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Source document· December 23, 2025

Shopify (SHOP) Q2 2025 Earnings Call Transcript

View original at finance.yahoo.com
Shopify (SHOP) Q2 2025 Earnings Call Transcript Image source: The Motley Fool. DATE Wednesday, August 6, 2025 at 8:30 a.m. ET CALL PARTICIPANTS President — Harley Finkelstein Chief Financial Officer — Jeff J…
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  • Loss rates in Capital business remain consistent with prior quarters

    80% confidence

  • Operating expenses of 38% of revenue in Q2 2025, down from 39% year-over-year

    80% confidence

  • Monthly recurring revenue (MRR) up 9% year-over-year

    80% confidence

  • Convertible note with $920M principal matures November 1, 2025 and will be settled in cash

    80% confidence

  • Q3 2025 revenue growth guidance: mid to high 20s% year-over-year

    80% confidence

  • Plus plans represent 35% of MRR

    80% confidence

  • Merchant Solutions revenue up 37% in Q2 2025

    80% confidence

  • Shop Week sales more than doubled versus prior year

    80% confidence

  • Payments penetration of 64% versus 61% in prior year

    80% confidence

  • Approximately 4% of global GMV ships under de minimis exemptions

    80% confidence

  • Cross-border GMV represents 15% of total GMV

    80% confidence

  • Q3 2025 free cash flow margin guidance: mid to high teens

    80% confidence

  • Free cash flow margin of 16% in Q2 2025

    80% confidence

  • Merchants above $50M annual GMV and under $2M showed particular Q2 acceleration

    80% confidence

  • Subscription Solutions revenue up 17% in Q2 2025

    80% confidence

  • Extended paid trials to 3-month trials versus 1-month last year for standard plans

    80% confidence

  • Shopify named leader in Retail POS software

    80% confidence

  • Offline GMV up 29%

    80% confidence

  • Strong growth in apparel/accessories, health/beauty, home/garden, food/beverage categories

    80% confidence

  • Gross margin of 48.6% in Q2 2025 versus 51.1% in prior year

    80% confidence

  • Q3 2025 stock-based compensation guidance: $130M

    80% confidence

  • Shop Pay GMV of $27B, up 65% in Q2 2025

    80% confidence

  • Q3 2025 gross profit growth guidance: low 20s%

    80% confidence

  • Stock-based compensation of $120M in Q2 2025

    80% confidence

  • Shop Pay Installments GMV up 38% in Q2 2025

    80% confidence

  • Europe merchants outpace overall e-commerce market by 4-5x

    80% confidence

  • International GMV up 42% year-over-year

    80% confidence

  • Revenue of $2.7B, up 31% year-over-year in Q2 2025

    80% confidence

  • Q3 2025 operating expenses guidance: 38-39% of revenue

    80% confidence

  • B2B GMV up 101%

    80% confidence
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AI Capital Surge: Late-August 2026 Funding Wave Spans Fintech, Enterprise Agents, and Robotics
A dense cluster of funding rounds landing on 2026-08-28 — from identity/fraud fintech player Socure ($156M plus its acquisition of Fravity) to enterprise AI agent startups (Instinct, Generalist AI, Owner), model infrastructure (Stability AI, Emerald AI), and autonomous logistics/aerospace (Gatik, Regent Craft) — signals investors are rotating aggressively into AI-native companies with demonstrable ROI, especially in financial risk/compliance and back-office automation. Parallel signals (Multiverse Computing's compression benchmarks cutting inference cost/latency, and Arkestro/CloneOps.ai publishing hard savings and labor-displacement figures) suggest the funding is chasing efficiency and measurable economic impact rather than pure model scale.
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Satellite-Terrestrial Network Integration Acceleration
Increased investment and launches in hybrid satellite-cellular networks across telecom industry; competitive responses from other carriers; regulatory activity around satellite spectrum; expansion of emergency/rural connectivity use cases
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ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
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Shopify (SHOP) Q2 2025 Earnings Call Transcript — Source | Via News | Via News