Shopify Inc. (SHOP) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.755 Good morning, and thank you for joining Shopify's fourth quarter 2025 conference call. 00:00:04.755 -- 00:00:08.659 I am Carrie Gillard, Director of Investor Relations, and joining us today are Harley 00:00:08.659 -- 00:00:12.582 Finkelstein, Shopify's President, and Jeff Hoffmeister, our CFO. 00:00:12.582 -- 00:00:15.905 After their prepared remarks, we will open it up for your questions. 00:00:15.905 -- 00:00:19.889 We will make forward-looking statements on our call today that are based on assumptions 00:00:19.889 -- 00:00:23.412 and therefore subject to risks and uncertainties that could cause actual results to differ 00:00:23.412 -- 00:00:27.576 materially from those projected. Undue reliance should not be placed on these forward-looking 00:00:27.576 -- 00:00:32.165 statements. We undertake no obligation to update or revise these statements, except as 00:00:32.165 -- 00:00:36.636 required by law. You can read about these assumptions, risks, and uncertainties in our 00:00:36.636 -- 00:00:39.462 press release this morning, as well as in our filings with U.S. 00:00:39.462 -- 00:00:44.615 and Canadian regulators. We'll also speak to adjusted financial measures, which are non-GAAP 00:00:44.615 -- 00:00:46.960 and not a substitute for GAAP financial measures. 00:00:46.960 -- 00:00:50.486 Reconciliations between the two are provided in our press release. 00:00:50.486 -- 00:00:54.614 And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. 00:00:54.614 -- 00:00:59.703 dollars unless otherwise indicated. With that, I will turn the call over to Harley. 00:00:59.703 -- 00:01:02.849 Thanks, Carrie, and thanks to everyone here for joining us. 00:01:02.849 -- 00:01:07.143 We've got a lot to talk about today. First,...