Commerce.com, Inc. Q4 2025 Earnings Call Summary

Core Insights - The company views 2025 as a foundational year aimed at simplifying operations, realigning investments, and unifying the brand to function as a connected platform [1] - Strong momentum in B2B has been a key driver, with B2B-oriented customers accounting for the majority of new platform Annual Recurring Revenue (ARR) over the last three quarters [1] - The company is positioning itself as an AI-ready infrastructure layer, utilizing Feedonomics as a data enrichment engine for agentic commerce across platforms such as OpenAI, Google, and Perplexity [1] Financial Performance - Operational efficiency improvements resulted in a 230 basis point increase in non-GAAP operating margin, facilitating a nearly 30% rise in Research and Development (R&D) investment for 2026 [1] - The launch of Feedonomics Surface has shown a direct correlation between data enrichment and merchant success, with users experiencing 24 points higher Gross Merchandise Value (GMV) growth compared to non-users [1] - Despite a significant platform scale with $32 billion in GMV, the company acknowledges it has not yet fully realized the business's growth potential for shareholders [1]