NASDAQ$SHOP
Shopify Inc. · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Shopify reported Q4 2025 revenue of $3.7B (+31% YoY) with a 19% free cash flow margin.
Revenue was $3.67 billion in Q4 (+31% YoY) with gross profit of $1.69 billion and operating income of $631 million. Free cash flow was $715 million (19% margin). FY 2025 revenue grew 30% to $11.6 billion with $2.0 billion of free cash flow. The board authorized a $2 billion share repurchase program.
- Q4 revenue $3.67B (+31%); GMV $123.8B.
- Free cash flow $715M (19% margin).
- FY revenue $11.6B; FY FCF $2.0B.
- $2B buyback authorization announced.
Headline financials
Revenue & EPS history
Shopify · Revenue · Quarterly
$3.67B
Revenue by segment
Shopify · $1.74B total across 2 segments · Q4 2022
- Merchant Solutions$1.34B+29.8%76.9%
- Subscription Solutions$400M+13.9%23.1%
Forward guidance
Q1 2026 outlook: revenue growth low-thirties %, gross profit high-twenties %, opex 37–38% of revenue, FCF margin low-to-mid teens.
Tailwinds
- Ten consecutive quarters of double-digit FCF margins.
- International revenue +36%; Shop Pay GMV +62%.
- AI platform investments (Catalog, Sidekick, UCP).
Headwinds
- Q1 FCF margin guided below Q1 2025.
- Stock-based compensation ~$140M in Q1.
- Net other income volatility from investments.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
+1.6%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+5.8%
Avg return
30 days after
54%
22 / 41 earnings
Positive
+34.1%
Q1 2023
Best reaction
-25.8%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.4% | -13.6% | -9.1% | |
| Q4 2025 | -6.7% | -11.4% | -3.4% | |
| Q3 2025 | -6.8% | -11.9% | -6.1% | |
| Q2 2025 | +21.9% | +16.1% | +15.6% | |
| Q1 2025 | -0.6% | +13.9% | +17.9% | |
| Q4 2024 | +3.1% | +7.0% | -24.4% | |
| Q3 2023 | +26.0% | +26.4% | +51.4% | |
| Q2 2023 | -12.5% | -14.6% | -1.1% | |
| Q1 2023 | +34.1% | +38.1% | +26.0% | |
| Q4 2022 | -10.4% | -13.0% | -10.8% | |
| Q3 2022 | +17.7% | +19.7% | +26.6% | |
| Q2 2022 | +13.8% | +15.5% | +2.8% | |
| Q1 2022 | -22.2% | -30.9% | -27.2% | |
| Q4 2021 | -25.8% | -26.2% | -12.3% | |
| Q3 2021 | +7.8% | +8.5% | +15.8% | |
| Q2 2021 | -1.9% | -1.1% | -1.5% | |
| Q1 2021 | +6.6% | -3.0% | +7.4% | |
| Q4 2020 | -6.1% | -6.3% | -24.0% | |
| Q3 2020 | -9.9% | -8.3% | +0.7% | |
| Q2 2020 | +6.5% | +10.0% | +5.8% | |
| Q1 2020 | +5.3% | +9.4% | +6.1% | |
| Q4 2019 | +8.2% | +7.8% | -20.7% | |
| Q3 2019 | -1.8% | -2.5% | +4.9% | |
| Q2 2019 | +4.5% | +4.7% | +21.2% | |
| Q1 2019 | +8.6% | +16.9% | +22.7% | |
| Q4 2018 | -0.7% | +2.9% | +20.2% | |
| Q3 2018 | +8.7% | +5.6% | +10.3% | |
| Q2 2018 | -7.9% | -4.2% | -2.2% | |
| Q1 2018 | -6.6% | +1.9% | +10.8% | |
| Q4 2017 | -0.0% | +3.8% | +7.0% | |
| Q3 2017 | -12.0% | -9.7% | -5.1% | |
| Q2 2017 | +6.5% | +4.2% | +20.1% | |
| Q1 2017 | +5.8% | +10.7% | +20.9% | |
| Q4 2016 | +8.8% | +9.8% | +19.5% | |
| Q3 2016 | -0.9% | -1.5% | -4.2% | |
| Q2 2016 | +9.9% | +14.3% | +26.5% | |
| Q1 2016 | -7.2% | — | — | |
| Q4 2015 | +0.4% | — | — | |
| Q3 2015 | +0.6% | — | — | |
| Q2 2015 | +9.5% | — | — | |
| Q1 2015 | -7.4% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — |
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