Shopify (SHOP) delivered Q4 revenue of $3.67B, up 30.58% year-over-year and beating consensus by 2.34%, while free cash flow reached $715M with a 19% margin—marking 10 consecutive quarters of double-digit FCF. Shop Pay Gross Merchandise Volume surged 62% year-over-year, and Merchant Solutions revenue grew 35% year-over-year, positioning the payments layer as an accelerating monetization engine.

Shopify shares have pulled back 7.7% over the past week despite strong operational execution, as investors recalibrate valuations after a 15.61% gain in 2025, creating an entry point at a trailing P/E of 118.99x that prices in continued growth acceleration from AI commerce tools and enterprise platform adoption.

A recent study…