Shopify reports Q4 revenue $3.67B, consensus $3.59B

Reports Q4 GMV $123.84B and MRR $205M. “2025 was Shopify (SHOP) at full throttle – driving compounding growth, while laying the rails for the new era of AI commerce,” said Harley Finkelstein, President of Shopify. “2026 will be the year of the builders, and we’ll be powering them – from first sale to full scale.”Jeff Hoffmeister, Chief Financial Officer, said, “We closed Q4 with strong top-line growth and disciplined cash generation with revenue up 31% year-over-year and a 19% free cash flow margin. This brings 2025 to 30% revenue growth, 4 percentage points higher than 2024, and a 17% free cash flow margin. With AI reshaping how buyers discover and purchase, we delivered these strong margins while investing in Catalog, Sidekick, Universal Commerce Protocol, and our full platform of commerce solutions. We ended 2025 with strength across all merchant sizes, regions, and channels, setting us up well for 2026.”