Shopify reported strong top-line performance for the nine months ended September 30, 2025, with Total Revenue reaching \(7.9 billion, marking a 30% year-over-year increase, driven by 29% GMV growth (\)254.6B). The business operates as a single segment, with North America remaining dominant at 63% of revenue.
Profitability metrics show margin pressure; Gross Margin declined to 49% due to a revenue mix shift toward lower-margin Merchant Solutions. Net Income volatility remains a key investor concern; while Operating Income improved, 9M Net Income of \(488 million (down from \)726 million) was signi
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