Shopify Inc. announced Wednesday financial results for the quarter ended June 30. Shopify said it achieved 31% revenue growth and 16% free cash flow margin, marking eight consecutive quarters of double-digit free cash flow margins.
“Today’s results are the payoff from bold bets we made years ago,” said Harley Finkelstein, President of Shopify. “The investments we’re making now will fuel our next chapter. At Shopify, innovation never stops. No matter how good the numbers look, there’s always a new frontier in commerce—and we’ll continue to lead the way.”
“Shopify delivered another outstanding quarter, with both GMV and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42% on a constant currency basis,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success.”
2025 Outlook
For the third quarter of 2025, Shopify said it expects:
- Revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis;
- Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis;
- Operating expense as a percentage of revenue to be 38% to 39%;
- Stock-based compensation to be $130 million; and
- Free cash flow margin to be in the mid-to-high teens.
Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, BevMo, ButcherBox, Carrier, JB Hi-Fi, Meta, SKIMS, Supreme, Vuori, and many more.
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