SHOP
Shopify Inc.163.14
+3.29+2.06%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Agentic monetization, UCP details clarified
Q&A drilled into agentic commerce, affirming monetization matches online store economics through Shopify Payments—LLMs don't bypass checkout. Harley positioned UCP ahead of rivals like OpenAI's ACP by covering the full journey end-to-end, payment-agnostic. The agentic plan emerged as an enterprise on-ramp, fueling boardroom chats at non-Shopify brands like L'Oreal. Shop Campaigns doubled revenue, tripled adoption amid channel expansions. Free cash flow margins stay philosophically steady. Q&A reinforced the AI playbook. Investors eye agentic adoption velocity.
Key Stats
Market Cap
212.38BP/E (TTM)
120.84Basic EPS (TTM)
1.35Dividend Yield
0%Recent Filings
10-K
FY2025 results
Shopify crushed FY2025 with $11.6B revenue, up 30% y/y, as $378.4B GMV surged 29% amid holiday-fueled Q4 momentum where merchant solutions hit $2.9B, up sharply from Q3's $2.1B. Subscription solutions grew 17% to $2.8B on 15% MRR rise to $205M, while Payments penetration climbed to 65.6% driving 35% merchant revenue jump despite margin pressure to 48%. Q4 operating income soared to $631M on $3.7B revenue, fueled by Payments volume acceleration. Cash hit $5.8B after $2B ops cash flow; no dividends, but $2B buyback authorized Feb 2026. Yet merchant churn risks from economic pressures could stall quarterly momentum.
8-K
Shopify's $11.6B year, $2B buyback
8-K
Record $14.6B BFCM GMV
Shopify merchants smashed records with $14.6 billion in Black Friday-Cyber Monday GMV, up 27% from 2024 and 24% constant currency. Peak hit $5.1 million per minute at 12:01pm EST Friday, drawing 81+ million customers worldwide. Sales via Shop Pay surged 39%. Infrastructure held firm under crushing load.
8-K
Shopify Q3 revenue up 32%
Shopify crushed Q3 with revenue up 32% to $2,844 million and GMV soaring 32% to $92,013 million versus last year. Free cash flow hit $507 million at 18% margin, fueled by disciplined execution amid peak retail season. Q4 outlook eyes mid-to-high-20s% revenue growth. Volatility from equity investments persists.
10-Q
Q3 FY2025 results
Shopify posted Q3 revenue of $2.8B, up 32% y/y, fueled by 38% merchant solutions growth to $2.1B while subscriptions rose 15% to $699M; gross margin held at 49% amid Payments mix shift. Operating income climbed to $343M from $283M, diluted EPS $0.20 (reconciles to 1.31B shares). Operating cash flow hit $513M. Cash swelled to $2.4B, $920M notes settled post-quarter. Acquired Vantage in March 2025 for $59M cash, recognizing $39M goodwill and $20M tech (3-year life). Equity investments swung to $62M unrealized loss. Volatility stalks from public equity holdings.
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