Shopify’s QQ4 2025 results deliver a notable step change in profitability driven by operating leverage and a positive non-operating income contribution, even as revenue visibility remains incomplete in the provided data. Gross profit reached $1.693 billion, up 25.2% year-over-year and 21.7% quarter-over-quarter, underscoring sustained gross-margin resilience in the first three quarters of 2025 (roughly 48–49% across Q1–Q3). Operating income rose to $0.631 billion, up about 35.7% YoY and 84.0% QoQ, while net income reported $0.743 billion for Q4 2025, an impressive QoQ surge of ~181% but a notable YoY decline of ~42.5%, supported by a tax benefit of $0.407 billion (negative tax expense). A sizable contribution from total other income/expenses ($0.261 billion) aided pretax profitability, helping translate operating strength into net income despite the revenue data gap. The absence of explicit Q4 revenue in the dataset limits a full margin analysis, including gross margin and operating margin comparisons to the prior year, but the quarterly trajectory through Q3 2025 shows healthy gross margins and expanding operating leverage. Management commentary from the earnings call is not included in the provided data, limiting quote-based interpretation at this time. Investors should monitor GMV/arpu dynamics, mix effects (merchant solutions, payments, and subscriptions), and cost discipline as catalysts for sustaining profitability into 2026.