Bigcommerce (NASDAQ:BIGC) executives used their fourth-quarter and fiscal 2025 earnings call to highlight operational improvements, growing momentum in B2B, and a shift toward monetization initiatives tied to AI-driven commerce and payments. Management also introduced new reporting metrics—gross merchandise volume (GMV) and company-wide net revenue retention (NRR)—while retiring enterprise-specific ARR disclosures.
2025 results show modest revenue growth, higher profitability and cash flow
For fiscal 2025, the company reported revenue of $342 million, up about 3% year over year. Non-GAAP operating income totaled $28 million, and management pointed to “strong improvements to cash generation.”
Operating cash flow was $3 million in Q4 and $27 million for the full year. The company ended 2025 with $143 million in cash, cash equivalents, and marketable securities. Lentz also said there are “no material debt maturities until 2028,” and net debt declined to $11 million from $33 million in 2024.
B2B focus and customer wins; Surface shows early traction
CEO Travis Hess said 2025 was a year of “meaningful operational improvements” and foundation-building, with a strategy centered on simplifying the business, realigning investment to higher-value initiatives, and building scalable infrastructure as AI and “agentic commerce” change how merchants reach buyers.
Hess said B2B-oriented customers represented the majority of new platform ARR over the past three quarters, and subscription ARR from customers using BigCommerce B2B Edition grew nearly 20% in 2025, with the highest retention rates across the portfolio. He cited several Q4 B2B customer additions, including Build It Right, Premier Water Tanks, Hawk Research Labs, and KH Industries.
The company also highlighted activity with consumer brands. Hess said H&M, The RealReal, Petco, and Grainger adopted Feedonomics’ data optimization platform. On the BigCommerce platform, the company added Lascana and renewed its relationship with Harvey Nichols.
On product-led growth, management emphasized early results for Surface, a self-service version of Feedonomics launched in late Q3. Hess said merchants using Surface in Q4 saw, on average, 24 points higher GMV growth than non-users, based on the initial advertising-channel integrations. The company said it plans to expand Surface into additional advertising, marketplace, and “agentic” channels in the coming months.
AI and agentic commerce: integrations, protocols, and competitive positioning
Management described partnerships and integrations intended to position Commerce as an “AI-ready infrastructure layer,” including work with OpenAI, Microsoft Copilot, Google Gemini, and Perplexity. Hess said Commerce is “one of only two commerce platforms” featured in Google’s announcements for its Universal Commerce Protocol.
During Q&A, Hess said the company has mapped to schemas across major “answer engines,” but that access—particularly checkout—is often “gated” by platform providers. He said Commerce has demoed agentic checkout with Perplexity and has been live on that surface, while OpenAI’s merchant access remains gated and Google UCP checkout enablement is being tested case-by-case. Hess said the company expects to test with Google over the next quarter.
Asked about competitive overlap with Shopify’s agentic plans, Hess said there is some overlap but argued Feedonomics’ differentiation is in data enrichment and orchestration—including factors like inventory availability—rather than syndication alone. He emphasized Feedonomics’ platform-agnostic approach and said many merchants use Feedonomics even when running their storefront platform elsewhere.
New metrics: GMV and NRR; enterprise disclosures retired
Commerce introduced GMV and company-wide NRR as key metrics intended to better reflect platform scale and monetization. Hess said platform GMV was nearly $32 billion in 2025 and has posted consistent double-digit growth over several years. Lentz said GMV grew 11% in 2024 and 12% in 2025.
NRR was 95.2% in Q4, up slightly from 95.0% in Q4 2024. Lentz said improving NRR is central to the company’s strategy and tied to initiatives such as reducing time to value, improving cross-product adoption, and tighter integration of Feedonomics, payments, and storefront capabilities.
Alongside the shift, the company said it will retire enterprise-specific metrics. Lentz reported enterprise ARR ended 2025 at $287 million, enterprise customer count was 6,648 (up 897 sequentially), and enterprise ARPA was $43,200 (down 8% sequentially). He attributed the customer-count increase and ARPA decline partly to a Q4 program upgrading select accounts from Essentials to Enterprise, and said the company’s focus is shifting to “dollarized expansion” across the full customer base rather than a subset defined by plan.
- Will continue: total ARR and subscription ARR disclosures
- New quarterly disclosures: GMV and total-business NRR
- Retired: enterprise ARR and enterprise-related metrics; no specific customer count metric going forward
2026 outlook: profitability target and payments launch timeline
For Q1 2026, Commerce guided for revenue of $82.5 million to $83.5 million and non-GAAP operating income of $9.3 million to $10.3 million. For full-year 2026, guidance called for revenue of $347.5 million to $369.5 million and non-GAAP operating income of $34 million to $53 million, implying 2% to 8% growth and non-GAAP operating margins of 10% to 14% at the revenue midpoint.
Lentz said the company expects to deliver GAAP profitability for full-year 2026 for the first time in its history, and anticipates that cash and cash equivalents will exceed total long-term debt by mid-2026 after anticipated restructuring payments.
Management also discussed the upcoming launch of BigCommerce Payments, powered by PayPal, which remains targeted for around the end of Q1 2026. Lentz said the company expects the product to be additive to margins over time and described a two-pronged adoption plan focused initially on new merchants and then migrating portions of the existing base where appropriate, without disrupting relationships with other payment partners. Executives also linked payments strategy to monetization challenges created by mix shift toward B2B, where credit card transactions are a smaller share of payment volume.
About Bigcommerce (NASDAQ:BIGC)
BigCommerce Holdings, Inc (NASDAQ: BIGC) is a software-as-a-service (SaaS) company that provides a cloud-based e-commerce platform designed to help merchants create, manage and scale online stores. Its platform offers a suite of tools including storefront design and customization, shopping cart functionality, payment gateway integrations, order management, shipping and tax solutions, and security features. The open architecture of its API-driven platform enables businesses to connect with a wide range of third-party applications, marketplaces and digital channels.
The company was founded in 2009 by Eddie Machaalani and Mitchell Harper and is headquartered in Austin, Texas, with additional offices in San Francisco and Sydney.
