Shopify's earnings call highlighted strong growth in GMV, revenue, international expansion, and enterprise adoption, driven by AI integration and robust Shopify Payments growth. Despite declines in gross margin and increased transaction losses, the positive metrics and strategic advancements outweighed the challenges.

Company Guidance

During Shopify's third-quarter 2025 conference call, the company reported strong financial metrics, showcasing a 32% growth in both Gross Merchandise Volume (GMV) and revenue, and an 18% free cash flow margin. The company's GMV reached $92 billion, marking a 32% increase. Subscription Solutions revenue grew by 15%, driven by higher-priced plan subscriptions. Merchant Solutions revenue increased by 38%, with Shopify Payments reaching a 65% penetration of GMV. Free cash flow was $507 million, representing 18% of revenue. Additionally, Shopify's international GMV grew by 41%, with Europe accounting for 21% of overall revenue in Q3. The company continues to expand its capabilities in AI, with its AI assistant Sidekick being used by over 750,000 shops in Q3, highlighting Shopify’s ongoing commitment to leveraging AI for enhancing merchant operations and growth.

Strong GMV and Revenue Growth

Q3 delivered 32% GMV growth, 32% revenue growth, and an 18% free cash flow margin. Consistent revenue growth was seen with 27% in Q1, 31% in Q2, and 32% in Q3.

AI Integration and Adoption

AI-driven traffic to Shopify stores increased 7x, and orders attributed to AI searches rose 11x since January. Over 750,000 shops used the AI assistant Sidekick for the first time in Q3.

International Expansion

International GMV grew 41% in Q3. Europe accounted for 21% of overall revenue in Q3, up from less than 18% two years ago.

Enterprise Adoption

Estee Lauder, Mattel, Aldo, Michael Kors, and other major brands chose Shopify to power their businesses. B2B GMV nearly doubled, up 98% year-over-year.

Shopify Payments Growth

Shopify Payments reached 65% penetration of GMV in Q3, with Shop Pay growing 67% year-over-year to $29 billion.

Shopify (TSE:SHOP) Earnings, Revenues Date & History

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TSE:SHOP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 18, 2026	2025 (Q4)	0.70 / -	0.612	―	―	―
Nov 04, 2025	2025 (Q3)	0.47 / 0.48	0.501	-4.39% (-0.02)
Aug 06, 2025	2025 (Q2)	0.40 / 0.49	0.357	37.25% (+0.13)
May 08, 2025	2025 (Q1)	0.36 / 0.35	0.274	29.56% (+0.08)
Feb 11, 2025	2024 (Q4)	0.62 / 0.61	0.461	32.75% (+0.15)
Nov 12, 2024	2024 (Q3)	0.38 / 0.50	0.331	51.36% (+0.17)
Aug 07, 2024	2024 (Q2)	0.28 / 0.36	0.187	90.91% (+0.17)
May 08, 2024	2024 (Q1)	0.23 / 0.27	0.014	1857.14% (+0.26)
Feb 13, 2024	2023 (Q4)	0.41 / 0.46	0.094	390.43% (+0.37)
Nov 02, 2023	2023 (Q3)	0.20 / 0.33	-0.027	1325.93% (+0.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:SHOP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2025	C$242.96	C$227.23	-6.47%
Aug 06, 2025	C$175.16	C$212.82	+21.50%
May 08, 2025	C$131.29	C$130.88	-0.31%
Feb 11, 2025	C$171.55	C$176.57	+2.93%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.