A sign is displayed outside Shopify’s main office in Ottawa. (Photo credit: Adrian Wyld, The Canadian Press)
Despite the rising tensions in global trade, Shopify Inc. is proving it can hold its ground. The Ottawa-based e-commerce platform posted a massive profit of US$906 million in its latest quarterly report, with revenue jumping 31% compared to last year.
This surge comes at a time when U.S. President Donald Trump continues to slap tariffs on international trade partners, sparking fears of higher costs and reduced cross-border commerce. These actions have forced businesses across the globe to rethink their pricing and operations. Yet Shopify, and the merchants it supports, have continued to adapt — and thrive.
“The business remains in very good shape,” said Jeff Hoffmeister, Shopify’s chief financial officer, during a Wednesday call with analysts.
The company’s stock reflected this confidence, soaring 22% to $213.11 on the Toronto Stock Exchange mid-morning, signalling investors were thrilled with Shopify’s performance.
Strong Numbers Show Shopify’s Resilience
In the second quarter, Shopify reported a profit of 69 cents US per diluted share, a huge leap from 13 cents US a year earlier. If we exclude the impact of equity investments, Shopify still delivered a robust US$338 million in net income, compared to US$291 million last year.
Revenue reached US$2.68 billion, up from US$2.05 billion in the same quarter of 2024 — all while maintaining its books in U.S. dollars. These gains underscore Shopify’s ability to stay profitable despite the uncertain trade climate.
How Are Tariffs Affecting Shopify Merchants?
With the U.S. expanding its removal of the de minimis exemption — a rule that previously allowed goods under $800 to enter the country duty-free — many businesses feared added costs and customer drop-offs. While China faced this change earlier, now all countries are affected.
Even so, Hoffmeister said Shopify hasn't seen major shifts in customer behaviour. Buyers didn’t rush to shop before price hikes, nor did cross-border transactions show a significant decline.
Interestingly, Shopify merchants took the proactive route. Many decided to increase prices in anticipation of higher import costs — a move that could soften the blow of future trade penalties.
Currently, only 4% of Shopify’s global merchandise value is shipped under these now-altered exemptions. So far, there’s been no major impact on Shopify’s sales from countries affected by the rule change.
High-Profile Brands Join Shopify’s Ecosystem
Even as the tariff war drags on, Shopify continues to attract big-name brands. In the past quarter, Starbucks, Burton, and Canada Goose joined the platform, a clear sign of trust in Shopify’s infrastructure.
“I’ve been in talks with CEO Dani Reiss for a long time,” said Shopify President Harley Finkelstein, referring to Canada Goose. “Incredibly, the deal actually closed on Canada Day, which made it feel extra special.”
Shopify Marches Forward
Despite global tensions and new regulations, Shopify continues to adapt without losing momentum. With strong revenue, high-profile partnerships, and confidence from investors, it’s clear Shopify is not just surviving — it's thriving.
