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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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  • 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

  • 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

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

    80% confidence

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

    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

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

    80% confidence

  • Transaction and loan losses are elevated due to Payments testing and higher capital loss rate but are improving

    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

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

    80% confidence

  • Full year 2025 FCF margin expected similar to 2024

    80% confidence

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

    80% confidence
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AI Leadership Exodus Rattles Investor Confidence Amid Capex Boom
High-profile departures at top AI labs — Brad Lightcap's exit from OpenAI and an unnamed researcher's departure from Alphabet/Google that triggered a share-price drop — are surfacing talent retention as a market risk factor even as hyperscalers pour record capital into AI infrastructure. The reaction shows investors treating key-person risk at frontier AI labs as material to valuation, a new fragility layered onto an otherwise bullish AI-driven capex cycle.
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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.
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Broadcom Inc.
Both facts report EPS for Broadcom Inc. for the same fiscal period (Q1 2026) observed on the same date (2026-02-01). However, they report conflicting values: 1.5 USD per share vs 2.05 USD per share. This is a 37% difference for the identical metric and time period, not a value change over time.
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