Shopify (SHOP) Q2 2025 Earnings Call Transcript
View original at finance.yahoo.comShopify (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…
What we drew from this source
The claims Via News extracted from this document. We point to the source; we don't replace it.
Shop Pay GMV of $27B, up 65% in Q2 2025
80% confidenceShop Week sales more than doubled versus prior year
80% confidenceApproximately 4% of global GMV ships under de minimis exemptions
80% confidenceOperating income of $291M (11% of revenue) in Q2 2025
80% confidenceQ3 2025 gross profit growth guidance: low 20s%
80% confidenceStock-based compensation of $120M in Q2 2025
80% confidenceShop Pay Installments GMV up 38% in Q2 2025
80% confidenceCapital expenditures of $6M in Q2 2025
80% confidenceFree cash flow of $422M in Q2 2025
80% confidenceSubscription Solutions gross margin of 81.6% in Q2 2025
80% confidenceMerchants above $50M annual GMV and under $2M showed particular Q2 acceleration
80% confidenceRevenue of $2.7B, up 31% year-over-year in Q2 2025
80% confidenceLoss rates in Capital business remain consistent with prior quarters
80% confidenceB2B GMV up 101%
80% confidenceOperating expenses of 38% of revenue in Q2 2025, down from 39% year-over-year
80% confidence11 consecutive quarters of positive free cash flow, 8 in double digits
80% confidenceConvertible note with $920M principal matures November 1, 2025 and will be settled in cash
80% confidenceOffline GMV up 29%
80% confidenceCross-border GMV represents 15% of total GMV
80% confidenceEurope GMV up 49% (42% constant currency)
80% confidenceEurope merchants outpace overall e-commerce market by 4-5x
80% confidenceFree cash flow margin of 16% in Q2 2025
80% confidenceTransaction losses of 3% of revenue with consistent rates, driven by volume growth
80% confidenceMulticurrency now available in 20 countries
80% confidenceGMV of $88B, up 31% year-over-year (29% constant currency) in Q2 2025
80% confidenceShop App sign-ins up 46%
80% confidenceQ3 2025 operating expenses guidance: 38-39% of revenue
80% confidenceQ3 2025 revenue growth guidance: mid to high 20s% year-over-year
80% confidenceStrong growth in apparel/accessories, health/beauty, home/garden, food/beverage categories
80% confidenceGross margin of 48.6% in Q2 2025 versus 51.1% in prior year
80% confidence