In the third quarter of 2025, Shopify delivered a 32% year-over-year increase in both revenue and gross merchandise volume (GMV), driving revenue to $2.84 billion and GMV to $92 billion. Operating income climbed 53%, while free cash flow margins hit double digits for the ninth consecutive quarter at 18%. These results reflect the company’s disciplined focus on profitability following the divestiture of its logistics business, as well as the growing stickiness of its platform among merchants.

Shopify merchants recorded an all-time high of $14.6 billion in sales over the 2025 Black Friday and Cyber Monday weekend, marking a 27% increase from the prior year. This surge underscores the platform’s continued success in capturing peak seasonal demand and providing reliable infrastructure for merchants scaling promotions and inventory across multiple sales channels.

The Winter 2026 Edition introduced over 150 feature updates, with a strong emphasis on AI-powered tools such as the Sidekick intelligent assistant, AI Store Builder and agentic storefronts enabling conversational commerce. Meanwhile, international GMV grew 41% year-over-year in Q3, fueled by new partnerships with carriers like Royal Mail and DHL and by a Temu-powered app that simplifies cross-listing, highlighting Shopify’s aggressive push into high-growth overseas markets.

Carnegie Investment Counsel increased its stake in Shopify by 3.9% during the third quarter, bringing its total holdings to 116,103 shares. Other institutions, including Rothschild Investment LLC and Tradewinds Capital Management, also raised their positions, contributing to a rise in institutional ownership to over 69%. This collective activity reflects growing confidence among large investors in Shopify’s long-term growth trajectory and cash flow generation.