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Shopify (SHOP) — Tellvest

Latest Quarter Insights

2025 Q4

Sentiment

9/10+2

How this score was built

Base8Transcript0EPS+1Guidance0Final9

How this score was built

Base8Transcript0

Macro Signals

↑Consumer Spending→Trade & Tariffs↑AI & Tech

Key Themes7

positive📊 company

Record Revenue Exceeds $3B With 31% Growth And Full Year $11.6B

Q4 revenue was Shopify's first ever quarter above $3 billion, up 31% year-over-year. Full year 2025 revenue topped $11.6 billion, up 30%, the highest annual growth rate since COVID-era 2021. Revenue growth accelerated from 26% in 2024 to 30% in 2025.

Revenue Growth

positive🏢 sector

Universal Commerce Protocol Co-Developed With Google Sets Agentic Standard

Launched Universal Commerce Protocol (UCP) co-developed with Google as an open standard covering the full commerce journey from discovery to checkout to post-order. Also launched agentic storefronts syndicating billions of products to Google AI mode, Gemini, ChatGPT, and Microsoft Copilot. Orders from AI searches up 15x since January 2025.

Cloud & AIInnovation & R&D

positive

Q&A Topicsfrequency by quarter

	Cloud & AI	Competitive Dynamics	Demand	Revenue Growth	Margin	Product Launch	Pricing	Trade Tariffs
2024Q4	1	2	2	2	3	1	2	1
2025Q1	3	3	2		2	1		2
2025Q2	3	2	4	2		2	1	1
2025Q3	3	4	2	2		1	1	1
2025Q4	6	3		2	1	1	1

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4
Cloud & AI	1	3	3	3	6
Competitive Dynamics	2	3	2	4	3
Demand	2	2	4	2
Revenue Growth	2		2	2	2
Margin	3	2			1
Product Launch	1	1	2	1	1
Pricing	2		1	1	1
Trade Tariffs	1	2	1	1

Analyst Q&A7 analysts · 7 questions

Colin SebastianBaird

do you foresee any changes in Shopify's ability to monetize at a consistent rate on transactions that are running through AI surfaces and agents that ultimately run on UCP

View in transcript →

Keith WeissMorgan Stanley

Can you help us understand the UCP versus ACP, the other standard that OpenAI and Stripe are putting forward. Are these overlapping standards do they compete?

View in transcript →

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