Business
VTEX Reports Second Quarter 2025 Financial Results
NEW YORK, August 07, 2025--VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2025 ended June 30, 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.
About this update from Vtex
Subscription revenue reached US$57.2 million, representing 11.2% growth in FXN Non-GAAP subscription gross profit of US$45.7 million, a 14.7% growth in FXN and 79.9% margin Non-GAAP income from operations of US$8.5 million, reaching 14.4% margin and 3.3 p.p. margin increase YoY NEW YORK, August 07, 2025 --( BUSINESS WIRE )--VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2025 ended June 30, 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, "We continue to invest with conviction in the capabilities that define the future of enterprise commerce. From scalable B2B solutions to monetization engines like Retail Media, our platform is built not only to meet today’s demands but to anticipate what’s next. Despite a challenging market for our retailer base in Brazil and Argentina, our AI initiatives on support-cost efficiency combined with our disciplined execution delivered a quarter of resilient operational profitability. As a result, we have raised our non-GAAP income from operations and free cash flow guidance by over 10%. This combination of product leadership and financial discipline positions us exceptionally well for sustainable, long-term growth." Mariano Gomide de Faria, founder and co-CEO of VTEX, added, "Our progress in the US and Europe highlights the growing global relevance of the VTEX platform. By delivering measurable outcomes, we’re earning the trust of enterprise brands in some of the world’s most advanced and competitive markets. This quarter, we are proud to welcome iconic names like KitchenAid and Road Runner Sports in the US, a clear validation of the strength of our value proposition. VTEX is establishing itself as a trusted global partner for enterprise commerce, and we’re just getting started." Second Quarter 2025 Financial Highlights Second Quarter 2025 Commercial Highlights: New customers who initiated their operations with us, among others: Existing customers expanding their operations with us by opening new online stores, among others: Second 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: Business Outlook VTEX is well-positioned to capture an attractive market opportunity. We remain focused on executing with discipline and leveraging our business model as we navigate a challenging environment. While near-term revenue performance is impacted by market conditions, we are confident in our competitive positioning, our global expansion strategy, the resilience of our business model, and the long-term opportunities ahead. In this context, we are currently targeting FX neutral YoY subscription revenue growth of 6.0% to 9.0% for the third quarter of 2025, implying a US$57.5 million to US$59.0 million range. For the full year 2025, we are now targeting FX neutral YoY subscription revenue growth to 9.0% to 12.0%, implying a range of US$233 million to US$239 million based on the average of July FX rates. Moreover, we are raising non-GAAP income from operations and free cash flow margins to high-teens. We remain confident in VTEX’s ability to execute in today’s complex environment while driving long-term value for our customers, partners, and shareholders. Our Q2 performance, delivered amid a challenging market backdrop, reinforces the strength of our strategic foundation and the resilience of our operating model. As we move into the second half of the year, we stay focused on disciplined execution, accelerating platform innovation, and supporting our customers as they navigate their growth priorities. With a clear roadmap, expanding global presence, and improving margin profile, VTEX is well-positioned to continue scaling with purpose. The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding "Forward-Looking Statements" below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results. The following table summarizes certain key financial and operating metrics for the three months and six months ended June 30, 2025 and 2024. Conference Call and Webcast The conference call may be accessed by dialing +1-800-715-9871 (Conference ID –9262891–) and requesting inclusion in the call for VTEX. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/ . An archive of the webcast will be available for one week following the conclusion of the conference call. Definition of Selected Operational Metrics "Customers" means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform. "GMV" means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions. "FX Neutral" or "FXN" means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next. "Stores" or "Active Stores" means the number of unique domains generating gross merchandise value. Each customer might have multiple stores. Special Note Regarding non-GAAP financial metrics For investor convenience, this document presents certain non-GAAP financial measures. We regularly assess other metrics that are not in accordance with U.S. generally accepted accounting principles ("GAAP") and are defined as non-GAAP financial measures by the SEC. These measures help us evaluate our business, track performance, prepare financial forecasts, and make strategic decisions. The key metrics we consider include non-GAAP subscription gross profit, non-GAAP income from operations, non-GAAP net income, free cash flow, and FX Neutral measures. These non-GAAP financial measures, which may differ from similarly titled non-GAAP measures used by other companies, provide supplemental insights into our operating performance. They exclude certain gains, losses, and non-cash charges that occur infrequently or that management considers unrelated to our core operations. Reconciliation of non-GAAP measures The following table presents a reconciliation of our non-GAAP subscription gross profit to subscription gross profit for the following periods: The following table presents a reconciliation of our non-GAAP S&M expenses to S&M expenses for the following periods: The following table presents a reconciliation of our non-GAAP R&D expenses to R&D expenses for the following periods: The following table presents a reconciliation of our non-GAAP G&A expenses to G&A expenses for the following periods: The following table presents a reconciliation of our non-GAAP income from operations to income (loss) from operations for the following periods: The following table presents a reconciliation of our non-GAAP net income to our net income provided for the following periods: The following table presents a reconciliation of our free cash flow to net cash provided by operating activities for the following periods: The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended June 30, 2025: The financial information in this press release has not been audited. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding. About VTEX VTEX (NYSE: VTEX) is the commerce suite of choice for bold CIOs and CEOs globally, delivering transformative outcomes with unprecedented operational efficiency. By unifying a comprehensive ecosystem of solutions—including B2C, B2B, Omnichannel, and Retail Media—VTEX empowers brands and retailers to eliminate friction, foster collaboration, and accelerate growth. More than just software, VTEX is an agent of transformation, seamlessly connecting customers, partners, and developers to drive tangible business results. Trusted by 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate, Sony, Stanley Black & Decker, and Whirlpool, VTEX supports 3.4 thousand active online stores across 43 countries (FY ended December 31, 2024). For more information, visit www.vtex.com . Forward-looking Statements This announcement contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "strategy," "project," "target" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on VTEX’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX’s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information. View source version on businesswire.com: https://www.businesswire.com/news/home/20250807339861/en/ Contacts Julia Vater Fernández VP of Investor Relations [email protected]