Shopify Inc. (SHOP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining Shopify's second quarter 2025 conference call. I'm Carrie Gillard, Director of Investor Relations, and joining us today are Harley Finkelstein, Shopify's President, and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions. We will make forward-looking statements on our call today that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise these statements except as required by law. You can read about these assumptions, risks, and uncertainties in our press release this morning, as well as in our filings with U.S. and Canadian regulators. We also speak to adjusted financial measures, which are non-GAAP and not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars unless otherwise indicated. With that, I will turn the call over to Harley. Thanks, Carrie, and good morning, everyone. Now, before we get into the numbers, I want to do something a little bit different today. I want to start by looking back at Shopify's last few earnings calls. 18 months ago, I said that we would power up our offline and our B2B on-ramps, creating a truly unified commerce platform. Well, fast forward to today, our offline GMV is up 29% year-over-year, our B2B GMV is up 101%, and we're bringing the biggest brands on the planet to the platform through our unified commerce offering. Twelve months ago, I said we would continue to deliver both growth and profitab...