Shopify (SHOP) earnings Q4 2025

Shopify on Wednesday reported fourth-quarter results that beat on the top line and gave strong guidance to start the year. The stock slid more than 9%.

Here’s how the company did, compared with estimates from analysts polled by LSEG:

• Earnings per share: 48 cents adjusted vs. 51 cents
• Revenue: $3.67 billion vs. $3.59 billion

The Canadian e-commerce company said it expects first-quarter revenue to expand at a “low-thirties percentage rate” year over year, which is higher than the 25.1% growth forecast by analysts, according to FactSet.

Shopify also said its board of directors approved $2 billion in share buybacks.

Shares of software companies have sold off heavily in recent weeks as investors grew increasingly concerned about the potential threat of artificial intelligence tools.

Shopify, which sells software to help businesses launch and run their online storefronts, has tried to position itself at the forefront of emerging AI shopping tools. The company was an early partner of OpenAI when it launched its Instant Checkout feature, and it helped Google develop a protocol for how AI shopping bots will facilitate transactions across the web.

The company’s revenues were lifted by the key holiday shopping period, which saw “record” spending in 2025, according to Adobe Analytics. Online spending from Nov. 1 through Dec. 31 increased 6.8% to $257.8 billion, Adobe said, beating its forecast of $253.4 billion.

Shoppers remained resilient during the holiday shopping season despite a dour economic backdrop dominated by weakening consumer confidence, President Donald Trump’s sweeping tariff policies and a slowing job market.

The Commerce Department reported Tuesday that retail sales in December were flat after increasing 0.6% in November, capping off the year on a downbeat note after a period of otherwise solid shopping activity.

Shopify’s gross merchandise volume, or the total volume of merchandise sold on the platform, came in higher than expected. GMV surged 29% year over year to $123.8 billion, surpassing analysts’ estimated $121.3 billion, according to FactSet.