Enterprise Growth and Margin Expansion Highlight CMRC’s Fiscal 2025 Results
Enterprise Revenue and Account Growth Lead Results
Commerce.com, Inc. (NASDAQ: CMRC), newly rebranded from BigCommerce, revealed its fourth quarter and full-year 2025 financial results, with standout themes around enterprise growth, improved margins, and ongoing business transformation.
| Key Metric | Q4 2025 | Q4 2024 | % Change |
|---|---|---|---|
| Total Revenue ($M) | 89.52 | 87.03 | +3% |
| Enterprise ARR ($M) | 287.20 | 260.90 | +10% |
| Total ARR ($M) | 359.10 | 349.00 | +3% |
| Enterprise Accounts | 6,648 | 5,884 | +13% |
| GMV Q4 ($B) | 8.85 | 7.91 | +12% |
Enterprise growth has sustained CMRC’s momentum, with annual revenue run-rate (ARR) from accounts with at least one enterprise plan up 10% year-over-year, accounting for a commanding 80% of total ARR—a notable jump from 75% the prior year. The number of enterprise accounts grew by 13% to 6,648, illustrating strong mid-market and enterprise traction even as average revenue per account (ARPA) dipped 3% to $43,200. Notably, GMV for Q4 reached $8.85 billion, a 12% annual increase, driven by new merchant wins and expanded offerings.
Margin Improvements Offset Slower Top-Line Growth
CMRC enters 2026 with enhanced margin discipline. GAAP gross margin for the full fiscal year improved to 79% (from 77% in FY2024), while non-GAAP gross margin also notched a one-point gain to 79%. However, top-line growth was modest at 3% year-over-year for both total and subscription revenues. Operating leverage is more visible in improving non-GAAP operating income (+43% YoY), up to $27.78 million for the year.
| Margin Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| GAAP Gross Margin | 79% | 77% | +2% |
| Non-GAAP Operating Income ($M) | 27.78 | 19.46 | +43% |
| Adjusted EBITDA ($M) | 31.72 | 23.54 | +35% |
Despite operational gains, GAAP net loss for the year was ($19.34) million, reduced from ($27.03) million in 2024. Free cash flow came in at $16.36 million versus $22.53 million the prior year, driven by heavier investment in technology and moderate cash flow execution in the fourth quarter.
Retention and Regional Performance Show Mixed Trends
Net Revenue Retention (NRR) remains strong at 95.2%, slightly up from 95.0% a year ago—reflecting healthy client stickiness and expansion within the existing base. Regional performance presents a more nuanced picture:
- U.S. revenue increased 2%.
- EMEA delivered robust 20% growth.
- APAC declined 5% year-over-year.
| Region | Q4 2025 Revenue ($M) | % YoY Change |
|---|---|---|
| U.S. | 67.07 | +2% |
| EMEA | 12.04 | +20% |
| APAC | 6.38 | -5% |
Innovation and Partnerships Drive Strategic Positioning
CMRC’s 2025 narrative is punctuated by several strategic moves:
- Integration with Stripe’s Agentic Commerce Suite and PayPal for agent-driven, AI-powered checkout.
- Recognition as a Challenger in Gartner’s 2025 Magic Quadrant for Digital Commerce Platforms.
- Partnership expansion with both Stripe and Google, broadening reach and capabilities in digital payments and AI-driven commerce operations.
- Several high-profile merchant launches across B2B and B2C, demonstrating platform flexibility and technical depth.
Cash Position and 2026 Outlook Reflect Cautious Optimism
CMRC exited 2025 with $143 million in cash, equivalents, and marketable securities. Q1 2026 guidance points to revenue between $82.5 and $83.5 million and non-GAAP operating income of $9.3 to $10.3 million. Full-year 2026 revenue is expected to land between $347.5 and $369.5 million, with non-GAAP operating income forecast at $34 to $53 million. The guidance acknowledges market uncertainties but reflects an expectation of continued leverage as transformation initiatives take hold.
Key Takeaway: Enterprise Momentum and Margin Gains, but Watch Cash Generation
CMRC’s transformation delivered solid enterprise expansion and margin improvement. While profitability and cash generation remain areas to monitor, the business enters 2026 with a stronger foundation in AI commerce and high-value accounts. Investors and industry watchers should pay close attention to regional trends, future free cash flow, and the real-world impact of recent product innovation as the company seeks to sustain its momentum.
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