Vtex (NYSE: VTEX)

VTEX is a SaaS digital commerce platform that enables enterprise brands and retailers to build, manage, and scale B2B, B2C, and marketplace commerce experiences. The company provides a composable and complete platform that integrates commerce, order management, and marketplace functionality into a unified system. VTEX empowers customers to orchestrate their network of consumers, suppliers, partners, and fulfillment providers while supporting strategies such as direct-to-consumer, ship-from-store, endless aisle, drop-ship, conversational commerce, and live shopping. The platform is designed for global enterprises seeking to modernize their tech stack and accelerate digital transformation with flexibility, scalability, and AI-driven capabilities.

VTEX generates revenue primarily through a subscription-based model that includes both fixed fees and transaction-based variable components tied to Gross Merchandise Volume (GMV). The transaction-based fee, structured as a take rate on order value including taxes and shipping, constitutes the majority of subscription revenue and aligns the company’s growth with that of its customers. Additional revenue streams include service revenue, retail media solutions such as VTEX Ads, and Weni by VTEX, which offers communication automation and chatbot capabilities. In 2025, subscription revenue accounted for 97.7% of total revenue, while the VTEX platform itself contributed 87.3% of total revenue. The company reported total revenue of $240.5 million in 2025, up from $226.7 million in 2024.

The company operates through the following segments:

• VTEX Platform: This segment delivers the core SaaS commerce infrastructure that supports web, mobile, conversational commerce, live shopping, in-store sales, distributed order management, channel and seller management, content and catalog management, and fulfillment integrations. It enables enterprises to launch and manage online stores, integrate with third-party systems, and deploy omnichannel strategies. The platform includes VTEX IO, a low-code development environment that allows customers and partners to build and embed custom extensions directly into the platform.

• Retail Media: This segment encompasses VTEX Ads, a digital advertising solution that allows online sellers to monetize their digital channels by offering ad space to brand partners and third-party sellers. It includes AI-driven targeting, auction mechanisms, sponsored product placements in search results and galleries, mobile app advertising, and analytics for performance tracking and campaign optimization. Revenue from this segment is derived from ad sales and related services, supporting brands in increasing visibility and engagement across VTEX-powered storefronts.

• Weni by VTEX: This segment provides communication automation solutions, including chatbots and AI-powered customer service tools, designed to enhance customer engagement through conversational commerce. It enables real-time interactions via messaging apps, personalized recommendations, and streamlined support workflows. Weni integrates with the VTEX platform to allow enterprises to automate key commerce operations such as product discovery, order orchestration, and after-sales service, improving conversion and operational efficiency.

VTEX holds a leading position in the digital commerce industry, particularly in Latin America where it is recognized as the largest provider of digital commerce technology. The company competes with global players such as Magento (Adobe), Salesforce Commerce Cloud, SAP Hybris, and Shopify Plus, differentiating itself through its composable architecture, API-first design, and deep enterprise embedment. Its competitive advantages include a powerful ecosystem of over 9,000 VTEX IO extensions, 1,200 system integrators and ISVs, 500 marketplaces, 200 payments solutions, and 90 logistics companies, which create strong network effects. VTEX’s AI-native platform, real-time commerce data aggregation, and ability to support complex, mission-critical operations at scale further strengthen its market position.

VTEX serves a diversified base of approximately 2,200 enterprise customers operating 3,100 active online stores across 44 countries. Its customer base includes large blue-chip companies, with 89.4% of subscription revenue derived from active online stores generating $25,000 or more in annual recurring revenue as of December 31, 2025. The company supports brands and retailers in sectors such as home appliances, apparel and accessories, beauty and health, electronics, grocery, department stores, toys and hobbies, and home, furniture and decoration. Notable customers include manufacturers pursuing direct-to-consumer strategies, fashion and grocery retailers expanding via omnichannel and marketplace models, and enterprises leveraging drop-ship and ship-from-store capabilities. The company’s 10 largest customers represented less than 16% of total revenue in 2025, reflecting a diversified and non-concentrated customer base.