Research Reports

Q4 total bookings $535M, +15% YoY; Q4 total revenue $524M, +14% YoY (CFO, prepared).
Full-year 2025 total bookings $2,070M, +13% YoY; total revenue $1,993M, +13% YoY (CFO, prepared).
Q4 GPV $3.7B, +11% YoY; full-year GPV $14.3B, +11% YoY (CFO, prepared).
Q4 transaction revenue +18% YoY; full-year transaction revenue +19% YoY (CFO, prepared).
Q4 partners revenue $203M, +21% YoY (CFO, prepared).
Q4 total non-GAAP gross margin 68%; total non-GAAP operating income 15% of revenue (CFO, prepared).
Q4 free cash flow $156M, 30% of revenue (CFO, prepared).
Full-year 2025 free cash flow (ex-acquisition costs) $605M, 30% of revenue (CFO, prepared).
Total consolidated ARR at year-end $1,836M, +14% YoY (CFO, prepared).
Base 44 ARR: ~$59M at year-end; recently reached ~$100M (CFO, prepared).
Core Wix NRR 105% in 2025 (IR, prepared).
Projected ten-year value of existing cohorts >$20B for Wix core only (IR, prepared).
New cohort bookings maintained double-digit growth in Q4 for core business; including Base 44, growth accelerated QoQ (IR, prepared).

Official guidance (2026 full year):

Consolidated bookings and revenue growth: mid-teens percentage YoY (CFO, prepared).
Free cash flow margin (ex-acquisition costs, current capital structure): low to mid-20% range; core Wix FCF margin flat to expanding (CFO, prepared).

Mgmt quotes:

"2026 is shaping up to be a defining year and the start of a new chapter shaped not just by the continued shift toward AI, but by AI beginning to prove its real-world value and utility more broadly." (CEO)
"The number of new users joining Base 44 is nearly two-thirds of the number of new users joining Wix.com Ltd." (CEO)
"For the first time ever, we now project over $20,000,000,000 in future bookings over the next decade from current Wix.com Ltd. users." (IR)
"We expect to complete the large majority of our $2,000,000,000 repurchase program this year. We plan to do this as quickly and aggressively as we can." (IR)
"2026 is shaping up to be a foundational year as we drive forward innovations that we believe will cement Wix.com Ltd.'s leadership and expand our role across an evolving online creation ecosystem." (CFO)

Metric	Value	Speaker/Context
Q4 total bookings	$535M, +15% YoY	CFO, prepared
Q4 total revenue	$524M, +14% YoY	CFO, prepared
Full-year 2025 total bookings	$2,070M, +13% YoY	CFO, prepared
Full-year 2025 total revenue	$1,993M, +13% YoY	CFO, prepared
Q4 GPV	$3.7B, +11% YoY	CFO, prepared
Full-year GPV	$14.3B, +11% YoY	CFO, prepared
Q4 transaction revenue growth	+18% YoY	CFO, prepared
Q4 partners revenue	$203M, +21% YoY	CFO, prepared
Q4 non-GAAP gross margin	68%	CFO, prepared
Q4 non-GAAP operating income margin	15% of revenue	CFO, prepared
Q4 free cash flow	$156M (30% of revenue)	CFO, prepared
Full-year 2025 free cash flow (ex-acq costs)	$605M (30% of revenue)	CFO, prepared
Total consolidated ARR (year-end)	$1,836M, +14% YoY	CFO, prepared
Base 44 ARR (year-end)	~$59M	CFO, prepared
Base 44 ARR (recent)	~$100M	CFO, prepared
Core Wix net revenue retention (2025)	105%	IR, prepared
Projected ten-year bookings from current Wix core cohort	>$20B	IR, prepared

Topic: 2026年全年指引中有机增长的驱动因素，以及Base 44用户类型
Key points:
- 未假设定价变化或提价；增长完全来自Wix核心业务和Base 44
- Base 44用户涵盖个人、家庭、企业等各类应用，TAM“无限”，且与Wix核心平台无竞争
- Harmony和Base 44均在加速，未出现相互蚕食
Mgmt stance: 乐观，认为Base 44用户多样性带来广阔市场，且与核心业务协同增长

Topic: Base 44的上市场景趋势，以及免费用户推理成本比例及转换率
Key points:
- Harmony面向自创者，Base 44用户范围极广（含大量个人使用），目前尚未明确偏向哪一细分
- 当前约1/3推理成本来自免费用户，但该比例在下降（初始更高），转换率持续改善
- 未来随着整体成本下降，免费用户推理成本占比将进一步降低
Mgmt stance: 乐观，转换率提升且效率改善，预计成本结构将优化

Topic: Base 44增长加速原因，以及核心业务下半年表现
Key points:
- Base 44加速超预期，已实现1亿美元ARR，但不单独披露Base与Wix的预订量拆分
- 核心Wix业务下半年确实加速，Q4主要来自合作伙伴（创意订阅）带动
- 唯一未预期的是GPV轻度疲软，但被订阅增长部分抵消
Mgmt stance: 中性偏乐观，承认GPV疲软但核心业务恢复加速，Base 44增长强劲

Topic: Base 44的投资回收期（tROI）及2026年收购成本指引
Key points:
- Base 44当前tROI低于1年（基于已有历史数据），管理采用与Wix相同的投资框架
- 2025年收购成本约3000万美元，2026年将更高，因需求强劲且计划继续扩大市场份额
- 当前优先优化“美元利润”而非毛利率，积极投资增长
Mgmt stance: 乐观，tROI优秀且市场潜力大，计划加大投资

Topic: Harmony的用户画像及与OpenAI的合作深度
Key points:
- Harmony用户涵盖所有Wix原有用户（个人、发廊、大型企业等），但当前不支持数据库（即将支持）
- 与OpenAI合作：用户可通过AI构建网站，未来可扩展至“两个智能体”协作模式
- Wix网站支持OpenAI等LLM的爬取和内容读取（结构化数据、schema等），已做好技术准备
Mgmt stance: 乐观，认为AI协作模式是长期趋势，技术领先带来巨大机会

Topic: Cohort value strategy vs. net subs; 2026 growth composition (self-creator vs. partner)
Key points:
- Company prioritizes higher-value subscriptions over net subscriber count, leading to lower net adds but higher cohort value.
- Self-creator growth expected stable; Harmony drives acceleration in new cohorts (better conversion, faster monetization, higher ARPU).
- Partner growth (currently low-twenties) may slow, but Base 44 offers new revenue streams for partners; future innovation planned.
Mgmt stance: Neutral on subs (lower net subs by design), bullish on value creation; confident self-creator stable and partner has future upside.

Topic: Harmony cohort KPIs; LLM partnership economics (OpenAI, Anthropic) and distribution impact
Key points:
- Harmony new cohorts show better conversion, faster monetization, and higher ARPU vs. traditional cohorts; trend expected durable but early stage.
- Cannot disclose specific revenue splits with LLM partners; multiple cooperations exist (Anthropic, Google, OpenAI) across different infrastructure areas.
- Currently no material impact from Wix inside ChatGPT; if distribution becomes significant, company will address it later.
Mgmt stance: Cautious on LLM partnership economic details (no disclosure); bullish on Harmony KPIs; neutral on GPT distribution (not expected to be significant near term).