Shopify Q3 GMV Soars 28% with AI Partnerships Driving Merchant Services Growth
Shopify's Q3 2025 gross merchandise value rose 28% year-over-year—its fastest growth in four years and the twelfth straight quarter of stable or accelerating GMV performance. Broad-based gains in GMV per merchant and services, fueled by payments adoption and AI-enabled services from partnerships with OpenAI, underscore Shopify’s strengthened investment case.
1. Reaccelerated GMV Growth
In Q3 2025, Shopify’s gross merchandise value surged 28% year-over-year, marking its strongest growth in four years and extending its streak to twelve consecutive quarters of stable or accelerating GMV performance.
2. AI Integration Boosts Services
Shopify expanded AI-enabled merchant services and product discovery through partnerships with OpenAI, enhancing payments adoption and improving advertising performance on major platforms.
3. Merchant Services Drive Up-market Momentum
Growth in GMV per merchant and merchant services, underpinned by new brand wins such as Welch’s and FanDuel, underscores Shopify’s ability to capture larger enterprise clients and strengthen its revenue model.