Filing Flows › Commerce.com (CMRC) › Q4 2025
Commerce.com (CMRC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Commerce.com (CMRC) reported revenue of $89.5M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +4% from the quarter before. Operating margin was -7.4%, net loss $8.4M (9.3% of revenue).
Commerce.com, Q4 2025: revenue $89.5M (+3% year over year), operating margin -7.4%, net loss $8.4M, operating cash flow $980K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.5M | +4% | +3% |
| Operating profit | −$6.6M | — | — |
| Net earnings | −$8.4M | — | — |
| Operating cash flow | $980K | -91% | -92% |
What changed
Revenue was $89.5M in Q4 2025, up 3% year over year and up 4% from the previous quarter. Subscription and Circulation was the largest line at 73% of revenue.
Gross margin was 78.3%, up 0.7 points from a year earlier. Operating costs exceeded revenue by $6.6M, an operating margin of -7.4%. Operating expenses grew 12% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+132%). The quarter ended with a net loss of $8.4M, wider than the previous quarter's $2.2M loss.
Operating cash flow was $1.0M (down 92% year over year). Non-cash charges added back $2.8M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items added $1.7M. Capital expenditures of $3.2M exceeded it, leaving free cash flow of −$2.2M.
Questions
What was Commerce.com's revenue in the fourth quarter 2025?
Commerce.com (CMRC) reported revenue of $89.5M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +4% from the quarter before.
Was Commerce.com profitable in the fourth quarter 2025?
Operating loss was $6.6M (-7.4% of revenue) and net loss $8.4M.
Source: Commerce.com 10-K on SEC EDGAR.