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Source document· November 28, 2025

Shopify (SHOP) Q3 2025 Earnings Call Transcript

View original at nasdaq.com
Shopify (SHOP) Q3 2025 Earnings Call Transcript Image source: The Motley Fool. Date Nov. 4, 2025 at 12:16 p.m. ET Call participants President — Harley FinkelsteinChief Financial Officer — Jeff HoffmeisterDirector, Investor Relations — Carrie Gillard Need a quote from a Motley Fool analyst?…
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  • Transaction and loan losses are elevated due to Payments testing and higher capital loss rate but are improving

    80% confidence

  • Merchants raised prices since April tariffs, with pricing increases slightly lower than Q2 trends

    80% confidence

  • Our merchants have consistently delivered over 20% GMV growth for 9 consecutive quarters

    80% confidence

  • 64% of shoppers likely to use AI for BFCM purchases according to consumer survey

    80% confidence

  • 2025 merchant cohort outpacing previous years' cohorts at same age

    80% confidence

  • Every 26 seconds, a new entrepreneur makes their first sale on Shopify

    80% confidence

  • Q4 2025 free cash flow margin expected slightly above Q3 levels

    80% confidence

  • Full year 2025 FCF margin expected similar to 2024

    80% confidence

  • Merchants with annual GMV over $25M grew faster in Q3 than smaller merchants

    80% confidence

  • Sometimes that means me spending the weekend on calls... Tobi jumping in to explain a new feature... 8,100 people at Shopify who're relentlessly merchant-obsessed

    80% confidence

  • Q4 2025 gross profit growth expected in low to mid 20% range

    80% confidence

  • Q4 2025 revenue growth expected in mid to high 20% range

    80% confidence

  • AI is not just a feature at Shopify. It is central to our engine that powers everything we build

    80% confidence

  • Q4 2025 operating expenses expected to be 30-31% of revenue

    80% confidence
What we know · the intelligence behind this page
Live from the substrate
What we're seeing
Q4 2026 Biopharma Catalyst Cluster: Late-Stage Readouts and Regulatory Milestones
October 2026 brings a dense run of Phase 3 wins (ALOFT-IPF, RESTORE-3), new data presentations (Roche, Bayer, Lilly, Vertex, Galderma) and regulatory steps (FDA acceptance of Roche's vamikibart BLA, Scholar Rock's EMA resubmission). The next big catalyst is the ivonescimab FDA PDUFA date on 2026-11-14. Obesity combination studies (REDEFINE 4, TOGETHER-PsO) and the 2027 Maritime-1 completion point to more catalysts ahead. QAIAx's speculative AI-linked trial claims (the QIII pilot, targeted for 2027) are an unrelated micro-cap sideshow with weak evidence, and have little in common with the large-cap pipeline news.
Our read on the data ›
Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
We flag conflicts openly ›
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Shopify (SHOP) Q3 2025 Earnings Call Transcript — Source | Via News | ViaNews EU