SHOP Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Shopify closed out 2025 with a commanding fourth quarter, posting revenue of $3.67 billion, a 30.6% year-over-year gain that came in 2.34% ahead of the consensus estimate of $3.59 billion, extending the company's streak to 11 consecutive quarters of … Read more Shopify closed out 2025 with a commanding fourth quarter, posting revenue of $3.67 billion, a 30.6% year-over-year gain that came in 2.34% ahead of the consensus estimate of $3.59 billion, extending the company's streak to 11 consecutive quarters of 25%-plus revenue growth. The primary engine behind the beat was merchant solutions, which generated $2.90 billion in Q4 revenue, up 35% year-over-year, as Gross Merchandise Volume climbed 31% to $123.84 billion and Shop Pay GMV surged 62%. Operating income grew 36% to $631.00 million, while free cash flow reached $715.00 million, representing a 19% margin and the 10th straight quarter of double-digit free cash flow. Platform rivals face a stiff comparison as Shopify's international revenue expanded 36% and B2B GMV surged 96%. Looking ahead, the company guided for low-thirties percentage revenue growth in Q1 2026 while simultaneously launching a $2.00 billion share repurchase program, signaling durability in its cash generation even as investors weigh near-term margin pressures from ongoing AI investment.