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Shopify SHOP Q2 2025 earnings

Reported August 6, 2025 · Before market open

Revenue$2.7BBeat by $101.1M
EPS$0.35Beat by $0.06
Revenue estimate$2.6B
EPS estimate$0.29

Next report

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

Financials

Q2 2025

Income statement

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Revenue$2.7B+31.1%
Gross profit$1.3B+24.6%
Operating income$291.0M+20.7%
Net income$906.0M+346%
EPS (diluted)$0.69+431%

Balance sheet

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Cash & equivalents$1.5B+0.1%
Total debt$1.1B—
Total equity$12.1B+32.2%
Total assets$14.6B—

Cash flow

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Operating cash flow$428.0M+25.9%
CapEx$6.0M-14.3%
Free cash flow$422.0M+26.7%

Valuation & ratios

Valuation

as of 06/30/25
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Market cap$148.45B+74.4%
Enterprise value$148.04B—
P/E64.7×-6,481×
P/S14.8×+3.4×

Profitability

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Gross margin49.3%-1.2pp
Operating margin12.4%+9.6pp
Net margin22.9%+22.8pp
FCF margin18.1%+4.5pp

Returns & leverage

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Return on equity21.6%—
Debt / equity0.1×—
Current ratio3.9×—

Segments

By product

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Merchant solutions$2.0B+36.6%
Subscription solutions$656.0M+16.5%

FAQ

When did Shopify report Q2 2025 earnings?
Shopify (SHOP) reported Q2 2025 earnings on August 6, 2025 before market open.
What were Shopify's Q2 2025 revenue and EPS?
Shopify reported revenue of $2.7B and eps of $0.35 for Q2 2025.
Did Shopify beat estimates in Q2 2025?
Revenue beat the consensus estimate of $2.6B by $101.1M. EPS beat the consensus estimate of $0.29 by $0.06.
How did Shopify's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 31.1% from $2.0B a year earlier and eps grew 34.6% from $0.26.
Where can I find Shopify's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001594805-25-000072) and the 10-Q periodic report (0001594805-25-000073) directly on SEC EDGAR. The filing index links above go to sec.gov.