In Q1 2025, Shopify delivered $2.36B in revenue, driven by growth in both subscription and merchant solutions. However, the company posted a $682M net loss primarily due to a $1B unrealized loss on equity investments.
Revenue reached $2.36 billion, continuing strong top-line momentum.
GAAP net loss was $682 million, heavily impacted by a $1 billion unrealized investment loss.
GAAP EPS was $(0.53), while non-GAAP EPS was $0.25.
Operating income remained positive at $203 million, indicating core business profitability.
No specific forward guidance was included in the earnings report.
Visualization of income flow from segment revenue to net income
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