SHOP's Merchants Drive GMV Higher: Is Growth Thesis Strengthening?

Key Takeaways SHOP's Q1 2025 GMV rose 22.8% year over year to $74.75B, marking its seventh straight quarter of 20% growth. Growth was driven by an increase in merchants, higher same-store sales, and strong traction in Europe. Shop Pay GMV jumped 57% to $22B while Shop App native GMV rose 94% year over year in Q1 2025.Shopify (SHOP) is benefiting from strong growth in its merchant base, which is driving its Gross Merchandise Volume (GMV) higher. This growth in GMV reinforces its position as a leading e-com ...