Shopify reported strong revenue growth in Q4 and its overall fiscal 2025, driven in part by a sharp rise in business-to-business (B2B) sales and new tools that allow merchants to sell through artificial intelligence (AI) shopping channels.
The Ottawa-based ecommerce company said revenue for its fiscal Q4 ended Dec. 31 rose 31% to $3.67 billion, from $2.81 billion a year earlier.
For the full year, Shopify revenue increased 30% to $11.56 billion. That compared with $8.88 billion in 2024. Shopify’s profit from its core operations — before investment-related gains and losses — increased in both the quarter and the year.
Shopify income in Q4 2025
Operating income reached $631 million in the fourth quarter. That’s up 36% from $465 million a year earlier. For the full year, operating income rose 37% to $1.47 billion, from $1.08 billion in 2024.
Net income, which includes swings in the value of equity investments, declined year over year. Shopify reported net income of $743 million in the fourth quarter, down from $1.29 billion in the same period of 2024. For the year, net income was $1.23 billion, compared with $2.02 billion in 2024.
Excluding investment-related gains and losses, Shopify said adjusted profit rose to $594 million in the fourth quarter, up from $458 million a year earlier. For the year, adjusted profit increased to $1.53 billion, from $1.24 billion.
Shopify said total sales processed through its platform — known as gross merchandise volume, or GMV — rose 29% in 2025 to $378.4 billion. Fourth-quarter GMV increased 31% to $123.8 billion.
Shopify B2B sales in Q4 2025
B2B sales were among the fastest growing parts of the Shopify platform. Shopify said B2B GMV increased 96% in 2025 and 84% in Q4 compared with the prior year.
The company said it signed large wholesale customers including Sonepar, an international electrical products distributor. B2B features are currently available to merchants on Shopify’s Plus plan.
Shopify’s B2B sales tools allow merchants to:
- Create company accounts with multiple buyers.
- Offer negotiated pricing and custom catalogs.
- Set payment terms instead of requiring immediate payment.
- Apply volume discounts.
- Manage both wholesale and consumer sales through the same inventory and checkout system.
Although B2B still represents a small share of overall sales on the platform, Shopify said the segment is growing significantly faster than its consumer business.
Shopify is also investing in what it calls AI or “agentic” commerce — purchases that begin in AI-powered chat or search tools and are completed through Shopify’s systems.
Shopify ‘s AI enhancements and 2026 outlook
In January, Shopify said it co-developed the Universal Commerce Protocol with Google to help AI systems connect directly to merchant storefronts and checkout processes.
Executives said that even when a purchase starts inside AI tools such as ChatGPT, Google Gemini, or Microsoft Copilot, Shopify continues to handle checkout, payments and order processing for participating merchants.
The company said this approach allows businesses — including wholesale sellers — to maintain pricing rules, payment terms and order controls while selling through new digital channels.
For its fiscal Q1 2026, Shopify said it expects revenue to grow at a rate like the fourth quarter, in the low 30% range compared with a year earlier.
Executives described 2025 as a year of robust growth and investment, particularly in AI and wholesale commerce tools, as the company seeks to expand beyond its traditional focus on consumer ecommerce.
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