SHOP Shopify
Q3 2025 10-Q
Filed: Nov 4, 2025Period ending Sep 30, 2025
Information Technology
Services-Prepackaged SoftwareSEC EDGAR Shopify (SHOP) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 4, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
AI Filing AnalysisQ3 2025 10-Q
Management Discussion & Analysis
- • Revenue $2.84B Q3 2025, up 32% YoY from $2.16B in Q3 2024; 75% merchant solutions, 25% subscription solutions
- • Gross margin 49% Q3 2025 vs 52% Q3 2024, reflecting higher merchant solutions mix (47% cost rate vs 43% YoY)
Risk Factors
- • New risk: Extended paid trial periods slowing MRR growth rate, impacting subscription revenue predictability this quarter
- • Changed risk: Shift in revenue mix toward merchant solutions, increasing total revenue but lowering overall gross margin percentage due to higher third-party costs
Quarterly Financial SummaryXBRL
Revenue
$2.8B
▲ +6.1% QoQ
Net Income
$264M
▼ -70.9% QoQ
Net Margin
9.3%
▼ -2452bp QoQ
Source: XBRL data from Shopify Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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