Shopify provides the software infrastructure that businesses use to sell products online and in-person. Merchants use Shopify to build storefronts, accept payments, manage inventory, and sell across channels including retail locations, social media, and AI-powered shopping platforms. Shopify serves businesses of all sizes, from individual entrepreneurs to large global brands like Estée Lauder and Canada Goose. Revenue breaks into two streams: Merchant Solutions (~75% of revenue), which is transaction-based and tied primarily to Shopify Payments processing fees, plus lending (Shopify Capital), shipping, and advertising; and Subscription Solutions (~25%), which are monthly or annual platform fees across pricing tiers. The core business model means Shopify earns more when merchants sell more — GMV drives Merchant Solutions revenue, which is the dominant and faster-growing stream. Shopify Payments processed roughly 65% of GMV as of Q3 2025. Shopify is growing along several vectors: international expansion (Shopify Payments now available in 60 countries), upmarket enterprise wins, offline POS, B2B commerce, and so-called "agentic commerce" — building infrastructure that lets AI agents like ChatGPT and Microsoft Copilot discover products and complete purchases through Shopify's checkout tools. The cost structure is weighted toward R&D and sales and marketing, with headcount held roughly flat while revenue has grown, driving meaningful operating leverage.