Shopify Inc. announced Tuesday financial results for the quarter ended September 30, 2025, achieving 32% revenue growth and 18% free cash flow margin, marking nine consecutive quarters of double-digit free cash flow margins.
“We build. We ship. We grow. That’s the model, and it’s running at full speed. From entrepreneurs making their very first sale on Shopify every 26 seconds, to global icons like Estée Lauder, we’re powering growth across the full spectrum of commerce. That scale fuels relentless momentum: GMV up 32%, revenue up 32%, free cash flow margin at 18%. Retail’s busiest season is here, and, as always, Shopify merchants are built for it,” said Harley Finkelstein, President of Shopify.
“Our third quarter results show what’s possible when merchant ambition and success meet Shopify’s disciplined execution,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “We’re not just growing—we’re delivering consistent growth and profitability, quarter after quarter. Q3 was a standout quarter with revenue growth and free cash flow margins both surpassing our robust Q2 performance.”
For the fourth 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-to-mid-twenties percentage rate on a year-over-year basis;
- Operating expense as a percentage of revenue to be 30% to 31%;
- Stock-based compensation to be $130 million; and
- Free cash flow margin to be slightly above Q3 2025.
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