Companies · CMRC
Commerce.com
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Latest analysis
Updated Aug 6, 2026
Commerce.com Q2 2026: Flat revenue, 14% GMV growth, but gross margin compression and weakening cash flow signal execution pressure.
Commerce.com delivered Q2 2026 revenue of $84.5 million (flat YoY) with ARR growth of only 2% to $360.5 million, a material deceleration from prior periods. The company achieved positive GAAP net income for the second consecutive quarter and improved NRR to 95.8%, but gross margin contracted 400 basis points to 75% GAAP, driven by unfavorable product mix and increased cost of revenue. GMV grew a healthy 14% to $8.8 billion, but operating cash flow collapsed 62% to $5.1 million, with free cash flow near zero. Management guided FY2026 total revenue to $336.5–344.5 million (implying mid-single-digit growth) and non-GAAP operating income $28–34 million, signaling disciplined cost management but limited top-line acceleration.
Tone: cautiousRevenue
$342.3M
CMRC 10-K · FY 2025
Employees
1,079
Revenue FY2024
$332.9M
EBITDA margin
11.4%
Profile
CMRC 10-K Item 1 · Mar 2, 2026Commerce.com (formerly BigCommerce Holdings) is a multi-product commerce technology provider offering an open, API-first SaaS ecosystem spanning storefronts, product data management, and visual site-building. The company serves B2C, B2B, and small business customers across retail, manufacturing, and wholesale verticals. Its three core products — BigCommerce, Feedonomics, and Makeswift — are designed to support merchants operating across traditional, headless, and emerging agentic commerce channels.
Read filing description ↓ Collapse description ↑
Commerce.com, Inc. provides an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale. Our platform supports a range of business models, including business-to-consumer ('B2C'), business-to-business ('B2B'), and small businesses ('SB') use cases, and is designed to provide the infrastructure necessary to operate online storefronts, manage catalogs and orders, distribute product data, and develop digital content across multiple channels. The Company's unified product portfolio includes: BigCommerce, our flexible, enterprise-grade software-as-a-service ('SaaS') ecommerce platform built for performance and extensibility; Feedonomics, our product data management and syndication platform that transforms product information into a strategic growth engine; and Makeswift, our visual site-building that enables teams to create and manage digital experiences with speed and control. Together, these offerings support customers at different stages of digital commerce maturity and enable them to adopt additional capabilities as their operations expand and become more complex. We serve customers across a broad range of B2C and B2B retail and wholesale sectors, including fashion and apparel, home and garden, sports and outdoors, food and beverage, jewelry, health and beauty, automotive, industrial, manufacturing, and more. Our platform is built on an API-first, multi-tenant architecture that supports both traditional and headless deployments.
Primary products
- BigCommerce
- Feedonomics
- Makeswift
- Feedonomics Surface
- BigCommerce payments
- Catalyst
Business segments
End markets
Geographies
Named customers
One individual customer represented more than 10 percent of our total revenue for the year ended December 31, 2025.
“We believe we possess one of the deepest and broadest ecosystems of integrated technology solutions in the ecommerce industry.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased by $9.4 million in 2025 versus 2024, driven by growth in both subscription solutions and partner and services revenue, representing a 2.8% increase year-over-year per the company's own geographic revenue table.
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