Filing Flows › Shopify (SHOP) › Q4 2025
Shopify (SHOP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Shopify (SHOP) reported revenue of $3.7B for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +29% from the quarter before. Operating margin was 17.2%, net earnings $743M (20.2% of revenue).
Shopify, Q4 2025: revenue $3.7B (+31% year over year), operating margin 17.2%, net earnings $743M, operating cash flow $725M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | +29% | +31% |
| Gross profit | $1.7B | +22% | +25% |
| Operating profit | $631M | +84% | +36% |
| Net earnings | $743M | +181% | -43% |
| Operating cash flow | $725M | +41% | +18% |
| Free cash flow | $715M | — | +17% |
What changed
Revenue was $3.7B in Q4 2025, up 31% year over year and up 29% from the previous quarter. Merchant solutions was the largest line at 79% of revenue.
Gross margin was 46.1%, down 2.0 points from a year earlier. Operating profit was $0.63B, a 17.2% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 17% margin then. Operating expenses grew 20% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+50%). Net earnings were $0.74B, down 43% year over year. The effective tax rate was 16.7%. Non-operating items added $0.26B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.72B (up 18% year over year), 98% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.14B. After capital expenditures ($0.01B), free cash flow as the company reports it was $0.71B.
Questions
What was Shopify's revenue in the fourth quarter 2025?
Shopify (SHOP) reported revenue of $3.7B for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +29% from the quarter before.
Was Shopify profitable in the fourth quarter 2025?
Operating profit was $631M (17.2% of revenue) and net earnings $743M.
Source: Shopify 10-K on SEC EDGAR.