP income from operations +31.8% to US$16.2 million (23.8% margin)
NEW YORK--(BUSINESS WIRE)--February 26, 2026--
VTEX $(VTEX)$, the backbone for connected commerce, today announced results for the fourth quarter and fiscal year 2025 ended December 31, 2025. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as well as the rules and regulations of the Securities and Exchange Commission ("SEC") regarding financial reporting.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, "2025 marked a pivotal year in which we deliberately evolved VTEX into a multi-product, AI-driven commerce platform. Despite a challenging environment, our disciplined execution resulted in record profitability. We chose structural transformation over incremental steps, reinvesting a portion of our productivity gains into higher R&D to accelerate B2B digitization, Retail Media and AI, and to deepen our value with top-tier customers. The continued expansion of our US$250k+ ARR customer base validates our enterprise strategy and reinforces our confidence as we continue scaling globally." Mariano Gomide de Faria, founder and co-CEO of VTEX, added, "Throughout 2025, we strengthened the growth levers that will power our next phase: global expansion, B2B, Retail Media, and AI. Global Markets delivered 22% subscription revenue growth for the year, supported by enterprise traction and growing B2B adoption. Meanwhile, Retail Media is evolving from pilot to core engine, and our AI-first approach is already delivering measurable customer outcomes while improving our own operating efficiency. With disciplined execution and a long-term vision, we are positioning VTEX as the backbone for connected commerce that enterprises will rely on to operate and scale in an increasingly AI-driven landscape."
_______________________________________ (1) Formerly reported as Rest of the World
Fourth Quarter 2025 Financial Highlights
-- GMV reached US$6.3 billion in the fourth quarter of 2025, representing
a YoY increase of 17.2% in USD and 10.0% on an FX neutral basis.
-- Total revenue increased to US$68.0 million in the fourth quarter of
2025 from US$61.5 million in the fourth quarter of 2024, representing a
YoY increase of 10.5% in USD and 3.8% on an FX neutral basis.
-- Subscription revenue represented 98.1% of total revenue, reaching
US$66.7 million in the fourth quarter of 2025, from US$59.4 million in
the fourth quarter of 2024. This represents a YoY increase of 12.2% in
USD and 5.4% on an FX neutral basis.
-- Non-GAAP subscription gross profit was US$54.6 million in the fourth
quarter of 2025, compared to US$46.9 million in the fourth quarter of
2024, representing a YoY increase of 16.5% in USD and 8.3% on an FX
neutral basis.
-- Non-GAAP subscription gross margin was 81.8% in the fourth
quarter of 2025, compared to 78.8% in the same quarter of 2024.
-- Non-GAAP income from operations was US$16.2 million during the fourth
quarter of 2025, compared to a Non-GAAP income from operations of US$12.3
million in the same quarter of 2024.
-- Non-GAAP net income was US$13.9 million during the fourth quarter of
2025, compared to a non-GAAP net income of US$11.2 million in the same
quarter of 2024.
-- Non-GAAP free cash flow was US$11.1 million during the fourth quarter
of 2025, compared to a Non-GAAP free cash flow of US$12.1 million in the
same quarter of 2024.
-- As of December 31, 2025, our total headcount was 1,139, decreasing 7.7%
QoQ and 16.7% YoY.
-- During the fourth quarter of 2025, we executed 100% of the remaining
authorized share repurchase amount and repurchased 5.1 million shares at
an average price of US$4.16 per share for a total cost of US$21.3
million.
-- On February 24th 2026, our board of directors authorized a share
repurchase program of up to 1-year and US$50.0 million of our Class A
common shares.
Fourth Quarter 2025 Commercial Highlights:
New customers who initiated their operations with us, among others:
-- Atacado Vila Nova, Lofty Style, Luz da Lua, and TCL in Brazil; -- Mercacentro in Colombia; -- Pharmacy's and Cruz Azul in Ecuador; and -- Llantas Avante and T-fal in Mexico.
Existing customers expanding their operations with us by opening new online stores, among others:
-- EssilorLuxottica launched two new brands in Brazil, eÓtica and E-Lens, adding to its existing portfolio of stores; -- Impresistem launched their B2B website in Colombia, adding to its B2C operation running on VTEX; -- Mondelez launched a B2B operation in Brazil, expanding its VTEX footprint ranging from Latin America to Europe; -- OBI expanded into Italy, adding to its operations in Germany and Austria; and -- Whirlpool launched KitchenAid in Canada, building on its successful store launch in the US, while continuing our global relationship in over 20 countries.
Fourth Quarter 2025 Operational Highlights:
We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are:
-- Aço Cearense, one of Brazil's largest steel industries,
significantly scaled its B2B digital operations by launching its Assisted
Sales project with VTEX. Facing the challenge of manual sales processes
and internal resistance to digital channels, the company integrated its
sales force directly into the ecommerce ecosystem through personalized,
commissionable links. This strategic alignment transformed the digital
platform from a parallel channel into a powerful tool that empowers
consultants to drive results while maintaining their consultative
relationship with clients. The results were immediate and impactful: in
just 20 days, the company achieved a 304.5% increase in digital revenue
and a 188.5% rise in order volume, moving over 219 tons of steel through
the new channel. With a 101.7% growth in new customers and over 60%
adoption by the sales team, Aço Cearense leveraged VTEX to establish
a scalable foundation that harmonizes technology with human expertise to
lead the construction civil market.
-- Americanas, one of Brazil's largest retailers, partnered with Weni by
VTEX to increase operational efficiency and elevate its digital customer
service experience by reducing manual work and minimizing transfers to
human agents. Through the implementation of an intelligent agent directly
in the ecommerce webchat, Americanas automated critical support journeys
while keeping interactions seamless and secure. A key innovation was the
customization of the order support agent to provide comprehensive
self-service around any customer order, including real-time status
updates, pickup information, and other essential post-purchase details
through direct integration with order and invoice APIs, significantly
reducing the need for human intervention. Additionally, the use of
cookie-based identification enabled the agent to recognize logged-in
users and assist with order-related requests without repeatedly asking
for personal information, ensuring both convenience and authentication.
With Weni by VTEX, Americanas demonstrates how AI-driven service
automation can scale support operations, improve customer experience, and
unlock efficiency at enterprise retail scale.
-- Essity, the global leader in hygiene and health products, expanded its
retail media strategy by leveraging VTEX Ads, delivering measurable
growth in digital performance across multiple pharmacy channels. Essity
structured campaigns that featured more than 25 active SKUs and deployed
a test-and-learn approach across publishers, continually optimizing
investment based on click-through rates, conversion, and return on ad
spend. As a result, Essity achieved a 39% increase in average conversion
rate, an average ROAS above 17x, and consistent month-over-month
acceleration in sales driven by retail media performance, validating
retail media as a strategic growth channel rather than a tactical add-on.
Essity demonstrated the power of data-driven campaigns to elevate brand
performance in digital retail environments.
-- Grupo DIFARE, one of Ecuador's leading pharmaceutical retail groups,
migrated both its Pharmacy's and Cruz Azul's ecommerce operations to the
VTEX platform, as a key pillar of its digital and omnichannel strategy.
Serving a broad customer base through an extensive physical store network,
DIFARE required a flexible and centralized solution to elevate customer
experience, strengthen loyalty, and seamlessly integrate digital and
in-store journeys. The migration from a legacy platform to VTEX delivered
improved performance, scalability, and faster time-to-market, while
enabling capabilities such as robust payment options, location-based
delivery strategies, click & collect, mobile app expansion, and
centralized inventory and promotion management. Designed to support
long-term growth and continuous innovation, the new platform enhances
operational efficiency, improves customer satisfaction, and reinforces
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