Filing Flows › Shopify (SHOP) › Q2 2025
Shopify (SHOP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Shopify (SHOP) reported revenue of $2.7B for the second quarter 2025 (Q2 2025), +31% from a year earlier and +14% from the quarter before. Operating margin was 10.9%, net earnings $906M (33.8% of revenue).
Shopify, Q2 2025: revenue $2.7B (+31% year over year), operating margin 10.9%, net earnings $906M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +14% | +31% |
| Gross profit | $1.3B | +11% | +25% |
| Operating profit | $291M | +43% | +21% |
| Net earnings | $906M | — | +430% |
| Operating cash flow | $428M | +17% | +26% |
| Free cash flow | $422M | — | +27% |
What changed
Revenue was $2.7B in Q2 2025, up 31% year over year and up 14% from the previous quarter. Merchant solutions was the largest line at 76% of revenue. Merchant solutions added $0.54B year over year (up 37%), 85% of the total change.
Gross margin was 48.6%, down 2.5 points from a year earlier. Operating profit was $0.29B, a 10.9% margin (down 0.9 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 12% margin then. Operating expenses grew 26% against revenue growth of 31%. The fastest-growing cost line was General & admin (+103%). Net earnings were $0.91B, up 430% year over year. The effective tax rate was 16.0%. Non-operating items added $0.79B, 73% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.43B (up 26% year over year), 47% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.11B of share-based compensation. Working capital and other items used $0.60B. After capital expenditures ($0.01B), free cash flow as the company reports it was $0.42B.
Questions
What was Shopify's revenue in the second quarter 2025?
Shopify (SHOP) reported revenue of $2.7B for the second quarter 2025 (Q2 2025), +31% from a year earlier and +14% from the quarter before.
Was Shopify profitable in the second quarter 2025?
Operating profit was $291M (10.9% of revenue) and net earnings $906M.
Source: Shopify 10-Q on SEC EDGAR.