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Shopify SHOP Q1 2025 Annual earnings

Reported May 8, 2025 · Before market open

Revenue$2.4BMiss by $165.4M
EPS$0.25Miss by $0.01
Revenue estimate$2.5B
EPS estimate$0.26

Next report

Nov 3, 2026 (in a month)
Revenue estimate$3.7B
EPS estimate$0.46

Financials

Q1 2025

Income statement

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Revenue$2.4B+26.8%
Gross profit$1.2B+22.2%
Operating income$203.0M+136%
Net income-$682.0M-166%
EPS (diluted)-$0.53-152%

Balance sheet

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Cash & equivalents$1.3B-19.3%
Total debt$1.1B—
Total equity$11.1B+24.3%
Total assets$13.4B—

Cash flow

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Operating cash flow$367.0M+54.2%
CapEx$4.0M-33.3%
Free cash flow$363.0M+56.5%

Valuation & ratios

Valuation

as of 03/30/25
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Market cap$123.63B+24.3%
Enterprise value$123.46B—
P/E77.6×—
P/S13.2×-0.7×

Profitability

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Gross margin49.9%-0.3pp
Operating margin12.7%+8.4pp
Net margin17%+15.2pp
FCF margin18.4%+5.7pp

Returns & leverage

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Return on equity16%—
Debt / equity0.1×—
Current ratio3.7×—

Segments

By product

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Merchant solutions$1.7B+28.9%
Subscription solutions$620.0M+21.3%

FAQ

When did Shopify report Q1 2025 earnings?
Shopify (SHOP) reported Q1 2025 earnings on May 8, 2025 before market open.
What were Shopify's Q1 2025 revenue and EPS?
Shopify reported revenue of $2.4B and eps of $0.25 for Q1 2025.
Did Shopify beat estimates in Q1 2025?
Revenue missed the consensus estimate of $2.5B by $165.4M. EPS missed the consensus estimate of $0.26 by $0.01.
How did Shopify's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 26.8% from $1.9B a year earlier and eps grew 25.0% from $0.20.
Where can I find Shopify's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001594805-25-000045) and the 10-K/A periodic report (0001594805-25-000039) directly on SEC EDGAR. The filing index links above go to sec.gov.