VTEX Q2 Earnings Call Highlights

VTEX (NYSE:VTEX) reported second-quarter results marked by humble subscription gross maturation amid weaker user request successful Brazil and Argentina, portion profitability and escaped currency travel accrued sharply arsenic the institution continued to put successful artificial intelligence, B2B commerce, advertizing and planetary expansion.

For the 4th ended June 30, 2026, gross merchandise worth reached $5.7 billion, up 18% twelvemonth implicit twelvemonth successful U.S. dollars and 7% connected an FX-neutral basis. Subscription gross was $63.8 million, expanding 11% successful U.S. dollars but conscionable 1.3% connected an FX-neutral basis.

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Founder and co-CEO Geraldo Thomaz Jr. said precocious involvement rates, a promotional marketplace situation successful Brazil, softer user request successful Argentina and longer endeavor determination cycles weighed connected near-term growth. He said the company's established B2C commerce concern successful Brazil and the remainder of Latin America declined modestly connected an FX-neutral basis, portion churn and competitory triumph rates remained stable.

"This is chiefly a measurement and lawsuit premix story, not a competitiveness story," Thomaz said, adding that VTEX's installed basal was transacting little successful a anemic user environment.

Customer premix and updated outlook

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Chief Financial Officer Ricardo Camatta Sodré said the spread betwixt GMV maturation and subscription gross maturation reflected a lawsuit premix displacement toward larger accounts. Larger customers person little instrumentality rates but akin gross margins, little churn and higher beingness value, according to the company.

Smaller and mid-sized customers were much affected by weaker depletion conditions successful Brazil, portion larger accounts held up better. Sodré said the displacement toward larger endeavor accounts is deliberate, though its gait during the 2nd 4th was faster than anticipated.

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VTEX said it expects astir level FX-neutral subscription gross maturation successful the 3rd quarter, with low-single-digit FX-neutral gross nett growth. The institution is targeting a non-GAAP operating borderline and escaped currency travel borderline successful the debased 20% scope for the quarter.

For the afloat year, VTEX present expects low-single-digit FX-neutral subscription gross maturation and mid-single-digit FX-neutral gross nett growth, portion maintaining targets for non-GAAP operating and escaped currency travel margins successful the debased 20% range. The outlook reflects weaker depletion trends successful Brazil during June and July arsenic good arsenic the continuing lawsuit premix displacement toward larger enterprises.