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.
VTEXWeaker consumer demand in Brazil and Argentina and a shift to larger enterprise accounts slowed subscription revenue growth.
