SHOP Q1 2025 Earnings
Reported May 8, 2025 at 7:01 AM ET · SEC Source
Q1 25 EPS
$N/A
Est. $0.26
Q1 25 Revenue
$2.36B
BEAT +1.19%
Est. $2.33B
vs S&P Since Q1 25
+11.9%
BEATING MARKET
SHOP +39.4% vs S&P +27.5%
Market Reaction
Did SHOP Beat Earnings? Q1 2025 Results
Shopify kicked off 2025 on firm footing, posting first-quarter revenue of $2.36 billion, a beat of roughly 1.19% against consensus estimates and a 26.8% jump from the same period a year ago, as the e-commerce infrastructure giant continued to demonst… Read more Shopify kicked off 2025 on firm footing, posting first-quarter revenue of $2.36 billion, a beat of roughly 1.19% against consensus estimates and a 26.8% jump from the same period a year ago, as the e-commerce infrastructure giant continued to demonstrate that its merchant ecosystem is firing on multiple cylinders. The single most telling driver beneath the headline number was Gross Merchandise Volume reaching $74.75 billion, up from $60.85 billion in Q1 2024 and marking seven straight quarters of GMV growth above 20%, a run that reflects deepening merchant adoption across both subscription and merchant solutions. Merchant solutions alone, at $1.74 billion, grew 29% year-over-year and accounted for roughly 74% of total revenue. Free cash flow hit $363 million, a 15% margin and the seventh consecutive quarter of double-digit FCF performance. Looking ahead, Shopify guided for mid-twenties percentage revenue growth in Q2 alongside mid-teens free cash flow margins, reinforcing the case that the platform is increasingly being viewed as essential commerce infrastructure built to hold up through uncertain macroeconomic conditions.
Key Takeaways
- • 27% year-over-year revenue growth
- • GMV grew to $74.75 billion from $60.86 billion year-over-year
- • MRR increased to $182 million from $151 million year-over-year
- • Eight consecutive quarters of pro forma revenue growth of 25% or more
- • Seven consecutive quarters of GMV growth greater than 20%
- • Free cash flow margin expanded to 15% from 12% year-over-year
- • Operating income more than doubled year-over-year to $203 million
- • Merchant solutions revenue grew 29% year-over-year
- • Constant currency revenue growth was 28%
SHOP YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
SHOP Revenue by Segment
With YoY comparisons, source: SEC Filings
SHOP Earnings Trends
SHOP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SHOP EPS Trend
Earnings per share: estimate vs actual
SHOP Revenue Trend
Quarterly revenue: estimate vs actual
SHOP Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | $0.50 | — | — | $3.67B | +2.34% |
| FY Full Year | $1.45 | — | — | $11.56B | +0.73% |
| Q3 25 | $0.34 | — | — | $2.84B | +3.05% |
| Q2 25 | $0.29 | — | — | $2.68B | +5.21% |
| Q1 25 | $0.26 | — | — | $2.36B | +1.19% |