SHOP Q3 2025 Earnings
Reported Nov 4, 2025 at 7:01 AM ET · SEC Source
Q3 25 EPS
$N/A
Est. $0.34
Q3 25 Revenue
$2.84B
BEAT +3.05%
Est. $2.76B
vs S&P Since Q3 25
-29.4%
TRAILING MARKET
SHOP -23.0% vs S&P +6.4%
Market Reaction
Did SHOP Beat Earnings? Q3 2025 Results
Shopify delivered a standout third quarter, posting revenue of $2.84 billion, a 31.5% year-over-year gain that came in 3.05% above the $2.76 billion consensus estimate and extended the company's streak of accelerating top-line growth. The headline dr… Read more Shopify delivered a standout third quarter, posting revenue of $2.84 billion, a 31.5% year-over-year gain that came in 3.05% above the $2.76 billion consensus estimate and extended the company's streak of accelerating top-line growth. The headline driver was merchant solutions, where revenue climbed 38% year-over-year to $2.15 billion, reflecting deeper penetration of Shopify's payments, capital, and logistics offerings across its merchant base, while Gross Merchandise Volume surged 32% to $92.01 billion. Free cash flow reached $507 million, representing an 18% margin and the company's ninth consecutive quarter of double-digit free cash flow margins, underscoring the durability of the platform's profitability. Operating income rose 21% to $343 million, even as operating expenses climbed to $1.05 billion. Looking ahead, management guided Q4 revenue growth at a mid-to-high-twenties percentage rate, with free cash flow margin expected to finish slightly above Q3's 18%, signaling continued operating discipline heading into the critical holiday season.
Key Takeaways
- • GMV grew 32% year-over-year to $92.0 billion
- • Merchant solutions revenue grew 38% YoY, significantly outpacing subscription solutions growth of 15%
- • Nine consecutive quarters of double-digit free cash flow margins
- • MRR reached $193 million, up from $175 million a year ago
- • Revenue growth accelerated to 32% from 26% in Q3 2024
- • Constant currency revenue growth was 31%, indicating a modest FX tailwind
SHOP YoY Financials
Q3 2025 vs Q3 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% |