2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
$11.6B in revenue, $2B in free cash flow and the launch of a $2B share repurchase program
Internet, Everywhere--(Newsfile Corp. - February 11, 2026) - Shopify Inc. (NASDAQ, TSX: SHOP) announced today financial results for the quarter and year ended December 31, 2025. Shopify achieved Q4 revenue growth of 31% and a 19% free cash flow margin, marking ten consecutive quarters of double-digit free cash flow margins.
"2025 was Shopify at full throttle - driving compounding growth, while laying the rails for the new era of AI commerce," said Harley Finkelstein, President of Shopify. "2026 will be the year of the builders, and we'll be powering them - from first sale to full scale."
Jeff Hoffmeister, Chief Financial Officer, said, "We closed Q4 with strong top-line growth and disciplined cash generation with revenue up 31% year-over-year and a 19% free cash flow margin. This brings 2025 to 30% revenue growth, 4 percentage points higher than 2024, and a 17% free cash flow margin. With AI reshaping how buyers discover and purchase, we delivered these strong margins while investing in Catalog, Sidekick, Universal Commerce Protocol, and our full platform of commerce solutions. We ended 2025 with strength across all merchant sizes, regions, and channels, setting us up well for 2026."
Selected Business Performance Information(1) (In US $ millions, except percentages)
Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 GMV 123,841 94,460 378,441 292,275 MRR 205 178 205 178 Revenue 3,672 2,812 11,556 8,880 Gross profit 1,693 1,352 5,555 4,472 Operating income 631 465 1,468 1,075 Free cash flow 715 611 2,007 1,597 YoY revenue growth rate 31 % 31 % 30 % 26 % Free cash flow margin 19 % 22 % 17 % 18 %
(1)See endnotes below for definitions of GMV and MRR and additional information on free cash flow and free cash flow margin, which are non-GAAP financial measures and are reconciled to the comparable GAAP measures in the non-GAAP reconciliation at the end of this press release.
2025 Highlights(2)
Durable, rapid growth at scale 29% GMV growth that scales
with merchant success
(2024: 24%, 2023: 20%, 2022: 12%) 30% Revenue growth that
persists with scale
(2024: 26%, 2023: 26%, 2022: 21%) 3x Greater GMV than 2020 3.9x Greater revenue than 2020 11 Consecutive quarters of 25%
or greater revenue growth,
excluding logistics >14% US ecommerce market share Multiple growth drivers gaining momentum Profitable by design 36% International revenue growth $2B Free cash flow 27% Offline revenue growth $1.5B Operating income 96% B2B GMV growth 10 Consecutive quarters
of double-digit free cash
flow margins 37% Gross Payments Volume growth 62% Shop Pay GMV growth
(2) All comparisons are to 2024, unless otherwise stated. The US ecommerce market share is based on a combination of US Census Bureau data (Quarterly Retail E-Commerce Sales, not adjusted) and internal estimates. Shopify market share represents sales by Shopify merchants based on Shopify's 2025 US GMV (excluding merchant sales made through POS). International revenue represents total revenue for all regions outside North America. Offline revenue includes revenue from Shopify Payments for offline, POS Pro and Retail plan subscriptions and POS Hardware. B2B represents a very small portion of total GMV today, given it is a product offering for Plus merchants only.
Story Continues
2026 Outlook
The outlook that follows supersedes all prior financial outlook statements made by Shopify, constitutes forward-looking information within the meaning of applicable securities laws, is based on a number of assumptions, and is subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Shopify's control. Please see "Forward-looking Statements" at the end of this press release.
For the first quarter of 2026, we expect:
Revenue to grow at a low-thirties percentage rate on a year-over-year basis, similar to Q4 2025; Gross profit dollars to grow at a high-twenties percentage rate on a year-over-year basis; Operating expenses as a percentage of revenue to be 37% to 38%; Stock-based compensation to be $140 million; and Free cash flow margin to be in the low-to-mid teens, slightly below Q1 of 2025.
Share Repurchase Authorization
Shopify's Board of Directors has authorized a share repurchase program of up to $2 billion. Shopify expects the program to be executed using pre-arranged algorithmic trading instructions, with no set quarterly or annual minimums. "We are launching this share repurchase program from a position of financial and operating strength, as clearly demonstrated by the results we announced today. Our capital allocation principles remain unchanged: prioritizing growth while remaining disciplined, flexible, and focused on long-term value for Shopify and our shareholders," said Jeff Hoffmeister, Chief Financial Officer of Shopify.
Quarterly Conference Call
Shopify's management team will hold a conference call to discuss our fourth-quarter results today, February 11, 2026, at 8:30 a.m. ET. The conference call will be webcast in the Investor Relations section of Shopify's website at www.shopify.com/investors/events. An archived replay of the webcast will be available following the conclusion of the call.
Shopify's Annual Report on Form 10-K for the year ended December 31, 2025, including the Audited Consolidated Financial Statements and accompanying Notes, and Management's Discussion and Analysis, will be available on Shopify's website at www.shopify.com and will be filed on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Shareholders may, upon request, receive a hard copy of the complete audited financial statements free of charge.
About Shopify
Shopify provides essential internet infrastructure for commerce. Shopify's all-in-on…