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VTEX

VTEX and its subsidiaries provide a software-as-a-service digital commerce platform for enterprise brands and retailers. The VTEX platform enables customers to execute commerce strategies, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell third-party products. It also offers customer support and optional services such as project management, solutions architecting, and implementation consulting. The company serves sectors including home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, toys and hobbies, and home, furniture, and decoration. It operates in Brazil, Argentina, Chile, Colombia, France, Italy, Mexico, Peru, Portugal, Romania, Spain, the United Kingdom, the United States, and internationally. VTEX was founded in 2000 and is headquartered in Grand Cayman, Cayman Islands.

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VTEX

VTEX Posts 62.4% Profit Jump as FX-Neutral Growth Stalls

VTEX reported second-quarter results on August 6 that showed sharply higher profitability alongside a near-stall in its core growth. Non-GAAP income from operations climbed 62.4% year over year to $13.8 million, lifting the operating margin to 21.4%, while non-GAAP net income rose to $13.6 million from $7.9 million a year earlier and free cash flow jumped 79.1% to $12.7 million. Subscription gross margin widened to 81.8% from 79.9%, and total headcount fell 14.1% year over year to 1,102 employees, even as the company repurchased 6.2 million shares for $23.2 million during the quarter. Total revenue rose 9.5% in reported dollars to $64.4 million but fell 0.4% on an FX-neutral basis, with subscription revenue, which is 99.1% of the business, growing just 1.3% FX-neutral versus 11.2% a year earlier. Management is targeting roughly flat FX-neutral subscription revenue growth for the third quarter and only low-single-digit growth for full-year 2026, and said currency alone would add about 7.0 percentage points to third-quarter reported subscription revenue growth and 8.1 points for the full year if exchange rates hold at July's levels.
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VTEX Q2 2026 Earnings: Profit Soars, Revenue Growth Slows

VTEX reported second-quarter 2026 results with non-GAAP operating income up 62% year over year to $13.8 million, while subscription revenue grew just 1.3% on an FX-neutral basis to $63.8 million. GMV reached $5.7 billion, up 7% FX-neutral, but management cited weaker consumer demand in Brazil and Argentina and a customer mix shift toward larger enterprise accounts as reasons for the revenue slowdown. The company's four growth drivers—global expansion, B2B, Ads, and AI—represented 18% of subscription revenue and grew 20% FX-neutral. VTEX repurchased 6.2 million Class A common shares for $23.2 million at an average price of $3.76 per share. For the third quarter, the company guided to approximately flat FX-neutral subscription revenue growth with non-GAAP operating and free cash flow margins in the low 20s.
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