VTEX Reports First Quarter 2026 Financial Results

VTEX (NYSE: 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 demands. The objective was to create a robust, bilingual solution with advanced security and complex, role-based purchasing controls. Leveraging VTEX's B2B capabilities, VPCL implemented a secure, multi-layered system that restricts the purchase of controlled substances to licensed veterinarians, enforced by a custom rules engine and supported by detailed audit trails. The platform seamlessly manages complex backorders, controlled product allocations, and bilingual experiences for its English and French-speaking clinics. With VTEX, VPCL has successfully deployed a highly specialized digital channel that ensures regulatory compliance and operational excellence, establishing a powerful and scalable foundation to serve the unique needs of Canada's veterinary professionals.
• Whirlpool, a global leader in home appliances, migrated its complex Brazilian B2B channel, Compra Direta Parceiros, to VTEX to replace a legacy platform and unify its operation on a more agile, scalable foundation. The goal was to support an intricate commercial structure while improving the digital experience for its partners. Leveraging VTEX B2B capabilities, Whirlpool successfully managed its highly sophisticated commercial policies, including complex pricing structures tailored to different partner segments and product categories. The new platform also enabled a specialized purchasing experience and seamless integration with existing backend systems, ensuring a frictionless and efficient process for its partners. With VTEX, Whirlpool seamlessly transitioned its entire B2B user base to a modern architecture, simplifying the management of complex commercial policies and establishing a flexible foundation to support future growth and enhance the partner experience.

Business Outlook

2026 is a transformational year for VTEX as we bring our AI-native commerce vision to life through tangible product innovation. We remain focused on our core growth levers, Global Expansion, B2B, Ads, and AI, while continuing to invest in technology to reaccelerate performance for both VTEX and our customers.

Despite a volatile macro environment, our disciplined execution supports improving profitability and sustained investment in R&D. We are encouraged by the quality of new customer additions, continued expansion within our base, and our strong positioning with global enterprises, reinforcing our confidence in long-term growth and value creation.

For the second quarter of 2026, we are targeting:

• Subscription revenue to grow at a low-to-mid single digit percentage rate on an FX-neutral year-over-year basis;
• Gross profit to grow at a mid-single digit percentage rate on an FX-neutral year-over-year basis;
• Non-GAAP income from operations to be in the high-teens to low-twenties percentage margin; and
• Free cash flow to be in the high-teens to low-twenties percentage margin.

For the full year 2026, we are now targeting:

• Subscription revenue to grow at a mid-single digit percentage rate on an FX-neutral year-over-year basis;
• Gross profit to grow at a high-single digit percentage rate on an FX-neutral year-over-year basis;
• Non-GAAP income from operations to be in the low-twenties percentage margin; and
• Free cash flow to be in the low-twenties percentage margin.

Assuming FX rates remain broadly consistent with April's average rates, the FX-neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth, adding approximately 10.3 percentage points in the second quarter and 8.6 percentage points for the full year 2026.

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 ended March 31, 2026 and 2025.

Conference Call and Webcast

The conference call may be accessed by dialing +1-800-715-9871 (Conference ID –7296358–) 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 March 31, 2026:

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 AI-native commerce suite designed for CIOs and CEOs, focused on driving operational efficiency. Evolving from software into a connected platform, VTEX unifies a multi-product ecosystem—comprising a Commerce platform (VTEX Commerce Platform), an Ads platform (VTEX Ads Platform), and an AI conversational platform (VTEX CX Platform)—to deliver solutions such as B2C Omnichannel, B2B commerce, agent-assisted customer service, WhatsApp Store, distributed OMS, marketplace enablement, and advertising solutions. This architecture enables brands and retailers to eliminate friction, orchestrate operations, and accelerate profitable growth.

Trusted by approximately 2,200 customers—including Carrefour, Colgate, OBI, Stanley Black & Decker, KitchenAid, Whirlpool, and Electrolux—across 44 countries, VTEX brings the best of Brazilian engineering to the global market. 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 the 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.

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