SHOP's Merchant Solutions Revenue Growth Picks Up: More Upside Ahead?

Key Takeaways Shopify's Merchant Solutions revenues rose 37% year over year in the second quarter of 2025. GMV climbed 31% to $87.84B, driven by higher merchant sales and new additions. Shop Pay processed $27B in GMV, up 65%, as payment adoption reached 64% penetration. Shopify’s (SHOP) capacity to monetize the economic activity on its platform is evident in the rapid acceleration of its Merchant Solutions revenues, which jumped 37% year over year in the second quarter of 2025. Rising sales among existing m ...