Shopify Q4 revenue rises 31% to $3.67 billion; board authorizes $2 billion buyback
Shopify reported fourth-quarter 2025 revenue of $3.67 billion, up 31% from a year earlier, and full-year revenue of $11.56 billion, up 30%. Operating income rose to $631 million from $465 million, while reported net income fell to $743 million from $1.29 billion, which the company ties to equity investment valuations. The board also authorized a repurchase of up to $2.0 billion of Class A subordinate voting shares, effective February 17, 2026.
Key points
- Q4 2025 revenue $3.67 billion, up 31% from $2.81 billion; full-year revenue $11.56 billion, up 30%
- Q4 operating income $631 million versus $465 million; reported net income $743 million versus $1.29 billion, with net income excluding equity investments at $594 million versus $458 million
- Q4 free cash flow $715 million, a 19% margin; full-year free cash flow $2.01 billion
- Buyback of up to $2.0 billion takes effect February 17, 2026, has no fixed expiration and is capped at 5% of Class A shares; Q1 2026 revenue growth expected in the low-thirties percent range
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 11, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.