Shopify Q1 revenue up 27% to $2.36B; FCF margin 15%, operating income $203M

SHOPIFY INC.

2025-Q1 EPS reported -$0.53 revenue$2,360,000,000

Revenue $2.36B (+27% YoY); GMV $74.8B (+23% YoY); operating income $203M, up from $86M.
Free cash flow $363M (15% margin) vs $232M (12% margin); 7th consecutive double-digit FCF margin quarter.
MRR $182M, up 21% YoY from $151M.
Eight consecutive quarters of pro forma revenue growth of ≥25% and GMV growth >20%.
No guidance update provided in the release.

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