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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“with Copilot Checkout, we have partnered with PayPal Shopify, and Stripe so customers can make purchases directly within the app.”
Microsoft partnered with Shopify for Copilot Checkout, indicating Shopify's integration into Copilot's in-app commerce flow.
“This exciting partnership adds to the ecosystem we are building with leading technology providers. Including Microsoft, Google, and Shopify fuel our ambition to be the best consumer-centric prestige beauty company.”
Estée Lauder names Shopify among the leading technology providers building out its operating ecosystem.
“thrilled to announce our new partnership with Shopify to modernize and scale our direct-to-consumer business in a phased approach, creating a best-in-class omnichannel consumer experience globally”
Estee Lauder announced a new partnership with Shopify to power its global direct-to-consumer/omnichannel business, a positive read-through on Shopify's enterprise traction.
“This milestone capped a record year for transfers, including Shopify, Kimberly Clark, and Thomson Reuters.”
Shopify was among the companies that transferred their listing to Nasdaq during a record switch year.
“in combination with great companies that we're working with, like Shopify or Visa or PayPal or Mastercard, we've got to figure out how do we make sure that we bring all of these small businesses along”
Cloudflare names Shopify among the commerce and payment partners it is working with to build agentic-commerce rails that keep small businesses viable, a partnership read-through.
“much more of the Shopify merchants, much less of those big brands that people talk about that buy through Madison Avenue agencies.”
AppLovin identifies Shopify's merchant base as the core target for its e-commerce advertising platform, implying a read-through demand tailwind for Shopify's transactional-business ecosystem.
“our software vendor customers like Shopify”
Shopify is an expanding software-vendor customer of Nebius's AI cloud, indicating Shopify's growing AI-workload consumption.
“in Shopify's case, they're giving 1% back to the people who pay with USDC, but the merchant also saves money.”
Coinbase powers USDC checkout for Shopify merchants, who save on card fees and give 1% back to consumers paying with USDC.
“Year-to-date, $271 billion in market capitalization, including Shopify and Kimberly-Clark have switched to Nasdaq. This represents the best first half performance since the official launch of our switch program 20 years ago.”
Shopify switched its stock listing to Nasdaq in the first half of 2025, contributing to the best first-half performance of Nasdaq's exchange-switch program in its 20-year history.
“In Q2, we announced our stablecoin payment APIs, which enable businesses, merchants and developers to easily accept and pay in stablecoins with partners like Shopify already live in market now.”
Shopify is live using Coinbase's stablecoin payment APIs, an early proof point for Coinbase's B2B stablecoin payments push and a read-through for Shopify's merchant payment-cost savings.
“We got the Shopify app integration live. We don't announce these things, but you can find the app in the Shopify App Store. It creates one click integration.”
AppLovin built a one-click Shopify app integration to onboard e-commerce advertisers, deepening its tie into Shopify's merchant base.
“Shopify is utilizing Nebius' AI infrastructure along with Toloka's training data in order to optimize every step of the merchant's journey”
Shopify is scaling AI use on Nebius infrastructure to optimize the merchant journey, indicating Shopify is investing in AI-driven commerce tooling.
“We welcome huge names like Estee Lauder Companies, Starbucks, Coach, Michael Kors, Burton snowboards, e.l.f. Cosmetics”
Coach (Tapestry) is named among major brands that joined Shopify in 2025, a customer win read-through for Tapestry's DTC platform choice.
“We welcome huge names like Estee Lauder Companies, Starbucks, Coach, Michael Kors, Burton snowboards, e.l.f. Cosmetics”
Starbucks is named among major North America brands that joined Shopify in 2025, a customer win read-through.
“We welcome huge names like Estee Lauder Companies, Starbucks, Coach, Michael Kors, Burton snowboards, e.l.f. Cosmetics”
Estee Lauder Companies is named among major North America brands that joined Shopify in 2025, a customer win read-through.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Colin Sebastian | Robert W. Baird | 4 (0%) |
| Mike Morton | MoffettNathanson | 3 (0%) |
| Rob Wildhack | Autonomous Research |
“from General Motors to Sonos to L'Oreal to the Benetton Group, to Keurig Dr. Pepper, to Amer Sports, who owns incredible brands like Wilson, Solomon and Peak Performance, all moving to Shopify.”
Keurig Dr Pepper is cited as a major brand moving to Shopify in Q4, a customer win read-through.
“from General Motors to Sonos to L'Oreal to the Benetton Group, to Keurig Dr. Pepper, to Amer Sports, who owns incredible brands like Wilson, Solomon and Peak Performance, all moving to Shopify.”
General Motors is cited as a major enterprise brand moving to Shopify in Q4, a customer win read-through (enterprises replacing homegrown e-commerce systems).
“our partnership with Verifone, making our software available on their industry-leading payment hardware.”
Shopify partnered with Verifone to run its retail software on Verifone's payment hardware, extending Shopify's offline/POS reach.
“the year-over-year impact PayPal had to our gross margin comparability, recognizing that moving forward, we have now normalized for the PayPal impact.”
PayPal's presence as a payment method on Shopify affected Shopify's merchant-solutions gross margin year-over-year comparability, now normalized.
“the UCP versus ACP, the other standard that OpenAI and Stripe are putting forward.”
An analyst frames Stripe (with OpenAI) as backing the competing ACP agentic-commerce standard against Shopify/Google's UCP, a read-through on competing commerce-protocol camps.
“with something like ChatGPT, for example, open AI will run the front end, which is sort of the screens and the forms that the buyer uses.”
Shopify integrates with OpenAI's ChatGPT for agentic checkout, where OpenAI runs the buyer front end while Shopify processes the back end and payments.
“syndicate their products to Google AI mode, Gemini, ChatGPT and Microsoft Copilot.”
Shopify's agentic storefronts syndicate merchant products into Microsoft Copilot among other AI surfaces, making Copilot a distribution channel for Shopify catalog.
“we just announced the Universal Commerce Protocol, or UCP, that we co-developed with Google.”
Shopify co-developed the Universal Commerce Protocol (open standard for agentic commerce) with Google, a deep AI-commerce partnership positioning both at the center of AI shopping standards.
“Merchants, using Global-e's managed markets products can now offer Shop Pay as a payment method.”
Shopify integrated Shop Pay into Global-e's managed markets product, extending the cross-border partnership between the two.
| 2 (0%) |
| Keith Weiss | Morgan Stanley | 2 (0%) |
| Brad Sills | Bank of America | 2 (0%) |
| Gabriela Borges | Goldman Sachs | 2 (0%) |
| Tim Chiodo | UBS | 2 (0%) |
| Jeff Cantwell | Seaport Research Partners | 2 (0%) |
| Mark Zgutowicz | Benchmark | 2 (0%) |
| Paul Treiber | RBC Capital Markets | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert W. Baird | 1 | 4 (0%) |
| MoffettNathanson | 1 | 3 (0%) |
| Bank of America | 1 | 2 (0%) |
| Deutsche Bank | 1 | 2 (0%) |
| Evercore ISI | 1 | 2 (0%) |
| FT Partners | 1 | 2 (0%) |
| Goldman Sachs | 1 | 2 (0%) |
| Benchmark | 1 | 2 (0%) |
Shopify exceeded $3 billion in quarterly revenue for the first time with 31% growth, closing the full year at $11.6 billion as the Universal Commerce Protocol co-developed with Google set an agentic commerce standard. Major enterprise wins included General Motors, L'Oreal, and Keurig Dr. Pepper, while international revenue grew 36% with Europe GMV up 45%. A $2 billion share repurchase program was announced as Shop Pay processed $43 billion in Q4 GMV, and Q1 2026 guidance targeted low 30s revenue growth.
Cloud & AI | Competitive Dynamics | Revenue Growth | Demand | 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 | 2 | 4 | 2 | 1 | 1 | |
| 2025Q3 | 3 | 4 | 2 | 2 | 1 | 1 | 1 | |
| 2025Q4 | 6 | 3 | 2 | 1 | 1 | 1 | ||
| 2026Q1 | 5 | 5 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 1 | 3 | 3 | 3 | 6 | 5 |
| Competitive Dynamics | 2 | 3 | 2 | 4 | 3 | 5 |
| Revenue Growth | 2 | 2 | 2 | 2 | 2 | |
| Demand | 2 | 2 | 4 | 2 | ||
| Margin | 3 | 2 | 1 | 1 | ||
| Product Launch | 1 | 1 | 2 | 1 | 1 | |
| Pricing | 2 | 1 | 1 | 1 | ||
| Trade Tariffs | 1 | 2 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SHOP Shopify | 8 | +34.3% | |
| ADSK Autodesk | 10 | +18.4% | |
| APP Applovin Corp | 9 | +24.1% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CRM Salesforce, Inc. | 9 | +13.3% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| INTU Intuit | 9 | +10.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 9 | +13.5% |