Commerce.com, Inc. Q4 FY2025 earnings call

• 2025 was a year of operational improvements, simplifying the business, realigning investments, and building AI infrastructure for agentic commerce.
• Launched Surface, a self-service version of Feedonomics, where merchants using Surface saw an average 24 points higher GMV growth compared to nonusers in Q4.
• Expanded partnerships with OpenAI, Microsoft Copilot, Google Gemini, and Perplexity to position as an AI-ready infrastructure layer.
• Partnered with PayPal to introduce BigCommerce Payments, on track to launch around 2026.
• Integrated products under a unified brand, realizing operational efficiencies to reinvest in products.

In Fiscal Year 2025, Commerce.com, Inc. delivered revenue of $342,000,000, up approximately 3% year over year. Q4 revenue was $89,500,000, up 3% year over year. Non-GAAP operating income finished at $28,000,000. ARR ended the year at $359,000,000. GMV for 2025 was nearly $32,000,000,000, growing 12% year over year. B2B-oriented customers represented the majority of new platform ARR over the past three quarters, with BigCommerce B2B Edition subscription ARR growing nearly 20% in 2025 and having the highest retention rates.

• Q1 2026: Revenue expected between $82,500,000 and $83,500,000; non-GAAP operating income between $9,300,000 and $10,300,000.
• Full-year 2026: Revenue expected between $347,500,000 and $369,500,000; non-GAAP operating income between $34,000,000 and $53,000,000.
• Expect GAAP profitability for full year 2026, first time; non-GAAP guidance implies combined growth plus margin performance of approximately 11% to 22%.

• Risks related to actual results differing materially from forward-looking statements due to uncertainties.
• Market uncertainties, including macroeconomic factors impacting business performance.
• Execution risks associated with product initiatives like AI integrations and BigCommerce Payments launch.

Q: What's core Enterprise ARR growth in the quarter absent the upgrade program?

A: Slightly up, but focus shifted to dollarized expansion rather than subset customer count.

Q: How does agentic commerce impact replatforming opportunities?

A: Agentic commerce has impacted B2C traffic, not killed replatforming but not speeding up upmarket replatforms; new commercial models are emerging with our agentic checkout product.