Short answer
Vertex, Inc. (VERX) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $748M (+12.2% year over year) and net income of $7M.
- Top risk flagged: No specific or timely regulatory or legal risk detailed in the text
FY2025 key financial metrics · XBRL
- Revenue
- $748M
- +12.2% YoY
- Net income
- $7M
- +113.7% YoY
- Operating margin
- 0.3%
- +0.6 pp YoY
- Gross margin
- 64.3%
- +0.4 pp YoY
- ROE
- 2.8%
- +32.2 pp YoY
- Operating cash flow
- $166M
- +0.4% YoY
Source: XBRL data from the Vertex, Inc. (VERX) FY2025 10-K on SEC EDGAR. USD.
Vertex, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: enterprise tax compliance software, data, and services automating transaction-based indirect tax obligations globally
- New AI-powered Smart Categorization launched in 2025 to automate product SKU tax classification across jurisdictions
- Strategic partnership with Kintsugi AI in 2025 to target SMBs with AI-driven tax compliance powered by Vertex engine
- Customer base grew to 4,867 direct customers with ARR per customer $137,867 as of Dec 31, 2025
- Expanded e-invoicing solution presence to 38 countries and formed partnership with NITIS SAS to boost Latin America footprint
Management Discussion & Analysis
- Revenue $748.4M, up 12.2% YoY from $666.8M; software subscriptions $639.7M (+12.8%), services $108.8M (+9.2%)
- Gross margin 64.3% vs 63.9%; operating margin 0.3% vs -0.3% in prior year
- Best segment software subscriptions revenue $639.7M (+12.8%); worst segment services revenue $108.8M (+9.2%) but higher cost increase by 21.4%
- Adjusted EBITDA $161.5M up from $151.9M; stock repurchase program authorized for $150M; investment $15M in Kintsugi AI startup; no dividend disclosed
- Management expects continued investments for growth and scaling, cloud migration trends, and increased costs may pressure near-term profitability
Risk Factors
- No specific or timely regulatory or legal risk detailed in the text
- No geopolitical or macroeconomic threat with concrete exposure noted
- Cybersecurity risk governance centralized under SVP of Information Security with 20+ years experience and quarterly reporting to Audit Committee
- No named competitor or technology presenting competitive disruption risk disclosed
- Key-person dependency on SVP of Information Security, Chief Technology Officer, and Chief Digital Officer for cybersecurity risk management oversight
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