---
schema_version: "secwatch.filing_event.v1"
accession: "0001594805-25-000045"
form_type: "8-K"
ticker: "SHOP"
cik: "0001594805"
company_name: "SHOPIFY INC."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T04:28:21.439738+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001594805-25-000045
- form_type: 8-K
- ticker: SHOP
- cik: 0001594805
- company_name: SHOPIFY INC.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1594805/000159480525000045/0001594805-25-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1594805/000159480525000045/shop-20250508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001594805-25-000045
- JSON: https://secwatch.observer/filing/0001594805-25-000045.json
- Plain text: https://secwatch.observer/filing/0001594805-25-000045.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.