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Shopify helps merchants sell online and in physical stores, serving businesses from new entrepreneurs to large retail and business-to-business operations. Merchants pay subscriptions for its platform and can use Shopify Payments to accept customer payments. Most revenue comes from services tied to merchant activity, chiefly payment-processing and currency-conversion fees through Shopify Payments; platform subscriptions provide the other main revenue stream.
Most merchants use Basic and Grow plans, but merchants on Shopify Plus and enterprise offerings account for most of the sales value passing through the platform. No single merchant supplies a large share of revenue. The business depends on merchants continuing to subscribe, selling more and adopting additional paid services—not simply on adding new merchants.
Shopify Payments relies on technology from Stripe and PayPal. Keeping payment processing available depends on those relationships and compliance with payment-card network rules, which can lead to loss of payment access if breached. Payment-related laws also govern what Shopify and its partners may offer across jurisdictions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Shopify’s results hinge on merchant sales and payment adoption, making Stripe a key Shopify Payments technology supplier to watch and Adobe’s Magento another enterprise-commerce rival.
Commerce.com, Inc. Series 1 competes with Shopify through BigCommerce for businesses paying to build and run online stores selling to consumers or other businesses. BigCommerce’s enterprise offering is the product to watch for competition over larger merchants.
WIX.com Ltd. competes with Shopify for merchants paying to build online storefronts and accept payments. Wix requires a premium subscription to accept online payments, so adoption of those plans is the relevant overlap—not its entire registered-user base.
Block’s Square competes with Shopify for merchants buying commerce software, checkout hardware and payment processing. Square’s merchant business is the relevant part of Block to watch, rather than treating its Cash App or bitcoin business as a read-through for Shopify.
Lightspeed Commerce Inc. competes with Shopify for retailers paying for software that connects online and physical stores, checkout systems and integrated payments. Its North American retail customers are the clearest group to watch for this overlap.
VTEX competes with Shopify Plus for large merchants paying ecommerce subscriptions and sales-linked fees—a customer group that generates most of Shopify’s order value. Watch VTEX’s subscription revenue from large customers for competition in this important segment.
Amazon competes with Shopify for merchants’ online selling activity and the associated service fees: Amazon offers a marketplace, while Shopify provides merchants with their own storefront platform.
Shopify Payments depends on technology from PayPal, which also competes for merchants’ payment-processing fees. Watch PayPal service disruptions or changes to the supply agreement: losing its technology before a replacement is integrated could delay Shopify Payments and add costs.
Shopify relies on Global-E Online Ltd. for Managed Markets, where Global-e handles international orders, duties and taxes and pays merchants in their home currency—the merchant-of-record service. Watch the Managed Markets 2.0 rollout, which ties those services more closely to Shopify’s native payments but may bring technical complexity and changes to Global-e’s Shopify-channel margins.
Klaviyo, Inc. depends heavily on Shopify merchants paying for customer-marketing software: they accounted for 77.9% of its annual recurring revenue at December 31, 2025. Its email and messaging subscription business offers a window into these merchants’ spending on keeping customers.
Affirm Holdings powers Shopify’s installment-payment offering, tying the purchase volumes it finances for Shopify merchants to sales through Shopify.
Salesforce competes with Shopify Plus through Commerce Cloud for enterprise merchants’ ecommerce platform subscriptions. Watch Commerce Cloud rather than Salesforce’s overall results: Plus and enterprise merchants generate most of Shopify’s order value, while Salesforce sells many other business services.
GoDaddy competes with Shopify for small businesses paying to build online stores and buy related commerce services. Its microbusiness customers and website builders serving businesses are the relevant groups to watch, rather than domain investors.
Global Payments competes with Shopify for merchants paying to accept customer payments and use integrated retail checkout software. Watch its Genius retail checkout offering, which combines software with payment technology, for competition with Shopify’s point-of-sale and payments business.
Fiserv’s Clover competes with Shopify for merchants buying checkout software and integrated payment services.
PayPal Holdings, Inc. earningsPYPL
PayPal’s report will show how its payments business is operating, giving a read on the technology Shopify Payments depends on as both companies compete for merchants’ payment business.
Watch PayPal’s payments activity and service performance, and any disclosed disruption or cost changes. Steady activity and service would point to continued competition without a newly evident strain on the technology Shopify relies on; disruption or higher costs would put continuity, and the time and expense of replacing that technology, more sharply in question.
Amazon.Com Inc earningsAMZN
Amazon’s report will show how sellers are using its marketplace, a competing route to online customers for merchants who use Shopify’s own-store platform.
Look for Amazon’s disclosures on third-party sellers or online-store activity, not its overall results as a proxy for Shopify. Resilient seller activity would show merchants continuing to use Amazon as a sales channel; stronger activity would point to tougher competition for online orders, but would not by itself establish how Shopify merchants’ sales changed.
GoDaddy Inc earningsGDDY
GoDaddy’s report will show whether small businesses still pay for online-store tools, a customer-spending signal for the merchants Shopify competes to win and retain.
Focus on GoDaddy’s commerce and website services for microbusinesses—paid activity or revenue, not domain investors. Resilient paid use would show these businesses still spend on online-selling tools; weakness would suggest the same small merchants may be more cautious, making it harder for Shopify to win and retain them.
Shopify Inc. earningsThis company
Shopify’s report will show whether merchants’ sales on its platform keep lifting payments and other merchant-services revenue without further pressuring its overall gross margin.
Read gross merchandise volume (GMV—the value of orders facilitated on Shopify, not Shopify’s revenue) alongside merchant-solutions revenue, then check gross margin. If both grow and gross margin holds, more merchant sales are turning into revenue without further diluting the overall margin through lower-margin services such as payments. If GMV or merchant-solutions revenue slows, or gross margin falls again, the question is whether less commerce is converting into revenue or a larger share of lower-margin business is leaving less gross profit per revenue dollar.
Block, Inc. earningsXYZ
Block’s report will show how merchants are using Square’s checkout software, hardware and payments, a read on demand for the retail tools Shopify also sells.
Use Square’s merchant activity and related revenue, not Cash App or bitcoin, as the read-through. Resilient merchant results would show retailers continuing to use integrated checkout and payment tools; weakness could mean merchants are buying or using less of this software and processing, a softer demand setting for Shopify’s retail and payments business too.
Klaviyo, Inc. earningsKVYO
Klaviyo’s report will show whether Shopify merchants keep paying for email and messaging tools, a signal of their spending to bring customers back.
Watch Klaviyo’s subscription revenue and customer activity, particularly its business serving Shopify merchants. Steady revenue and use would show merchants still paying for email and messaging to bring customers back; weakness could signal cuts to retention-tool budgets and more cautious spending by Shopify merchants.
Affirm Holdings, Inc. earningsAFRM
Affirm’s report will show activity in purchases it finances, offering a read on installment-payment use tied to sales by Shopify merchants.
Watch the volume and use of purchases Affirm finances for merchants. More use would show more buyers paying in installments, a source of demand for Shopify merchants; less use would mean this sales route is shrinking, but would not prove that Shopify’s overall GMV is falling.
Retail Sales MoM (Oct)
Retail sales track how much consumers spend at stores, and stronger sales can lift orders processed by Shopify merchants, supporting GMV and the payment-processing and other merchant-solutions fees Shopify earns.
Stronger retail sales suggest more consumer spending that could support Shopify merchants’ orders, GMV and Shopify’s transaction-linked merchant-solutions fees; weaker sales suggest the reverse, particularly for merchants selling discretionary goods.
Global-E Online Ltd. earningsGLBE
Global-E Online’s report will show how its cross-border order, duties and tax services are progressing for Shopify merchants and how the partnership is working.
Watch Managed Markets adoption and Global-e’s disclosed Shopify-channel performance; its overall growth is not Shopify revenue. Progress in uptake and execution would show the cross-border path for orders, duties, taxes and payment to merchants in their home currency is working. A complex rollout or pressure in the Shopify channel would make the integration and economics of this partner service less certain.
Salesforce, Inc. earningsCRM
Salesforce’s Commerce Cloud results will show enterprise demand for ecommerce platforms, the market in which it competes with Shopify Plus for large merchants.
Watch Commerce Cloud, not Salesforce’s total revenue. Resilient results would show large merchants still buying enterprise ecommerce platforms and Shopify Plus facing an active competitor; weakness would suggest softer enterprise-platform demand, but Salesforce’s many other businesses mean it cannot establish Shopify Plus’s own results.
