Matt Frankel

First of all, Tyler, in the past couple of weeks, we've seen a few earnings reports where it's up in pre-market trading or after hours the night before, then management opens their mouth and it changes.

This is definitely not the only case we've seen this quarter.

But yeah, the numbers looked extremely strong, at least on the surface to me.

31% year-over-year revenue growth, which is exactly the same as a year ago, so it's not even decelerating as the business scales.

Solid growth in free cash flow, operating profit, pretty much every other metric.

Merchandise volume through the platform grew by 29% for the full year of 2025.

There's now three times as much merchandise flowing through Shopify's platform than just five years ago.

International growth was a really strong point.

The ShopPay checkout platform

Volume through that grew 62% year over year.

It's looking really good.

The company authorized a new $2 billion buyback.

Even the first quarter guidance was well ahead of what analysts were looking for, which has not been the case with a lot of other software companies.

It wasn't a perfect report.

The big headline is they missed earnings.

They missed EPS estimates by a few cents.

Free cash flow margin contracted a bit.

As I just mentioned, net income declined year over year.

But there really wasn't much to dislike in the report other than that EPS miss.

which the market will usually forgive for a company that is growing at a faster-than-expected pace.