Shopify Reports Mixed Earnings, Pushes AI Commerce

Shopify reported fourth-quarter 2025 revenue of $3.67 billion, up 31% year over year, and full-year revenue of $11.6 billion, up 30%, in its Feb. 11 earnings release. The company emphasized merchant solutions growth (payments, capital) and AI initiatives—Catalog, Sidekick, Universal Commerce Protocol and Agentic Storefronts—positioning Shopify as infrastructure for 'AI commerce' with implications for transaction revenue and competition.