Shopify Inc. has reclaimed its position as Canada’s most valuable company in 2025, surpassing the Royal Bank of Canada. The company’s strong second-quarter results pushed its market value to $275.7 billion, driven by a surge in global sales and strategic innovations.
Stock Surge After Q2 Results
Shopify’s shares jumped 22% on the Toronto Stock Exchange after it reported better-than-expected earnings for the quarter ending June 30, 2025. Despite concerns about inflation, U.S. tariffs, and global trade challenges, Shopify delivered record-breaking results.
Q2 2025 Financial Highlights
| Metric | Q2 2025 | Year-over-Year Change |
|---|---|---|
| Revenue | US$2.6B | +31% |
| Gross Profit | US$1.3B | +24% |
| Net Income | US$906M | Up from US$171M |
| Gross Merchandise Volume (GMV) | US$87.8B | +31% |
| Monthly Recurring Revenue (MRR) | US$185M | +10% |
| Market Capitalization | C$275.7B | Highest in Canada |
| Stock Price Jump (Aug 7, 2025) | +22% | Significant Growth |
Why Shopify Exceeded Expectations
- Strong U.S. Sales – Even with tariff changes and the removal of the de minimis exemption for goods under US$800, U.S. demand grew. Only 4% of Shopify’s GMV was affected by these tariffs.
- European Expansion – Sales in Europe rose 42%, showing strong international momentum.
- More Merchants Using Premium Tools – Growth in premium subscriptions, POS systems, and B2B services boosted revenue.
- Innovative Partnerships – Shopify integrated AI shopping features through OpenAI and launched a stablecoin payment option with Coinbase.
Legal Win Against CRA
The Federal Court ruled in Shopify’s favor against the Canada Revenue Agency, which sought data on Canadian merchants. This decision protects merchant privacy and reinforces Shopify’s position as a trusted partner for online businesses.
Outlook for Q3 2025
Shopify expects around 25% revenue growth in Q3, with analysts predicting continued dominance in the e-commerce sector. Expansion into new markets, combined with innovative payment and AI tools, could fuel further gains.
Analyst Insights
- Ken Wong (Oppenheimer & Co.): “Management has not seen tariff headwinds, which is reflected in less conservatism relative to three months ago.”
- Tyler Radke (Citigroup Global Markets): “Shopify flew through any tariff/macro related uncertainties with a robust Q2 performance.”
- Richard Tse (National Bank): “It’s still early days for many of Shopify’s growth opportunities… That’s why it remains one of our top picks.”
Shopify’s 2025 rebound highlights its adaptability, innovation, and ability to thrive under global economic pressures. With strong sales growth, new partnerships, and a legal win protecting its merchants, Shopify is well-positioned for sustained success.
FAQs
What is Shopify’s market value in 2025?
C$275.7 billion, the highest in Canada.
How much did Shopify’s stock rise after Q2 2025?
It jumped 22% on August 7, 2025.
Which markets showed the most growth for Shopify?
The U.S. and Europe, with Europe up 42%.
What partnerships did Shopify launch in Q2 2025?
AI shopping with OpenAI and stablecoin payments with Coinbase.
What was Shopify’s legal win against the CRA about?
The court blocked CRA’s request for merchant data.
