Vtex (VTEX) Operating Margin (2019 - 2026)
Vtex (VTEX) recorded quarterly Operating Margin of 9.63% in Q1 2026, down 41.7% quarter-over-quarter from 16.52% in Q4 2025, and up 999.0% on a YoY basis from 0.88% in Q1 2025.
Vtex (VTEX) Operating Margin (2019 - 2026) Analysis & Trends
Vtex's Operating Margin history runs 8 years deep, the most recent figure standing at 9.63% for Q1 2026.
- In Q1 2026, Operating Margin rose 999.0% year-over-year to 9.63%; the TTM figure through Mar 2026 stood at 9.78% (up 554.0% YoY), while the FY2025 annual figure was 7.53%, up 427.0% from the prior year.
- Operating Margin was 9.63% for Q1 2026 at Vtex, down from 16.52% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 16.52% in Q4 2025 to a low of 385.08% in Q1 2023.
- Historically, Operating Margin has averaged 42.77% across 5 years, with a median of 4.72% in 2024.
- The sharpest annual moves came in 2023 and 2024: Operating Margin tumbled 33695 bps in 2023, then surged 38036 bps in 2024.
- A 5-year view of Operating Margin shows it stood at 6.59% in 2022, then sank by 251 bps to 23.13% in 2023, then surged by 147 bps to 10.94% in 2024, then jumped by 51 bps to 16.52% in 2025, then tumbled by 42 bps to 9.63% in 2026.
- The last three Operating Margin figures came in at 9.63% (Q1 2026), 16.52% (Q4 2025), and 6.99% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 257.53 Bn | 239.56 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 171.61 Bn | 169.06 Bn | - | - |
| 3 | Salesforce | 152.15 Bn | 140.31 Bn | 8.56 Bn | 21.08% |
| 4 | Uber Technologies | 144.45 Bn | 143.41 Bn | 11.88 Bn | 14.56% |
| 5 | Shopify | 144.09 Bn | 138.34 Bn | 1.55 Bn | 12.05% |
| 6 | ServiceNow | 110.55 Bn | 105.37 Bn | 2.83 Bn | 13.34% |
| 7 | Cadence Design Systems | 106.32 Bn | 104.91 Bn | 1.26 Bn | 29.26% |
| 8 | Adobe | 97.77 Bn | 90.88 Bn | 5.73 Bn | 37.79% |
| 9 | Automatic Data Processing | 93.39 Bn | 90.16 Bn | 2.87 Bn | -22.99% |
| 10 | Vtex | 84.60 | -13.94 Mn | 48.45 Mn | 9.63% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 9.63% |
| Dec 31, 2025 | 16.52% |
| Sep 30, 2025 | 6.99% |
| Jun 30, 2025 | 4.95% |
| Mar 31, 2025 | -0.36% |
| Dec 31, 2024 | 10.94% |
| Sep 30, 2024 | 4.17% |
| Jun 30, 2024 | 1.43% |
| Mar 31, 2024 | -4.72% |
| Dec 31, 2023 | -23.13% |
| Sep 30, 2023 | -6.86% |
| Jun 30, 2023 | -228.87% |
| Mar 31, 2023 | -385.08% |
| Dec 31, 2022 | -6.59% |
| Sep 30, 2022 | -29.12% |
| Jun 30, 2022 | -48.84% |
| Mar 31, 2022 | -48.13% |
| Dec 31, 2021 | -35.41% |
| Sep 30, 2021 | -76.48% |
| Jun 30, 2021 | -53.09% |