
Shopify Q3 '25 results show revenue of $2.84B (estimate was $2.76B) and EPS of $0.35 beat estimates of $0.34, with Q4 revenue growth expected in the mid-to-high 20s and free cash flow margin slightly above Q3.
Bullish
Shopify delivered consistent, strong execution with Q3 GMV growth of 32%, revenue growth of 32%, and an 18% free cash flow margin, demonstrating a balance between growth and profitability.
Bearish
Transaction and loan losses represented 5% of revenue, an uptick above Shopify's historical trend line, stemming mostly from higher losses in the payments business due to testing and experimentation with merchant onboarding.