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Mar 31, 2025
VTEX Q1 2025 Earnings Report
announced results for the first quarter of 2025
Key Takeaways
VTEX reported a solid start to the year with sustained growth and improved margins in Q1 2025. The company achieved significant increases in GMV and subscription revenue on an FX neutral basis, alongside strong non-GAAP operating income, net income, and free cash flow, demonstrating the effectiveness of their profitable growth strategy.
GMV reached US$4.3 billion, a 17.2% increase on an FX neutral basis year-over-year.
Total revenue was US$54.2 million, growing 13.2% FX neutral year-over-year.
Non-GAAP operating income was US$5.3 million, representing a 10% margin and a 4.3 p.p. margin increase year-over-year.
Non-GAAP net income was US$5.3 million and non-GAAP free cash flow was US$6.6 million.
Revenue by Segment
Forward Guidance
VTEX is targeting FX neutral YoY subscription revenue growth of 12.5% to 15.5% for Q2 2025 and 14.0% to 17.0% for the full year 2025. The company also targets non-GAAP operating income and free cash flow margins in the mid-teens for the full year.
Positive Outlook
- Targeting continued FX neutral YoY subscription revenue growth in Q2 2025.
- Targeting continued FX neutral YoY revenue growth for the full year 2025.
- Targeting non-GAAP operating income margin in the mid-teens for the full year 2025.
- Targeting free cash flow margin in the mid-teens for the full year 2025.
- Confidence in capitalizing on current market opportunities.
Challenges Ahead
- Macroeconomic uncertainty persists.
- Same-store sales and GMV growth volatility continues.
- Achievement of results is subject to numerous factors and risks beyond VTEX’s control.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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