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Source document· December 23, 2025

Shopify (SHOP) Q2 2025 Earnings Call Transcript

View original at finance.yahoo.com

Shopify (SHOP) Q2 2025 Earnings Call Transcript Image source: The Motley Fool. DATE Wednesday, August 6, 2025 at 8:30 a.m. ET CALL PARTICIPANTS President — Harley Finkelstein Chief Financial Officer — Jeff J…

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Q3 2025 gross profit growth guidance: low 20s%
80% confidence
Stock-based compensation of $120M in Q2 2025
80% confidence
Europe GMV up 49% (42% constant currency)
80% confidence
Europe merchants outpace overall e-commerce market by 4-5x
80% confidence
Free cash flow margin of 16% in Q2 2025
80% confidence
Subscription Solutions revenue up 17% in Q2 2025
80% confidence
International GMV up 42% year-over-year
80% confidence
GMV of $88B, up 31% year-over-year (29% constant currency) in Q2 2025
80% confidence
Extended paid trials to 3-month trials versus 1-month last year for standard plans
80% confidence
Shop App sign-ins up 46%
80% confidence
Convertible note with $920M principal matures November 1, 2025 and will be settled in cash
80% confidence
Plus plans represent 35% of MRR
80% confidence
Payments penetration of 64% versus 61% in prior year
80% confidence
Approximately 4% of global GMV ships under de minimis exemptions
80% confidence
Cross-border GMV represents 15% of total GMV
80% confidence
Transaction losses of 3% of revenue with consistent rates, driven by volume growth
80% confidence
Free cash flow of $422M in Q2 2025
80% confidence
Merchants above $50M annual GMV and under $2M showed particular Q2 acceleration
80% confidence
Multicurrency now available in 20 countries
80% confidence
Revenue of $2.7B, up 31% year-over-year in Q2 2025
80% confidence
Shop App native GMV up 140% year-over-year
80% confidence
Rapid growth in pet supplies, furniture, arts/entertainment categories
80% confidence
Merchant Solutions gross margin of 37.9% in Q2 2025 versus 39.1% in Q2 2024
80% confidence
Monthly recurring revenue (MRR) up 9% year-over-year
80% confidence
Offline GMV up 29%
80% confidence
Gross margin of 48.6% in Q2 2025 versus 51.1% in prior year
80% confidence
Shopify Payments expanded to 16 new countries in 2025 for a total of 60 countries
80% confidence
Merchant Solutions revenue up 37% in Q2 2025
80% confidence
Q3 2025 stock-based compensation guidance: $130M
80% confidence
Shop Pay GMV of $27B, up 65% in Q2 2025
80% confidence