6 minutes

Its president, Harley Finkelstein, told investors that since January 2025, orders coming to Shopify stores from AI search platforms have increased 15x.

Shopify revenue, gross merchandise volume (GMV) and operating income each grew more than 30% year over year in its fiscal Q4 2025, which ended Dec. 31, 2025.

Q4 was the first quarter that Shopify revenue exceeded $3 billion. That helped Shopify reach its first year in which annual revenue topped $10 billion. Similarly, Q4 was the first quarter in which Shopify GMV crossed the $100 billion mark. As a result, full-year Shopify GMV also crossed a new threshold for the first time in 2025, topping $300 billion.

On an earnings call with investors, the ecommerce software provider’s president, Harley Finkelstein, called 2025 “another year of durable growth, faster product shipping and disciplined cash generation.”

“Putting up these kinds of top line growth numbers at our size is incredibly hard and it is not common,” Finkelstein told investors. “And we have been growing at this rate for as long as I can remember.”

He also noted that Shopify’s revenue in its fiscal Q4 2025 exceeded its total revenue for all of 2020.

Shopify’s 2025 revenue has nearly quadrupled compared to 2020, which was the first time it surpassed $2 billion. Meanwhile, Shopify’s GMV in 2025 has more than tripled compared to 2020, which was the first time it exceeded $100 billion.

 

Currently, 118 of the Top 2000 online retailers in North America use Shopify as their ecommerce platform, according to Digital Commerce 360 data. In 2025, the combined web sales of all Top 2000 retailers that used Shopify’s ecommerce platform reached $10.458 billion. The Top 2000 Database ranks North America’s largest online retailers based on their annual ecommerce sales and more.

Shopify revenue, GMV growth in Q4 2025

In Q4 2025, Shopify revenue grew to $3.67 billion, about 30.6% more than $2.81 billion in the prior-year period.

The fourth quarter lifted Shopify’s full-year 2025 revenue to nearly $11.56 billion. That’s 30.1% more than in 2024, when it was $8.88 billion.

It became the 11th straight quarter that Shopify revenue increased by more than 25% year over year, excluding logistics.

In North America, the company’s largest market, revenue increased 28%. Finkelstein said Shopify now powers more than 14% of the U.S. ecommerce market, though he did explain the calculations behind that metric. Shopify noted that international revenue grew 36% in 2025 while offline increased 27%.

Also in Q4, Shopify GMV reached $123.84 billion. Its GMV grew 31.1% year over year in the quarter from $94.46 billion in the previous year’s quarter. That growth helped Shopify reach $378.44 billion in GMV during its fiscal full-year 2025, or about 29.5% growth from nearly $292.28 billion in 2024.

B2B GMV nearly doubled for Shopify in 2025, growing 96%. In Q4 specifically, GMV from B2B merchants increased 84%. GMV growth from Shop Pay increased 62%.

Shopify’s operating income increased about 35.7% to match, reaching $631 million in Q4. That compares to $465 million the previous year. Similarly, Shopify’s operating income increased about 36.6% in 2025 compared to 2024 ($1.47 billion and $1.08 billion, respectively).

Chief financial officer Jeff Hoffmeister noted that Shopify’s 2025 growth occurred despite its merchants facing “daunting challenges.”

“Tariffs, the removal of de minimis exemptions, trade wars and the ever-changing geopolitical landscape have forced merchants to adapt faster than they ever thought possible,” Hoffmeister said.

Shopify pushes deeper into AI adoption

Finkelstein noted that, as artificial intelligence (AI) has reached ecommerce, Shopify acknowledges a responsibility to not take data security lightly.

“We have trillions of data points from billions of transactions across millions of merchants,” Finkelstein told investors. “Simply put, we believe we have a more diverse commerce data set than almost anyone else on the Internet. And of course, data is what AI is fueled by.”

He said that since January 2025, orders coming to Shopify stores from AI search platforms have increased 15x. He conceded that the growth is on a small base.

“For our merchants, it matters because it powers the long tail of commerce, servicing smaller merchants to the right buyers who might otherwise have never discovered them,” Finkelstein said. “This is merit-based discovery at scale.”

Finkelstein said the advantage for buyers is that AI functions as a personal shopper. He said that used to be a luxury, “but now it’s available to everyone, 24/7.”

“And for Shopify, it matters because we believe it can bend the curve of ecommerce penetration by stripping out friction, pulling late adopters in and moving more everyday purchases online,” Finkelstein said. “That’s the tide we’re building for, and we’re ready to turn that macro tailwind into share gains for our merchants.”

How Shopify is approaching agentic commerce

Shopify recently announced the Universal Commerce Protocol (UCP), which it co-developed with Google. Finkelstein specified that the UCP is not a product but an infrastructure. The companies intend for the UCP to set a standard for how AI agents connect with brands on the internet. Finkelstein said it’s “payment agnostic by design.”

The ecommerce technology provider has also added more integrations to allow its merchants to sell “on every major AI platform,” Finkelstein said.

He said Shopify Agentic Storefronts syndicates billions of products through its catalog to all major AI platforms. He specifically named Google AI Mode and Gemini, OpenAI’s ChatGPT, and Microsoft Copilot.

“One click and our merchants get instant access to millions of potential buyers who are actively looking for their products,” Finkelstein said. He added that “the new agentic plan means that any brand not already using Shopify will soon be able to sell through the same AI platforms as our merchants, as well as on the Shop app. Why? Because frankly, when commerce flows freely across agents, everybody wins.”

Finkelstein also noted that large language models (LLMs) “do not bypass Shopify’s checkout.” In other words, AI agents buying from Shopify merchants will still have to go through Shopify to complete purchases, as opposed to going around the tech provider to check out elsewhere.

When it comes to monetizing from agentic commerce, he said, the focus is on driving both merchant and consumer adoption.

“And so the economics for Shopify merchants’ economics are the same as if the transaction happened in the online store as well,” Finkelstein said. “There should be no difference there. But from a surface area perspective, it is new. It is emerging. It’s obviously growing fast on a pretty small base still, but it’s a really interesting area for us.”

Changes to Shopify’s Shop app

Finkelstein said that in 2026, Shopify’s Shop app will be one of the ways the company enables its buyers to discover its sellers. He said Shopify is “completely reimagining how the discovery process works.”

“Instead of having to seek out products, which normally looks like sifting through hundreds of search results, Shop’s home feed delivers tailored content,” Finkelstein said. “Think curated drops, exclusive offers and interactive experiences from our network of brands, all matched to the shoppers’ interest.”

Who joined the Shopify platform in Q4 2025?

Among others, Finkelstein noted a variety of merchants who joined Shopify’s platform in Q4:

  • Amer Sports, which owns incredible brands like Wilson, Salomon and Peak Performance
  • Benetton Group
  • General Motors
  • Keurig Dr. Pepper
  • L’Oreal
  • Sonos

Other merchants that joined Shopify in 2025:

Finkelstein also noted brands that “were all born on the platform.” Each of them reached more than 1 million orders in less than 10 years:

  • Comfort (which reached that mark within five years)
  • Figs
  • Gymshark
  • Skims

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Shopify revenue and GMV.

Do you rank in our databases? 

Submit your data and we’ll see where you fit in our next ranking update.

Sign up

Stay on top of the latest developments in the online retail industry. Sign up for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, X (formerly Twitter), Facebook and YouTube. Be the first to know when Digital Commerce 360 publishes news content.