VTEX (VTEX) Tops Q4 EPS by 0c, offers outlook

VTEX (NYSE: VTEX) reported Q4 EPS of $0.05, $0.00 better than the analyst estimate of $0.05. Revenue for the quarter came in at $68 million versus the consensus estimate of $68.33 million.

Business Outlook

In 2026, VTEX remains focused on strengthening the growth levers that will propel us forward: global expansion, B2B, Retail Media, and AI. Disciplined execution and productivity gains already identified across Cost of Revenue, S&M, and G&A support continued improvement in profitability and enable increased R&D investments that drive our AI transformation and deepen our value with top-tier customers. While we navigate ongoing macro headwinds, we are encouraged by the quality and scale of our new customer additions, the competitive positioning of the VTEX platform among global enterprise customers, and the compelling market opportunity across our four key long-term growth initiatives.

In this context, and recognizing that Q1 is seasonally our lowest GMV quarter and faces the toughest year-over-year comparison, for the first quarter of 2026 we expect:

Subscription revenue to grow at a mid-single digit percentage rate on an FX-neutral year-over-year basis;
Gross profit to grow at a high-single digit percentage rate on an FX-neutral year-over-year basis;
Non-GAAP income from operations to be in the mid-teens percentage margin; and
Free cash flow to be in the high-teens percentage margin.

For the full year 2026, we are targeting:

Subscription revenue to grow at a mid-to-high single digit percentage rate on an FX-neutral year-over-year basis;
Gross profit to grow at a high-single digit to low-teens percentage rate on an FX-neutral year-over-year basis;
Non-GAAP income from operations to be in the low-twenties percentage margin; and
Free cash flow to be in the low-twenties percentage margin.

Assuming FX rates remain broadly consistent with January 2026 averages, the FX-neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth, adding approximately 8.4 percentage points in the first quarter and 4.5 percentage points for the full year 2026.

For earnings history and earnings-related data on VTEX (VTEX) click here.

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