The earnings call reflects positive sentiment with strong revenue and GMV growth, successful international expansion, and innovation in AI and payments. While there is some pressure on gross margins, the highlights significantly outweigh the lowlights, indicating robust business performance and future potential.

Company Guidance -

Q3 2025

During Shopify's Second Quarter 2025 Conference Call, significant metrics were highlighted that underscore the company's strong performance and strategic direction. Shopify reported a 31% year-over-year increase in revenue, reaching $2.7 billion, and a free cash flow margin of 16%. Gross Merchandise Volume (GMV) rose by 31%, with international GMV notably up by 42%, driven largely by Europe. The company also emphasized a 29% year-over-year increase in offline GMV and a remarkable 101% growth in B2B GMV. Shopify Payments' penetration grew to 64%, up from 61% the previous year, while Shop Pay GMV increased by 65% to $27 billion. The company continues to expand geographically, having introduced its payments product to 16 new countries this year, contributing to its strong international performance. The call also highlighted the company's innovation in AI, with new products like Shopify Catalog and Universal Cart, and its strategic moves to support larger merchants and enterprise clients. Overall, Shopify's consistent growth and strategic initiatives illustrate its commitment to expanding its reach and capabilities in the global commerce landscape.

Strong Revenue and Growth

Shopify delivered Q2 revenue of $2.7 billion, up 31% year-over-year, with a free cash flow margin of 16%.

Significant GMV Growth

GMV was up 31%, driven by strong performance in Europe and the U.S., with international GMV up 42% year-over-year.

B2B and Offline Growth

Offline GMV increased by 29% year-over-year, and B2B GMV grew by 101%, showcasing robust expansion in both sectors.

AI and Product Innovation

Shopify launched several AI-driven products and features including Catalog, Universal Cart, and Checkout Kit, enhancing the shopping experience and merchant capabilities.

Expansion in Payments

Shopify Payments expanded into 16 new countries, nearly doubling its market reach, with a global payments penetration of 64% in Q2.

Shop Pay and Shop App Growth

Shop Pay GMV increased by 65% to $27 billion, and the Shop App saw 140% year-over-year growth in native GMV.

International Expansion Success

Significant growth in Europe, with European GMV up 49% year-over-year, and expansion in Asia Pacific also highlighted.

Enterprise and Large Merchant Success

Shopify signed several large brands, including Starbucks, Canada Goose, and Burton Snowboards, reflecting success in the enterprise market.

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
Oct 30, 2025	2025 (Q3)	0.46 / -	0.501	―	―	―
Aug 06, 2025	2025 (Q2)	0.40 / 0.48	0.357	34.73% (+0.12)
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)
Aug 02, 2023	2023 (Q2)	0.09 / 0.19	-0.039	579.49% (+0.23)

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
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%
Nov 12, 2024	C$125.37	C$152.26	+21.45%

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.