Subscription revenue +14.0% (+4.2% FXN), with GMV up 17.1% (+6.8% FXN)
Non-GAAP income from operations doubled to US$10.6 million, reaching 17.4% margin
Free cash flow doubled to US$13.3 million, reaching 21.9% margin
NEW YORK--(BUSINESS WIRE)--May 07, 2026--
VTEX $(VTEX)$, the backbone for connected commerce, today announced results for the first quarter of 2026 ended March 31, 2026. 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, "We have embedded AI at the core of VTEX, evolving the platform into the first AI-native commerce suite, one that delivers simplicity, ease of use, and most importantly, tangible and measurable business outcomes for our customers. This is AI with real impact. Leveraging our multi-tenant, cloud-native architecture, our AI-native product suite extends across Commerce, CX, and Ads in ways that improve how brands and retailers operate and grow, while opening new opportunities for VTEX over time. We are executing this strategy with discipline, supported by a solid operating model, as demonstrated by operating profit and free cash flow both doubling year over year." Mariano Gomide de Faria, founder and co-CEO of VTEX, added, "Across our customer base, we are seeing a clear shift: from using software to run commerce, to relying on a partner that actively drives growth and operational efficiency. With our AI-native commerce suite, we are helping enterprise customers unlock new revenue streams, operate more efficiently, and execute faster. By embedding AI across our suite, we are expanding our global opportunity while further strengthening our leadership in Latin America."
First Quarter 2026 Financial Highlights
-- GMV reached US$5.1 billion in the first quarter of 2026, representing a
YoY increase of 17.1% in USD and 6.8% on an FX neutral basis.
-- Total revenue increased to US$60.7 million in the first quarter of 2026
from US$54.2 million in the first quarter of 2025, representing a YoY
increase of 12.1% in USD and 2.4% on an FX neutral basis.
-- Subscription revenue represented 98.8% of total revenues, reaching
US$60.0 million in the first quarter of 2026, from US$52.6 million in the
first quarter of 2025. This represents a YoY increase of 14.0% in USD and
4.2% on an FX neutral basis.
-- Non-GAAP subscription gross profit was US$48.9 million in the
first quarter of 2026, compared to US$41.6 million in the first
quarter of 2025, representing a YoY increase of 17.6% in USD and
5.8% on an FX neutral basis.
-- Non-GAAP subscription gross margin was 81.5% in the first quarter of
2026, compared to 79.0% in the same quarter of 2025.
-- Non-GAAP income from operations was US$10.6 million during the first
quarter of 2026, compared to a non-GAAP income from operations of US$5.3
million in the same quarter of 2025.
-- Non-GAAP net income was US$8.1 million during the first quarter of
2026, compared to a non-GAAP net income of US$5.4 million in the same
quarter of 2025.
-- Non-GAAP free cash flow was US$13.3 million during the first quarter of
2026, compared to a non-GAAP free cash flow of US$6.6 million in the same
quarter of 2025.
-- As of March 31, 2026, our total headcount was 1,147, increasing 0.7%
QoQ and decreasing 13.1% YoY.
-- During the first quarter of 2026, 2.5 million Class A common shares had
been repurchased pursuant to the share buyback program at an average
price of US$3.86 per share for a total cost of US$9.7 million.
First Quarter 2026 Commercial Highlights:
New customers who initiated their operations with us, among others:
-- Cetrogar in Argentina; -- Armazém Paraíba and Lunelli in Brazil; -- VPCL in Canada; -- Home Sentry in Colombia; and -- HOMYCASA in Portugal.
Existing customers expanding their operations with us by opening new online stores, among others:
-- Whirlpool launched Compra Direta Parceiros in Brazil, its official B2B
channel for distributors, resellers, and authorized service centers;
-- Electrolux launched a B2B channel in Chile;
-- Grupo Ikesaki launched EBC Atacado de Beleza in Brazil, its official
B2B channel for beauty professionals and resellers;
-- Multilaser launched the official OPPO store in Brazil, expanding the
smartphone brand's presence in the country; and
-- Lindt expanded into Chile, adding to its operations in Brazil.
First Quarter 2026 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:
-- A few selected customers, including Amo Beleza, Decathlon, Grupo CVLB
and Whirlpool, became early adopters of the VTEX AI Workspace, partnering
with VTEX to pioneer a new, agentic model for commerce operations.
Leveraging the AI Workspace's command center, these leading retailers are
now empowering their business teams to use agents to instantly uncover
growth opportunities and orchestrate complex tasks with simple, natural
language commands. This seamless workflow allows them to move directly
from asking a question to executing a solution within a single interface,
achieving a new level of agentic efficiency and turning what previously
took weeks into a matter of hours.
-- ADCOS, a Brazilian leader in dermocosmetics, leveraged the VTEX CX
Platform to scale its renowned consultative sales model. By deploying an
intelligent concierge on WhatsApp, ADCOS became the first Brazilian brand
to offer AI-powered skin analysis via uploaded images, providing
personalized skincare recommendations directly in the chat. This
innovative approach achieved a 94% customer satisfaction (CSAT) score
while automating 59% of all digital interactions. With VTEX, ADCOS
successfully transformed its expert guidance into a scalable conversion
engine, reinforcing its market leadership through a premium, AI-driven
customer experience.
-- Home Sentry, a leading Colombian retail chain with 14 large-format
stores, partnered with VTEX to scale its digital presence and enhance its
B2C operations while simultaneously activating an inbound marketplace to
broaden its product assortment with third-party sellers. This approach
provided the flexibility needed to manage their unique product catalog
while avoiding the operational complexity of running separate systems.
The speed and agility of the VTEX platform were critical in enabling the
rapid activation of this new, hybrid business model without requiring a
complete technological overhaul. This successful launch not only
accelerates their ecommerce growth but also positions them as a central
marketplace player in the Colombian home goods sector, all managed
through a single, efficient platform.
-- Ikesaki, a leader in Brazil's beauty market, expanded its partnership
with VTEX to launch a new digital operation for its B2B division, EBC
Cosméticos. The primary goal was to digitalize its traditional sales
process and expand its reach to professional clients, such as beauty
salons, across Brazil, overcoming the geographical limitations of its
physical stores. Leveraging VTEX B2B capabilities, EBC created a private,
members-only B2B portal. This new digital channel was designed to
streamline the purchasing journey for wholesale buyers, featuring a
powerful quick-order tool that allows clients to upload spreadsheets for
rapid, automated bulk order creation. The platform successfully digitizes
a significant portion of the sales that were previously handled manually
by sales representatives and telesales. With this strategic launch,
Ikesaki has successfully transformed its wholesale model for the digital
era.
-- Martí, Mexico's leading sports retailer, partnered with the VTEX
CX Platform to transform its fragmented customer support into a unified,
AI-powered revenue engine. By deploying an intelligent agent across its
digital channels, Martí automated critical commercial journeys like
abandoned cart recovery and product discovery, unifying the customer
experience under a single layer of data intelligence. This agentic
approach allowed Martí to proactively re-engage customers, turning
service interactions into sales opportunities. In just two months, the
strategy delivered a 280x ROAS and a 32.4% conversion rate from its
WhatsApp campaign, proving that a well-executed, automated CX strategy
can convert a traditional cost center into a primary driver of
profitability.
-- Medley, a company with 30 years of presence in Brazil and a strong
track record in the development and production of generic medicines, ran
a full-funnel campaign combining an off-site, top-of-funnel strategy for
segmented audiences on Globo channels, with a conversion-focused effort
that drove traffic to pharmaceutical retailers within the VTEX Ads
environment. The campaign was a success, delivering a ROAS above 11x, and
is expected to become an always-on campaign given its results.
-- Veterinary Purchasing Company Ltd. (VPCL), a leading Canadian
veterinary distributor, partnered with VTEX to launch a sophisticated B2B
ecommerce platform designed to meet the industry's stringent regulatory
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May 07, 2026 16:01 ET (20:01 GMT)
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