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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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  • Shopify Payments expanded to 16 new countries in 2025 for a total of 60 countries

    80% confidence

  • Plus plans represent 35% of MRR

    80% confidence

  • Shop Week sales more than doubled versus prior year

    80% confidence

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

    80% confidence

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

    80% confidence

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

    80% confidence

  • Europe GMV up 49% (42% constant currency)

    80% confidence

  • Free cash flow margin of 16% in Q2 2025

    80% confidence

  • Capital expenditures of $6M in Q2 2025

    80% confidence

  • Subscription Solutions gross margin of 81.6% in Q2 2025

    80% confidence

  • GMV of $88B, up 31% year-over-year (29% constant currency) in Q2 2025

    80% confidence

  • Loss rates in Capital business remain consistent with prior quarters

    80% confidence

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

    80% confidence

  • B2B GMV up 101%

    80% confidence

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

    80% confidence

  • Merchant Solutions revenue up 37% in Q2 2025

    80% confidence

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

    80% confidence

  • Operating income of $291M (11% of revenue) in Q2 2025

    80% confidence

  • Shop Pay Installments GMV up 38% in Q2 2025

    80% confidence

  • Subscription Solutions revenue up 17% in Q2 2025

    80% confidence

  • Multicurrency now available in 20 countries

    80% confidence

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

    80% confidence

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

    80% confidence

  • Shop App native GMV up 140% year-over-year

    80% confidence

  • Offline GMV up 29%

    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

  • 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
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Anthropic's Dario Amodei publicly called for a coordinated global slowdown in frontier AI development, a stance Microsoft echoed with a 'humanist' AI code of conduct, but Nvidia and Meta's CEOs rejected any coordinated pause days later, exposing a widening rift between safety-focused and growth-focused AI leaders. The dispute landed amid growing financial scrutiny of AI infrastructure spending — a hyperscaler capex analysis, FTC warnings against antitrust waivers for AI firms, and an 8.6% single-day stock drop in GE Vernova tied directly to the slowdown remarks — signaling investors are newly nervous about whether the AI capex boom (including Alphabet's projected $701B revenue narrative) can be justified if the pace of development itself becomes contested.
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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