Shopify (SHOP) Q3 2025 Earnings Call Transcript
View original at nasdaq.comShopify (SHOP) Q3 2025 Earnings Call Transcript Image source: The Motley Fool. Date Nov. 4, 2025 at 12:16 p.m. ET Call participants President — Harley FinkelsteinChief Financial Officer — Jeff HoffmeisterDirector, Investor Relations — Carrie Gillard Need a quote from a Motley Fool analyst?…
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AI is not just a feature at Shopify. It is central to our engine that powers everything we build
80% confidenceQ4 2025 operating expenses expected to be 30-31% of revenue
80% confidenceMerchants raised prices since April tariffs, with pricing increases slightly lower than Q2 trends
80% confidenceSometimes that means me spending the weekend on calls... Tobi jumping in to explain a new feature... 8,100 people at Shopify who're relentlessly merchant-obsessed
80% confidence64% of shoppers likely to use AI for BFCM purchases according to consumer survey
80% confidenceEvery 26 seconds, a new entrepreneur makes their first sale on Shopify
80% confidenceMerchants with annual GMV over $25M grew faster in Q3 than smaller merchants
80% confidenceQ4 2025 free cash flow margin expected slightly above Q3 levels
80% confidenceQ4 2025 gross profit growth expected in low to mid 20% range
80% confidenceTransaction and loan losses are elevated due to Payments testing and higher capital loss rate but are improving
80% confidenceFull year 2025 FCF margin expected similar to 2024
80% confidenceQ4 2025 revenue growth expected in mid to high 20% range
80% confidenceOur merchants have consistently delivered over 20% GMV growth for 9 consecutive quarters
80% confidence2025 merchant cohort outpacing previous years' cohorts at same age
80% confidence