Shopify Delivers Another Exceptional Quarter in Q2

Internet, Everywhere – August 6, 2025 – Shopify Inc. (NASDAQ, TSX: SHOP) announced today financial results for the quarter ended June 30, 2025. Shopify achieved 31% revenue growth and 16% free cash flow margin, marking eight consecutive quarters of double-digit free cash flow margins.

“Today’s results are the payoff from bold bets we made years ago,” said Harley Finkelstein, President of Shopify. “The investments we’re making now will fuel our next chapter. At Shopify, innovation never stops. No matter how good the numbers look, there’s always a new frontier in commerce—and we’ll continue to lead the way.”

“Shopify delivered another outstanding quarter, with both GMV and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42% on a constant currency basis,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success.” 

2025 Outlook 

The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify’s control. Please see "Forward-looking Statements" below for more information.

For the third quarter of 2025, we expect:

• Revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis;
• Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis;
• Operating expense as a percentage of revenue to be 38% to 39%;
• Stock-based compensation to be $130 million; and
• Free cash flow margin to be in the mid-to-high teens.

Quarterly Conference Call 

Shopify’s management team will hold a conference call to discuss our second-quarter results today, August 6, 2025, at 8:30 a.m. ET. The conference call will be webcast on the investor relations section of Shopify’s website at www.shopifyinvestors.com/news-and-events. An archived replay of the webcast will be available following the conclusion of the call.

Shopify’s Form 10-Q for the quarter ended June 30, 2025, including the unaudited Condensed Consolidated Financial Statements and accompanying Notes, and Management’s Discussion and Analysis, will be available on Shopify’s website at hk220.bbgameadm.vip and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca.

Shopify's Second Quarter 2025 press release including financial statements can be found here.

About Shopify 

Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, BevMo, ButcherBox, Carrier, JB Hi-Fi, Meta, SKIMS, Supreme, Vuori, and many more.

Forward-looking Statements 

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including statements related to Shopify’s financial outlook, such as expected revenue and expenses for the next fiscal quarter. These statements can be identified by words such as "will" and “expect” and are based on Shopify's current projections and expectations about future events and financial results. Known and unknown risks may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the Company’s ability to maintain expected growth and manage expenses, the impact of changes in economic conditions and consumer spending in key markets such as the United States, and Europe, and globally, the impact of measures that affect international trade, including tariffs, our reliance on third party cloud providers to deliver services, a cyberattack or security breach, and serious errors or defects in software or hardware. Other factors and risks that may cause actual results to differ materially from those set out in the forward-looking statements are set out in Shopify's Annual Report on Form 10-K under the heading “Risk Factors” and other filings made with US and Canadian securities regulators, available at www.sec.gov and www.sedarplus.ca. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to management on the date hereof and represent management’s beliefs regarding future events, projection and financial trends, which, by their nature, are inherently uncertain. The forward-looking statements are provided to give additional information about management’s expectations and beliefs and may not be appropriate for other purposes. Shopify undertakes no duty to publicly update or revise any forward-looking statements, except as may be required by law.

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⁽¹⁾ Gross Merchandise Volume, or GMV, represents the total dollar value of orders facilitated through the Shopify platform including certain apps and channels for which a revenue-sharing arrangement is in place in the period, net of refunds, and inclusive of shipping and handling, duty, and value-added taxes. 

Monthly Recurring Revenue, or MRR, is the aggregate value of all subscription plans, excluding variable platform fees, in effect on the last day of the period, assuming merchants maintain their subscription the following month and is used by management as a directional indicator of subscription solutions revenue going forward. 

Free cash flow and free cash flow margin are non-GAAP financial measures which are reconciled in the non-GAAP reconciliation at the end of this press release. Shopify believes free cash flow and free cash flow margin provide useful information to help investors and others understand our operating results and the performance of our business in the same manner as management. Shopify does not reconcile forward-looking non-GAAP free cash flow margin as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Free cash flow is a non-GAAP financial measure calculated as cash flow from operations less capital expenditures.