Short answer
Shopify (SHOP) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.8B with net income of $264M.
Q3 2025 key financials · XBRL
- Revenue
- $2.8B
- +6.1% QoQ
- Net income
- $264M
- −70.9% QoQ
- Operating margin
- 12.1%
- Gross margin
- 48.9%
- EPS (diluted)
- $0.20
- −71.4% QoQ
Source: XBRL data from the Shopify (SHOP) Q3 2025 10-Q on SEC EDGAR. USD.
Shopify Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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)
- Best segment: Merchant solutions revenue $2.15B Q3 2025, up 38% YoY; worst segment: Subscription solutions at 15% revenue growth to $699M
- Cash, cash equivalents, and marketable securities $6.3B as of Sept 30, 2025, increased $870M since Dec 31, 2024; operating cash flow $1.3B YTD
- Near-term outlook notes potential increased seasonality due to merchant solutions growth; settled $1B Notes on Nov 3, 2025 with $123M pre-tax loss expected
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
- Regulatory risk: Currency exposure from EUR, GBP, CAD revenues and expenses; use of foreign exchange forward contracts and options as hedging instruments detailed
- Market risk: Increased seasonality expected from merchant solutions revenue growth, especially higher fourth quarter GMV-driven revenue volatility
- Financial risk: Deferred revenue balance not indicative of future revenue; MRR rose 10% YoY to $193 million despite slower growth rate this period
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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