Shopify Posts 30.6% Q4 Revenue Growth to $3.67B, Launches $2B Buyback
Shopify’s fiscal Q4 2025 revenue rose 30.6% year-over-year to $3.67 billion, with GMV up 31.1% to $123.84 billion and adjusted net income of $594 million. The company authorized a $2 billion share buyback and forecasts Q1 2026 revenue growth in the low thirties, implying $3.092–$3.139 billion.
1. Fiscal Fourth-Quarter Results
Shopify reported Q4 2025 revenue of $3.67 billion, up 30.6% year-over-year, with adjusted EPS of $0.48. Gross merchandise volume rose 31.1% to $123.84 billion, merchant solutions revenue increased 34.9% to $2.9 billion, subscription solutions revenue grew 16.7% to $777 million, gross margin was 46.1%, and free cash flow reached $715 million.
2. $2 Billion Share Repurchase Program
Shopify’s board authorized a $2 billion share repurchase program to bolster shareholder returns and offset future equity dilution. Management highlighted this buyback as a commitment to long-term growth and confidence in its cash flow generation.
3. First-Quarter 2026 Outlook
For Q1 2026, Shopify forecasts revenue between $3.092 billion and $3.139 billion, implying low-30% year-over-year growth. The company anticipates a free cash flow margin in the low-to-mid teens as it ramps AI-powered commerce investments.