Shopify had a strong year with significant revenue and GMV growth, expanding market share in key regions, and onboarding major new clients and partnerships. However, the company faced challenges with increased operating expenses, gross margin declines, and strategic shifts impacting MRR growth. Despite these challenges, the positive achievements and growth metrics suggest a robust performance.

Company Guidance

During Shopify's Fourth Quarter 2024 Conference Call, the company reported significant achievements and provided guidance for 2025. Shopify closed 2024 with nearly $300 billion in Gross Merchandise Volume (GMV) and $9 billion in revenue, marking a 26% revenue growth and an 18% free cash flow margin for the year. The fourth quarter alone delivered 31% revenue growth and 22% free cash flow margins, achieving what they described as the "rule of 50." Shopify's international markets outperformed North America, contributing to a 33% growth rate. The company also highlighted milestones such as surpassing $1 billion in operating income and reaching over 12% market share in U.S. e-commerce. Looking ahead to 2025, Shopify aims to continue its strong operational performance and product innovation, with a focus on expanding its enterprise offerings, offline capabilities, and international presence, particularly in Europe and Japan. The company also plans to deepen investments in AI to enhance merchant success and streamline operations, while maintaining a robust free cash flow margin profile.

Record Revenue and GMV Growth

Shopify achieved nearly $300 billion in GMV and $9 billion in revenue for 2024, marking a 26% revenue growth and a 24% GMV growth compared to last year.

Strong Q4 Performance

Q4 delivered 31% revenue growth and 22% free cash flow margins, marking the highest quarterly GMV rate since Q4 2021.

Significant Expansion in Market Share

Shopify holds over 12% of the U.S. e-commerce market share and continues to grow rapidly in Europe and Japan.

New Enterprise Clients and Partnerships

Major brands like Reebok, Champion, and Warner Music Group launched on Shopify, with notable partnerships including Roblox and YouTube Shopping.

Shop Pay and Shop App Growth

Shop Pay processed $27 billion in GMV, up 50% year-over-year, and Shop App GMV grew 84%.

International Growth

International regions outperformed North America with a 33% growth rate, particularly strong in Europe.

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

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:SHOP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 07, 2025	2025 (Q1)	0.38 / -	0.274	―	―	―
Feb 11, 2025	2024 (Q4)	0.62 / 0.63	0.461	36.66% (+0.17)
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)
Aug 02, 2023	2023 (Q2)	0.09 / 0.19	-0.039	579.49% (+0.23)
May 04, 2023	2023 (Q1)	-0.05 / 0.01	0.026	-46.15% (-0.01)
Feb 15, 2023	2022 (Q4)	-0.02 / 0.09	0.173	-45.66% (-0.08)

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

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TSE:SHOP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2025	C$171.55	C$176.57	+2.93%
Nov 12, 2024	C$125.37	C$152.26	+21.45%
Aug 07, 2024	C$74.56	C$87.87	+17.85%
May 08, 2024	C$105.75	C$86.16	-18.52%

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.

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