)
Company Research2 Feb 2024
Shopify: Arming the Rebels
Discover Shopify's journey from a snowboard shop to a global e-commerce platform, offering tools for businesses to thrive online.
Shopify (SHOP) investor relations material
Shopify Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $2.84 billion, up 32% year-over-year, with GMV at $92 billion, and free cash flow margin at 18%, marking nine consecutive quarters of double-digit free cash flow margins.
AI is central to product innovation and merchant efficiency, with major partnerships and the acquisition of Vantage Discovery to accelerate AI-powered search.
International expansion remains a key growth driver, with Europe and EMEA showing standout performance and international GMV up 41% year-over-year.
The platform serves millions of merchants in over 175 countries, attracting major enterprise brands and holding over 12% of the US ecommerce market share.
Product innovation is ongoing, with 100–150+ new features launched every six months and significant AI integration.
Financial highlights
Q3 2025 GMV was $92 billion, up 32% year-over-year, and revenue was $2.84 billion, with merchant solutions revenue up 38% and subscription solutions revenue up 15%.
Gross margin for Q3 2025 was 48.9%, with gross profit at $1.39 billion, and operating income at $343 million (12% of revenue).
Free cash flow was $507 million (18% of revenue), and net income for Q3 was $264 million.
Shopify Payments penetration hit 65% of GMV, with ShopPay GMV up 67% to $29 billion.
Monthly Recurring Revenue (MRR) reached $193 million, up 10% year-over-year.
Outlook and guidance
Q4 2025 revenue growth expected in the mid- to high-20s% year-over-year, with gross profit dollars to grow in the low- to mid-20s%.
Q4 operating expenses projected at 30%-31% of revenue; free cash flow margin expected to be slightly above Q3.
Management remains committed to balanced operating leverage and continued investment in growth, targeting strong free cash flow margins.
Full-year 2025 free cash flow margin anticipated to be similar to 2024, balancing profitability and investment.
Anticipates increased seasonality in merchant solutions revenue due to higher GMV during the holiday season.
Drivers for Q4 operating expense efficiency
What sustains consistent FCF margin growth?
Quantify FX impact on Q3 operating income growth.
Agentic commerce: future permutations?
Enterprise take rate evolution?
International payments: margin impact?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Shopify earnings date
Q4 202511 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Business Philosophy2 Feb 2024
Tobi Lütke: From Passionate Coder and Snowboarder to Shopify CEO
Explore Tobi Lütke’s evolution from passionate coder to Shopify’s founder, his distinctive leadership, and ascent to being one of Canada’s wealthiest.
)
Investing1 Feb 2024
E-commerce Enablers: Leading the Digital Shift
The e-commerce landscape has undergone a dramatic transformation during the last decade, evolving into a significant segment of the global retail market. As of recent years, its penetration has soared beyond 15 percent globally.
Frequently asked questions
Enabling E-Commerce
Shopify is a Canadian e-commerce company that provides a platform for businesses of all sizes to set up online stores and sell products directly to consumers. Shopify offers a range of services including payments, marketing, shipping, and customer engagement tools to simplify running an online store for small merchants and large enterprises. The company’s services enable vendors and businesses to sell its products online, without the sellers themselves needing to handle any of the practicalities of setting up a payment system. Shopify is headquartered in Ottawa, Ontario, and its shares are listed on both the TSX and the NYSE.
From Online Snowboard Gear to Global Company
Shopify was founded in 2006 by Tobi Lütke and Scott Lake. The inception of the company stemmed from their dissatisfaction with existing e-commerce solutions while attempting to open an online store for snowboarding equipment. This frustration led them to create their own e-commerce platform, which eventually evolved into Shopify.
In its early years, Shopify focused on simplifying online retail for small businesses, offering user-friendly tools to set up and manage online stores. This ease of use, combined with affordable pricing, quickly made it popular among small to medium-sized businesses. Today, the platform is incredibly sophisticated and offers integration with other services such as Salesforce.
The Core Service
The core service of Shopify is its platform that allows users to create an online store. This service includes a range of tools and features designed to facilitate the e-commerce process. Key features include website design, a shopping cart, payment processing, inventory management, and marketing tools. Users can choose from a variety of templates for their store's design or can create a custom design, without the need to have programming knowledge. Shopify's appeal lies in its ease of use, scalability, and the comprehensive nature of its e-commerce solutions. It enables businesses to manage all aspects of their online sales operations from a single platform, streamlining the process of running an online store.
Shopify also offers a payment processing solution called Shopify Payments. This service enables merchants to accept credit card payments directly on their site without having to integrate third-party payment gateways. Additionally, Shopify provides a Point of Sale (POS) system, allowing businesses to sell not just online but also in physical locations.
Helping Entrepreneurs and Businesses of all Sizes
The platform targets a wide range of users, from small individual entrepreneurs to larger businesses. Small business owners may opt for basic plans, which provide essential tools to get started with online selling. In contrast, larger businesses might choose more advanced plans, which include additional features like advanced analytics, professional reports, and the ability to handle higher volumes of sales and traffic.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage