5 Insightful Analyst Questions From Shopify's Q2 Earnings Call

Shopify’s second quarter saw a strong positive market reaction, with management attributing results to surging global adoption and recent investments in platform capabilities. President Harley Finkelstein highlighted that offline gross merchandise value (GMV) rose 29% and business-to-business GMV grew 101%, while international GMV, led by Europe, accelerated 42%. Management credited the broadened appeal to major global brands and seamless integration across physical and digital channels. Finkelstein remarked, “The strong results you see today come from seeds we planted years ago.”

Is now the time to buy SHOP? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Shopify’s Q2 Earnings Call

• Brian Peterson (Raymond James) asked about demand patterns and the potential for pull-forward ahead of tariffs. CFO Jeff Hoffmeister replied there was no evidence of demand being pulled forward and emphasized business consistency.

• Arjun Bhatia (William Blair) inquired about the localization of international products. President Harley Finkelstein detailed ongoing product rollouts and highlighted still-untapped international opportunities, particularly in Europe and Asia Pacific.

• Gabriela Borges (Goldman Sachs) challenged management on the sustainability of high growth rates. Finkelstein credited durable growth to past investments and ongoing expansion into new verticals, while Hoffmeister cited broad-based product and market tailwinds.

• Terry Tillman (Truist Securities) asked about timing and adoption of Universal Cart and Checkout Kit. Finkelstein confirmed these AI-driven products are already available, with partners like Microsoft Copilot using Checkout Kit and more launches expected ahead of the holiday season.

• Tyler Radke (Citi Investment) probed deeper into performance marketing spend and expected returns. Hoffmeister explained that improved internal models have driven marketing efficiency, with broad-based support for both geographic expansion and product launches.

Catalysts in Upcoming Quarters

In the coming quarters, our team will watch (1) the adoption and monetization of new AI-driven commerce tools such as Universal Cart and Sidekick, (2) the continued pace of international expansion and localized product rollouts, particularly in Europe and Asia-Pacific, and (3) the impact of increased performance marketing on new merchant acquisition and engagement. Progress in integrating large enterprise clients will also be a critical marker of Shopify’s strategic execution.

Shopify currently trades at $150.00, up from $127.11 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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