Commerce.com (CMRC) financial statements
Commerce.com reported revenue of $342M in fiscal 2025, up 20.7% a year over 7 years.
Net income was -$19M and the operating margin -4.7%, against -41.3% in 2018.
Free cash flow was $17M.
The diluted share count rose 378% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Commerce.com's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $112M | $152M | $220M | $279M | $309M | $333M | $342M |
| Cost of revenue | $22M | $27M | $34M | $48M | $70M | $74M | $78M | $73M |
| Gross profit | $70M | $85M | $118M | $171M | $209M | $235M | $255M | $270M |
| Research and development | $42M | $43M | $48M | $65M | $88M | $83M | $81M | $73M |
| Selling, general and admin | $65M | $83M | $109M | $156M | $211M | $199M | $191M | $193M |
| Operating income | -$38M | -$41M | -$39M | -$76M | -$141M | -$72M | -$42M | -$16M |
| Interest expense | $1M | $2M | $3M | $828,000 | $3M | $3M | $6M | $10M |
| Pre-tax income | -$39M | -$43M | -$38M | -$77M | -$139M | -$65M | -$26M | -$18M |
| Income tax | $10,000 | $28,000 | $25,000 | -$34,000 | $495,000 | $0 | $1M | $1M |
| Net income | -$39M | -$43M | -$38M | -$77M | -$140M | -$65M | -$27M | -$19M |
| EPS (diluted) | -$2.59 | -$2.80 | -$0.99 | -$1.08 | -$1.91 | -$0.86 | -$0.35 | -$0.24 |
| Diluted shares | 17M | 18M | 39M | 71M | 73M | 75M | 78M | 80M |
| Gross margin | 76.1% | 75.9% | 77.6% | 77.9% | 74.9% | 76.0% | 76.7% | 78.7% |
| Operating margin | -41.3% | -36.6% | -25.4% | -34.5% | -50.4% | -23.4% | -12.5% | -4.7% |
| Net margin | -42.3% | -38.0% | -24.7% | -34.9% | -50.1% | -20.9% | -8.1% | -5.6% |
Balance sheet
Fiscal years, from Commerce.com's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $8M | $219M | $400M | $304M | $270M | $178M | $141M |
| Receivables | — | $16M | $23M | $40M | $35M | $38M | $48M | $50M |
| Total current assets | — | $32M | $254M | $455M | $374M | $342M | $251M | $214M |
| Property, plant and equipment | — | $8M | $7M | $7M | $9M | $10M | $9M | $14M |
| Goodwill | — | — | — | $42M | $50M | $52M | $52M | $52M |
| Total assets | — | $56M | $277M | $555M | $474M | $444M | $340M | $309M |
| Total current liabilities | — | $34M | $46M | $63M | $79M | $71M | $88M | $108M |
| Long-term debt | — | $39M | — | $336M | $337M | $340M | — | — |
| Total liabilities | — | $90M | $60M | $417M | $428M | $419M | $307M | $269M |
| Shareholders' equity | -$211M | -$257M | $217M | $138M | $46M | $26M | $33M | $39M |
| Net debt | — | $33M | -$219M | $38M | $246M | $268M | -$89M | -$44M |
Cash flow
Fiscal years, from Commerce.com's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$31M | -$40M | -$27M | -$40M | -$89M | -$24M | $26M | $25M |
| Capital spending | — | — | — | — | $5M | $4M | $4M | $9M |
| Free cash flow | — | — | — | — | -$95M | -$28M | $23M | $17M |
| Stock-based compensation | $2M | $3M | $11M | $25M | $42M | $41M | $35M | $24M |
| Dividends paid | — | — | $13M | — | — | — | — | — |
| Net borrowing | $0 | $16M | $13M | $345M | $0 | $687,000 | -$109M | -$55M |
| Free cash flow margin | — | — | — | — | -33.9% | -9.2% | 6.8% | 4.9% |
| Dividends per share | — | — | $0.33 | — | — | — | — | — |
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Open CMRC in InvestinglyQuestions
What was Commerce.com's revenue in 2025?
$342M in fiscal 2025, from its 10-K filing.
How much free cash flow does Commerce.com generate?
$17M in fiscal 2025 (operating cash flow minus capital spending).
From Commerce.com's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.