🔹 Revenue: $2.36B (Est. $2.33B) 🟢; UP +27% YoY
🔹 Oper. Income: $203M (Est. $208M) 🔴; UP +136% YoY
🔹 GMV: $74.75B (Est. $74.8B) 🟡; UP +23% YoY
🔹 MRR: $182M; UP +20.5% YoY
Q2'25 Guidance:
🔹 Revenue: Expected to grow at a mid-20s % rate YoY vs high teen expected 😐
🔹 Gross Profit Dollars: Expected to grow at high-teens % rate YoY
🔹 Operating Expense as % of Revenue: 39%–40%
🔹 Free Cash Flow Margin: Mid-teens (in line with Q1)
🔹 Stock-based Compensation: ~$120M
Segment Revenue:
🔹 Subscription Solutions: $620M (UP +21% YoY)
🔹 Merchant Solutions: $1.74B (UP +29% YoY)
Other Key Metrics:
🔹 Gross Profit: $1.17B; UP +22% YoY
🔹 Free Cash Flow: $363M; UP +56% YoY
🔹 Free Cash Flow Margin: 15% (vs. 12% YoY)
🔹 Net Income Excl. Equity Investments: $226M; UP +57% YoY
Operational Highlights:
🔸 Achieved 7 consecutive quarters of GMV growth above 20%
🔸 Free cash flow margin remained in double-digits for the 7th straight quarter
🔸 8 consecutive quarters of pro forma revenue growth >25%
CEO Harley Finkelstein Commentary:
🔸 "Our Q1 results confirm that we are delivering both growth and profitability at scale. Businesses perform better on Shopify, regardless of market conditions."
CFO Jeff Hoffmeister Commentary:
🔸 "Another very strong quarter for Shopify with 27% revenue growth and continued margin strength. Highlights our operational discipline and merchant-first strategy."