The Ottawa-headquartered commerce company reported US$906 million in net income on US$2.68 billion in revenue for the second quarter of 2025, up 429 per cent and 31.1 per cent respectively, year over year. Both significantly exceeded analysts’ consensus estimates as compiled by Visible Alpha. (The Logic)

Talking point: Shopify’s sunny quarter owed a lot to the success of its clients. Brands and retailers using its technology posted gross merchandise volume—a measure of sales—of US$87.8 billion, nearly a tenth higher than analysts expected. Large merchants in North America did particularly well, Shopify CFO Jeff Hoffmeister said on Wednesday’s earnings call. He downplayed the impact of looming trade wars, noting that Shopify didn’t take the revenue hit it had anticipated from tariffs in the second quarter, and that only four per cent of clients’ sales currently benefit from the de minimis duty exemption the Trump administration plans to end. Shopify “flew through any tariff [or] macro related uncertainties,” Citi analyst Tyler Radke wrote in an investor note. The stock jumped as much as 23.1 per cent in early Wednesday trading.