WIX

Wix.com Ltd.

Next est. report 2026-11-18 · BMO

AI '25: Phase 2 Deployment AI '26: Citizen DevOps AI Short '25: Expected AI LosersThematic Momo Short '25: Web & Digital Monetization

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Overview

Wix.com Ltd. offers an AI-powered cloud platform for creating websites and software applications. Its core Wix business provides design tools and business solut

Wix.com Ltd. offers an AI-powered cloud platform for creating websites and software applications. Its core Wix business provides design tools and business solutions for individuals and small businesses, while BASE44 enables AI-driven app creation for a broader range of users, including enterprises. Revenue is primarily from subscriptions, with growing contributions from BASE44 and partners.

Key Inputs And Sourcing

1. AI Compute Resources (LLM Inference & Training)

other · Global (AWS, GCP, internal data centers) · unknown

Source Explicitly mentioned as 'elevated AI compute costs' and 'inference costs' directly impacting gross margin, with significant cost optimization efforts focused here.

Confidence: high

2. Cloud Hosting Services (AWS, GCP)

other · Global · unknown

Source Wix utilizes a multi-cloud infrastructure, leveraging industry-leading technologies from Amazon Web Services (AWS) and Google Cloud Platform (GCP) for hosting and content delivery.

Confidence: high

3. Data Center Infrastructure & Operations

other · North America, Europe · unknown

Source Wix operates its own exclusive data centers in North America and Europe.

Confidence: medium

4. Software Development Labor (AI/LLM Engineers)

labor · Tel Aviv, Israel · unknown

Source The in-house development of proprietary LLMs (Base1, Harmony LLM) by their data science organization is a strategic choice for better long-term cost structure and quality control, indirectly impacting COGS through cost savings on external models.

Confidence: medium

5. External Large Language Models (LLMs)

other · Global (e.g., OpenAI, Anthropic, Google) · unknown

Source Wix mentions 'external vendor's model' and hopes 'OpenAI and Anthropic and Google will continue to innovate,' indicating some reliance on or consideration of external LLMs, though decreasing with the adoption of Base1.

Confidence: medium

Industry Publications

DevOps.com (devops.com) — Comprehensive coverage of DevOps practices, tools, and trends, including AI integration and automation, which is critical for monitoring Wix's AI-driven development and operational efficiency for platforms like Base44 and Harmony.
The New Stack (thenewstack.io) — Deep dives into cloud-native technologies, developer experience, and the impact of AI on software development. This is relevant for tracking Wix's cloud infrastructure, AI development best practices, and user experience in the AI-native software space.
TechCrunch (techcrunch.com) — Covers tech startups, product launches, and industry news, including AI advancements and funding rounds. This publication would report on new AI platforms, competitive developments in the low-code/no-code and AI-powered app creation space, and broader tech trends impacting Wix.
VentureBeat (venturebeat.com) — Focuses on AI, machine learning, and enterprise technology, with news, analysis, and events. VentureBeat offers in-depth coverage of AI innovation, LLM developments, and enterprise AI adoption, directly relevant to Wix's Base1 LLM and its expansion into enterprise application creation.
ZDNet (zdnet.com) — Provides news, analysis, and reviews on enterprise technology, cloud computing, and AI. ZDNet would cover enterprise adoption of AI, cloud infrastructure trends, and the competitive landscape for business software solutions, all pertinent to Wix's strategy and market positioning.

Economic Data Watch

1. U.S. Bureau of Economic Analysis / FRED — Real Gross Domestic Product (GDPC1)

Metric/field Real Gross Domestic Product, Percent Change from Preceding Period, Seasonally Adjusted Annual Rate

Cadence quarterly

Why it matters Overall economic health in the US directly impacts SMB and consumer spending, which are core to Wix's customer base and their ability to invest in online presence and applications.

Signal to watch Increasing growth is bullish for Wix's business prospects.

Confidence: high

2. Eurostat — GDP and main components - quarterly national accounts (namq_10_gdp)

Metric/field GDP and main components - quarterly national accounts, Percentage change on previous quarter, seasonally and calendar adjusted data

Cadence quarterly

Why it matters Wix has a strong presence in Europe, so the economic health and growth of the Euro Area directly influence the demand for its services among European businesses and individuals.

Signal to watch Increasing growth is bullish for Wix's European operations.

Confidence: high

3. National Federation of Independent Business (NFIB) — Small Business Optimism Index

Metric/field Small Business Optimism Index, Index (0-100)

Cadence monthly

Why it matters This index directly reflects the sentiment and health of small businesses, a primary customer segment for Wix, indicating their willingness to invest in online tools and services.

Signal to watch An increasing index value is bullish, suggesting a more favorable environment for small business growth and spending.

Confidence: high

4. U.S. Census Bureau — Advance Monthly Sales for Retail and Food Services (MARTS/RSAFS)

Metric/field Total Retail and Food Services Sales, Seasonally Adjusted, Percent Change from Previous Month

Cadence monthly

Why it matters Indicates consumer spending and the overall health of e-commerce businesses, many of which operate on Wix's platform and rely on its business solutions.

Signal to watch Increasing sales growth is bullish, suggesting a robust environment for Wix's e-commerce clients.

Confidence: high

5. Gartner — Worldwide IT Spending Forecast

Metric/field Worldwide IT Spending Forecast (total IT spending growth rate)

Cadence quarterly/annually

Why it matters Provides macro context for enterprise software and cloud spending, which is highly relevant for Wix's AI-driven initiatives (Base44, Harmony) and its Partners segment, indicating the broader market's investment in technology.

Signal to watch Increasing forecast growth is bullish, signaling a strong market for Wix's evolving AI-powered offerings.

Confidence: high

Free Alt Data Watch

1. Google Trends — Google Search Interest

Metric/field Wix (Topic) - Relative Search Volume Index

Cadence daily

Why it matters Measures general public awareness and interest in Wix as a platform, serving as an indicator of top-of-funnel demand for its website and application creation services.

Signal to watch Increasing search volume index is bullish, indicating growing brand recognition and potential user acquisition.

Confidence: high

2. Google Trends — Google Search Interest

Metric/field Base44 (Search term) - Relative Search Volume Index

Cadence daily

Why it matters Base44 is a key AI-driven growth engine for Wix, expanding its market into software creation. Rising interest indicates market adoption and curiosity for this new offering.

Signal to watch Increasing search volume index is bullish, suggesting growing traction for Wix's AI-powered app creation platform.

Confidence: high

3. GitHub — GitHub Repository Activity

Metric/field Number of new GitHub repositories with keywords 'AI code generation' or 'no-code AI app'

Cadence weekly

Why it matters Reflects broader developer and citizen developer interest in the AI-powered software creation space, which is central to Wix's (Base44) strategy and market expansion. This indicates ecosystem growth and potential talent pool.

Signal to watch An increasing number of new repositories is bullish, indicating a growing and active market segment.

Confidence: medium

4. Google Trends — Google Search Interest

Metric/field Wix Harmony (Search term) - Relative Search Volume Index

Cadence daily

Why it matters Wix Harmony is another key AI-first product for the core Wix business, driving new cohort bookings and monetization. Increasing interest indicates product adoption and success.

Signal to watch Increasing search volume index is bullish, suggesting successful integration and user engagement with Wix's AI-powered website creation.

Confidence: high

5. SimilarWeb (Free Tier) — Website Traffic Analytics

Metric/field Wix.com - Total Website Visits (Monthly)

Cadence monthly

Why it matters Provides a high-level view of direct traffic and overall engagement with Wix's main platform, which can correlate with new user acquisition and platform activity.

Signal to watch Increasing total website visits is bullish, indicating growing user interest and platform utilization.

Confidence: medium

Paid Alt Data Watch

1. Thinknum Alternative Data — Job Postings

Metric/field Number of open job postings for 'AI Engineer', 'Machine Learning Engineer', 'Prompt Engineer', or 'Software Engineer (AI)' at Wix.com Ltd.

Cadence weekly

Why it matters Indicates Wix's internal investment and hiring priorities in AI development, which is crucial for its strategic pivot towards an AI-native software creation platform.

Signal to watch Increasing job postings in these specialized AI roles is bullish, signaling continued investment and confidence in AI strategy.

Confidence: high

2. SimilarWeb — Website Traffic Analytics

Metric/field Wix.com - Estimated Paid Search Traffic, Estimated Referral Traffic, Estimated Free-to-Paid Conversion Rate

Cadence monthly

Why it matters Provides granular insights into the effectiveness of Wix's sales and marketing investments, user acquisition channels, and the critical conversion from free to paid users, especially for Base44.

Signal to watch Increasing paid search/referral traffic and an improving free-to-paid conversion rate are bullish, indicating efficient marketing and successful monetization.

Confidence: high

3. Apptopia / Sensor Tower — Mobile App Performance Data

Metric/field Wix App (iOS/Android) - Monthly Active Users (MAU), Total Downloads, User Retention Rate (30-day)

Cadence monthly

Why it matters The Wix App is used for managing websites on the go. Mobile engagement metrics are key indicators of user stickiness, platform utility, and overall customer satisfaction.

Signal to watch Increasing MAU, downloads, and retention rates are bullish, suggesting strong mobile user engagement and platform value.

Confidence: high

4. Revelio Labs — Workforce Intelligence

Metric/field Wix.com Ltd. - Employee Sentiment Score (aggregated from reviews), Voluntary Turnover Rate

Cadence monthly/quarterly

Why it matters Healthy employee sentiment and low turnover are crucial for innovation, productivity, and execution, especially for a tech company undergoing rapid AI-driven transformation.

Signal to watch Increasing employee sentiment and decreasing voluntary turnover are bullish, indicating a stable and motivated workforce.

Confidence: medium

5. Gartner / Forrester Research — Enterprise AI Adoption Surveys/Reports

Metric/field Percentage of SMBs/Enterprises adopting AI for website/application development or business operations

Cadence annually/bi-annually

Why it matters Provides a broader market view of the adoption of AI tools by Wix's target segments, validating the 'Citizen DevOps' theme and Wix's strategic direction into AI-powered software creation.

Signal to watch Increasing adoption rates are bullish, confirming a growing market for Wix's AI-native offerings.

Confidence: high

Search Keywords Brand Product

Wix Harmony
Wix Harmony LLM
Base 44
Base1
Wix Studio
Wix Editor
Wix ADI
Wix Payments
AI-powered app creation
Vibe Coding
Wix App Market
AI software creation
website builder
online business platform
AI ecosystem
LLM development
gross margin improvement
sales and marketing investment
free cash flow generation
citizen developer platform
AI for software development
AI for app building

Search Keywords Event Phrases

Wix Earnings Call
Wix Q2 2026 Results

Search Keywords Policy Regulatory

EU AI Act
AI governance standards

What They Do (Plain English & Analogies): Wix is like a high-tech Lego set for building anything online, from simple websites to complex software applications. They provide easy-to-use tools, including visual drag-and-drop editors and AI assistants, so that individuals and businesses can create a professional online presence without needing to know complicated computer coding. Imagine describing the website or app you want in plain language, and Wix's AI-powered platforms, like BASE44, can generate the functional code for you. They offer tools for both the 'front door' (the website itself) and the 'back office' (like processing payments, managing appointments, or handling customer relationships), essentially acting as a complete operating system for businesses on the internet.
Very Brief History: Founded in Tel Aviv, Israel, in 2006, Wix initially focused on making website creation accessible with a drag-and-drop Flash editor. It successfully transitioned to HTML5 in 2012 and went public on NASDAQ in 2013. Over the years, it evolved from a simple DIY site builder into a comprehensive 'Business OS,' adding e-commerce, payments, and professional agency tools (Wix Studio). In 2025, the company made a significant strategic pivot into AI-native software development by acquiring Base 44, expanding beyond websites into the broader application-building market.
"Street Stereotype": Wix is often stereotyped as a user-friendly 'mom-and-pop' website builder for small businesses, sometimes perceived as lacking the power of professional platforms like WordPress or the e-commerce depth of Shopify. However, this perception is rapidly shifting due to the significant growth of its 'Partners' business (agencies) and its aggressive AI 'Vibe Coding' initiatives, which are rebranding the company as a leader in the generative AI application space.
Subsidiaries On Linked In*: {"subsidiaries":[]}
Customer Sectors & Example Clients: Wix serves a diverse range of customers including individuals, small-to-medium businesses (SMBs), creative professionals, and large marketing agencies. Key sectors for its core business include Health & Wellness (18% of users), Personal Services (15%), E-commerce (14%), Hospitality (restaurants), and Professional Services. With the addition of BASE44, they are also seeing adoption from a wider range of businesses and enterprises, including companies in the tech, banking, and healthcare industries, as well as government organizations and nonprofits, using the platform to build customized software solutions like CRM capabilities, project management tools, ERP systems, and financial reporting applications. No specific client company names were provided in the transcript or existing text tables, other than mentions of B2B partnerships with companies like LegalZoom and Vistaprint.
New Customers / Segments They'Re Targeting: Wix is aggressively targeting new customer segments through its AI-powered platforms. With BASE44, they are gunning for users interested in 'natural language, vibe coded app and software creation,' democratizing software development for non-coders and professionals who want to leverage AI and AI agents in their workflows. This includes a significant focus on larger businesses and enterprises, as BASE44 has attracted more enterprises than the traditional Wix platform. They are expanding their market opportunity into the vast application space, which they believe is exponentially larger than website creation. Wix Harmony is also targeting self-creators through visual drag-and-drop creation paired with AI, aiming to accelerate growth in this segment.
Sales Geographies And Expansion Plans: Wix currently sells its products globally, with a strong presence in North America, Europe, Latin America, and Asia. The United States is their largest revenue contributor. The company is actively expanding its new AI-powered website creation platform, Wix Harmony, globally in other languages, following its initial launch in English.
How Key Themes May Help/Hurt: Wix is a constituent member of the 'AI '26: Citizen DevOps' theme, which is bullish. The buildout of this theme significantly helps Wix by validating its strategic pivot to an AI-native software creation platform. AI-driven automation, as seen with Wix Harmony and BASE44, directly democratizes complex DevOps tasks and software creation for non-technical users, expanding the talent pool and innovation velocity. This aligns with the theme's bull case of expanding the total addressable market (TAM) for software development and operations by lowering creation barriers. The theme also highlights enterprises achieving enhanced operational efficiency and productivity gains through AI, which Wix's platforms aim to deliver to its users. However, Wix may be hurt by the theme's bear points, such as the significant upfront investment in AI capabilities, which leads to margin pressure due to elevated AI compute costs and increased sales and marketing expenses for rapid growth. The nascent nature of the AI app market also introduces risks related to subscription mix and potential churn, aligning with the theme's concern about the volatility and limited visibility from consumption-based revenue models in new AI markets.

3 Main Long-Term Bull Details

Hypergrowth in AI-Powered Application Creation: The BASE44 platform, with its 'Vibe Coding' capabilities, is unlocking a massive market for software application creation, which management believes is exponentially larger than website creation. Its rapid scaling and strong demand, with new cohorts outperforming previous ones, position Wix as a leader in democratizing software development for non-coders and expanding into higher-value enterprise segments.
AI-Native Platform Driving Enhanced User Value and Retention: Wix's strategic focus on AI, with products like Wix Harmony and BASE44, is fundamentally reshaping online creation. These AI tools are leading to better conversion rates, increased engagement, and improved retention across user cohorts, ultimately driving higher projected long-term value from its user base. The introduction of proprietary LLMs like Base1 further enhances product quality and user satisfaction.
Significant Margin Improvement and Cost Control through Proprietary LLMs: The successful development and deployment of proprietary LLMs, such as Base1 for BASE44 and the Wix Harmony LLM, provide Wix with tighter control over quality, faster iteration cycles, and a dramatically better long-term cost structure. This has already led to a significant improvement in BASE44's gross margin from near 0% to approximately 60% in the second half of 2026, which is expected to translate into a 2-point improvement in consolidated non-GAAP gross margin.

3 Main Long-Term Bear Details

Persistent Margin Pressure from Elevated AI Investments: Despite improvements in BASE44's gross margin, Wix continues to face significant margin pressure due to elevated, front-loaded AI compute costs for BASE44's rapid growth and increased sales and marketing expenses to capture market share. The company plans to reinvest all gross margin savings back into sales and marketing for BASE44, which is expected to keep non-GAAP S&M expenses elevated and temper near-term free cash flow margins.
Uncertainty and Churn Risk in Nascent AI App Market: The 'Vibe Coding' market, while rapidly growing, is nascent and introduces inherent risks related to subscription mix and potential churn. While there's an increasing trend of new and existing users choosing annual plans for BASE44, the platform's reliance on monthly subscriptions in its early stages, compared to Wix's predominantly annual core business, could lead to higher churn and lower revenue visibility.
GPV Headwinds and Partner Business Evolution: Wix continues to experience GPV (Gross Payment Volume) headwinds, driven primarily by the wind down of its subsidiary, InkFrog, as part of organizational realignment. While this improves the mix towards better monetized GPV, it reflects ongoing challenges. The dynamics of partners migrating to BASE44 from Wix Studio are very early, and it's unclear how this shift will ultimately impact total lifetime value and revenue across segments, posing a risk if it primarily represents a shift rather than incremental growth.

Competitors And Differentiation: Wix's competitors include traditional website builders, e-commerce platforms, and increasingly, other AI-powered app creation platforms. While not directly named as competitors in the transcript, companies like Webflow, Framer, and Beacons AI are mentioned as competitors in the broader market. In the AI-powered app builder space, 'Lovable' is mentioned, but Wix views their relationship as inventing a new market together rather than direct competition, by educating the market about building applications themselves. Wix differentiates itself through its two distinct AI-powered paths: Wix Harmony for visual drag-and-drop creation and BASE44 for natural language, 'vibe coded' app and software creation. A key differentiator is their investment in proprietary Large Language Models (LLMs) like Base1 for BASE44 and the Wix Harmony LLM, which gives them tighter control over quality, faster iteration cycles, better long-term cost structure, and the ability to continuously improve their models with proprietary data.
Recent Performance & What The Market'S Focused On: Wix reported strong Q2 2026 results, with bookings growing 12% year-over-year to $569 million and revenue growing 15% year-over-year to $563 million, exceeding analysts' expectations for EPS. This growth was driven by strong BASE44 performance and continued growth in the core Wix business, including an acceleration in self-creators revenue growth to 14% and Partners revenue growth of 17%. Non-GAAP gross margin was 67%, with non-GAAP operating income at 12% of revenue. The market is heavily focused on the significant improvement in BASE44's gross margin, which is expected to reach approximately 60% in the second half of 2026 due to the successful launch and adoption of its proprietary LLM, Base1. Investors are also tracking the company's strategic decision to reinvest these gross margin savings into BASE44 sales and marketing to aggressively capture market share, and the long-term trajectory of BASE44's annual renewals and overall growth.

Revenue Segments And Estimated Mix: Creative Subscriptions — Mix: Largest segment; Source: Q2 2026 earnings; Trend: Grew 15% year-over-year in Q2 2026. Self-creators revenue growth accelerated sequentially to 14% this quarter.
Business Solutions — Mix: Significant segment; Source: Q2 2026 earnings; Trend: Grew 14% year-over-year in Q2 2026. Includes Partners revenue, which grew 17% year-over-year in Q2 2026 to $214 million.
Transaction Revenue — Mix: Component of Business Solutions; Source: Q2 2026 earnings; Trend: Showed solid momentum in Q2 2026, with improving mix towards better monetized GPV due to InkFrog wind-down.
Product Brands: Wix Editor
Wix ADI
Corvid by Wix
Ascend by Wix
Wix Logo Maker
Wix Answers
Wix Payments
App Market
Wix Arena
Wix App
Wix Harmony
Wix Harmony LLM
Base 44
Base1
Wix Studio

Bull / Bear Details

Wix's strategic pivot to an AI-native software creation platform is strongly validated by BASE44's continued growth and the successful launch of its proprietary

Thesis

Wix's strategic pivot to an AI-native software creation platform is strongly validated by BASE44's continued growth and the successful launch of its proprietary Base1 LLM, significantly improving BASE44's gross margins. As of 2026-09-01, despite reinvesting these savings into elevated sales and marketing and ongoing GPV headwinds, accelerating bookings/revenue growth and a substantial share repurchase program underscore a bullish outlook, expanding Wix's TAM into the vast application market and driving ARPU upside.

Bull case

The introduction of Base1, Wix's proprietary LLM for BASE44, is a significant differentiator, driving tangible margin improvement for BASE44 from near 0% to an anticipated 60% in H2 2026. This in-house model offers tighter quality control, faster iteration, and a better long-term cost structure, while its results are considered superior for BASE44-specific applications compared to frontier providers.
BASE44 continues its strong growth trajectory, expanding Wix's total addressable market into the exponentially larger software creation space. Continued elevated top-of-funnel demand, outperforming new cohorts, and increasing adoption of annual plans demonstrate strong momentum. Wix's aggressive investment strategy, including a moderately raised TROI target, aims to capture significant market share in this dynamic AI-powered app creation segment.
Wix Harmony, the AI-first website creation platform, continues to drive acceleration in the core self-creators business, with revenue growth accelerating sequentially to 14% year-over-year. This performance is underpinned by healthy business fundamentals, including improving conversion from free to paid users and stable retention, reinforcing Wix's leadership in the AI-driven online creation ecosystem.

Bear case

Despite significant gross margin improvements for BASE44 due to Base1, Wix plans to reinvest the entirety of these savings into elevated sales and marketing activities for BASE44. This strategic choice, coupled with a moderately longer TROI target, means consolidated non-GAAP operating margins will remain under pressure in the near term, potentially impacting free cash flow generation.
Wix continues to face headwinds in its GPV and Partners revenue segments. Q2 GPV grew only 3% year-over-year, primarily due to the wind down of InkFrog. Partners revenue growth decelerated to 17% year-over-year, falling short of previous expectations and targets. These trends suggest ongoing challenges in core business solutions and may temper overall consolidated growth acceleration.
While BASE44 is seeing more new and existing users choose annual plans, the platform's reliance on monthly subscriptions still introduces higher churn risk and lower revenue visibility compared to Wix's core business. Management is not yet ready to comment on annual renewal behavior, indicating that sustaining hypergrowth and converting monthly users to long-term annual subscribers remains a crucial, unproven aspect of its unit economics.

Bull / Bear Case

Bear Case: Despite significant gross margin improvements for BASE44 due to Base1, Wix plans to reinvest the entirety of these savings into elevated sales and marketing activities for BASE44. This strategic choice, coupled with a moderately longer Target Return on Investment (TROI), means consolidated non-GAAP operating margins will remain under pressure in the near term, potentially impacting free cash flow generation. Wix also faces headwinds in its GPV and Partners revenue segments, with Q2 GPV growing only 3% year-over-year and Partners revenue growth decelerating to 17% year-over-year. The nascent AI app market for BASE44, with its reliance on monthly subscriptions, introduces higher churn risk and lower revenue visibility compared to Wix's core business, with annual renewal behavior yet to be proven.
Bull Case: Wix's strategic pivot to an AI-native software creation platform is strongly validated by BASE44's continued growth and the successful launch of its proprietary Base1 LLM. Base1 drives tangible margin improvement for BASE44, from near 0% to an anticipated 60% in H2 2026, offering tighter quality control and a better long-term cost structure. BASE44 continues its strong growth trajectory, expanding Wix's total addressable market into the exponentially larger software creation space, with elevated demand and increasing annual plan adoption. Additionally, Wix Harmony, the AI-first website creation platform, is accelerating the core self-creators business, underpinned by improving conversion and stable retention, reinforcing Wix's leadership in the AI-driven online creation ecosystem.
More Compelling & Why: Bear. Given the significant stock appreciation (over 43% post-earnings) and the company's stated plan to reinvest *all* Base1 gross margin savings into elevated BASE44 sales and marketing, the current valuation, likely reflected in an elevated Price/Sales multiple, appears stretched. While BASE44's unit economics are improving, consolidated operating margins will remain pressured, deferring free cash flow expansion. The strongest argument for the bear case is the near-term lack of consolidated operating leverage despite product improvements. My view would flip if Wix demonstrates a clear path to *consolidated* operating margin expansion and accelerating free cash flow generation in the next 1-2 quarters, alongside sustained BASE44 growth and improving partner revenue trends.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track
BASE44 Non-GAAP Gross Margin Improvement	Significant improvement in BASE44's gross margin directly impacts overall company profitability and free cash flow generation, validating the strategy of building proprietary LLMs and achieving sustainable economics for this high-growth segment.	Management commentary and reported figures for BASE44 non-GAAP gross margin in the second half of 2026, and the total non-GAAP gross margin improvement for the consolidated business in H2 2026 versus H1 2026.	BASE44 non-GAAP gross margin reaching approximately 60% in H2 2026 and consolidated non-GAAP gross margin improving by approximately 2 points in H2 2026 vs. H1 2026 = Bullish. Gross margin stagnating or declining further = Bearish.	Company earnings reports and conference call transcripts (e.g., Q3 2026, Q4 2026 earnings calls).
BASE44 Marketing TROI (Target Return on Investment)	Management's willingness to moderately extend the TROI for BASE44 marketing indicates strong confidence in the long-term potential and market share capture opportunity of the AI-powered app creation space, despite near-term elevated S&M expenses.	Management commentary on the BASE44 TROI framework, specifically if the 'moderately longer' TROI is extended further, or if there's a return to a shorter timeframe, and the rationale behind these decisions.	TROI remaining moderately extended but not increasing further, with positive commentary on market share capture and efficient investment = Bullish. Any indication of a significant further extension of TROI or difficulty in achieving desired returns from marketing investments = Bearish.	Company earnings reports and conference call transcripts (e.g., Q3 2026, Q4 2026 earnings calls).
Self-Creators Revenue Growth	Accelerated growth in the self-creators segment, underpinned by improving conversion from free to paid users and stable retention, demonstrates the effectiveness of core Wix innovations like Harmony and contributes to overall top-line performance.	Year-over-year self-creators revenue growth in Q3 and Q4 2026. The Q2 2026 growth rate accelerated sequentially to 14% year-over-year.	Self-creators revenue growth maintaining or accelerating beyond 14% sequentially = Bullish. Deceleration below 14% = Bearish.	Company earnings reports and conference call transcripts (e.g., Q3 2026, Q4 2026 earnings calls).
Partners Revenue Growth Rate	Partners revenue is a key growth pillar for Wix, indicating its success in attracting and monetizing professional agencies and their adoption of AI solutions like BASE44, directly impacting overall top-line growth targets.	Year-over-year growth in Partners Revenue in Q3 and Q4 2026. The Q2 2026 growth rate was 17% year-over-year.	Partners Revenue growth accelerating above 17% and moving towards previous targets (e.g., 25%) = Bullish. Growth stagnating or decelerating further below 17% = Bearish.	Company earnings reports and conference call transcripts (e.g., Q3 2026, Q4 2026 earnings calls).
BASE44 Annual Plan Adoption & Renewal Rates	A higher mix of annual subscriptions and strong renewal rates for BASE44 indicate greater customer commitment, improved revenue visibility, and better unit economics, which are crucial for the platform's long-term sustainable growth and profitability.	Management commentary on the proportion of new and existing users choosing annual plans for BASE44, and early renewal activity for BASE44's annual cohorts as they approach their first renewal period.	Continued increase in annual plan adoption and positive commentary on renewal rates = Bullish. Negative commentary or lack of improvement in subscription mix or renewal rates = Bearish.	Company earnings reports and conference call transcripts (e.g., Q3 2026, Q4 2026 earnings calls).

Key Reported Metrics, Reratings Triggers & Results3 rows

This metric reflects the health and performance of Wix's core business, driven by Wix Harmony. Its sequential acceleration indicates successful product-market f

Upcoming print · 2026-11-18

Key reported metrics
Metric	Last period	Why it matters
Self-creators revenue growth	14%	This metric reflects the health and performance of Wix's core business, driven by Wix Harmony. Its sequential acceleration indicates successful product-market fit and value creation from AI-first website creation.
Partners revenue growth	17% year-over-year	This metric indicates Wix's success in attracting and monetizing professional agencies, a key growth pillar. Its deceleration in Q2 was noted, and re-acceleration is crucial for overall consolidated growth.
BASE44 Non-GAAP Gross Margin	roughly 0%	This metric is crucial as it reflects the success of Wix's proprietary Base1 LLM in reducing AI inference costs and improving the profitability of its high-growth BASE44 segment. Investors are watching for this improvement to validate the AI strategy.

Last reported · 2026-08-04

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Business Solutions Revenue	20%	Accelerating to 25-27% proves Wix is successfully transitioning into a comprehensive Business OS. High-margin, AI-driven transaction revenue justifies a valuation multiple expansion by shifting the narrative from a simple website builder to a scalable commerce and AI platform, essential for sustaining a 'Rule of 40' score above 45%.	Business Solutions Revenue growth must accelerate to a range of 25-27% YoY, significantly exceeding the current 20% baseline. This requires Wix Payments to achieve higher penetration among the Wix Studio user base and Base 44 (Vibe Coding) to exceed its $50 million ARR target by year-end 2025. Investors are looking for a 5%+ beat on consensus ARPU estimates, driven by AI agents automating commerce tasks and increasing transaction-based take rates.	Accelerating to 25-27% proves Wix is successfully transitioning into a comprehensive Business OS. High-margin, AI-driven transaction revenue justifies a valuation multiple expansion by shifting the narrative from a simple website builder to a scalable commerce and AI platform, essential for sustaining a 'Rule of 40' score above 45%.	2026-08-04	Partners revenue grew 17% y/y, GPV grew 3% y/y	No	Business Solutions Revenue was not explicitly reported as a consolidated figure. However, its key components, Partners revenue, grew 17% year-over-year, a deceleration from the prior quarter's 21%. GPV, another component, grew only 3% year-over-year, primarily due to the wind down of the InkFrog subsidiary. These figures indicate a miss on the rerating target of 25-27% YoY growth for Business Solutions Revenue. Management acknowledged the need to re-accelerate the partners business.
Total Bookings	15%	Bookings are the primary leading indicator for Wix's 2026 revenue and its 'Rule of 40' target of 45%+. Hitting 18-20% validates that AI-driven tools are successfully capturing high-value professional market share and expanding ARPU, justifying a valuation rerating toward premium SaaS multiples rather than legacy hosting peers.	Wix needs Total Bookings growth to accelerate into the 18-20% range, significantly outperforming the current 15% and the high end of management's mid-teens guidance. This requires the Partners segment to maintain 25%+ growth and Base 44 to demonstrate a successful transition from monthly to annual subscription mixes, proving the sustainability of 'Vibe Coding' hypergrowth.	Bookings are the primary leading indicator for Wix's 2026 revenue and its 'Rule of 40' target of 45%+. Hitting 18-20% validates that AI-driven tools are successfully capturing high-value professional market share and expanding ARPU, justifying a valuation rerating toward premium SaaS multiples rather than legacy hosting peers.	2026-08-04	12% y/y growth	No	Total Bookings grew 12% year-over-year, which represents a deceleration from the prior quarter's 15% growth and fell short of the 18-20% rerating target. Management attributed this trend primarily to the partners business and expressed hope for a change in 2027.
Total Revenue	14%	Hitting 15% growth validates Wix's pivot to an AI-native software platform. It demonstrates that 'Vibe Coding' and Wix Studio are driving higher ARPU and TAM expansion, shifting the narrative from a mature utility to a high-growth AI leader and justifying a premium SaaS valuation multiple.	Total Revenue growth must accelerate to 15% y/y or higher, surpassing the current 11-14% trajectory. This must be accompanied by a 'Rule of 40' score exceeding 45% and confirmation that Base 44 ARR has surpassed the $50 million year-end target, proving AI-driven monetization.	Hitting 15% growth validates Wix's pivot to an AI-native software platform. It demonstrates that 'Vibe Coding' and Wix Studio are driving higher ARPU and TAM expansion, shifting the narrative from a mature utility to a high-growth AI leader and justifying a premium SaaS valuation multiple.	2026-08-04	15% y/y growth	Yes	Wix successfully hit its rerating target for Total Revenue, achieving 15% year-over-year growth. This performance was driven by strong BASE44 performance and continued growth in the core Wix business, with encouraging contributions from Wix Harmony. The company maintained its full-year 2026 guidance for revenue growth.

Key Questions

Will Wix's reinvestment of Base1-driven gross margin savings into BASE44 sales and marketing effectively accelerate market share capture and maintain a discipli

Will Wix's reinvestment of Base1-driven gross margin savings into BASE44 sales and marketing effectively accelerate market share capture and maintain a disciplined TROI, leading to sustained growth in the next quarter?

Question 2: Can Wix re-accelerate Partners revenue growth beyond 17% year-over-year in the next quarter by successfully integrating new solutions and BASE44, ensuring that partner migration to BASE44 increases total lifetime value rather than cannibalizing existing revenue?
Question 3: As BASE44's earliest annual cohorts approach their first renewal period, will Wix demonstrate a meaningful shift towards annual subscriptions and report strong renewal rates, thereby improving BASE44's revenue visibility and ARR durability?

Earnings Transcript Summary3 rows

2026-08-04 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Deepening AI technology stack ownership and expanding AI ecosystem role: Management is focused on building proprietary LLMs like Base1 in-house for tighter quality control, faster iteration cycles, and better long-term cost structures, while expanding Wix's role across the AI ecosystem and user journey from ideation to fully operational businesses. 2. Aggressively investing in and capturing market share for BASE44: Given the continued strong demand, meaningful product improvements, and significantly improved margin profile of BASE44, management plans to invest further into BASE44, raising their TROI target moderately to aggressively capture market share in the dynamic and growing AI-powered app creation space. 3. Improving gross margins through proprietary LLMs and strategic reinvestment: Management is focused on lowering AI inference costs with their own LLMs (Harmony and Base1), which is expected to improve BASE44's non-GAAP gross margin to approximately 60% in the second half of 2026. They plan to reinvest the entirety of these gross margin savings (approximately 2 points of total non-GAAP gross margin improvement for the consolidated business) back into BASE44 sales and marketing activities.	Call Takeaway & ToneThe overall takeaway is that Wix is strategically doubling down on its AI-driven transformation, particularly with the successful introduction of its proprietary Base1 LLM, which is significantly improving BASE44's gross margins. The company is aggressively reinvesting these cost savings into sales and marketing for BASE44 to capture market share in the rapidly growing AI-powered app creation space. Management also highlighted accelerated growth in the self-creators segment and continued focus on the partners business. The tone of the call was confident and strategic, emphasizing long-term growth potential and market leadership driven by AI innovation, while acknowledging the near-term financial impacts of these strategic investments.	Prior Quarter'S Y/Y Growth By SegmentTotal Bookings grew 15% year-over-year in Q1 2026. Total Revenue grew 14% year-over-year in Q1 2026. Creative Subscriptions (Self-creators) revenue increased 13% year-over-year in Q1 2026. Partners Revenue grew 19% year-over-year in Q1 2026. GPV grew 12% year-over-year in Q1 2026.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Base1 and BASE44 gross margin improvement: Analysts inquired about the product details of Base1, potential quality trade-offs, further AI cost improvements, and how much of the expected 60% non-GAAP gross margin for BASE44 in the second half of 2026 had already been realized. Management responded that Base1's results are better for BASE44-specific applications than frontier providers, it costs dramatically less, and the expected gross margin improvement is already being observed. 2. Partner ecosystem dynamics and migration to BASE44: Analysts asked about the impact of partners shifting to BASE44 from Wix Studio and how this affects total lifetime value. Management stated that it's very early to predict the long-term evolution of this trend, but they are seeing some partners reduce Wix activity and increase BASE44 usage, with some building more expensive applications for clients. They also noted that BASE44 is attracting users from competitors. 3. Bookings trajectory and TROI framework: Analysts sought clarity on the low teens bookings trajectory for the second half of 2026 and the implications of extending the TROI framework. Management explained that the bookings trend is primarily due to the partners business and they hope it will change in 2027 with new product launches and BASE44 acceleration. Regarding TROI, they emphasized it's a disciplined framework and while they are willing to extend it moderately, they do not expect to increase it further anytime soon, with potential adaptations based on gross margin improvements or increased annual subscriptions.	Revenue SegmentsBookings grew 12% year-over-year. Revenue grew 15% year-over-year. Self-creators revenue growth accelerated to 14% year-over-year. Partners revenue grew 17% year-over-year. GPV grew 3% year-over-year.

2026-03-04 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. AI-driven innovation and market expansion: Management is focused on leveraging the shift towards AI with new offerings like Wix Harmony and the Base 44 acquisition to significantly expand their total addressable market into software creation. 2. Accelerating growth and user value: They aim to strengthen new user cohorts, improve conversion, and increase monetization per user in both the core Wix business and Base 44, driven by product innovations. 3. Capital strategy and shareholder value: Management is executing an aggressive $2,000,000,000 share repurchase program and secured a $250,000,000 equity investment, demonstrating conviction in their strategic plan and addressing perceived undervaluation.	Call Takeaway & ToneThe overall takeaway is that Wix is undergoing a significant AI-driven transformation, with Base 44 and Wix Harmony emerging as key growth engines. Base 44 is experiencing hypergrowth, reaching approximately $100,000,000 in ARR, and is expanding the company's total addressable market into software creation. While there are strategic investments in AI and marketing leading to some near-term margin pressure, management expressed strong confidence in their strategy, anticipating accelerating growth and long-term value creation. The tone of the call was highly optimistic, confident, and strategic, emphasizing market leadership in the evolving AI era, despite acknowledging the short-term financial impacts of these investments.	Prior Quarter'S Y/Y Growth By SegmentTotal Revenue: +14% y/y (Stable compared to Q3 2025). Partners Revenue: +24% y/y (Decelerated compared to Q3 2025). Transaction Revenue: +20% y/y (Decelerated compared to Q3 2025).	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Base 44 growth drivers, market segmentation, and financial implications (costs, ARR breakdown): Analysts repeatedly inquired about what fueled Base 44's rapid growth, its target customer profile (upmarket vs. self-creator), and how its costs (especially AI inference for free users) and ARR contribute to the overall financial outlook. Management responded that growth is driven by an increased user base, brand awareness (including a Super Bowl campaign), effective marketing, continuous product improvements, and applying Wix's established playbook. They noted Base 44 serves a wide range from personal to enterprise applications, not directly competing with core Wix, and that one-third of inference costs are from free users, but conversion is improving, and this percentage is expected to decrease. They do not break down bookings between Wix and Base 44 due to their synergy. 2. Core Wix business performance and 2026 guidance details (organic growth, premium subs, partners segment): Analysts sought clarity on the underlying drivers of the core business's organic growth, the persistent decline in premium subscriptions, and the expected trajectory of the Partners segment. Management stated that the 2026 guidance reflects growth in both core Wix and Base 44, with no significant pricing changes or extraordinary factors. They explained that the decline in premium subscriptions aligns with a strategy to prioritize cohort value over volume, focusing on higher-value subscriptions. The core self-creator business is expected to be stable with new cohort acceleration from Harmony, and partners have innovation coming, with Base 44 also offering opportunities for them. 3. Wix Harmony's early performance and AI partnerships (KPIs, economics, future integration): Questions focused on the initial success metrics of Wix Harmony and the strategic and economic aspects of partnerships with LLM providers like OpenAI. Management reported that Harmony shows better conversion, faster monetization, and higher ARPU in new cohorts, and is being used by a broad range of users. They could not disclose the specific economics of LLM partnerships but highlighted numerous cooperations. They are not currently expecting a significant impact from Wix's integration within ChatGPT but foresee tremendous future opportunities for two intelligences working together.	Revenue SegmentsTotal bookings were up 15% year over year to $535,000,000. Total revenue increased 14% year over year to $524,000,000. GPV grew 11% year over year to $3,700,000,000. Transaction revenue grew 18% year over year. Partners revenue grew 21% year over year to $203,000,000.

2025-11-19 · 2025Q3 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Scaling Base 44 and 'Vibe Coding': Management is aggressively capturing the AI-powered app building market, with Base 44 reaching 2 million users and an increased year-end ARR target of $50M. 2. AI Product Innovation: Focusing on the transition to 'agentic' decoding environments where AI can validate and fix its own work, and preparing for the early 2026 launch of a new flagship website builder. 3. Marketing Efficiency and TROI: Applying Wix's historical marketing playbook to Base 44 to drive hypergrowth while maintaining strict return-on-investment (TROI) guardrails.	Call Takeaway & ToneTakeaway: Wix is successfully pivoting from a website builder to a broader AI software creation platform, with the Base 44 acquisition proving to be a massive growth catalyst that is currently outperforming internal expectations. While this hypergrowth is causing short-term margin pressure due to front-loaded AI compute and marketing costs, the core business remains robust. Tone: Enthusiastic and aggressive regarding growth opportunities, but disciplined regarding the financial trade-offs required to capture the AI market.	Prior Quarter'S Y/Y Growth By SegmentTotal Revenue: +12% y/y (Accelerated); Partners Revenue: +25% y/y (Slightly Decelerated); Transaction Revenue: +18% y/y (Accelerated).	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Margin Compression and AI Costs: Analysts questioned the decline in gross margin (to 69%) and higher OpEx. Mgmt responded that this is 'good drag' caused by hypergrowth, where AI token costs are front-loaded for new users while revenue is recognized linearly over monthly subscriptions. 2. Flagship Product Delay: Analysts pressed for details on why the new self-creator tool was pushed to 2026. Mgmt explained it is due to the technical complexity of fine-tuning brand-new AI technologies and ensuring stability. 3. Base 44 Retention and Churn: Analysts were concerned about the high mix of monthly subscriptions compared to Wix's typical annual base. Mgmt stated that early cohort behavior is better than expected and they anticipate a shift toward annual plans as user trust in the platform grows.	Revenue SegmentsTotal Revenue: +14% y/y ($505M); Partners Revenue: +24% y/y ($192M); Transaction Revenue: +20% y/y ($65M); Total Bookings: +14% y/y ($515M).

Transcript Tidbits3 rows

2026-08-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketWix's strategy is centered on deepening its ownership of the technology stack behind its AI products while expanding its role across the AI ecosystem and throughout the entire user journey from ideation online to fully operational businesses and deployed software. The company is pursuing this through two distinct purpose-built paths, Wix Harmony for self-creators and BASE44 for natural language, vibe coded app and software creation, to capture demand wherever the market evolves. BASE44 is driving tangible margin improvement and is moving past early-stage hypergrowth economics toward a more sustainable margin-healthy model. The software application market is perceived as 'many, many times bigger than the website creation market.'	About CompetitionThe opportunity in the AI-powered app creation space remains competitive but massive, and Wix's priority is to aggressively capture BASE44 market share. Wix does not believe it is taking market share from Lovable, but rather 'inventing a new market together with Lovable' and competing on the percentage of that market going forward. The company's estimation is that in the more important market, the United States, they are ahead of Lovable. The competitive threat from frontier models like Claude code was also acknowledged.	About The Broader IndustryThe broader industry is experiencing a continuous shift towards AI, which is reshaping online creation and user expectations. The AI-powered app creation space is dynamic and growing. There is increasing appetite within the partner ecosystem for AI solutions and products, with professionals leveraging AI and AI agents in their workflows and expanding into software creation. The internet is shifting towards an 'Agent Internet, but for humans,' where two intelligences (Wix and LLMs) discuss and work together.	Where Things Are HeadedWix is doubling down on its successful strategy, focusing on execution to create products that generate real value for users and durable growth. The company plans to invest further into BASE44, raising its TROI target moderately, to aggressively capture market share and drive sustained growth and market leadership. Gross margin savings from Base1 will be reinvested into BASE44 sales and marketing activities, which are expected to remain elevated in the third and fourth quarters. The company maintains its full-year 2026 guidance for bookings to grow at a low teens percentage and revenue at a low to mid-teens percentage. The decisions made today are expected to pay off in the long term by capturing additional market share and driving compounding financial performance.	Updates On ThemeCitizen	Broader Themes EmergingVibe Coding, Agentic Solutions, AI and Human Collaboration	Bullish-Leaning Quotes (Short)Base1 is also driving tangible margin improvement for BASE44. Bookings grew 12% year-over-year and revenue grew 15% year-over-year. Self-creators revenue growth accelerated sequentially to 14% this quarter. We now expect non-GAAP gross margin for BASE44 to be approximately 60% in the second half of this year. The result of Base1 are better than any of the models that we have from frontier providers.	Bearish-Leaning Quotes (Short)Our lower year-over-year total non-GAAP gross margin was driven by continued elevated investments in BASE44. Non-GAAP S&M expenses remained elevated in the second quarter as expected. GPV in Q2 grew 3% year-over-year, driven primarily by the wind down of our subsidiary, InkFrog. It's not better for everything. I want to be very clear about it. It will be very irresponsible for me now to try and predict how it evolve in the next year.

2026-03-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketWix.com Ltd.'s market opportunity is exponentially larger than in 2025, primarily driven by its expansion into the application space facilitated by the acquisition of Base 44. This total addressable market expansion allows users to build tailored software applications, smart mobile applications, pro-level visual content, and more sophisticated websites. Base 44, a leading Vibe coding platform, significantly grows Wix's TAM by expanding its reach into the vast world of software creation. The potential for Base 44 is described as 'both new and much larger' compared to the core Wix.com Ltd. business, and the company is 'playing to win' and making necessary investments to scale Base 44 into a market leader.	About CompetitionWix does not perceive competition between its new offerings, Harmony and Base 44, stating that 'they are very mostly different usage' and 'do not think they take from each other.' The company aims to scale Base 44 into the market leader, implying a competitive landscape in the broader software creation space. Base 44 currently operates 'with no sales team,' relying on organic, self-propelled adoption, which is seen as a testament to its platform strength and marketing execution.	About The Broader IndustryThe broader industry is experiencing a 'continued shift toward AI,' with AI beginning to prove its 'real-world value and utility more broadly.' The web has become 'much more AI-first,' redefining how and what people build online and expanding possibilities. Wix Harmony has the potential to fundamentally reshape online building and scaling 'across the Internet as it becomes increasingly AI-driven.' The company believes the 'real potential still lies ahead as Vibe coding permeates beyond early tech-forward adopters to the broad online population,' with AI technology making 'the impossible now possible.' The internet is shifting further towards an 'Agent Internet, but for humans,' where two intelligences (Wix and LLMs) discuss and work together.	Where Things Are Headed2026 is anticipated to be a 'defining year' and the start of a new chapter, where Wix expects its bold bets to 'translate into measurable impact.' Wix Harmony is planned to gradually become the default experience for new and existing users, expected to drive 'meaningful long-term impact across conversion, engagement, retention, and monetization.' The company plans to complete the majority of its $2,000,000,000 repurchase program 'as quickly and aggressively as we can' in 2026. Bookings and revenue growth for the consolidated business are expected to accelerate to a 'mid-teens percentage' year over year in 2026, driven by innovation and high-impact, disciplined investments to unlock market opportunities. Base 44's gross margin is expected to improve sequentially throughout 2026.	Updates On ThemePhase	Broader Themes EmergingAgent Internet, Vibe Coding	Bullish-Leaning Quotes (Short)Wix.com Ltd.'s market opportunity today is exponentially larger than in 2025. Base 44 recently reached approximately $100,000,000 of ARR. New cohort bookings maintained double-digit growth in the fourth quarter. We now project over $20,000,000,000 in future bookings over the next decade. We expect to complete the large majority of our $2,000,000,000 repurchase program this year. Their investment is a powerful endorsement of our long-term vision. We anticipate bookings and revenue growth to accelerate this year. We actually see a better conversion, faster monetization, and also higher ARPU.	Bearish-Leaning Quotes (Short)Overall strength in Q4 was tempered by continued GPV headwinds. Lower total non-GAAP gross margin was driven by investments in Base 44. We continue to incur elevated AI compute cost as we scale. If Base 44 top-line growth outperforms more meaningfully, we may experience further pressure on near-term free cash flow margins. Modest softness in GPV.

2025-11-19

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketWix is aggressively moving into the software application market via 'Vibe Coding' and its Base 44 acquisition, stating this market is 'many, many times bigger than the website creation market.' Base 44 has grown to over 2,000,000 users (7x growth since June) and is adding over 1,000 new paying subscribers daily. Management raised the Base 44 ARR target to at least $50 million by year-end 2025.	About CompetitionBase 44's share of audience traffic in the AI-powered app builder space grew from low single digits in June to over 10% in October. Management claims to be 'meaningfully outgrowing most peers' by applying Wix's established marketing playbook. They distinguish their tools from 'developer sphere' tools like Claude code, Cursor, and Windsurf, which require engineering expertise.	About The Broader IndustryThe industry is shifting toward 'Vibe Coding,' enabling non-technical users to build software via natural language. There is a structural transition toward making websites 'agent-ready' and indexable by LLMs using new standards like MCP (Model Context Protocol). Additionally, AI compute costs are beginning to decrease as LLMs improve and competition among providers intensifies.	Where Things Are HeadedWix expects to release a new flagship product in early 2026. Base 44 is transitioning to an 'agent decoding environment' with multi-agent layers that can self-validate and debug. While Base 44 currently creates a short-term headwind to margins due to high acquisition costs and monthly subscription mix, management expects it to reach Wix-like margin parity as the cohort matures.	Updates On ThemePhase	Broader Themes EmergingVibe Coding (democratizing software development for non-coders); Agentic Web (optimizing web architecture for discovery and transaction by AI agents rather than just human browsers).	Bullish-Leaning Quotes (Short)"Base 44 to achieve at least $50,000,000 of ARR by year-end"; "software application market is many, many times bigger than the website creation market"; "1,000 new paying subscribers joining daily"; "Base 44 has meaningfully outgrown most peers."	Bearish-Leaning Quotes (Short)"unhappy that I still cannot share it [new flagship] with you today"; "short-term headwind to our free cash flow"; "churn is higher than the standard Wix.com Ltd."; "short-term headwind on operating profit."

Notes2 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-03-04	Wix's Q4 2025 earnings highlighted robust growth, fueled by Base 44 reaching $100M ARR and the successful launch of AI-powered Wix Harmony. Despite continued investments impacting near-term margins, the company projects accelerating 2026 growth and announced a $2B share repurchase program. The market reacted very positively, with the stock surging 26.26% (outperforming SPY), signaling strong confidence in Wix's AI-driven expansion and execution.	Other	Bullish		+26.26% (vs SPY: +27.43%)
2026-08-04	Wix's Q2 2026 earnings beat expectations, driven by strong BASE44 performance and its proprietary Base1 LLM significantly improving BASE44's gross margins to an anticipated 60% in H2 2026. Despite reinvesting these savings into sales and marketing and facing some GPV headwinds, the market reacted very positively, with the stock surging over 7% (outperforming SPY) as investors rewarded the company's AI-driven growth and improved profitability outlook.	Earnings Transcript	Positive		+7.11% (vs SPY: +5.67%)

Upcoming Events7 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
WIX_10b3823a	expanding Wix Harmony globally in other languages, and over time, we plan to gradually make Harmony the default experience for new and existing users	2026-03-07	2028-12-31	Global expansion of Wix Harmony and its gradual transition to become the default user experience for new and existing users.	This product ramp is expected to drive meaningful long-term impact across conversion, engagement, retention, and monetization, fundamentally reshaping how individuals and small businesses build online.	Ticker	2026-03-04	earnings_transcript
WIX_7f018fe4	explosive growth at Base 44, which we expect will become a profitable and meaningful long-term growth engine. ... continued outperformance of Base 44 as we expand our reach across the entire online creation journey.	2026-03-07	2026-12-31	Continued hyper-growth and scaling of Base 44, including its expansion into the broader online population and becoming a profitable, meaningful long-term growth engine.	Base 44 represents a significant expansion of Wix's total addressable market and is a key driver of future bookings and revenue growth. Its performance will materially impact overall company results and investor sentiment.	Ticker	2026-03-04	earnings_transcript
WIX_def59a6f	we expect to complete the large majority of our $2,000,000,000 repurchase program this year. We plan to do this as quickly and aggressively as we can.	2026-03-07	2026-12-31	Completion of the $2 billion share repurchase program.	This strategic action signals management's strong conviction in the company's valuation and future prospects, potentially enhancing shareholder value and boosting investor confidence.	Ticker	2026-03-04	earnings_transcript
WIX_560ff87c	We anticipate non-GAAP gross margin for Base 44 to improve sequentially throughout 2026 as we proactively optimize AI model usage and costs primarily through enhancing prompt caching, batching requests, focused model routing, and more favorable pricing from LLM providers. We expect Base 44 gross margin to increase as the year progresses.	2026-03-07	2026-12-31	Sequential improvement in Base 44's non-GAAP gross margin due to optimization of AI model usage and costs.	Improved margins for Base 44 are crucial for its profitability and overall company financial performance, addressing investor concerns about the impact of AI compute costs on profitability.	Ticker	2026-03-04	earnings_transcript
WIX_89c202a3	we anticipate bookings and revenue growth to accelerate this year. ... For the full year 2026, we expect bookings and revenue for the consolidated business to grow at mid-teens percentage year over year.	2026-01-01	2026-12-31	Achievement of mid-teens percentage year-over-year growth for consolidated bookings and revenue in 2026.	This is the core financial guidance for the year, reflecting the success of strategic initiatives like Wix Harmony and Base 44, and will directly impact investor sentiment and valuation.	Ticker	2026-03-04	earnings_transcript
WIX_3c1d7773	For the full year 2026, we expect free cash flow margin in the low to mid-20% range assuming current capital structure excluding acquisition expenses. This wider than normal guidance range reflects the dynamic hyper-growth trajectory of Base 44 and the inherent variability that accompanies this level of rapid growth.	2026-01-01	2026-12-31	Achievement of free cash flow margin in the low to mid-20% range for the full year 2026, with potential for lower end if Base 44 outperforms.	Free cash flow margin is a key indicator of profitability and financial health. The range highlights the trade-off between aggressive growth investments in Base 44 and near-term cash generation, impacting investor confidence.	Ticker	2026-03-04	earnings_transcript
WIX_278ec4b2	a material currency headwind on our total payroll expense base net of our hedging activity as the U.S. dollar continues to significantly weaken against the Israeli shekel	2026-01-01	2026-12-31	Continued significant weakening of the U.S. dollar against the Israeli shekel, leading to a material currency headwind on payroll expenses.	This macro-economic factor could negatively impact the company's free cash flow margins by increasing operational costs, potentially affecting profitability and guidance achievement.	Ticker	2026-03-04	earnings_transcript

Prior Earnings Metrics HistoryTable

Prior earnings scorecards