Shopify reported QQ2 2025 results with a revenue of $2.68 billion, up 31% year over year and 13.6% quarter over quarter, supported by a robust gross margin of 48.6% and an operating margin of 10.9%. Operating income stood at $291 million, while EBITDA was $379 million. A notable feature of the quarter is the unusually large contribution from total other income and expenses, which lifted net income to $906 million and diluted EPS to $0.70 (basic) / $0.69 (diluted). This means that net profitability in the quarter was boosted by non-operating items rather than a purely operational acceleration. Core operating performance remains healthy, evidenced by solid cash flow generation: operating cash flow of $436 million and free cash flow of about $430 million, underpinning a strong balance sheet with substantial liquidity and a net cash position. The company ended the period with cash and short-term investments totaling roughly $5.83 billion, while debt remained modest (total debt around $1.14 billion) and net debt was negative, signaling financial flexibility. Valuation remains elevated relative to broad software peers, reflecting Shopify’s growth trajectory and ecosystem leverage, but investors should watch the sustainability of non-operating income and the durability of operating margins as the business scales.