Q2 2026 Commerce.com Inc Earnings Call Transcript
Key Points
- Delivered Q2 revenue of $84.5 million within guidance and non-GAAP operating income of $8.1 million, above the high end of the range.
- GMV grew 14% year-over-year to $8.8 billion, with B2B GMV up 17%.
- Achieved positive GAAP net income for the second consecutive quarter and improved net revenue retention sequentially for the third straight quarter to 95.8%.
- BigCommerce Payments exceeded expectations, with GMV running more than 30% ahead of internal plans and expansion to additional merchant cohorts and UK launch on track.
- Strategic partnerships with Accenture and WP Engine are building momentum, including a product intelligence win with a major footwear and apparel manufacturer.
- Stock-based compensation decreased to 4.7% of revenue in Q2, down from 8.7% year-over-year, and cash position improved by nearly $22 million year-over-year.
- Revised full-year 2026 revenue guidance down by $18 million at the midpoint due to deliberate partner ecosystem concentration and cautious new account bookings.
- B2C replatforming activity remains soft, with longer sales cycles and customers delaying decisions due to AI evaluation.
- Non-GAAP gross margin declined sequentially from 77.4% in Q1 to 75.7% in Q2, driven by higher hosting costs from AI crawler traffic.
- Partner and services revenue declined sequentially, partly due to the launch of BigCommerce Payments and a more focused partner ecosystem.
- Increased capital expenditures to $5 million in Q2, up from $1.7 million a year ago, to fund product investments, impacting free cash flow.
- The company expects lower new account bookings in the second half of the year, reflecting a measured software spending environment.
Thank you for standing by and welcome to Commerce second quarter 2026 earnings call. I'd like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.
If you would like to ask a question during this time, simply press star followed by the number. One on your telephone keypad. If you would like to withdraw your question, press star one again.
Thank you.
Good morning, and welcome to Commerce's second quarter 2026 earnings call. We will be discussing the results announced in a press release issued before today's market open. With me are Commerce's Chief Executive Officer, Travis Hess, and Chief Financial Officer and Chief Operating Officer, Daniel Lentz.
Today's call will contain certain forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.
Forward-looking statements include statements
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