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Earnings

Shopify's Standout 2025: The Launchpad for a New Era of Commerce in 2026

By The Northwire Desk — AI Analysis Feb 11, 2026 · 07:02 SHOP · 172.54 SHOPIFY INC. CL 'A' SV
SHOP · Price

Executive Summary

  • Shopify reported Q4 2025 revenue of $3.672 B, up 31% YoY, and a full‑year 2025 revenue of $11.556 B, up 30% versus 2024.
  • Free cash flow margin for the quarter was 19% (free cash flow $715 M) and FY 2025 free cash flow margin was 17% (free cash flow $2.0 B).
  • The Board authorized a $2 B share repurchase program, to be launched Feb 17 2026, underscoring confidence in cash generation and capital allocation discipline.

Key Details

  • Quarterly Financial Highlights (Q4 2025)
  • Revenue: $3.672 B vs. $2.812 B (2024)
  • Gross profit: $1.693 B vs. $1.352 B
  • Operating income: $631 M vs. $465 M
  • Free cash flow: $715 M (19% margin) vs. $611 M (22% margin)

  • Net income: $743 M vs. $1,293 M (2024)

  • Full‑Year Financial Highlights (FY 2025)

  • Revenue: $11.556 B vs. $8.880 B (2024) – 30% YoY growth
  • Gross profit: $5.555 B vs. $4.472 B
  • Operating income: $1.468 B vs. $1.075 B
  • Free cash flow: $2.007 B (17% margin) vs. $1.597 B (18% margin)

  • Net income: $1.231 B vs. $2.019 B

  • Key Operating Metrics

  • GMV Q4 2025: $123,841 M (31% YoY); FY 2025: $378,441 M (29% YoY)
  • MRR Q4 2025: $205 M (15% YoY); FY 2025: $205 M (15% YoY)
  • Subscription solutions revenue FY 2025: $2.752 B (+17% YoY)

  • Merchant solutions revenue FY 2025: $8.804 B (+35% YoY)

  • Growth Drivers Highlighted

  • International revenue growth of 36% YoY.
  • Offline revenue up 27% YoY.
  • B2B GMV growth of 96% YoY.

  • Gross Payments Volume growth of 37% YoY.

  • 2026 Outlook (Q1)

  • Revenue expected to grow low‑30s % YoY, similar to Q4 2025.
  • Gross profit projected to rise high‑20s %.
  • Operating expenses as % of revenue forecast at 37–38%.
  • Stock‑based compensation anticipated at $140 M.

  • Free cash flow margin expected in the low‑to‑mid teens, slightly below Q1 2025.

  • Share Repurchase Authorization

  • Up to $2 B (≈ $2.4 B CAD) of Class A subordinate voting shares.

  • No set quarterly/annual minimums; repurchases to be executed via algorithmic trading, open‑market purchases, or block trades.

  • Investor Call

  • Conference call scheduled for Feb 11 2026 at 8:30 a.m. ET; webcast available on Shopify’s investor relations site.

Notable Quotes

  • “2025 was Shopify at full throttle… 2026 will be the year of the builders, and we’ll be powering them.” – Harley Finkelstein, President
  • “We closed Q4 with strong top‑line growth and disciplined cash generation… setting us up well for 2026.” – Jeff Hoffmeister, CFO
Read the original news release →

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SEDAR Interim Financial Statements

None