VTEX · Vtex

VTEX delivered strong Q1 2026 results amid a volatile macro environment, with subscription revenue growing 14.0% YoY to $60.0 million (4.2% FXN), driven by 17.1% GMV expansion to $5.1 billion (6.8% FXN) reflecting robust platform adoption. Non-GAAP subscription gross margin expanded 150 basis points to 81.5%, supporting doubled non-GAAP operating income of $10.6 million at 17.4% margin, up from $5.3 million. Management highlighted AI-native commerce suite innovations, with early adopters like Decathlon and Whirlpool leveraging AI Workspace for agentic operations, reducing task times from weeks to hours. Customer wins included Cetrogar (Argentina), VPCL (Canada), and expansions by Whirlpool and Electrolux into B2B channels. Operational efficiencies shone through 13.1% YoY headcount reduction to 1,147 and $9.7 million share repurchases. CEOs Thomaz and Gomide emphasized AI-driven growth, efficiency, and Latin America leadership while pursuing global expansion, B2B, Ads, and AI levers. Q2 FXN guidance targets low-to-mid single-digit subscription revenue growth with high-teens to low-20s margins for operating income and FCF; full-year mid-single digit subscription growth with low-20s margins, translating to higher USD growth assuming stable FX.