SHOPIFY (SHOP) Company Report

Shopify experienced a widespread outage on Cyber Monday, beginning around 9:45 a.m. ET and persisting for several hours, preventing some merchants from accessing admin dashboards and point-of-sale checkouts.
Thousands of users reported problems, with Downdetector recording more than 27,000 reports, leading to merchant complaints about lost sales and inability to fulfill orders.
The disruption threatened critical holiday revenue for businesses, despite Shopify merchants generating $11.5 billion in Black Friday–Cyber Monday sales in 2024 and overall Cyber Monday spending expected to exceed $53 billion.
By early afternoon, Shopify shares were down about 5% due to the ongoing outage.
Merchants on social media demanded concrete remedies, including waiving monthly fees, and reported difficulties contacting Shopify Support.

9 hours ago

WSJ

Shopify Partners with Liquid AI for AI Model Deployment

SHOP

New Projects/Investments

Product Launch

Shopify announced a multi-faceted partnership with Liquid AI to license and deploy Liquid Foundation Models (LFMs) across its platform, with the first production deployment being a sub-20ms text model to enhance search.
This agreement follows Shopify's participation in Liquid AI's $250 million Series A round in December 2024.
The companies have co-developed a generative recommender system that has shown to outperform prior systems in controlled testing, resulting in higher conversion rates from recommendations.
Liquid AI's LFMs are designed for sub-20 millisecond inference and have demonstrated 2-10x faster inference while outperforming popular open-source models with fewer parameters. Financial terms of the partnership were not disclosed.

Nov 13, 2025, 3:00 PM

Press Release

Commerce.com, Inc. Announces Third Quarter 2025 Financial Results

SHOP

Earnings

Guidance Update

Product Launch

Commerce.com, Inc. reported Q3 2025 total revenue of $86.0 million, an increase of 3% compared to the three months ended September 30, 2024, with non-GAAP net income of $6.2 million and Adjusted EBITDA of $8.8 million.
Total Annual Recurring Revenue (ARR) as of September 30, 2025, was $355.7 million, up 2% year-over-year, with ARR from Enterprise Accounts increasing 5% to $269.2 million.
For the fourth quarter of 2025, the company expects total revenue between $87.8 million to $92.8 million. The full-year 2025 total revenue is projected to be between $340.6 million and $345.6 million.
The company is focusing on scaling sustainable growth and leveraging strategic partnerships with AI leaders like Perplexity, Google, and PayPal, and announced new offerings including Feedonomics Surface and an embedded payment processing solution with PayPal.

Nov 6, 2025, 12:00 PM

Press Release

Shopify: Shiplify Analyzes Peak Residential Shipping Season

SHOP

Demand Weakening

New Projects/Investments

Revenue Acceleration/Inflection

Shiplify's analysis indicates that the week following Thanksgiving consistently marks the beginning of the residential freight peak season, with residential shipments surging by 123% in 2023 and 103.9% in 2024 compared to Thanksgiving week.
Early December is identified as the most concentrated period for residential LTL shipping, which introduces added complexity and hidden costs for carriers and 3PLs due to factors like liftgates and limited access points.
To mitigate these risks and protect margins, Shiplify emphasizes the critical need for digital accuracy in capturing accessorials and validating delivery data upfront.
Despite an ongoing "freight recession," consumer demand in direct-to-consumer eCommerce remains strong, with Shopify projecting over $226 billion in D2C orders for 2025.

Nov 5, 2025, 2:29 PM

Press Release

Shopify Reports Strong Q3 2025 Growth and Profitability

SHOP

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Shopify reported robust Q3 2025 financial performance, with GMV growing 32% and revenue increasing 32% (30% and 31% on a constant currency basis, respectively). The company also achieved an 18% free cash flow margin.
The company demonstrated consistent financial execution, with revenue growth accelerating from 27% in Q1 to 32% in Q3, and free cash flow margins improving from 15% in Q1 to 18% in Q3.
Strategic initiatives in AI are gaining traction, with over 750,000 shops using the Sidekick AI assistant for the first time in Q3 and partnerships with major AI platforms for agentic commerce.
Growth was broad-based across channels and segments, including B2B GMV nearly doubling at 98% year-over-year and Shopify Payments reaching 65% penetration of GMV. The company also noted continued migration of enterprise brands to its platform.

Nov 4, 2025, 1:30 PM

Transcript

Shopify Reports Strong Q3 2025 Results and Provides Q4 Outlook

SHOP

Earnings

Guidance Update

New Projects/Investments

Shopify reported strong Q3 2025 financial performance, with merchant solutions revenue increasing 38% and subscription solutions revenue growing 15%. The company achieved $507 million in free cash flow, representing 18% of revenue.
Operating expenses for Q3 2025 were 37% of revenue, demonstrating increased operating leverage, down from 45% in 2023 and 39% in 2024, primarily due to disciplined headcount management.
The company is heavily focused on AI, noting a 7x increase in AI-driven traffic to Shopify stores and an 11x increase in orders attributed to AI searches since January. Shopify is building "agentic commerce" tools and partnering with major AI platforms like ChatGPT.
Shopify continues to expand its enterprise footprint, attracting major brands across diverse verticals and displacing incumbent platforms, with offline GMV growing 31% in Q3.
For Q4 2025, Shopify anticipates revenue growth in the mid- to high-20s% year-over-year and expects Q4 free cash flow margin to be slightly above Q3, projecting a 2025 free cash flow margin similar to 2024.

Nov 4, 2025, 1:30 PM

Transcript

Shopify Reports Strong Q3 2025 Growth and Positive Q4 Outlook

SHOP

Earnings

Guidance Update

Product Launch

Shopify reported robust Q3 2025 financial results, with GMV growing 32% and revenue increasing 32%, achieving an 18% free cash flow margin.
For Q4 2025, the company anticipates revenue growth in the mid to high 20s year-over-year and a free cash flow margin slightly above Q3, with the full year 2025 free cash flow margin expected to be similar to 2024.
Strategic growth drivers include significant international expansion, with international GMV up 41% and Europe contributing 21% of overall Q3 revenue, alongside strong growth in offline GMV (up 31%) and B2B GMV (up 98%).
The company is heavily investing in and leveraging AI, reporting a 7x increase in AI-driven traffic to Shopify stores and an 11x increase in orders attributed to AI searches since January, and has partnered with conversational AI leaders like ChatGPT and Microsoft Copilot.

Nov 4, 2025, 1:30 PM

Transcript

Shopify Reports Strong Q3 2025 Financial and Operational Growth

SHOP

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Shopify reported robust financial results for Q3 2025, with revenue reaching $2.8 billion, marking a 32% year-over-year increase, and Gross Merchandise Volume (GMV) growing to $94 billion, also up 32% year-over-year.
The company demonstrated strong profitability and cash generation, achieving a gross profit of $1.4 billion with a 48.9% margin , and generating free cash flow of $507 million with an 18% margin.
Key operational metrics continued to show significant growth, including Monthly Recurring Revenue (MRR) of $193 million and Gross Payments Volume (GPV) of $60 billion, representing 65% penetration.
Shopify's B2B commerce experienced 98% year-over-year growth in Q3 2025, while offline GMV increased by 31%.
Operating leverage improved, with total adjusted operating expenses as a percentage of revenue at 33% in Q3 2025.

Nov 4, 2025, 1:30 PM

Presentation

Shopify Reports Strong Q3 2025 Results and Provides Q4 Outlook

SHOP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shopify reported strong Q3 2025 financial results, with revenue growing 32% (or 31% on a constant currency basis) and GMV increasing 32% (or 30% on a constant currency basis) to $92 billion. The company achieved an 18% free cash flow margin in Q3 2025.
Growth was significantly driven by international expansion, with international GMV up 41% in Q3, and increased penetration of Shopify Payments, which reached 65% of GMV. Merchant Solutions revenue increased 38%.
Shopify is heavily investing in and leveraging AI across its platform, including for agentic commerce and merchant operations through its Sidekick intelligent assistant, which was used by over 750,000 shops for the first time in Q3.
The company continues to attract large enterprise brands, with companies such as Estee Lauder Companies choosing Shopify to power their businesses.
For Q4 2025, Shopify anticipates revenue growth in the mid to high 20s year over year and expects gross profit dollars to grow in the low to mid-20s.

Nov 4, 2025, 1:30 PM

Transcript

Shopify Announces Q3 2025 Financial Results

SHOP

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shopify Inc. reported its financial results for the quarter ended September 30, 2025, on November 4, 2025.
For Q3 2025, revenue increased by 32% year-over-year to $2,844 million, and Gross Merchandise Volume (GMV) grew by 32% to $92,013 million.
The company achieved an 18% free cash flow margin in Q3 2025, marking its ninth consecutive quarter of double-digit free cash flow margins.
For Q4 2025, Shopify expects revenue to grow at a mid-to-high-twenties percentage rate year-over-year and projects the free cash flow margin to be slightly above Q3 2025.

Nov 4, 2025, 12:01 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for SHOPIFY.