Quick Read – Shopify (SHOP) processed $123.84B in gross merchandise volume in Q4 2025, grew revenue 30.58%, and controls over 14% of US ecommerce, but net income fell 42.54% year-over-year due to mark-to-market accounting losses while operating income rose 35.7% and free cash…
ow grew 17.02% to $715 million. – Shopify must normalize earnings optics as equity investment volatility settles, sustain revenue growth above 25% through international and B2B expansion, and complete its $2 billion buyback to reach $200 per share by 2028, a 68.5% gain from current levels. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Shopify didn’t make the cut. Grab the names FREE today
Shopify (NASDAQ:SHOP) is one of the most polarizing growth stories in software right now. The platform processed $123.84 billion in gross merchandise volume in Q4 2025 alone, grew revenue 30.58%, and commands over 14% of US ecommerce. Yet the stock is down 26.25% year-to-date.
It trades at $118.71, far below where fundamentals suggest it could go. The question is whether shares can reach $200 by 2028. Why Shopify Shares Are Stuck Despite 30% Revenue Growth The headline problem is earnings optics.