On October 28, Shopify CEO Tobi Lütke said Shop Pay, which 400 million people use, now works inside AI agents and at stores not on Shopify. None of this will appear in the third-quarter report due before the open on November 3, where 34% growth is the benchmark after two straight quarters at that pace. Merchant solutions made up 76% of the $11.6 billion revenue in 2025, and Shop Pay's GMV grew 53% in the second quarter versus 32% for total GMV. Second-quarter free cash flow reached $654 million, up from $422 million a year earlier, but subscription gross margin slipped to 79.7% from 81.6% as cloud costs, including AI usage, rose $37 million. The key unknown is what Shopify earns when Shop Pay checks out at stores off its platform, since management has only addressed agent orders at its own merchants.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Shopify’s CEO Counts 400 Million Shop Pay Users. The November 3 Report Has to Show Revenue Follows
Read the original on Yahoo Finance ↗
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