The earnings data for Q3
Shopify has released its financial results for the quarter ending 30 September 2025 — and the ecommerce platform is continuing a run of solid performance. The company posted 32% year-on-year revenue growth and delivered an 18% free-cash-flow margin, marking the ninth consecutive quarter of double-digit free-cash-flow performance.
In a statement accompanying the results, Shopify President Harley Finkelstein said the company’s model was “running at full speed”. He also highlighted the breadth of businesses using the platform — from first-time entrepreneurs to enterprise-level brands like Estée Lauder.
Shopify CFO Jeff Hoffmeister emphasized consistency as the company’s defining theme, noting that Q3 saw both revenue growth and free-cash-flow margins outperform Q2. “We’re not just growing — we’re delivering consistent growth and profitability,” he said, positioning the quarter as one of the strongest in Shopify’s recent history.
Shopify’s outlook for Q4 2025
Shopify expects growth to remain robust in the final quarter of the year but at a slightly moderated pace. For Q4, the company forecasts:
- revenue growth in the mid-to-high-twenties percent range
- gross profit dollar growth in the low-to-mid-twenties percent range
- operating expenses at 30–31% of revenue
- stock-based compensation of $130 million
- free-cash-flow margin slightly above Q3’s 18%
In its press release detailing its key Q3 results, company also reminded investors that these expectations are subject to a range of risks — including macroeconomic conditions, consumer-spending shifts, US tariffs, and cybersecurity threats.
Why this matters to ecommerce merchants
Shopify’s Q3 earnings data paints a clear picture: the company remains on a strong growth trajectory, and investor confidence in its long-term model is high.
This means that Shopify remains one of the most attractive platforms for new ecommerce merchants, because its longevity seems fairly assured (i.e., there’s minimal risk of the company collapsing and taking your store with it, which has happened with other ecommerce platform providers).
As for existing Shopify users, they can have reasonable confidence from the data that the company will invest in the provision of new features — it certainly has the capital to do so.
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Chris Singleton is the Founder and Director of Ecommercetrix.
Since graduating from Trinity College Dublin in 1999, Chris has advised many businesses on how to grow their operations via a strong online presence, and now he shares his experience and expertise through his articles on the Ecommercetrix website.
Chris started his career as a data analyst for Irish marketing company Precision Marketing Information; since then he has worked on digital projects for a wide range of well-known organizations including Cancer Research UK, Hackney Council, Data Ireland, and Prescription PR. He then went on to found the popular business apps review site Style Factory, followed by Ecommercetrix.
He is also the author of a book on SEO for beginners, Super Simple SEO.