Shopify (NASDAQ: SHOP) reported Q2 revenue of $2.68 billion versus the consensus estimate of $2.55 billion.

For the third quarter of 2025, we expect:

Revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis;
Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis;
Operating expense as a percentage of revenue to be 38% to 39%;
Stock-based compensation to be $130 million; and
Free cash flow margin to be in the mid-to-high teens.

For earnings history and earnings-related data on Shopify (SHOP) click here.