VTEX reported Q2 2026 results showing slowed growth alongside improved profitability. GMV rose 18% year-over-year to $5.7 billion, whilst subscription revenue increased just 1.3% on an FX-neutral basis to $63.8 million. Weaker consumer demand in Brazil and Argentina, promotional pressure and longer enterprise sales cycles dampened growth. However, non-GAAP operating income jumped 62% to $13.8 million and free cash flow rose 79% to $12.7 million. Gross margins benefited from AI-powered support automation and cost discipline. The São Paulo-based commerce platform provider lowered its outlook, expecting low-single-digit FX-neutral subscription growth for full-year 2026. Growth drivers including global expansion, B2B, advertising and AI grew 20% and now represent approximately 18% of subscription revenue. VTEX repurchased 6.2 million Class A shares at an average price of $3.76 during the quarter.

Vtex reported first quarter 2026 earnings in line with guidance, whilst profitability and cash generation doubled year over year and exceeded expectations. Co-CEO Geraldo Thomaz Jr. outlined the company's strategic focus on global expansion, B2B, retail media and AI. The e-commerce platform provider announced the launch of its AI-native commerce suite, featuring the Vtex AI Workspace. The system includes autonomous agents for catalogue management, promotions and search that diagnose issues and execute solutions with minimal human oversight. The catalogue agent analyses shopper navigation data to identify revenue opportunities and optimise product assortments. Thomaz acknowledged recent growth has been below long-term targets but emphasised the company's cloud-based, multitenant architecture positions it to capitalise on AI-driven transformation in e-commerce.

VTEX has announced a major evolution of its technology, placing AI at the core of its architecture and positioning itself as an AI-native commerce suite. The update, unveiled at VTEX Day as part of VTEX Vision 2026, aims to automate operations, personalise customer experiences and expand advertising monetisation. The company introduced three primary platforms: VTEX Commerce Platform, featuring AI workspace with autonomous agents and AI personal shopper; VTEX CX Platform, offering agentic multichannel experiences and autonomous post-sales handling with over 91% AI-assisted automation; and VTEX Ads Platform, with AI campaign management and brand insights. VTEX also announced integration with Google's Universal Commerce Protocol, enabling discovery and checkout directly in Gemini and Google AI Mode. The company currently serves 2,200 customers across 44 countries.