VERTEX Q3/9M 2025 TL;DR
Vertex reported strong top-line growth with Q3 revenue rising 12.7% YoY to \(192.1M, driven by Cloud Subscriptions now comprising 56% of software revenue. Nine-month total revenue reached \)553.7M, up 13.4% YoY. However, GAAP profitability compressed: Q3 Net Income fell to \(4.0M (vs. \)7.2M in Q3 2024), and 9-month Net Income declined slightly to \(14.2M. Operating expenses surged, primarily due to R&D investment (up 27.6% YoY) and significantly higher stock-based compensation (\)46.2M YTD, up 27%). Key expansion metric, NRR, slowed to 107%.
**Balance Sheet & Investmen
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