Shopify(US:SHOP)2025-11-04 12:01Financial Performance - Shopify achieved 32% year-over-year revenue growth, reaching $2,844 million for Q3 2025[3] - Gross Merchandise Volume (GMV) increased by 32% year-over-year to $92,013 million[3] - Monthly Recurring Revenue (MRR) rose to $193 million, up from $175 million, reflecting a year-over-year growth of 10%[3] - Free cash flow for the quarter was $507 million, with a free cash flow margin of 18%[3] - Operating income increased to $343 million, compared to $283 million in Q3 2024, marking a 21% increase[3] Future Projections - Shopify expects revenue growth in Q4 2025 to be at a mid-to-high-twenties percentage rate year-over-year[8] - Gross profit dollars are anticipated to grow at a low-to-mid-twenties percentage rate year-over-year[8] - Operating expenses as a percentage of revenue are projected to be between 30% to 31%[8] - Stock-based compensation is expected to be $130 million for the upcoming quarter[8] Assets and Cash Flow - Total assets increased to $15,039 million as of September 30, 2025, up from $13,924 million at the end of 2024[10] - Free cash flow is calculated as cash flow from operations less capital expenditures, and is a non-GAAP financial measure[19] - Free cash flow margin is also a non-GAAP financial measure, providing insights into operating results and business performance[19] - Shopify does not reconcile forward-looking non-GAAP free cash flow margin due to the unavailability of certain financial information[19] - The company believes that free cash flow and free cash flow margin are useful for investors to understand operational performance[19]