Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17.8% (+7.0% FXN)
Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin
Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin
NEW YORK--(BUSINESS WIRE)--August 06, 2026--
VTEX $(VTEX)$, the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 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 are now far enough into our AI-native transformation to see the scale of the opportunity ahead. We are still in the early stages of this journey, and the full impact is not yet reflected in our overall growth. But we are increasingly confident in the direction we are taking: our growth drivers -- Global Expansion, B2B, Ads, and AI -- grew 20% on an FX-neutral basis this quarter. Our financial discipline gives us the flexibility to invest for the long term while expanding profitability and delivering strong cash generation." Mariano Gomide de Faria, founder and co-CEO of VTEX, added, "We continue to see encouraging progress beneath the headline numbers. Across the US and Europe, we are improving the quality of our pipeline, winning larger enterprise opportunities, and strengthening our position with global customers. While macro conditions continue to influence near-term growth, we are building a broader, more diversified product suite that we believe will drive sustainable growth over the long term."
Second Quarter 2026 Financial Highlights
-- GMV reached US$5.7 billion in the second quarter of 2026, representing
a YoY increase of 17.8% in USD and 7.0% on an FX neutral basis.
-- Total revenue increased to US$64.4 million in the second quarter of
2026 from US$58.8 million in the second quarter of 2025, representing a
YoY increase of 9.5% in USD and a decrease of 0.4% on an FX neutral
basis.
-- Subscription revenue represented 99.1% of total revenues, reaching
US$63.8 million in the second quarter of 2026, from US$57.2 million in
the second quarter of 2025. This represents a YoY increase of 11.4% in
USD and 1.3% on an FX neutral basis.
-- Non-GAAP subscription gross profit was US$52.2 million in the second
quarter of 2026, compared to US$45.7 million in the second quarter of
2025, representing a YoY increase of 14.1% in USD and 2.0% on an FX
neutral basis.
-- Non-GAAP subscription gross margin was 81.8% in the second
quarter of 2026, compared to 79.9% in the same quarter of 2025.
-- Non-GAAP income from operations was US$13.8 million during the second
quarter of 2026, compared to US$8.5 million in the same quarter of 2025.
-- Non-GAAP net income was US$13.6 million during the second quarter of
2026, compared to US$7.9 million in the same quarter of 2025.
-- Non-GAAP free cash flow was US$12.7 million during the second quarter
of 2026, compared to US$7.1 million in the same quarter of 2025.
-- As of June 30, 2026, our total headcount was 1,102, decreasing 3.9% QoQ
and 14.1% YoY.
-- During the second quarter of 2026, 6.2 million Class A common shares
had been repurchased pursuant to the share buyback program at an average
price of US$3.76 per share for a total cost of US$23.2 million.
Second Quarter 2026 Commercial Highlights:
New customers who initiated their operations with us, among others:
-- Di Santinni and Dolce & Gabbana in Brazil; -- Grupo Ramos in the Dominican Republic; -- Indurama in Ecuador; -- Gigatron in Serbia; -- Iberdrola in Spain; and -- Acron Aviation in the US.
Existing customers expanding their operations with us by opening new online stores, among others:
-- C&A launched the ACE operations in Brazil, its first independent brand
with standalone stores.
-- Grupo Nazan migrated its B2B operations in Mexico to VTEX, building on
its B2C success;
-- OBI expanded into Poland, adding to its operations in Austria, Germany
and Italy;
-- Panasonic launched a B2B operation in Brazil, adding to its B2C
operation with VTEX; and
-- STIHL expanded into Argentina, adding to its operations in Brazil and
Mexico.
Customers adopting or expanding their use of the VTEX product suite included, among others:
-- Angeloni expanded its relationship with VTEX by implementing the VTEX
CX Platform in Brazil;
-- Fast Shop expanded its relationship with VTEX by implementing the VTEX
CX Platform in Brazil;
-- Olímpica expanded its relationship with VTEX by becoming a VTEX
Ads Platform publisher in Colombia; and
-- Whirlpool expanded its relationship with VTEX by becoming a VTEX Ads
Platform advertiser in Brazil.
Second 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:
-- Acron Aviation, a specialized provider in the US aviation industry,
partnered with VTEX to digitalize two distinct and highly specialized
commercial operations, launching separate, purpose-built storefronts on a
unified platform. The primary goal was to create dedicated digital
channels for its complex service and parts offerings. For its data
intelligence division, Acron launched "Avionics Hub," a portal where
clients can order and manage "Express Readout" services, a sophisticated
offering that analyzes flight recorder data to speed up maintenance
diagnostics. Simultaneously, for its Avionics aftermarket division, it
launched "Skyparts," a B2B ecommerce store providing direct access to a
catalog of re-certified, out-of-production aircraft components. By
leveraging VTEX's flexible architecture, Acron Aviation successfully
deployed two unique commerce experiences tailored to different customer
needs, one focused on selling specialized technical services and the
other on transacting complex, used parts. This strategy established a
scalable and efficient digital foundation to serve the diverse needs of
the aviation maintenance and repair industry.
-- Angeloni, a leading Brazilian retail group, implemented the VTEX CX
Platform to elevate the customer experience across its diverse brands,
including Angeloni Eletro, Super, and Divvino. By centralizing its
customer service on WhatsApp with a suite of AI Agents, the company now
automates approximately 65% of inquiries, achieving an exceptional
customer satisfaction score of 4.89 out of 5. The most significant
financial impact was driven by automated abandoned cart campaigns, which
generated a consolidated 10.7x ROI in the first five months of 2026 and
represented 3% of the site's total sales. Additionally, the AI-powered
Concierge tool contributed a further 2% to total site sales. With VTEX,
Angeloni has transformed its customer service into a scalable and
profitable engine, delivering a consistent, high-quality experience
across its distinct business units.
-- Dolce&Gabbana do Brasil, the Brazilian subsidiary of the global luxury
leader, partnered with VTEX to launch the brand's first-ever official
ecommerce channel in the country, creating a digital flagship that
mirrors its premium in-store experience. The primary goal was to
establish a direct-to-consumer channel with full control over the
customer journey, moving beyond third-party marketplaces. Leveraging
VTEX's composable architecture and FastStore front-end framework,
Dolce&Gabbana do Brasil implemented a sophisticated ship-from-store model,
transforming 15 of its physical boutiques into local fulfillment hubs.
The platform seamlessly integrates with DG's existing POS system to
ensure real-time inventory synchronization across its Brazilian store
network, a critical component for preventing stockouts and ensuring a
reliable luxury experience. With VTEX, Dolce&Gabbana do Brasil
successfully translated its renowned physical retail excellence into a
powerful and scalable digital channel, establishing a new benchmark for
luxury ecommerce operations in Brazil.
-- Farmacity, one of Argentina's leading health, beauty, and wellness
retail chains, partnered with VTEX Ads to build and scale its retail
media program from the ground up, successfully monetizing its high-intent
digital audience. In its first year, Farmacity transitioned the program
from a launch phase to a mature, highly efficient operation, scaling its
on-site ad investment by 2.4 times. This growth was driven by improved
performance, not just increased traffic, as the platform's conversion
rate grew by over 70% while the number of active advertisers doubled.
Leveraging the VTEX Ads platform, Farmacity expanded its monetized
catalog from two to five complete verticals, and is now extending its
strategy into an omnichannel model by piloting in-store media. With VTEX
Ads, Farmacity has successfully established a scalable, high-margin
retail media business and is creating a unified advertising experience
across its physical and digital channels.
-- Grupo Nazan, one of Mexico's leading footwear distributors, expanded
its partnership with VTEX to migrate its extensive B2B operation from a
legacy platform, unifying its entire digital ecosystem on a single, agile
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