VTEX's revenue growth has reaccelerated to 9.5% in 2026Q2, while gross margins have expanded structurally from 71.9% in 2024Q1 to 80.3%, demonstrating strong pricing power and operating leverage.
Vtex (VTEX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 252.65M | 240.52M | 226.71M | 201.52M | 157.62M | 125.77M | 98.68M | 61.33M |
| Revenue Growth % | 9.62% | 6.09% | 12.5% | 27.85% | 25.32% | 27.46% | 60.9% | - |
| Cost of Goods Sold | 53.01M | 54.18M | 59.42M | 60.95M | 52.83M | 49.59M | 34.85M | 20.25M |
| COGS % of Revenue | - | 22.53% | 26.21% | 30.25% | 33.52% | 39.43% | 35.32% | 33.01% |
| Gross Profit | 199.64M | 186.34M | 167.29M | 140.57M | 104.79M | 76.18M | 63.83M | 41.08M |
| Gross Margin % | 79.02% | 77.47% | 73.79% | 69.75% | 66.48% | 60.57% | 64.68% | 66.99% |
| Gross Profit Growth % | - | 11.38% | 19.01% | 34.15% | 37.55% | 19.36% | 55.37% | - |
| Operating Expenses | 168.34M | 168.23M | 157.19M | 155.17M | 154.71M | 142.11M | 57.31M | 42.89M |
| OpEx % of Revenue | - | 69.94% | 69.33% | 77% | 98.15% | 112.99% | 58.07% | 69.93% |
| Selling, General & Admin | 99.77M | 102.64M | 102.29M | 93.13M | 96.15M | 95.41M | 37.8M | 30.87M |
| SG&A % of Revenue | - | 42.67% | 45.12% | 46.22% | 61% | 75.86% | 38.31% | 50.33% |
| Research & Development | 68.59M | 63.89M | 53.62M | 60.12M | 57.2M | 45.19M | 19.04M | 12.69M |
| R&D % of Revenue | - | 26.56% | 23.65% | 29.83% | 36.29% | 35.93% | 19.29% | 20.69% |
| Other Operating Expenses | -16K | 1.7M | 1.27M | 1.92M | 1.36M | 1.51M | 462K | -665K |
| Operating Income | 31.3M | 18.11M | 10.1M | -14.6M | -49.92M | -65.93M | 6.52M | -1.81M |
| Operating Margin % | 12.39% | 7.53% | 4.46% | -7.25% | -31.67% | -52.42% | 6.61% | -2.95% |
| Operating Income Growth % | - | 79.23% | 169.19% | 70.75% | 24.28% | -1111.34% | 460.36% | - |
| EBITDA | 34.76M | 21.37M | 14.47M | -9.58M | -45.3M | -61.86M | 8.92M | 717K |
| EBITDA Margin % | 13.76% | 8.89% | 6.38% | -4.76% | -28.74% | -49.18% | 9.04% | 1.17% |
| EBITDA Growth % | 112.01% | 47.74% | 250.94% | 78.84% | 26.76% | -793.54% | 1143.93% | - |
| D&A (Non-Cash Add-back) | 3.46M | 3.26M | 4.36M | 5.02M | 4.62M | 4.07M | 2.4M | 2.53M |
| EBIT | 30.98M | 22.48M | 10.03M | -10.01M | -55.71M | -69.2M | 4.46M | -2.37M |
| Net Interest Income | 2.77M | 3.66M | 12.74M | 23.18M | 1.52M | -526K | -720K | -2.17M |
| Interest Income | 2.77M | 3.66M | 14.17M | 23.76M | 2.25M | 264K | 556K | 334K |
| Interest Expense | 0 | 0 | 1.43M | 578K | 733K | 790K | 1.28M | 2.51M |
| Other Income/Expense | 1.34M | 4.37M | -440K | 4.01M | -6.53M | -4.06M | -3.06M | -1.88M |
| Pretax Income | 32.65M | 22.48M | 9.66M | -10.59M | -56.44M | -69.99M | 3.46M | -3.69M |
| Pretax Margin % | 12.92% | 9.35% | 4.26% | -5.25% | -35.81% | -55.64% | 3.51% | -6.02% |
| Income Tax | 2.39M | 2.45M | -2.33M | 3.11M | -4.03M | -9.47M | 4.29M | 883K |
| Effective Tax Rate % | 7.32% | 10.91% | -24.13% | -29.35% | 7.13% | 13.53% | 123.82% | -23.91% |
| Net Income | 30.26M | 20.01M | 12M | -13.69M | -52.42M | -60.51M | -914K | -4.59M |
| Net Margin % | 11.98% | 8.32% | 5.29% | -6.79% | -33.26% | -48.11% | -0.93% | -7.49% |
| Net Income Growth % | 126.45% | 66.78% | 187.66% | 73.89% | 13.37% | -6520.46% | 80.1% | - |
| Net Income (Continuing) | 30.26M | 20.03M | 11.99M | -13.69M | -52.42M | -60.51M | -825K | -4.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 73K | 63K | 56K | 39K | 19K | 7K | 126K | 37K |
| EPS (Diluted) | 0.18 | 0.11 | 0.06 | -0.07 | -0.27 | -0.32 | -0.00 | -0.02 |
| EPS Growth % | 143.22% | 76.28% | 185.01% | 72.81% | 15.63% | - | 82.16% | - |
| EPS (Basic) | - | 0.11 | 0.06 | -0.07 | -0.27 | -0.32 | -0.00 | -0.02 |
| Diluted Shares Outstanding | 170.81M | 185.28M | 192.33M | 186.37M | 190.69M | 191.03M | 190.11M | 190.11M |
| Basic Shares Outstanding | 170.81M | 185.28M | 185.04M | 186.37M | 190.69M | 191.03M | 190.11M | 190.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VTEX stock.
For fiscal year 2025, Vtex (VTEX) reported total revenue of $240.5M. This represents a 292.2% increase compared to $61.3M in 2019.
Vtex (VTEX) is profitable, generating $20.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.3%.
Vtex (VTEX) reported an operating income of $18.1M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Vtex (VTEX) generated $186.3M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High R&D intensity relative to peers
Growth Reacceleration Driven by Scale
VTEX's revenue growth has reaccelerated to 9.5% in 2026Q2, up from a low of 1.3% in 2024Q4, suggesting the company is successfully scaling its platform and capturing market share in the competitive e-commerce software space.
The growth trajectory shows a clear inflection from the low single-digit growth seen in early 2024 to a more robust pace in recent quarters. This acceleration appears to be driven by the company's core platform, as there is no indication of inorganic growth from acquisitions in the provided data. The durability of this trend will be key, as the company is now growing from a larger revenue base.
Structural Margin Expansion
Gross margins have expanded significantly from 71.9% in 2024Q1 to 80.3% in 2026Q2, indicating strong pricing power and a highly scalable software model that is now outperforming peers like Shopify and Wix.
The consistent improvement in gross margin suggests VTEX is achieving better unit economics as it scales, likely through a mix of higher-value services and operational efficiencies in its cloud infrastructure. This structural expansion is a positive signal for long-term profitability, as it provides a larger gross profit pool to fund growth investments in R&D and sales.
Operating Leverage Now Evident
Operating income has swung from a loss of $2.5M in 2024Q1 to a profit of $9.7M in 2026Q2, demonstrating that the company's operating expenses are scaling more efficiently than its revenue growth.
The improvement in operating margin from -4.7% to 15.0% over this period indicates that VTEX is successfully leveraging its fixed cost base. While R&D and SG&A have grown in absolute terms, they have grown slower than revenue, allowing operating income to expand at a much faster rate. This suggests the business model is becoming more profitable as it gains scale.
R&D as Primary Cost Driver
Research and development expenses represent the largest single cost item, consuming 27.8% of revenue in 2026Q2, which underscores the company's commitment to product innovation but also presents a key area for future efficiency gains.
The high R&D intensity is typical for a growth-stage software company, but it is notably higher than the implied R&D spend of more mature peers. SG&A as a percentage of revenue has also been declining, from 49.4% in 2024Q1 to 37.6% in 2026Q2, indicating improving sales and marketing efficiency. Management's ability to maintain this discipline while investing in growth will be critical.
Profitability Inflection in 2025
The period from 2025Q1 to 2025Q4 marks a clear operational inflection, where the company moved from near-breakeven to consistent profitability, driven by accelerating revenue and expanding gross margins.
This inflection appears to be the result of the company reaching a critical scale where its high gross margins could finally cover its operating expenses. The lasting impact is a fundamentally different earnings profile, with the company now generating positive net income and EPS in most quarters, a stark contrast to the losses seen in early 2024.
Sustainability of Margin Expansion
The rapid expansion in gross and operating margins may be difficult to sustain, as it could reflect favorable cyclical conditions or one-time efficiencies rather than a permanent structural shift in the business model.
A short-seller would focus on whether the 80%+ gross margin is sustainable or if it will normalize as competition intensifies or as the company invests more in customer acquisition. Furthermore, the high R&D spend, while necessary for growth, could pressure margins if revenue growth decelerates. The company's profitability is still nascent, and any misstep in execution could quickly erode the recent gains.