Shopify Inc.
SHOPQ3 2025(SHOP Q2 FY2025)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$2.6B
AI Revenue (Q)
$107.2M
Total Revenue (Q)
$2.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 10-Q (period ended June 30, 2025) continues the same disclosure pattern — single segment, Subscription Solutions and Merchant Solutions revenue lines, no AI-specific breakout. Revenue was $2,680M. The forward-looking statements again reference AI/ML investment intentions but provide no quantification. Vantage technology integration would be ongoing. Maintained at 4% — same rationale as Q1: AI features are deeply embedded but fully bundled. No new AI-specific products announced that would change the revenue attribution. Math: 4% x $2,680M = ~$107M implied AI-attributable revenue.
Analyzed by claude-opus-4-6
Quoted Figures
our expectation that we will continue to invest in data analytics, machine learning and AI
10-Q Q2 FY2025, Forward-Looking Statements
AI Products Identified (Ring 1)
Shopify Magic (AI content generation, image editing, chat)Sidekick (AI commerce assistant)Vantage AI/ML technology (integration ongoing)Shop app AI-powered product recommendationsAI-powered fraud detection in Shopify Payments
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Deliverr machine learning/optimization technologyGeneral platform data analytics and ML infrastructure
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix