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Source document· November 28, 2025

Shopify (SHOP) Q3 2025 Earnings Call Transcript

View original at nasdaq.com
Shopify (SHOP) Q3 2025 Earnings Call Transcript Image source: The Motley Fool. Date Nov. 4, 2025 at 12:16 p.m. ET Call participants President — Harley FinkelsteinChief Financial Officer — Jeff HoffmeisterDirector, Investor Relations — Carrie Gillard Need a quote from a Motley Fool analyst?…
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  • Q4 2025 free cash flow margin expected slightly above Q3 levels

    80% confidence

  • Merchants with annual GMV over $25M grew faster in Q3 than smaller merchants

    80% confidence

  • AI is not just a feature at Shopify. It is central to our engine that powers everything we build

    80% confidence

  • Q4 2025 operating expenses expected to be 30-31% of revenue

    80% confidence

  • 64% of shoppers likely to use AI for BFCM purchases according to consumer survey

    80% confidence

  • Transaction and loan losses are elevated due to Payments testing and higher capital loss rate but are improving

    80% confidence

  • Full year 2025 FCF margin expected similar to 2024

    80% confidence

  • Q4 2025 revenue growth expected in mid to high 20% range

    80% confidence

  • Q4 2025 gross profit growth expected in low to mid 20% range

    80% confidence

  • Merchants raised prices since April tariffs, with pricing increases slightly lower than Q2 trends

    80% confidence

  • Our merchants have consistently delivered over 20% GMV growth for 9 consecutive quarters

    80% confidence

  • Sometimes that means me spending the weekend on calls... Tobi jumping in to explain a new feature... 8,100 people at Shopify who're relentlessly merchant-obsessed

    80% confidence

  • 2025 merchant cohort outpacing previous years' cohorts at same age

    80% confidence

  • Every 26 seconds, a new entrepreneur makes their first sale on Shopify

    80% confidence
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The Agentic Takeover of the CFO's Office
Enterprise finance software vendors—BlackLine, OneStream, Numero AI, and Oracle—are racing to embed autonomous AI agents into core financial operations (close, consolidation, reporting), backed by consolidation M&A (Numero-Royu, BlackLine-WiseLayer), fresh leadership hires, and survey data showing nearly a quarter of CFOs plan to boost AI spending over 50%. Adoption momentum is strong even as at least one bellwether (Oracle) sees its stock lag year-to-date, suggesting the market hasn't yet fully priced in the shift from AI-as-feature to AI-as-agent in finance.
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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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Morgan Stanley & Co. LLC
Two significantly different EPS values (10.21 vs 2.68 USD_per_share) are reported for Morgan Stanley on the same observation date (2025-12-31). Fact A specifies FY 2025, while Fact B's 'N/A' fiscal period is ambiguous. If both represent FY 2025 annual EPS, these values directly conflict. The magnitude of the difference (3.8x) is too large to attribute to rounding or minor calculation variations. The missing fiscal period in Fact B raises data quality concerns, but same-date observation + same attribute should reference the same period.
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