Shopify reported Q3 2025 with 32% GMV and revenue growth, maintaining 18% free cash flow margin, showcasing consistent performance. The company emphasized its adaptability, leveraging AI for commerce evolution, expanding internationally, and lowering entry barriers, enabling every 26 seconds a new entrepreneur's first sale, driving TAM expansion and empowering global brands.

Shopify leverages AI to revolutionize commerce, enabling seamless shopping experiences through product discovery, purchasing, and post-purchase engagement, positioning merchants for success across all sales channels.

Shopify leverages AI to enhance merchant operations through tools like Technology Sidekick, which facilitates deep, multi-turn conversations, and Scout, an internal feedback system that accelerates product development. AI is central to Shopify's strategy, driving innovation and growth across key areas, including payments, with a 65% GMV penetration in Q3.

Shopify demonstrates its ability to handle the intricate complexities of the checkout process, simplifying commerce for merchants and partners, enabling seamless global transactions and focusing on growth and customer trust.

Shopify's global payment solutions, including Shop Pay, local currency displays, and Shopify Payments for POS, are expanding into new markets, driving significant revenue growth, especially in Europe. With increased payment penetration and product enhancements, Shopify continues to break down barriers, making it easier for merchants to transact internationally.

This dialogue highlights Shopify's advancements in shipping and fulfillment, showcasing partnerships with major carriers and fulfillment networks. It emphasizes the platform's ability to offer merchants diverse, flexible options for both local and international sales. The summary also notes the influx of renowned global brands, such as Estee Lauder and Elf Cosmetics, choosing Shopify for its technology, agility, and merchant-centric approach, underscoring the company's commitment to innovation and customer success.

Shopify's expansion includes a broad spectrum of global brands, enhancing its market reach and resilience. Notable growth in offline GMV and B2B sectors showcases the platform's adaptability and success across various commerce channels. The integration of AI tools prepares merchants for global holiday sales, solidifying Shopify's position as a comprehensive commerce solution.

Shopify's Q3 GMV growth was driven by a mix of small and large merchants, strong cohort performance, significant regional gains in Europe, and thriving channels including offline and B2B. Notable verticals like pet supplies and arts & entertainment saw rapid growth, showcasing Shopify's broad market impact.

In Q3, the company achieved a 32% increase in GMV, with North America leading the growth. Revenue surged 32%, driven by stronger merchant solutions and increased Shopify payments penetration. Subscription solutions revenue grew 15%, reflecting higher price plan subscriptions. Gross profit and MRR trends were noted, with challenges from past pricing changes and trial periods, but overall performance aligned with historical trends.

The dialogue outlines Q3 financial achievements, noting a 33% increase in gross profit from merchant solutions and a gross margin of 38.2%, down from 39.7% in Q3 2024, influenced by partnerships and payment penetration. It highlights disciplined expense management, reducing operating expenses to 37% of revenue, and steady progress in free cash flow. Additionally, it touches on the impact of tariffs on merchants, with cross-border GMV stable at 15%, and pricing adjustments reflecting market dynamics.

Outlook for Q4 includes mid to high 20s revenue growth, low to mid 20s gross profit growth, and 30% to 31% operating expenses. Factors affecting margins include higher payments losses and tax receivables. Commitment to profitability, discipline, and investment in growth remains unchanged.

The dialogue highlights the significant impact of AI on Shopify's commerce model, with traffic and orders attributed to AI searches increasing exponentially since January. Shopify emphasizes its infrastructure investment to integrate AI into shopping conversations, aiming to prepare merchants for the future of commerce. The company's business model aligns with merchant success, benefiting from increased sales and customer reach. The partnership with OpenAI is highlighted as an exciting development, adding another surface area for merchants to engage customers, reinforcing Shopify's commitment to enhancing merchant capabilities through AI integration.

Discusses the prioritization of instant checkout solutions, emphasizing Shopify's strategic position and the growing popularity of Shop Pay, which processed $29 billion in GMV in Q3, up 67% year-on-year, highlighting its role as the preferred accelerator for agentic products and its integration benefits for partners.

Discussion focuses on the efficiency of current marketing investments and how these guardrails will impact planning for the next year, emphasizing the complexity of MRR.

The dialogue highlights Shopify's commitment to driving merchant growth through strategic marketing investments, with emphasis on maintaining a balance between spending and returns. The speakers discuss the effectiveness of the merchant acquisition engine, noting sequential growth in MRR for the first time and anticipating continued success despite year-over-year headwinds from trial migrations.

The dialogue discusses Shopify's successful expansion into the enterprise segment, highlighting a diverse pipeline of major companies across various verticals. The focus is on strengthening the platform by attracting large brands, indicating a broad-based growth strategy.

Shopify is expanding its reach in international markets, attracting large enterprises with its superior product and value. The company is seeing success in partner-led deals and multi-year strategies, particularly in Europe and Japan. Large merchants are increasingly adopting Shopify's full suite of services, starting with specific components like checkout and expanding to the full platform, demonstrating the effectiveness of Shopify's land and expand strategy.

Discusses how product search and discovery might evolve with conversational commerce, impacting the e-commerce landscape. Highlights potential shifts towards brand-centric strategies, predicting winners and losers in the market. Emphasizes the importance of adapting to new consumer interaction methods for future success.

The dialogue explores Shopify's strategy to lead in evolving commerce models, emphasizing AI integration and brand connectivity, predicting that brands with strong consumer connections will thrive, and highlighting Shopify's platform as a preferred choice for top brands and shoppers alike.

A discussion highlights Shopify's observation of consumer behavior post-tariffs, noting resilient demand across categories with shoppers increasingly favoring trusted brands, emphasizing a selective shopping trend.

The dialogue covers macroeconomic factors like consumer spending, savings, tariffs, and FX trends, emphasizing Shopify's merchant growth outpacing the broader market. It notes Europe's increasing traction and stable tariff impacts, with minor price adjustments observed since April's changes. No significant disruptions to merchants from trade routes or de minimis rules were reported.

Discussion highlights merchants' responses to tariffs, impacting pricing and P&L, with a focus on adapting strategies and cross-border support initiatives. The speaker notes some merchants pass costs to consumers, others absorb impacts, emphasizing the merchant base's strength and adaptability amidst tariff changes.

Shopify focuses on solving customer acquisition challenges for merchants through campaigns, emphasizing performance ads and AI improvements. With a 9x year-on-year increase in budget commitments, Shopify aims to build a scalable, ROI-positive ad engine to attract more buyers and enhance brand discovery, ensuring continued growth and investment in advertising capabilities.

Discussion on monetization through merchant spending, focus on advertising improvements, AI tools, and maintaining profitable margins while delivering consistent results.