Short answer
Shopify (SHOP) filed its Q1 2025 10-Q quarterly report on May 8, 2025 for the quarter ended Mar 31, 2025. Quarterly revenue was $2.4B with net income of −$682M.
Q1 2025 key financials · XBRL
- Revenue
- $2.4B
- Net income
- −$682M
- Operating margin
- 8.6%
- Gross margin
- 49.5%
- EPS (diluted)
- −$0.53
Source: XBRL data from the Shopify (SHOP) Q1 2025 10-Q on SEC EDGAR. USD.
Shopify Q1 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2.36B, up 27% YoY; subscription solutions $620M (+21%), merchant solutions $1.74B (+29%)
- Gross margin 50% vs 51% YoY; cost of merchant solutions rose to 45% of revenue from 43% YoY
- Best segment: merchant solutions revenue $1.74B (+29% YoY); worst: higher net loss on equity investments $1.044B vs $417M
- Operating cash flow $367M vs $238M YoY; cash, equivalents, marketable securities $5.5B, up $35M since prior quarter
- Management notes continued growth in GMV and merchant base; expects increased seasonality; sufficient liquidity for 12+ months; cautious on macroeconomic impact
Risk Factors
- New risk: Extended paid trial length from 1 to 3 months impacting Monthly Recurring Revenue (MRR) growth rate for Q1 2025
- Most updated risk: Shift in revenue mix with merchant solutions rising to 74% of total, causing downward pressure on gross margin percentage due to lower margins on payment processing
- Most impactful regulatory risk: Foreign currency exposure in EUR, GBP, CAD affecting revenues and expenses, mitigated by foreign exchange forward contracts and options
- Operational risk: Increased seasonality in merchant solutions revenues driven by holiday GMV spikes, potentially causing more volatile quarterly results
- Financial risk: Deferred revenue balance not indicative of future revenue due to monthly subscription terms and recognition over contractual period
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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