Group 1: Earnings Performance - Shopify reported quarterly earnings of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and up from $0.26 per share a year ago, representing an earnings surprise of +25.00% [1] - The company posted revenues of $2.68 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.47%, compared to year-ago revenues of $2.05 billion [2] - Over the last four quarters, Shopify has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Shopify shares have increased approximately 19.4% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $0.35 on $2.63 billion in revenues, and $1.40 on $10.86 billion in revenues for the current fiscal year [7] Group 3: Industry Context - The Internet - Services industry, to which Shopify belongs, is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The favorable estimate revisions trend ahead of the earnings release has resulted in a Zacks Rank 1 (Strong Buy) for Shopify, suggesting expected outperformance in the near future [6]

Shopify Performance & Growth - Shopify Q2 2025 revenue reached $2.7 billion, a 31% year-over-year increase[9] - Cumulative Gross Merchandise Volume (GMV) since Shopify's inception is $1.2 trillion[9] - GMV in Q2 2025 was $75 billion, up 50% year-over-year[30] - Shopify's US ecommerce market share is greater than 12%[9] - Shopify has millions of merchants across 175+ countries[9] Shopify Payments & GMV - Cumulative GMV through Shop Pay since 2017 is $252 billion[29] - Shopify Payments penetration continues to increase, reaching 64% of GMV in Q2 2025[102] - Offline revenue in 2024 was $588 million, with 33% offline revenue growth[69] - Cumulative offline GMV since the launch of Shopify POS is over $100 billion[71] Shopify Ecosystem & Global Expansion - Shopify has over 16,000 apps in its App Store[47] - Shopify paid out $1.0 billion to partners for apps benefiting merchants in the last 12 months (as of December 31, 2024)[47] - International revenue growth since 2020 is 3.1x, representing 30% of the revenue mix[75,77]

Shopify shares jumped after last quarter’s revenue and its third-quarter outlook beat expectations https://t.co/kUROrOVoqY ...

Core Insights - Shopify (SHOP.US) shares increased by 17% in pre-market trading, driven by the company's forecast of a 25%-29% year-over-year revenue growth for Q3 [1] Company Summary - Shopify anticipates a revenue growth rate of 25%-29% for the third quarter compared to the same period last year [1]

格隆汇8月6日｜Shopify第二季度营收26.8亿美元，市场预估25.5亿美元；订阅收入6.56亿美元，市场预 估6.591亿美元；营业利润2.91亿美元，市场预估2.477亿美元。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ Form 10-Q ___________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ ___________________________ ___________________________ Shopify Inc. (Exact name of reg ...

[Q2 2025 Financial Results Overview](index=1&type=section&id=Q2%202025%20Financial%20Results%20Overview) Shopify's **Q2 2025** achieved strong **revenue growth** and consistent **free cash flow margins**, fueled by strategic investments and accelerated regional performance [Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) **Shopify** reported an exceptional **Q2 2025**, achieving **31% revenue growth** and a **16% free cash flow margin**, marking eight consecutive quarters of double-digit **free cash flow margins**. Management attributed this success to strategic investments and noted accelerating **GMV** and **revenue growth** across key regions, particularly Europe [Overall Performance & Management Commentary](index=1&type=section&id=Overall%20Performance%20%26%20Management%20Commentary) **Shopify** delivered strong **Q2 2025** results with significant **revenue growth** and consistent **free cash flow margins**. Management emphasized the payoff from past strategic investments and highlighted accelerating growth in **GMV** and **revenue** across North America, Europe, and Asia Pacific, with Europe showing particular strength - **Shopify** achieved **31% revenue growth** and **16% free cash flow margin**, marking eight consecutive quarters of double-digit **free cash flow margins**[1](index=1&type=chunk) - **GMV** and **revenue growth** rates accelerated in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where **GMV** grew **42%** on a **constant currency basis**[2](index=2&type=chunk) [Selected Business Performance Information](index=1&type=section&id=Selected%20Business%20Performance%20Information) Key financial metrics for **Q2 2025** demonstrated robust year-over-year growth across **GMV**, **MRR**, **Revenue**, **Gross Profit**, **Operating Income**, and **Free Cash Flow**, with **revenue growth** rate increasing by **10 percentage points** Selected Business Performance (Q2 2025 vs. Q2 2024) | Metric | June 30, 2025 (US $ millions) | June 30, 2024 (US $ millions) | YoY Growth | | :--- | :--- | :--- | :--- | | GMV | 87,837 | 67,245 | 30.6% | | MRR | 185 | 169 | 9.5% | | Revenue | 2,680 | 2,045 | 31.0% | | Gross profit | 1,302 | 1,045 | 24.6% | | Operating income | 291 | 241 | 20.7% | | Free cash flow | 422 | 333 | 26.7% | | YoY revenue growth rate | 31% | 21% | +10 p.p. | | Free cash flow margin | 16% | 16% | 0 p.p. | [Company Information](index=2&type=section&id=Company%20Information) This section details **Shopify** as a leading global commerce company, highlighting its platform and extensive merchant reach across **175+** countries [About Shopify](index=2&type=section&id=About%20Shopify) **Shopify** is a leading global commerce company that provides essential internet infrastructure, offering tools for businesses of all sizes to start, scale, market, and run their retail operations. Its platform is engineered for speed, customization, reliability, and security, serving millions of businesses in over **175** countries - **Shopify** is a leading global commerce company providing essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size[8](index=8&type=chunk) - **Shopify** powers millions of businesses in more than **175** countries and is trusted by numerous global brands[8](index=8&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) This section outlines **Shopify's Q3 2025 financial outlook** and includes disclaimers regarding forward-looking statements and associated risks [Q3 2025 Outlook](index=2&type=section&id=Q3%202025%20Outlook) For **Q3 2025**, **Shopify** expects **revenue growth** in the mid-to-high twenties percentage range year-over-year, with **gross profit** dollars growing at a low-twenties percentage rate. **Operating expenses** are projected to be **38%** to **39%** of **revenue**, stock-based compensation at **$130 million**, and **free cash flow margin** in the mid-to-high teens Q3 2025 Financial Outlook | Metric | Q3 2025 Outlook | | :--- | :--- | | Revenue growth (YoY) | Mid-to-high twenties percentage rate | | Gross profit dollars growth (YoY) | Low-twenties percentage rate | | Operating expense as % of revenue | 38% to 39% | | Stock-based compensation | $130 million | | Free cash flow margin | Mid-to-high teens | [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) This section contains a standard disclaimer regarding forward-looking statements, highlighting that actual results may differ materially from projections due to various known and unknown risks. These risks include economic conditions, consumer spending, international trade impacts, reliance on third-party cloud providers, cybersecurity threats, and software defects. Investors are cautioned against undue reliance on these statements - Forward-looking statements, including **financial outlook** for the next fiscal quarter, are based on current projections and expectations but are subject to known and unknown risks[20](index=20&type=chunk) - Risks that may cause actual results to differ materially include economic conditions, consumer spending, international trade, reliance on third-party cloud providers, cyberattacks, and software defects[20](index=20&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents **Shopify's** unaudited condensed consolidated financial statements, including operations, balance sheets, and cash flows for **Q2 2025** [Condensed Consolidated Statement of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) **Shopify's Q2 2025** Statement of Operations shows total revenues of **$2,680 million**, a **31%** increase year-over-year, driven primarily by merchant solutions. **Gross profit** rose to **$1,302 million**, and **net income** significantly increased to **$906 million**, largely due to a positive **net other income (expense)** including taxes Condensed Consolidated Statement of Operations (Q2 2025 vs. Q2 2024) | Metric (US $ millions) | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Revenues** | | | | | Subscription solutions | 656 | 563 | +16.5% | | Merchant solutions | 2,024 | 1,482 | +36.6% | | **Total Revenues** | **2,680** | **2,045** | **+31.0%** | | Cost of revenues | 1,378 | 1,000 | +37.8% | | **Gross profit** | **1,302** | **1,045** | **+24.6%** | | Total operating expenses | 1,011 | 804 | +25.7% | | **Operating income** | **291** | **241** | **+20.7%** | | Net other income (expense), including taxes | 615 | (70) | N/A | | **Net income** | **906** | **171** | **+430%** | | Net income excluding the impact of equity investments | 338 | 291 | +16.2% | - **Net other income (expense)**, including taxes, significantly contributed to the **net income** increase, encompassing interest income, gains/losses on **equity investments** and other investments, foreign exchange, and income taxes[11](index=11&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of **June 30, 2025**, **Shopify's total assets** increased to **$14,561 million** from **$13,924 million** at **December 31, 2024**, driven by growth in current assets, particularly **marketable securities** and loans. **Total shareholders' equity** also grew to **$12,124 million** Condensed Consolidated Balance Sheets (June 30, 2025 vs. December 31, 2024) | Metric (US $ millions) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **14,561** | **13,924** | **+637** | | Current assets | 8,001 | 7,254 | +747 | | Long-term assets | 6,560 | 6,670 | -110 | | **Total Liabilities** | **2,437** | **2,366** | **+71** | | Current liabilities | 2,078 | 1,956 | +122 | | Long-term liabilities | 359 | 410 | -51 | | **Total Shareholders' Equity** | **12,124** | **11,558** | **+566** | - **Cash and cash equivalents** increased to **$1,542 million** from **$1,498 million**, while **marketable securities** grew to **$4,278 million** from **$3,981 million**[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) **Shopify's Q2 2025 cash flow** statement shows **net cash provided by operating activities** increased to **$428 million**. Investing activities resulted in a reduced net cash outflow of **$252 million**, and financing activities provided **$44 million**. Overall, **cash**, **cash equivalents**, and restricted cash increased by **$233 million**, ending the period at **$1,542 million** Condensed Consolidated Statements of Cash Flows (Q2 2025 vs. Q2 2024) | Metric (US $ millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 428 | 340 | | Net cash used in investing activities | (252) | (424) | | Net cash provided by financing activities | 44 | 3 | | Effect of foreign exchange on cash | 13 | (1) | | Net increase (decrease) in cash, cash equivalents and restricted cash | 233 | (82) | | Cash, cash equivalents and restricted cash – end of period | 1,542 | 1,541 | - A significant net gain on **equity investments** and other investments (**$-682 million**) in **Q2 2025**, compared to a loss (**$76 million**) in **Q2 2024**, impacted **operating cash flow** adjustments[14](index=14&type=chunk) [Non-GAAP Financial Measures & Analysis](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Analysis) This section details **Shopify's** non-GAAP financial measures, including **free cash flow**, **net income excluding equity investments**, and **constant currency analysis** [Free Cash Flow Reconciliation](index=7&type=section&id=Free%20Cash%20Flow%20Reconciliation) **Shopify's free cash flow** for **Q2 2025** increased to **$422 million** from **$333 million** in **Q2 2024**, maintaining a consistent **16% free cash flow margin**. This non-GAAP measure is calculated by subtracting **capital expenditures** from **net cash provided by operating activities** Free Cash Flow Reconciliation (Q2 2025 vs. Q2 2024) | Metric (US $ millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 428 | 340 | | Less: capital expenditures | (6) | (7) | | **Free cash flow** | **422** | **333** | | Revenue | 2,680 | 2,045 | | **Free cash flow margin** | **16%** | **16%** | - **Free cash flow** and **free cash flow margin** are non-GAAP financial measures provided to help investors understand operating results and business performance in the same manner as management[23](index=23&type=chunk) [Net Income Excluding Equity Investments Reconciliation](index=7&type=section&id=Net%20Income%20Excluding%20Equity%20Investments%20Reconciliation) **Net income excluding the impact of equity investments**, a non-GAAP measure, was **$338 million** for **Q2 2025**, up from **$291 million** in **Q2 2024**. This adjustment removes the volatile gains or losses from **equity investments**, which management deems irrelevant to core operational results Net Income Excluding Equity Investments Reconciliation (Q2 2025 vs. Q2 2024) | Metric (US $ millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net income | 906 | 171 | | Less: equity investments, marked to market, net of taxes | 568 | (120) | | **Net income excluding the impact of equity investments** | **338** | **291** | - The impact of gains or losses on **equity investments** is excluded as it is not considered relevant to the fundamentals of **Shopify's** business, given that valuations are outside of management's control[11](index=11&type=chunk) [Financial Performance Constant Currency Analysis](index=8&type=section&id=Financial%20Performance%20Constant%20Currency%20Analysis) **Shopify** provides a **constant currency analysis** to offer a clearer comparison of period-to-period operating results by removing the impact of foreign exchange rate fluctuations. On a **constant currency basis**, **GMV** grew **29%**, **revenue** grew **30%**, and **gross profit** grew **24%** year-over-year for **Q2 2025** Financial Performance Constant Currency Analysis (Q2 2025 vs. Q2 2024) | Metric | 2025 as reported | 2024 as reported | Percentage change YoY | Constant currency impact | Percentage change YoY constant currency | | :--- | :--- | :--- | :--- | :--- | :--- | | GMV | 87,837 | 67,245 | 31% | 1,042 | 29% | | Revenue | 2,680 | 2,045 | 31% | 17 | 30% | | Subscription solutions revenue | 656 | 563 | 17% | 3 | 16% | | Merchant solutions revenue | 2,024 | 1,482 | 37% | 14 | 36% | | Gross profit | 1,302 | 1,045 | 25% | 9 | 24% | | Operating income | 291 | 241 | 21% | 8 | 17% | - This analysis helps investors understand financial and operating performance by isolating the effects of foreign exchange rate fluctuations[18](index=18&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) This section provides supplementary information, including quarterly conference call details, regulatory filings, and definitions of key financial metrics [Quarterly Conference Call & Filings](index=2&type=section&id=Quarterly%20Conference%20Call%20%26%20Filings) **Shopify's Q2 2025** results were discussed in a conference call on August **6, 2025**, with a webcast available on their investor relations website. The company's Form **10-Q** for the quarter ended **June 30, 2025**, including unaudited financial statements, is available on **Shopify's** website and filed with US and Canadian securities regulators - A conference call to discuss **Q2** results was held on August **6, 2025**, with an archived webcast available on **Shopify's** investor relations website[6](index=6&type=chunk) - **Shopify's** Form **10-Q** for **Q2 2025**, including financial statements and MD&A, is available on www.shopify.com and filed on EDGAR and SEDAR+[7](index=7&type=chunk) [Endnotes & Key Metric Definitions](index=9&type=section&id=Endnotes%20%26%20Key%20Metric%20Definitions) This section provides definitions for key financial and operational metrics used in the report, including **Gross Merchandise Volume** (**GMV**), **Monthly Recurring Revenue** (**MRR**), and **Free Cash Flow** (**FCF**), clarifying their calculation and significance - **Gross Merchandise Volume** (**GMV**) represents the total dollar value of orders facilitated through the **Shopify** platform, net of refunds, and inclusive of shipping, handling, duty, and taxes[21](index=21&type=chunk) - **Monthly Recurring Revenue** (**MRR**) is the aggregate value of all subscription plans in effect on the last day of the period, used as a directional indicator for **subscription solutions revenue**[22](index=22&type=chunk) - **Free cash flow** is a non-GAAP financial measure calculated as **cash flow from operations** less **capital expenditures**, providing insight into operating results and business performance[23](index=23&type=chunk)

Benchmark将Shopify的目标价从125美元上调至140美元，维持"买入"评级。(格隆汇) ...

3)消费者信心：大学密歇根大学和世界大型企业联合会指数均呈现出逐季的适度改善，更重要的是，会 议委员会的"预期指数"表明消费者对未来商业状况和劳动力市场的悲观情绪有所减轻，同时对未来收入 水平的预期也有所增强; 4)消费者支出模式：大摩的调查工作表明，消费者因拟议的关税而减少支出的倾向有所下降。 话虽如此，但从需求角度来看，宏观趋势表明： 1)非实体店销售额：在整个第二季度一直保持在 6%至 7%的增速区间内，与第一季度最后一个月的约 7%基本一致，并且在季度层面有所提升(第二季度的跟踪数据达到中个位数水平，而第一季度则在低个 位数水平); 2)零售销售额：从 5 月到 6 月保持稳定，使得第二季度的水平与 2025 年第一季度的水平基本一致; 智通财经APP获悉，Shopify(SHOP.US)将于周三美股盘前公布第二季度业绩。在此之前，摩根士丹利发 布对其进行前瞻分析。大摩指出，第一季度表现强劲，宏观经济数据持续稳定，加之代理商务模式的灵 活性增强，使得该公司表现明显优于大盘软件股。大摩预计在第二季度，市场会有各种不同的波动和变 化，不过稳健的长期布局使其保持乐观态度。大摩给予Shopify"增持"评级， ...

Analysts expect the Ottawa, Canada-based company to report quarterly earnings at 29 cents per share, up from 26 cents per share in the year-ago period. Shopify is projected to report quarterly revenue of $2.55 billion, compared to $2.04 billion a year earlier, according to data from Benzinga Pro. On May 8, Shopify reported fiscal first-quarter results. The company's quarterly revenue growth of 26.8% year over year to $2.36 billion beat the analyst consensus estimate of $2.33 billion. Shopify Inc. SHOP will ...