$SHOP (+2,08%) presented its Q4 2025 earnings figures today
Key figure earnings (Q4 2025)
Comparison to previous year (YoY)
Turnover 3.67 billion $ +31 %
GMV (gross merchandise volume)
123.8 billion $ +31 %
Earnings per share (adj. EPS) $0.57
(Expected: 0.43 - 0.51 $)
Free cash flow
715 million $
19 % margin
🚀 The most important drivers
- Growth series: This was the eleventh consecutive quarter of sales growth of over 25% (adjusted for logistics effects).
- AI focus: President Harley Finkelstein emphasized that 2025 was the year in which the tracks were laid for the "new era of AI commerce" (AI commerce). Products like Sidekick and the Universal Commerce Protocol were the focus.
- Share buyback: Surprisingly, a 2 billion dollar share buyback program was was announced, underlining management's confidence in its own cash generation.
🔮 Outlook for 2026
Shopify is very optimistic for the first quarter of 2026:
- Revenue growth: An increase in the low low 30 percent range (analysts had only expected around 25%).
Gross profit: Expected to grow in the high 20s percent range.
To summarize: Shopify continues to deliver strong growth and profitability at the same time - a combination that the market is currently celebrating to the extreme.
