VTEX delivered a Q4 GMV of $6.3 billion, up 17.2% in U.S. dollars and 10.0% FX-neutral, while subscription revenue reached $66.7 million, growing 12.2% in U.S. dollars and 5.4% FX-neutral. For full-year 2025, GMV totaled $20.5 billion (+12.1% USD, +12.9% FX-neutral) and subscription revenue was $234.9 million (+7.9% USD, +9.5% FX-neutral), with existing stores contributing $194 million and FX-neutral net revenue retention of 99.5%.

AI-driven support automation expanded subscription gross margin by approximately 3 percentage points to 81.8% in Q4 and lifted total gross margin to 79.6%. Operating margin rose to 23.8% (from 19.9%), and full-year operating margin reached 44%, marking a second consecutive year above the Rule of 40. VTEX closed 2025 with about $200 million in cash and initiated a $50 million share buyback.

VTEX is prioritizing four growth levers—global expansion, B2B, retail media and AI—that accounted for roughly 15% of subscription revenue in Q4, grew about 20% FX-neutral and drove nearly half of subscription revenue growth. Highlights include 22% global subscription growth, a Manchester City fan-experience partnership, Mondelēz’s B2B rollout in Brazil, retail media campaigns achieving 17x ROAS and AI-first support automation via Weni.

Management characterized the recent growth slowdown as cyclical, citing tougher macro conditions in Brazil and Argentina, a more promotional marketplace and an AI “wait-and-see” effect lengthening enterprise decision cycles, while win rates and churn remained stable in mid-single digits. VTEX guided to modest FX-neutral subscription growth with higher margins in 2026.