Filing Flows › Vertex (VERX) › Q4 2025
Vertex (VERX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Vertex (VERX) reported revenue of $195M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before. Operating margin was -1.3%, net loss $7.0M (3.6% of revenue).
Vertex, Q4 2025: revenue $195M (+9% year over year), operating margin -1.3%, net loss $7.0M, operating cash flow $42.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $195M | +1% | +9% |
| Operating profit | −$2.6M | -160% | — |
| Net earnings | −$7.0M | -273% | — |
| Operating cash flow | $42.3M | -32% | +3% |
| Free cash flow | $10.1M | — | -44% |
What changed
Revenue was $194.7M in Q4 2025, up 9% year over year and up 1% from the previous quarter. Cloud subscriptions was the largest line at 49% of revenue.
Gross margin was 64.8%, down 0.9 points from a year earlier. Operating costs exceeded revenue by $2.6M, an operating margin of -1.3%. Operating expenses fell 1% while revenue rose 9%. The fastest-growing cost line was General & admin (+14%). The quarter ended with a net loss of $7.0M, after a profit of $4.0M the previous quarter. Non-operating items added $1.2M, -90% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $42.3M (up 3% year over year). Non-cash charges added back $26.1M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items added $11.6M. After property and equipment additions ($26.9M) and capitalized software additions ($5.3M), free cash flow as the company reports it was $10.1M.
Questions
What was Vertex's revenue in the fourth quarter 2025?
Vertex (VERX) reported revenue of $195M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before.
Was Vertex profitable in the fourth quarter 2025?
Operating loss was $2.6M (-1.3% of revenue) and net loss $7.0M.
Source: Vertex 10-K on SEC EDGAR.