Filing Flows › Shopify (SHOP) › Q3 2025
Shopify (SHOP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Shopify (SHOP) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +32% from a year earlier and +6% from the quarter before. Operating margin was 12.1%, net earnings $264M (9.3% of revenue).
Shopify, Q3 2025: revenue $2.8B (+32% year over year), operating margin 12.1%, net earnings $264M, operating cash flow $513M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +6% | +32% |
| Gross profit | $1.4B | +7% | +24% |
| Operating profit | $343M | +18% | +21% |
| Net earnings | $264M | -71% | -68% |
| Operating cash flow | $513M | +20% | +21% |
| Free cash flow | $507M | — | +20% |
What changed
Revenue was $2.8B in Q3 2025, up 32% year over year and up 6% from the previous quarter. Merchant solutions was the largest line at 75% of revenue. Merchant solutions added $0.59B year over year (up 38%), 87% of the total change.
Gross margin was 48.9%, down 2.8 points from a year earlier. Operating profit was $0.34B, a 12.1% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 13% margin then. Operating expenses grew 26% against revenue growth of 32%. The fastest-growing cost line was Other operating costs (+155%). Net earnings were $0.26B, down 68% year over year. The effective tax rate was 14.3%.
Operating cash flow was $0.51B (up 21% year over year), 194% 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 added $0.13B. After capital expenditures ($0.01B), free cash flow as the company reports it was $0.51B.
Questions
What was Shopify's revenue in the third quarter 2025?
Shopify (SHOP) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +32% from a year earlier and +6% from the quarter before.
Was Shopify profitable in the third quarter 2025?
Operating profit was $343M (12.1% of revenue) and net earnings $264M.
Source: Shopify 10-Q on SEC EDGAR.