Carnegie Investment Counsel Raises Shopify Stake by 4,410 Shares to 116,103
Carnegie Investment Counsel increased its Shopify shareholding by 4,410 shares to 116,103 shares in Q3, raising its stake by 3.9%, according to its latest 13F filing. The fund’s Shopify position is now valued at approximately $17.25 million.
1. Robust Third-Quarter Growth and Profitability
Shopify reported third-quarter revenue of $2.84 billion, up 32% year over year, while gross merchandise volume on its platform reached $92 billion, also a 32% increase. Operating income climbed 53%, driven by expanding operating margins, and the company achieved its ninth consecutive quarter of double-digit free cash flow margins at 18%. During the 2025 Black Friday and Cyber Monday period, merchants using Shopify recorded a record $14.6 billion in sales, representing a 27% rise from the prior year.
2. Strategic Product Enhancements and International Expansion
In Winter 2026, Shopify launched over 150 platform updates with a strong emphasis on AI-driven tools, including the Sidekick intelligent assistant, AI Store Builder and agentic storefronts that facilitate sales via conversational AI. The company has pursued strategic partnerships—such as an integration with Temu and expanded carrier relationships with Royal Mail and DHL—to diversify fulfillment options. International gross merchandise volume jumped 41% year over year in Q3 2025, highlighting Shopify’s success in scaling outside North America.
3. Increasing Institutional Confidence
Carnegie Investment Counsel raised its stake in Shopify by acquiring an additional 4,410 shares during the third quarter, bringing its total to 116,103 shares valued at $17.3 million. Other institutional investors now hold roughly 69.3% of the company’s outstanding shares, reflecting growing confidence in Shopify’s long-term e-commerce leadership and consistent path to profitability.