Shopify Reports 32% Revenue Growth

By Greg Peters • Tuesday, November 04 10:29 • Permanent Link

Shopify Inc. (NASDAQ, TSX: SHOP) has announced its financial results for the quarter ended September 30, 2025, showing impressive growth and efficiency. The company achieved a 32% year-over-year (YOY) revenue growth rate, with revenue reaching $2.844 billion, up from $2.162 billion in the same period last year. This marks nine consecutive quarters of double-digit free cash flow margins, with a free cash flow margin of 18% for Q3 2025, compared to 19% in Q3 2024.

In addition to the revenue growth, Shopify's Gross Merchandise Volume (GMV) also saw a significant increase, reaching $92.013 billion in Q3 2025, up from $69.715 billion in Q3 2024, representing a 32% YOY growth. Monthly Recurring Revenue (MRR) also showed growth, reaching $193 million, compared to $175 million in the same period last year.

The company's operating income for Q3 2025 stood at $343 million, up from $283 million in Q3 2024, reflecting the company's disciplined execution and consistent growth. Furthermore, Shopify's free cash flow for Q3 2025 amounted to $507 million, compared to $421 million in Q3 2024, demonstrating the company's ability to deliver profitability quarter after quarter.

Harley Finkelstein, President of Shopify, emphasized the company's model of building, shipping, and growing at full speed, catering to entrepreneurs making their first sale on Shopify every 26 seconds, as well as global icons like Estée Lauder. Jeff Hoffmeister, Chief Financial Officer of Shopify, highlighted the standout performance of Q3, surpassing the robust Q2 performance with both revenue growth and free cash flow margins.

Looking ahead, Shopify's outlook for 2025 supersedes all prior financial outlook statements and is based on a number of assumptions, subject to risks, and constitutes forward-looking information within the meaning of applicable securities laws.

Today the company's shares have moved -0.53% to a price of $172.94. For more information, read the company's full 8-K submission here.

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