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Compared to Estimates, Shopify (SHOP) Q2 Earnings: A Look at Key Metrics

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For the quarter ended June 2025, Shopify (SHOP - Free Report) reported revenue of $2.68 billion, up 31.1% over the same period last year. EPS came in at $0.35, compared to $0.26 in the year-ago quarter.

The reported revenue represents a surprise of +5.47% over the Zacks Consensus Estimate of $2.54 billion. With the consensus EPS estimate being $0.28, the EPS surprise was +25%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Shopify performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Gross Merchandise Volume (GMV): $87.84 billion compared to the $81.36 billion average estimate based on seven analysts.
  • Monthly Recurring Revenue (MRR): $185 million versus the five-analyst average estimate of $191.38 million.
  • Revenues- Merchant solutions: $2.02 billion versus $1.88 billion estimated by 13 analysts on average. Compared to the year-ago quarter, this number represents a +36.6% change.
  • Revenues- Subscription solutions: $656 million compared to the $659.92 million average estimate based on 13 analysts. The reported number represents a change of +16.5% year over year.
  • Gross Profit- Merchant solutions: $767 million compared to the $707.92 million average estimate based on eight analysts.
  • Gross Profit- Subscription solutions: $535 million versus the eight-analyst average estimate of $535.3 million.

View all Key Company Metrics for Shopify here>>>

Shares of Shopify have returned +12.9% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

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