Commerce.com 2025 Revenue $342M; GMV Up 12% and B2B ARR Up 20%
Commerce.com delivered 2025 revenue of $342 million, a 3% year-over-year increase, with Q4 sales of $89.5 million and non-GAAP operating margin expanding by 230 basis points. GMV climbed 12% to nearly $32 billion, B2B subscription ARR grew 20%, and management forecast 2026 revenue of $347.5 million to $369.5 million.
1. 2025 Financial Results
Commerce.com reported 2025 revenue of $342 million, up 3% year-over-year, with Q4 revenue at $89.5 million. The company widened its non-GAAP operating margin by 230 basis points from 2024 and nearly 1,000 basis points compared to 2023.
2. GMV and B2B Subscription Growth
Gross merchandise volume reached nearly $32 billion, a 12% increase, while subscription ARR from B2B customers grew by 20%. Management highlighted B2B momentum as a key driver of recurring revenue.
3. Retention and Revenue Mix
Net revenue retention stood at 95.2%, reflecting challenges in maintaining customer spend over time. A higher mix of B2B transactions lowered the overall take rate due to fewer credit card payments.
4. 2026 Outlook and Strategy
Commerce.com forecast 2026 revenue between $347.5 million and $369.5 million, balancing macroeconomic caution with optimism around new product launches. The company plans to leverage partnerships with OpenAI, Google, and Microsoft to accelerate AI-driven monetization.