Shopify recorded the highest quarterly revenue in its history as it claims to have taken “pole position” in AI-powered shopping.

The e-commerce firm’s revenue for the fourth quarter of 2025 jumped to US$3.67 billion, up from US$2.81 billion year over year. For the full year, revenue rose from US$8.88 billion to nearly US$11.56 billion. 

While agentic commerce is yet to make a meaningful impact to Shopify’s bottom line, president Harley Finkelstein touted its growing importance. Since January 2025, orders coming to Shopify stores through AI searches have grown 15 times, Finkelstein said on a call with analysts. That’s up from an 11-fold increase the last time he provided the figure during the company’s last earnings call in November. “That’s on a small base, but that’s still a really big jump in 12 months,” Finkelstein added.

Shopify’s net income for the quarter was US$743 million and US$1.23 billion for the year, down from US$1.29 billion and US$2.02 billion respectively.

The company predicted it would also have a strong first quarter, signalling it expects revenue to grow by a low-30s percentage.

Shopify spent last year laying the rails for agentic commerce, said Finkelstein, and this year is about growing revenue in that part of its business. The firm has made a series of big AI-related moves in recent months. In December 2025, it announced agentic storefronts for merchants, which allow chatbots like ChatGPT to suggest Shopify sellers’ products in conversations with users—though sales may come with a fee. And last month, it teamed up with Google to create the Universal Commerce Protocol (UCP), an attempt to write a rulebook for connecting AI agents to retail and payment systems.

Finkelstein claimed companies that are not selling through Shopify are having conversations with their executives and boards about joining the platform as it becomes “too good to ignore.”

Some of those companies are the larger enterprise clients that Shopify has targeted in recent years. In part thanks to the company’s push into AI, Finkelstein said he expects such firms will continue to choose Shopify as a result of the AI tools it is building.

Shopify has also used AI to develop its products without having to hire more staff. In its annual report, also released Wednesday, Shopify said it had about 7,600 employees as of the end of 2025—down from 8,100 from the end of 2024. While some of that can be attributed to typical staff attrition, Shopify has been laying off staff in small batches for years.

As a sign of confidence in its results and future performance, Shopify’s board has greenlit up to US$2 billion in share repurchases as it ended the year with a little over US$2 billion in free cash flow, said CFO Jeff Hoffmeister. There is no set quarterly or annual minimum.

Shopify’s shares rebounded early Wednesday on the news, before dropping again on both the Toronto Stock Exchange and the Nasdaq. Shopify’s shares have struggled in recent weeks during a broader tech sell-off. Over the past month, they’ve fallen about 30 per cent on the Nasdaq.