Commerce.com, Inc.

Q2 2026 revenue was $84.5 million, including $63.1 million of subscription solutions revenue and $21.4 million of partner and services revenue. Non-GAAP operating income was $8.1 million, and non-GAAP operating margin was 9.6%, up nearly 400 basis points year over year; gross margin was 75.7%, down sequentially from 77.4% in Q1. GMV grew 14% year over year to nearly $8.8 billion, ARR ended at $360.5 million, and net revenue retention was 95.8% versus 95.4% in Q1. For Q3 2026, management guided to revenue of $82.5 million to $85.5 million and non-GAAP operating income of $3.3 million to $5.3 million; for full-year 2026, revenue guidance is $336.5 million to $344.5 million and non-GAAP operating income is $28 million to $34 million. Management also said it remains on track for full-year GAAP profitability.

Travis Hess said the quarter showed “steady execution” and emphasized that Commerce is intentionally reshaping the business around a more durable earnings profile. He framed the company around three layers—product intelligence (Feedonomics), experience (Makeswift), and transaction (BigCommerce)—and said the company is concentrating capital and engineering on areas where it believes it has the strongest differentiation and best long-term economics. He also pointed to AI, agentic commerce, payments, and B2B as major priorities, while acknowledging that these choices reduce some near-term revenue opportunities.

Daniel Lentz focused on the financial implications of the strategy shift, noting that the company is revising guidance because of partner ecosystem concentration, targeted R&D investment, and higher infrastructure costs tied to AI-driven discovery. He said Q2 non-GAAP operating margin was 9.6%, ARR was $360.5 million, operating cash flow for the first half was $23.5 million, and free cash flow was $14.1 million; cash, cash equivalents, restricted cash, and marketable securities totaled just over $157 million, with no material debt maturities until 2028. He also highlighted that Q2 gross margin fell to 75.7% due to higher hosting costs from AI crawler traffic, and that BigCommerce Payments GMV is running more than 30% ahead of internal plans.

Analysts focused on the softer B2C replatforming environment, the impact of the June 1 pricing changes, the traction in BigCommerce Payments, and the revenue/growth mix shift toward B2B. Management said there was no material change in win rates or conversion tied to pricing, and that the slowdown is mainly B2C-specific with longer decision cycles and more caution around AI-related technology planning. On payments, management said adoption and GMV are ahead of expectations, with usage expanding beyond the initial SMB focus; on Feedonomics, they said demand is strong but monetization timing depends on large, complex merchant implementations.