Revenue and earnings growth
Strong business performance
In Q4, gross merchandise volume (GMV) increased 26% YoY to $94.5 billion, marking the sixth consecutive quarter of GMV growth above 20%. This growth was driven by a rise in the number of merchants on Shopify’s platform, along with same-store sales growth from existing merchants and continued strength in international markets. GMV outside North America grew 33% in Q4.
Shopify saw revenue growth across both its segments during the fourth quarter of 2024. Revenues in Subscription Solutions increased 27% while Merchant Solutions revenue grew 33% YoY. This growth was driven by an increase in the number of merchants on the platform, strength in GMV, and increased penetration of Shopify Payments.
In Q4, $61 billion of GMV was processed on Shopify Payments, which was up 35% from last year. Payments penetration hit 64% in the quarter. The growth in gross payments volume (GPV) was driven by an increase in the number of merchants choosing Payments, strong performance of merchants who use Payments, and higher penetration of Shop Pay, which reached 41% of GPV.
Monthly recurring revenue (MRR) grew 24% YoY to $178 million in Q4, driven by growth in the standard, offline, and Plus categories. All three categories saw an increase in the number of merchants.
Outlook
For the first quarter of 2025, Shopify expects revenue to grow at a mid-twenties percentage rate YoY, and gross profit dollars to grow at a low-twenties percentage rate YoY.