Shopify (SHOP) Q3 2025 10-Q Quarterly Report
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.
Shopify Q3 2025 10-Q Analysis
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
Shopify Q3 2025 Quarterly FinancialsXBRL
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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