Shopify Inc., announced Thursday financial results for the quarter ended March 31, 2025, saying the company achieved 27% revenue growth and 15% free cash flow margin.
Shopify has now delivered double-digit free cash flow margins for seven consecutive quarters, it said in a news release.
“Our Q1 results confirm two clear facts. First, we are delivering both growth and profitability at scale. Second, businesses perform better on Shopify, regardless of market conditions,” said Harley Finkelstein, President of Shopify. “We built Shopify for times like these. We handle the complexity so merchants can focus on their customers. We ship products faster than anyone else, giving merchants the edge they need to succeed.”
Jeff Hoffmeister, Chief Financial Officer of Shopify, added, “Q1 marked another very strong set of financial results for Shopify, with 27% revenue growth and 15% free cash flow margin. We have now achieved eight consecutive quarters of pro forma revenue growth of 25% or more and seven consecutive quarters of GMV growth greater than 20%, all while increasing our free cash flow. These metrics highlight our strong performance and dedication to supporting our merchants’ success.”
For the second quarter of 2025, Shopify said it expects:
- Revenue to grow at a mid-twenties percentage rate on a year-over-year basis;
- Gross profit dollars to grow at a high-teens percentage rate on a year-over-year basis;
- Operating expense as a percentage of revenue to be 39% to 40%;
- Stock-based compensation to be $120 million; and
- Free cash flow margin to be in the mid-teens, similar to the first quarter of 2025.
Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more.
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