VTEX delivered a strong second quarter in 2025, with total revenue reaching US$58.8 million and non-GAAP income from operations at US$8.5 million, exceeding expectations and leading to raised full-year guidance for non-GAAP income from operations and free cash flow margins. The company saw significant growth in subscription revenue and non-GAAP subscription gross profit, alongside strategic customer acquisitions and expansions in key global markets.
Total revenue increased to US$58.8 million, a 4.0% YoY increase in USD and 9.0% on an FX neutral basis.
Non-GAAP income from operations reached US$8.5 million, representing a 14.4% margin and a 3.3 percentage point margin increase year-over-year.
GMV grew to US$4.8 billion, a 9.1% YoY increase in USD and 13.6% on an FX neutral basis.
Non-GAAP free cash flow significantly improved to US$7.1 million, up from US$3.0 million in the same quarter last year.
VTEX is targeting FX neutral YoY subscription revenue growth of 6.0% to 9.0% for Q3 2025, implying a US$57.5 million to US$59.0 million range. For the full year 2025, the company is targeting FX neutral YoY subscription revenue growth of 9.0% to 12.0%, implying a range of US$233 million to US$239 million, and is raising non-GAAP income from operations and free cash flow margins to high-teens.
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