Shopify (SHOP) Reports Earnings Tomorrow: What To Expect

E-commerce software platform Shopify (NYSE:SHOP) will be announcing earnings results this Wednesday before the bell. Here’s what to expect.

Shopify beat analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $2.36 billion, up 26.8% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ billings estimates but gross merchandise volume in line with analysts’ estimates.

Is Shopify a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Shopify’s revenue to grow 24.6% year on year to $2.55 billion, improving from the 20.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.29 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Shopify has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2.4% on average.

Looking at Shopify’s peers in the sales and marketing software segment, some have already reported their Q2 results, giving us a hint as to what we can expect. BigCommerce delivered year-on-year revenue growth of 3.2%, beating analysts’ expectations by 1.3%, and VeriSign reported revenues up 5.9%, in line with consensus estimates. BigCommerce traded up 4.6% following the results while VeriSign was also up 6.5%.

Read our full analysis of BigCommerce’s results here and VeriSign’s results here.

The euphoria surrounding Trump’s November win lit a fire under major indices, but potential tariffs have caused the market to do a 180 in 2025. While some of the sales and marketing software stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3% on average over the last month. Shopify is up 7.7% during the same time and is heading into earnings with an average analyst price target of $120.36 (compared to the current share price of $125.61).

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