Shopify ｜8-K：2025 财年 Q3 营收 28.44 亿美元超过预期

Revenue: As of FY2025 Q3, the actual value is USD 2.844 B, beating the estimate of USD 2.76 B.

Segment Revenue

• Subscription Solutions Revenue: $699 million for the three months ended September 30, 2025, compared to $610 million for the same period in 2024, representing a 15% increase.
• Merchant Solutions Revenue: $2,145 million for the three months ended September 30, 2025, compared to $1,552 million for the same period in 2024, representing a 38% increase.

Operational Metrics

• Gross Profit: $1,391 million for the three months ended September 30, 2025, compared to $1,118 million for the same period in 2024, representing a 24% increase.
• Operating Income: $343 million for the three months ended September 30, 2025, compared to $283 million for the same period in 2024, representing a 21% increase.
• Net Income: $264 million for the three months ended September 30, 2025, compared to $828 million for the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $513 million for the three months ended September 30, 2025, compared to $423 million for the same period in 2024.
• Free Cash Flow: $507 million for the three months ended September 30, 2025, compared to $421 million for the same period in 2024.

Unique Metrics

• Gross Merchandise Volume (GMV): $92,013 million for the three months ended September 30, 2025, compared to $69,715 million for the same period in 2024, representing a 32% increase.
• Monthly Recurring Revenue (MRR): $193 million for the three months ended September 30, 2025, compared to $175 million for the same period in 2024.

Outlook / Guidance

• For the fourth quarter of 2025, Shopify expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis, gross profit dollars to grow at a low-to-mid-twenties percentage rate, and operating expenses as a percentage of revenue to be 30% to 31%. Free cash flow margin is expected to be slightly above Q3 2025.