Shopify Inc. maintained a streak of growing revenue and gross merchandise volume (GMV) by more than 30% each in Q3, with president Harley Finkelstein noting the benefits from artificial intelligence (AI) at large as well as agentic commerce specifically.
The growth also marked Shopify’s largest-ever quarter in terms of revenue. Finkelstein told investors on the ecommerce software provider’s earnings call that the “bigger story” is the “evolution of commerce.” He framed Shopify as constantly adapting to meet that evolution, citing as an example the growth of its online business-to-business (B2B) channel in Q3.
“We’re not just growing our piece of the pie; we are growing the pie itself,” Finkelstein told investors. “That is our superpower. Commerce never stands still, and neither do we. We are always building for what’s next. And now as we’re entering what is likely to be a whole new era of agentic commerce, our scale and agility mean that Shopify is perfectly positioned to lead the way and empower more businesses using AI.”
Finkelstein noted that “AI is able to fundamentally change how we shop, moving from search to conversation.” He addressed how Shopify is addressing that shift, including its dive into agentic commerce.
Currently, 118 of the Top 2000 online retailers in North America use Shopify as their ecommerce platform, according to Digital Commerce 360 data. In 2024, the combined web sales of all Top 2000 retailers that used Shopify’s ecommerce platform reached $10.496 billion. The Top 2000 Database ranks North America’s largest online retailers based on their annual ecommerce sales and more.
Shopify president on agentic commerce’s impact
Finkelstein called agentic commerce “much more than just the last click.”
He told investors to think about it in three layers:
- Product discovery
- Purchasing experience
- Post-purchase journey
He said those only looking at the payment or checkout layer are “missing the bigger picture.” Shopify has structured data “across billions of products” to help surface the most relevant items “in seconds,” he added.
He noted Shopify’s partnership with ChatGPT while saying Shopify is also partnering “with other leaders in conversational AI like Perplexity.” ChatGPT and Microsoft Copilot have already partnered with Shopify on in-chat shopping flows, he said, which include tools Shopify calls “Universal Cart” and “Checkout Kit.”
Shopify’s goal is to “power product discovery for all agents, making us the standard across the internet,” Finkelstein said.
Post-purchase, Shopify is investing in tools to “help agents keep customers engaged and informed.” Those include order status, return, support and reorder prompts. And “different permutations will emerge as agentic commerce evolves,” he said.
Shopify revenue, GMV in Q3 2025
In Q3, Shopify revenue reached $2.84 billion. That’s 31.5% growth compared to $2.16 billion in the year-ago period. Revenue from Europe now accounted for 21% of Shopify’s total in Q3, which compares to less than 18% in 2023, Finkelstein said.
Shopify revenue from subscription solutions increased 15%, primarily from more subscriptions coming from higher-priced plans.
Meanwhile, Shopify GMV in Q3 increased to $92.01 billion. That’s nearly 32% growth over about $69.72 billion the prior year.
Merchants with annual GMV below $25 million generated “the significant majority” of Shopify GMV in Q3, according to chief financial officer Jeff Hoffmeister.
“We saw a relatively equal balance between GMV from merchants in the $2 million and below band and merchants in the $2 million to $25 million band,” he added.
Although merchants with GMV greater than $25 million “grew at a faster pace in Q3,” that was the smallest segment of the three GMV ranges, according to Hoffmeister
Shopify B2B GMV nearly doubled in Q3, growing 98%. In Canada, specifically, it grew 155% year over year.
International GMV grew 41% in Q3 for Shopify. In Europe, specifically, Shopify GMV increased 49% in Q3.
Additionally, Shopify offline GMV grew 31% in Q3. Hoffmeister attributed that to the growing number of brands that primarily sell in physical retail stores.
Payments led the way for driving overall Shopify GMV growth, accounting for 65% in Q3. Meanwhile, Shop Pay revenue grew 67% year over year in Q3 to reach $29 billion.
Onboarding more brands
In Q3, Shopify also benefited from more online merchants joining its platform, including:
- e.l.f Cosmetics, a beauty brand
- Twinset, an Italian luxury label
- Welch’s, an American snack brand
- Formlabs, a 3D printing company
- FanDuel, the sports betting company
- Ladurée, a 170-year-old French retailer
- Stokke, a manufacturer of children’s furniture and accessories
It also recently signed brands that are now live on Shopify, including:
- Estee Lauder
- Michael Kors
- David’s Bridal
- Goop
- Mejuri
- Dooney & Bourke
Shopify adds fulfillment integrations in Q3
In Q3, Shopify partnered with Amazon for multichannel fulfillment, as well as Big Blue, DHL Fulfillment Network, Go Bolt and Maple. It also partnered with Australia Post, Royal Mail and DHL Express Canada “to give more carrier diversity,” Finkelstein said.
Also in the quarter, it began working with DHL and Canada Post on delivered duty paid (DDP), which refers to a form of transport under which “the seller is responsible for all risk and costs associated with shipping and delivering goods.” Finkelstein said that integration has “empowered merchants to eliminate the customs delays that kill international sales.”
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on Shopify revenue and GMV.
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