CMRC · Commerce.com, Inc.
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 6, 2026TL;DR. Commerce beat Q2 non-GAAP operating income guidance but cut full-year 2026 revenue guidance by ~$18M at the midpoint (to $336.5M–$344.5M) and non-GAAP operating income guidance by $12.5M at the midpoint (to $28M–$34M), reflecting a deliberate partner ecosystem narrowing and more cautious H2 B2C bookings. GMV still grew 14% to $8.8B and the company posted a second consecutive quarter of GAAP net income.
- + Delivered Q2 revenue of $84.5M and non-GAAP operating income of $8.1M, above the high end of the $4M–$5M guidance range.
- + GMV grew 14% YoY to $8.8B, with B2B GMV up 17%.
- + Posted positive GAAP net income for the second consecutive quarter ($1.1M vs. prior-year loss).
- + Non-GAAP operating margin expanded to 9.6% from 5.7% a year ago.
- − Cut full-year 2026 revenue guidance by ~$18M at the midpoint (to $336.5M–$344.5M).
- − Cut full-year 2026 non-GAAP operating income guidance by $12.5M at the midpoint (to $28M–$34M).
- − Adopting a more cautious view of H2 new account bookings due to soft B2C replatforming and broader measured software spending.
- − Non-GAAP gross margin compressed sequentially from 77.4% to 75.7% due to higher hosting costs from AI crawler/agent traffic.
- − Free cash flow collapsed to $0.1M in Q2 from $11.9M a year ago due to higher capex.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 23.48M | Six months ended June 30, 2026 | — |
| Adjusted EBITDA as a percentage of revenue non-GAAP | 13.7% | Six months ended June 30, 2026 | — |
| Free cash flow non-GAAP | 14.14M | Six months ended June 30, 2026 | — |
| Gross Merchandise Volume (GMV) | 8.8B | Q2 2026 | — |
| Net Revenue Retention (NRR) | 95.8% | Trailing twelve months as of June 30, 2026 | — |
| Non-GAAP basic net income per share non-GAAP | $0.21 | Six months ended June 30, 2026 | — |
| Non-GAAP diluted net income per share non-GAAP | $0.2 | Six months ended June 30, 2026 | — |
| Non-GAAP gross margin non-GAAP | 76% | Q2 2026 | — |
| Non-GAAP net income non-GAAP | 16.92M | Six months ended June 30, 2026 | — |
| Non-GAAP net income as a percentage of revenue non-GAAP | 9.9% | Six months ended June 30, 2026 | — |
| Non-GAAP operating income non-GAAP | 20.56M | Six months ended June 30, 2026 | — |
| Non-GAAP operating income as a percentage of revenue non-GAAP | 12% | Six months ended June 30, 2026 | — |
| Subscription ARR | 270.28M | as of June 30, 2026 | — |
| Total ARR | 360.53M | as of June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Software - Application — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CMRC
this stock
Commerce.com, Inc.
|
$263.08M | -21.1% | +2.8% | — | 8.4% |
|
QH
QUHUO Ltd
|
$350.35B | +240.7% | +59.7% | — | 0.0% |
|
SAP
Sap SE
|
$243.17B | -14.1% | — | — | 0.4% |
|
CRM
Salesforce, Inc.
|
$191.79B | -11.4% | +25.9% | 21.3 | 3.9% |
|
SHOP
Shopify Inc.
|
$183.03B | -6.0% | +30.1% | 95.5 | 1.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CMRC | -0.2% | +29.5% | +29.5% | +2.9% | -21.1% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | +0.1% | +29.9% | +17.3% | +1.9% | -34.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.