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…
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Approximately 4% of global GMV ships under de minimis exemptions
80% confidenceQ3 2025 free cash flow margin guidance: mid to high teens
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% confidenceEurope GMV up 49% (42% constant currency)
80% confidenceFree cash flow of $422M in Q2 2025
80% confidenceSubscription Solutions revenue up 17% in Q2 2025
80% confidenceMulticurrency now available in 20 countries
80% confidenceGMV of $88B, up 31% year-over-year (29% constant currency) in Q2 2025
80% confidenceLoss rates in Capital business remain consistent with prior quarters
80% confidenceMonthly recurring revenue (MRR) up 9% year-over-year
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% confidenceOffline GMV up 29%
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% confidenceShopify Payments expanded to 16 new countries in 2025 for a total of 60 countries
80% confidenceQ3 2025 stock-based compensation guidance: $130M
80% confidenceShop Week sales more than doubled versus prior year
80% confidencePayments penetration of 64% versus 61% in prior year
80% confidenceCross-border GMV represents 15% of total GMV
80% confidenceEurope merchants outpace overall e-commerce market by 4-5x
80% confidenceCapital expenditures of $6M in Q2 2025
80% confidenceTransaction losses of 3% of revenue with consistent rates, driven by volume growth
80% confidenceMerchants above $50M annual GMV and under $2M showed particular Q2 acceleration
80% confidenceExtended paid trials to 3-month trials versus 1-month last year for standard plans
80% confidenceRevenue of $2.7B, up 31% year-over-year in Q2 2025
80% confidenceShop App native GMV up 140% year-over-year
80% confidenceRapid growth in pet supplies, furniture, arts/entertainment categories
80% confidence