Shopify Inc (SHOP) 2025 Q4 法說會逐字稿

Good morning and thank you for joining Shopify's fourth quarter 2025 conference call. I am Carrie Gillard, Director of Investor Relations. And joining us today are Harley Finkelstein, Shopify Vice President; and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions.

早安，感謝各位參加 Shopify 2025 年第四季電話會議。我是投資人關係總監凱莉‧吉拉德。今天與我們一同出席的還有 Shopify 副總裁 Harley Finkelstein 和我們的財務長 Jeff Hoffmeister。在他們發言結束後，我們將開放提問環節。

We will make forward-looking statements on our call today that are based on assumptions and therefore, are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise these statements, except as required by law.

我們將在今天的電話會議上發表一些基於假設的前瞻性聲明，因此這些聲明存在風險和不確定性，可能導致實際結果與預測結果有重大差異。不應過度依賴這些前瞻性陳述。除法律另有規定外，我們不承擔更新或修改這些聲明的義務。

You can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with US and Canadian regulators. We'll also speak to adjusted financial measures, which are non-GAAP and not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release. And finally, we report in US dollars, so all amounts discussed today are in US dollars unless otherwise indicated.

您可以在我們今天早上發布的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。我們也會談到調整後的財務指標，這些指標屬於非公認會計準則 (非 GAAP) 指標，不能取代公認會計準則 (GAAP) 財務指標。雙方達成和解的詳情已在我們的新聞稿中公佈。最後，我們的報告以美元為單位，因此今天討論的所有金額均以美元為單位，除非另有說明。

With that, I will turn the call over to Harley.

接下來，我會把電話交給哈雷。

Thanks, Carrie, and thanks to everyone here for joining us. We've got a lot to talk about today. First, we'll talk about 2025. It was another year of durable growth, faster product shipping and disciplined cash generation. We'll also talk about Q4 in particular, which delivered the highest quarterly revenue in Shopify's history and saw huge names from across all industries join the platform from General Motors to Sonos to L'Oreal to the Benetton Group, to Keurig Dr. Pepper, to Amer Sports, who owns incredible brands like Wilson, Solomon and Peak Performance, all moving to Shopify.

謝謝凱莉，也謝謝在座各位的到來。今天我們有很多事情要談。首先，我們來談談2025年。又一年實現了持續成長，產品出貨速度加快，現金流也得到了有效控制。我們還將重點討論第四季度，該季度 Shopify 實現了歷史上最高的季度收入，各行各業的知名企業紛紛加入該平台，從通用汽車到 Sonos，從歐萊雅到貝納通集團，從 Keurig Dr. Pepper 到擁有 Wilson、Solomon 和 Peak Performance 等知名品牌的 Amer Sports，都已遷移到 Shopify。

And we'll talk about where Shopify is heading in 2026. But before we get into the details, I want to start by doing something a little bit differently this time because this year is not like any other year. I want to repeat something that Tobi said back in May 2015 on the day that Shopify became a publicly traded company. He said this, Shopify will be the only platform needed to build an empire.

我們將探討 Shopify 在 2026 年的發展方向。但在深入細節之前，我想做一件與往年不同的事情，因為今年與往年不同。我想重複一下 Tobi 在 2015 年 5 月 Shopify 上市那天說過的話。他說，Shopify 將是打造商業帝國所需的唯一平台。

By the time we're done, we will have created the new normal. Well, don't worry, we are far from done. But this quote perfectly captures both where Shopify is today and what you can expect to see from us next.

到那時，我們將創造新的常態。別擔心，我們遠遠沒有完成。但這句話完美地概括了 Shopify 目前的狀況以及您接下來可以期待我們推出的產品。

Let me explain. Tobi said, Shopify will be the only platform needed to build an Empire. Well, we believe that 2025 market inflection point in that goal. Empires are now being built every single day on Shopify. Brands like FIGs and Jim Shark and Skims that were all born on the platform, hit over 1 million orders well inside of a decade. And then there's some like comfort that have done it in less than five years.

讓我解釋一下。Tobi表示，Shopify將是打造商業帝國的唯一平台。我們認為，2025 年是實現這一目標的市場轉折點。如今，每天都有人在 Shopify 上建立自己的商業帝國。像 FIGs、Jim Shark 和 Skims 這樣的品牌都是在這個平台上誕生的，它們在不到十年的時間內就獲得了超過 100 萬份訂單。還有一些像舒適型轎車這樣的公司，在不到五年的時間內就做到了這一點。

That is remarkable. Tobi's vision might have sounded bombastic in 2015, but a decade later, it is reality for millions of entrepreneurs. Now in that same quote, he also said, by the time we're done, we will have created the new normal. Well, 2026 is about to show the world what he meant by that. The AI era has now reached commerce, and you're about to see what that looks like at scale.

這真是了不起。托比的願景在 2015 年聽起來或許有些誇張，但十年後，它已成為數百萬企業家的現實。在同一段引言中，他也說，到我們完成的時候，我們將創造新的常態。嗯，2026年將會向世界證明他這話是什麼意思。人工智慧時代已經進入商業領域，你即將看到它大規模應用的樣子。

You're seeing the start of this new normal. And when Tobi said, we would be the ones creating it, he was not exaggerating. Shopify was built for this moment. No one, and I mean no one is better positioned to lead in this new era.

你正在見證這種新常態的開端。托比說，我們會親手創造它，他所言非虛。Shopify 就是為這一刻而生的。沒有人，我的意思是沒有人比他更適合領導這個新時代。

We've spent decades of building the infrastructure that allows every type of merchant to thrive. We have trillions of data points from billions of transactions across millions of merchants. Simply put, we believe we have a more diverse commerce data set than almost anyone else on the internet. And of course, data is what AI is fueled by. This is an enormous advantage, and it's also a real responsibility.

我們花費數十年時間建立基礎設施，使各種類型的商家都能蓬勃發展。我們擁有來自數百萬商家數十億筆交易的數萬億個數據點。簡而言之，我們相信我們擁有比互聯網上幾乎任何其他公司都更加多樣化的商業數據集。當然，人工智慧的動力來源是數據。這既是巨大的優勢，也是實實在在的責任。

And it's not one we take lightly. You may have seen that we just announced the Universal Commerce Protocol, or UCP, that we co-developed with Google. That means that we are literally setting the standard on how the world will shop with AI.

我們對此非常重視。您可能已經看到，我們剛剛發布了與Google共同開發的通用商業協議（UCP）。這意味著我們正在切實地為全世界如何利用人工智慧購物樹立標準。

We've also added more integrations, so our merchants will be able to sell on every major AI platform. And we've launched a product to power AI shopping for brands that aren't even on Shopify yet. As you know, Shopify will always bias towards long-term sustainable growth. And we are not afraid to make big bets where we see opportunity. Well, that's what we did here.

我們還增加了更多整合功能，因此我們的商家將能夠在所有主流人工智慧平台上銷售產品。我們還推出了一款產品，旨在為那些甚至還沒有入駐 Shopify 的品牌提供 AI 購物支援。如您所知，Shopify始終會優先考慮長期可持續成長。我們敢於在看到機會的地方進行大膽投資。嗯，我們在這裡就是這麼做的。

And this year is when those bets show up. More on that in a minute. But first, let's get into the results we drove in 2025.

今年，這些賭注就會兌現。稍後會詳細說明。但首先，讓我們先來看看我們在 2025 年所取得的成果。

I'm going to talk a lot about growth here because first and most importantly, we are a growth company. And second, growth across all areas of our business in 2025 has been remarkable. But here's the thing. It was not growth at any cost. We grew profitably just as we said we would, and we scaled with discipline.

我今天要重點談談成長，因為首先也是最重要的是，我們是一家成長型公司。其次，2025 年我們業務各領域的成長都非常顯著。但問題是…這不是不惜一切代價的成長。我們實現了獲利成長，正如我們之前承諾的那樣，並且我們以嚴謹的態度擴大了規模。

Our free cash flow exceeded $2 billion in 2025, delivering another year of consistent free cash flow margin. This is what building a generational company looks like. Now here's the headline. In 2025, GMV was up 29%, hitting $378 billion and revenue topped $11.5 billion, up 30% accelerating from 2024's growth of 26%.

2025 年，我們的自由現金流超過 20 億美元，連續多年維持穩定的自由現金流利潤率。這就是打造世代傳承企業的模樣。現在是新聞標題。2025 年，GMV 成長 29%，達到 3,780 億美元，營收超過 115 億美元，成長 30%，比 2024 年的 26% 的成長率加速。

Now let's pause on that for a moment because putting up these kinds of top line growth numbers at our size is incredibly hard, and it is not common. And we have been growing at this rate for as long as I can remember. In fact, since we IPO-ed in 2015, we've grown our revenue over 20% every single year. That is what durable growth at scale looks like. And that scale is consistently compounding quarter after quarter.

現在我們先暫停一下，因為對於我們這樣的規模來說，要取得這樣的營收成長非常困難，而且並不常見。就我記憶所及，我們一直以這樣的速度發展。事實上，自 2015 年上市以來，我們的收入每年都成長超過 20%。這就是規模化永續成長的樣子。而且這種規模還在逐季持續擴大。

Q4 was our first ever quarter of revenue above $3 billion. That's more than all of our revenue in 2020. Let me repeat that. We just did more revenue in a single quarter than the entirety of 2020. Our growth philosophy is simple and effective.

第四季是我們公司有史以來第一個營收超過30億美元的季度。這比我們2020年的全部收入還要多。我再說一次。我們一個季度的收入就超過了 2020 年全年的收入。我們的成長理念簡單而有效。

We win more merchants to sell for. We build more services from to sell on, and we attract more buyers for them to sell to.

我們贏得了更多合作商家。我們開發更多服務進行轉售，並吸引更多買家供他們銷售。

And here's how that played out in 2025. Revenue in our largest market, North America, was up 28%, and we now power more than 14% of the US e-commerce market. We welcome huge names like Estee Lauder Companies, Starbucks, Coach, Michael Kors, Burton snowboards, e.l.f. Cosmetics, Toys R Us and Goop and new merchants continue to come from all corners of commerce from [Fall at Education] education who manages campus bookstores across America to the iconic snack brand Welshes and even the sports betting company, FanDuel.

而到了 2025 年，情況就是這樣發展的。我們在最大的市場北美地區的收入成長了 28%，目前我們佔據了美國電子商務市場 14% 以上的份額。我們歡迎雅詩蘭黛公司、星巴克、蔻馳、邁克爾·科爾斯、伯頓滑雪板、e.l.f.化妝品、玩具反斗城和Goop等知名品牌入駐，來自商業各個領域的新商家也源源不斷地湧入，從管理全美校園書店的[Fall at Education]教育機構，到標誌性零食品牌Wel博彩公司，甚至還有體育公司Fan。

That is a seriously diversified mix of brands. And our international merchant base grew even faster. Revenue was up 36% year-over-year, and nearly half of our merchant base is now located outside of North America.

這是一個品牌組合非常多元化的產品系列。我們的國際商家群體成長速度甚至更快。營收年增 36%，我們近一半的商家現在位於北美以外。

We welcome huge global brand names like Caring Beauty, which is the Beauty division of Alexander McQueen, Balenciaga and Creed, Karl Lagerfeld, Mila, JW Anderson, Stoka and UGG Australia plus new signings from names like L'Oreal and Topshop in Q4 alone. Our off-line channel revenue grew 27% to $748 million with iconic brands like Tom Ford, David's Bridal and Aldo choosing Shopify to power their physical retail locations.

我們迎來了 Caring Beauty（Alexander McQueen 旗下的美容部門）、Balenciaga 和 Creed、Karl Lagerfeld、Mila、JW Anderson、Stoka 和 UGG Australia 等眾多國際知名品牌，僅在第四季度就新增了 L'Oreal 和 Topshop 等品牌。我們的離線通路收入成長了 27%，達到 7.48 億美元，Tom Ford、David's Bridal 和 Aldo 等標誌性品牌選擇 Shopify 為其實體零售店提供支援。

2025 also saw serious traction in the B2B space. GMV from B2B merchants was up 84% in Q4 and 96% in 2025. We signed B2B giants like Century old industrial manufacturer Sunin and we grew our existing merchants like [EY], who brought their B2B side of the business over to join the D2C side, now all powered by a single platform, Shopify.

2025 年，B2B 領域也取得了顯著進展。B2B 商家的 GMV 在第四季度成長了 84%，預計到 2025 年將成長 96%。我們與百年工業製造商 Sunin 等 B2B 巨頭簽約，並發展了像 [EY] 這樣的現有商家，他們將自己的 B2B 業務轉移到 D2C 業務，現在所有這些都由 Shopify 單一平台提供支援。

And we're not just seeing growth from new merchants during the platform. We're also helping our existing merchants continue to sell more. In 2025, GMV grew 29% year-over-year. And that's not just being driven by a few top performers. We saw huge traction across the entire merchant base. So that's a story of 2025, bigger, faster, more global and more durable than ever.

而且我們看到的成長不僅來自平台上的新商家。我們也正在幫助現有商家繼續增加銷售額。2025年，GMV年增29%。而且這並非僅僅是少數頂尖員工的功勞。我們看到整個商戶群都獲得了巨大的迴響。這就是 2025 年的故事：規模更大、速度更快、更全球、更持久。

Now let's move into 2026. You'll hear me talk more about the future than I usually do on earnings calls. And that's because we have been quietly building for this moment for years. Last year, we talked about helping merchants to sell everywhere and to operate smarter. Now that is still our focus in 2026, but it is now being supercharged by AI.

現在讓我們展望2026年。在財報電話會議上，你會聽到我談論更多未來。這是因為我們多年來一直在默默地為這一刻做準備。去年，我們討論瞭如何幫助商家在各地銷售產品並更聰明地運作。2026 年，這仍然是我們的重點，但人工智慧正在加速推動這一進程。

Let's start with selling everywhere. As I said earlier, when we think about selling, we think about three things: more services to sell on, more buyers to sell to and more merchants to sell for. Well, as you know, 2026 is unlocking a huge new service area, AI shopping. And what I hope you've come to understand about Shopify is that we think in decades, not in quarters.

讓我們先從全面銷售開始。正如我之前所說，當我們考慮銷售時，我們會想到三件事：更多的服務可供銷售，更多的買家可供銷售，以及更多的商家可供銷售。如你所知，2026 年將開啟一個巨大的全新服務領域—人工智慧購物。我希望您已經了解 Shopify 的一點是，我們以十年為單位思考問題，而不是以季度為單位。

Well, we've been building for this new era AI shopping for a long time, and it's now here. In fact, since January 2025, orders coming to Shopify stores from AI search are up 15x. Now that's on a small base, but that's still a really big jump in 12 months. And this matters for our merchants, it matters because it powers the long tail of commerce, servicing smaller merchants to the right buyers who might otherwise have never discovered them.

我們為這個新時代的AI購物做了很長的時間準備，現在它終於來了。事實上，自 2025 年 1 月以來，透過 AI 搜尋進入 Shopify 商店的訂單量增加了 15 倍。雖然基數較小，但這仍然是12個月內的一個巨大飛躍。這對我們的商家來說很重要，因為它推動了商業的長尾發展，使小型商家能夠接觸到合適的買家，而這些買家原本可能永遠不會發現他們。

This is a merit-based discovery at scale. For buyers it matters because it's like having a personal shopper in your pocket, someone who really understands them, their taste, their preference, their size. This used to be a luxury, but now it's available to everyone, 24/7. And for Shopify, it matters because we believe it can bend the curve of e-commerce penetration by stripping out friction, pulling late adopters in and moving more everyday purchases online.

這是基於價值的大規模發現。對買家來說，這很重要，因為這就像口袋裡裝著一個私人購物顧問，一個真正了解他們、他們的品味、他們的偏好、他們的尺寸的人。這曾經是一種奢侈品，但現在每個人都可以隨時隨地享受。對於 Shopify 來說，這很重要，因為我們相信它可以透過消除摩擦、吸引後來者並讓更多日常購物轉移到線上來改變電子商務滲透率的曲線。

That's the tide we're building for, and we're ready to turn that macro tailwind into share gains for our merchants. But here's the thing. Commerce is complex, it's dynamic, and it's also easy to get wrong. It's so much more than just a transaction. It's a leather goods brand like Parker Clay offering monogramming.

這就是我們正在努力實現的趨勢，我們準備將這股宏觀順風轉化為我們商家的市佔率成長。但問題是…商業很複雜，瞬息萬變，而且也很容易出錯。這遠不止是一筆交易。這是一個類似 Parker Clay 的皮革製品品牌，提供個人化字母組合客製化服務。

It's a furniture brand like Borough offering white glove delivery or a nutrition brand like Butcher box offering subscriptions. It is critical that shopping in an AI conversation is at least as good as shopping at the merchants online store. And no one, and I mean no one understands this like Shopify because we spent two decades mastering this complexity. So this is a lot more than this new surface area for us.

它就像家具品牌 Borough 提供尊享外送服務，或營養品牌 Butcherbox 提供訂閱服務一樣。至關重要的是，在人工智慧對話中購物的體驗至少與在商家網路商店購物的體驗一樣好。而且，沒有人，我的意思是沒有人比 Shopify 更了解這一點，因為我們花了二十年才掌握了這種複雜性。所以對我們來說，這不只是新增的表面積那麼簡單。

This is a transitional moment in Shopify's history. We are now designing the new normal, just like Tobi predicted a decade ago and it will fundamentally change our position in the world. Now remember, last quarter, when I said on this call that we were laying the rails for agentic Commerce. Well, here they are.

這是 Shopify 發展歷程中的一個過渡時刻。我們現在正在設計新的常態，正如托比十年前所預測的那樣，這將從根本上改變我們在世界上的地位。請記住，上個季度我在電話會議上說過，我們正在為代理型商務鋪平道路。好了，它們就在這裡。

First, Shopify agentic storefronts syndicates billions of products through our catalog to all major AI platforms. Google AI mode in Gemini, ChatGPT, Microsoft CoPilot, one click and our merchants get instant access to millions of potential buyers who are actively looking for their products.

首先，Shopify 的代理商店透過我們的產品目錄將數十億種產品同步到所有主要的 AI 平台。在 Gemini、ChatGPT 和 Microsoft CoPilot 中啟用 Google AI 模式，只需點擊一下，我們的商家即可立即接觸到數百萬正在積極尋找其產品的潛在買家。

We've already seen huge brands like Vuori, Galasier, Steve Madden and Spank sign up and start selling plus through the catalog, our partners get the most accurate up-to-date data for billions of products for millions of the best brands on the planet.

我們已經看到像 Vuori、Galasier、Steve Madden 和 Spank 這樣的大品牌註冊並開始銷售，此外，我們的合作夥伴還可以透過目錄獲得全球數百萬個頂級品牌數十億種產品的最準確、最新的數據。

And this is really important because when they tap into our catalog, they're not just ingesting another feed they're plugging into the best commerce source of truth. And that source of truth means cleaner matching and fresher data, which translates directly into faster and more trustworthy experiences. The new agentic plan means that any brand not already using Shopify will soon be able to sell through the same AI platforms as our merchants as well as on the Shop app.

這非常重要，因為當他們造訪我們的產品目錄時，他們不僅僅是在接收另一個資訊流，而是在接觸到最佳的商業權威資訊來源。而這種真實來源意味著更精準的配對和更新鮮的數據，這直接轉化為更快、更值得信賴的體驗。新的代理商計劃意味著任何尚未使用 Shopify 的品牌很快都將能夠透過與我們的商家相同的 AI 平台以及 Shop 應用程式進行銷售。

Why? Because, frankly, when commerce flows freely across agents, everybody wins. And here's the one that matters most. I just said that commerce is easy to get wrong. We care that the world gets this right, Shopify Merchant or not, partner or not.

為什麼？坦白說，當商業活動在各個參與者之間自由流動時，每個人都是贏家。而這才是最重要的。我剛才說了，商業很容易出錯。我們關心全世界都能正確處理這個問題，無論是否是 Shopify 商家，是否是合作夥伴。

So we built a universal commerce protocol, or UCP's infrastructure. It's not a product. It's the common rails agentic commerce runs on. Shopify co-developed this with Google because we know commerce better than anyone. It's an open standard for any agent to connect with any brand on the internet.

因此，我們建構了一個通用商業協議，即 UCP 的基礎設施。這不是產品。這是代理型商務運作所依賴的通用軌道。Shopify 與 Google 共同開發了這項技術，因為我們比任何人都更了解商業。這是一個開放的標準，任何代理商都可以透過它與網路上的任何品牌建立聯繫。

UCP is built to flex to the many ways commerce happens. It's payment agnostic by design. It keeps the merchant's essential checkout logic intact without forcing them to rebuild their customizations over and over again to fit our system. UCP is the only protocol that covers the full commerce journey, end-to-end, from search to cart then checkout to post order. And it's already being used by the world's leading retailers.

UCP 的設計旨在靈活適應多種商業運作方式。它從設計上就與支付方式無關。它保留了商家的基本結帳邏輯，而無需強迫他們一遍又一遍地重建自訂設定以適應我們的系統。UCP 是唯一涵蓋整個商業流程（從搜尋到購物車，再到結帳和訂單後處理）的協議。而且，世界領先的零售商已經在使用它了。

Put simply, Shopify is foundational in powering the commerce layer of the AI era, and we're just getting started. If the rails were being late in 2025, what now? Well, now we scale what runs on them, more merchants selling in AI conversations that run on Shopify infrastructure. In fact, if Commerce has a sand barrier, these rails have what it takes to help merchants break through it. More velocity, less drag and what could be a faster path to scale than what's ever thought possible.

簡而言之，Shopify 是人工智慧時代商業層面的基礎，而我們才剛起步。如果鐵路在 2025 年仍然延期，現在該怎麼辦？現在，我們擴大了在其上運行的應用程式規模，越來越多的商家在基於 Shopify 基礎設施的 AI 對話中進行銷售。事實上，如果商業有一道沙障，那麼這些鐵軌就具備幫助商人突破這道沙障的能力。更高的速度，更小的阻力，以及比以往任何方式都更快的規模化途徑。

Just like Tobi said, this is the new normal, and we are creating it. Now beyond the world of AI shopping, another service area that we will continue to grow in 2026 is off-line retail. This year, we'll continue to lean hard into speed and simplicity, staying focused on our strength, which is software like bringing subscription product to in-store, helping to drive recurring orders or our partnership with Verifone, making our software available on their industry-leading payment hardware. And this all rolls up to our unified commerce philosophy.

正如托比所說，這就是新常態，而我們正在創造它。除了人工智慧購物領域之外，我們將在 2026 年繼續發展的另一個服務領域是線下零售。今年，我們將繼續大力追求速度和簡潔性，專注於我們的優勢——軟體，例如將訂閱產品引入店內，幫助推動重複訂單，或與 Verifone 合作，使我們的軟體能夠在他們行業領先的支付硬體上使用。這一切都歸結於我們統一的商業理念。

One platform, one catalog, one customer record personalized everywhere, a buyer taps or clicks. Here's the bigger picture. We make it fast, easy and intuitive for merchant reach buyers everywhere, whether that's online, an AI chat or in person. Okay. We've talked a lot about new service areas for our merchants to sell on, but we're also expanding their reach to more buyers.

一個平台，一個產品目錄，一個客戶記錄，買家只需輕點或點擊，即可在任何地方實現個人化。這是更宏觀的視角。我們讓商家能夠快速、輕鬆、直觀地觸達世界各地的買家，無論是在線上、透過 AI 聊天還是面對面。好的。我們已經討論了很多關於為商家提供新的銷售服務區域，但我們也在擴大他們的服務範圍，吸引更多買家。

In short, we help merchants drive demand, and then we help them convert it. This is where Shop, our consumer-facing side of the business comes into play. And where in 2026, you'll see the shop flywheel really start to turn.

簡而言之，我們幫助商家創造需求，然後幫助他們實現轉換。這就是我們面向消費者的業務部門「商店」發揮作用的地方。到 2026 年，你會看到這家店的飛輪真正開始轉動起來。

First, demand. In 2026, Shopify will power multiple ways for buyers to discover our merchants from the Shop app to shop campaigns to the new Shopify product network. Let's talk about the Shop App first. With the Shop app, we are completely reimagining how the discovery process works. Instead of having to seek out products, which normally looks like sifting through hundreds of search results, shops home feed delivers tailored content.

首先是需求。2026 年，Shopify 將透過 Shop 應用、購物推廣活動以及全新的 Shopify 產品網絡，為買家提供多種發現我們商家的方式。我們先來談談商店應用程式。透過 Shop 應用，我們正在徹底重新構想發現過程是如何運作的。用戶無需費力尋找產品（通常需要瀏覽數百個搜尋結果），商店首頁推播即可提供客製化內容。

Think curated drops, exclusive offers and interactive experiences from our network of brands, all matched to the shopper's interest. It meets consumers wherever they are, whether they're actively browsing or casualty scrolling, making Shop the definitive destination for discovery.

想像一下，我們匯集了許多品牌，精心挑選新品上市、獨家優惠和互動體驗，所有內容都與購物者的興趣相匹配。無論消費者是積極瀏覽還是隨意滾動，Shop 都能滿足他們的需求，使其成為發現新事物的首選目的地。

Next, let's talk about Shop campaigns, our advertising product, which is really starting to gain traction. In 2025, Shop campaigns revenue doubled and merchant adoption tripled, metrics we will look to build on in 2026. Shop campaigns is a merchant-first high-intent network native approach. We're giving merchants big platform reach without the risk. They only pay when a customer converts, no sales, no spend.

接下來，我們來談談我們的廣告產品——店鋪推廣活動，它現在真的開始受到關注了。2025 年，Shop 活動的收入翻了一番，商家採用率翻了三倍，這些指標我們將在 2026 年繼續努力。商店推廣活動是一種以商家為先、高意圖的網路原生推廣方式。我們為商家提供覆蓋範圍廣、風險低的平台。只有當客戶完成轉換時他們才會付費，沒有銷售就沒有支出。

And we've now added X, Snapchat, Bing to join Google, Instagram and Facebook, so our merchants can advertise with zero risk across eight channels, including the Shop app and Shopify store fronts.

現在，我們又新增了 X、Snapchat 和 Bing，與 Google、Instagram 和 Facebook 一起，讓我們的商家可以在包括 Shop 應用程式和 Shopify 商店在內的八個管道上零風險地投放廣告。

And finally, the Shopify Product Network. The Product Network is an opt-in app that uses Shopify's data network to automatically surface relevant clearly branded products from other Shopify stores on a merchant site, widening selection with an extra inventory or operations.

最後，還有 Shopify 產品網路。產品網絡是一個可選應用，它利用 Shopify 的數據網絡，自動在商家網站上顯示來自其他 Shopify 商店的相關、品牌清晰的產品，透過額外的庫存或營運來擴大選擇範圍。

Merchants can choose where recommendations show up, whether that's collection pages, product detail pages, search results, cart or the post purchase page. And if the shopper buys the product, the host merchant earns a commission while connecting another merchant with a new customer. It gives buyers more choice, it helps merchants grow. And ultimately, that fuels a very powerful ecosystem.

商家可以選擇推薦內容的顯示位置，無論是商品系列頁面、商品詳情頁面、搜尋結果、購物車或購買後頁面。如果購物者購買了商品，則主辦商家可獲得佣金，同時也能將其他商家與新客戶連結起來。它為買家提供更多選擇，也有助於商家發展。最終，這會催生一個非常強大的生態系統。

So all that creates demand. And as I said, we also have merchants convert that demand with trust, enter Shop Pay, which is fast, trusted and increasingly everywhere. 2025 saw Shop Pay become even more of a trust marker for buyers on the internet. In Q4 alone, it processed $43 billion of GMV and powered over 50% of Shopify's US GPV.

所以所有這些都會創造需求。正如我所說，商家也需要透過信任來滿足這種需求，所以就有了Shop Pay，它快速、可靠，而且應用程式越來越廣泛。 2025年，Shop Pay將成為網路買家更信賴的支付方式。僅在第四季度，它就處理了 430 億美元的 GMV，並為 Shopify 在美國的 GPV 提供了 50% 以上的支援。

Think about that, more than half of our US payment volume in Q4 flow through Shop Pay. That is serious adoption. In 2026, we expect to see Shop Pay earn more services across the internet, delivering better checked conversion rates and a great post-purchase experience as well as driving repeat purchase through the shop out. That's the Shop flywheel.

想想看，我們第四季美國支付額的一半以上都是透過 Shop Pay 完成的。這是嚴肅的領養程序。2026 年，我們預計 Shop Pay 將在網路上獲得更多服務，提供更高的交易轉換率和良好的售後體驗，並推動顧客在商店內重複購買。那是商店的飛輪。

Our discovery levers create intent, our trust markers convert it, then the ecosystem sends buyers back to the Shop app, which drives even more discovery.

我們的發現機制創造意圖，我們的信任標誌將其轉化為行動，然後生態系統將買家引導回商店應用程序，從而帶來更多發現。

Okay. So we've talked about new surface areas to sell on. We've talked about more buyers to sell to. We're also unlocking more merchants to sell for. Our goal is that any merchant on the planet can sell to any customer on the planet with no friction. To make that possible, we will continue to focus on building products that are global from day one.

好的。所以我們討論了可以出售的新表面積。我們已經討論過尋找更多買家。我們還將解鎖更多可供銷售的商家。我們的目標是讓地球上的任何商家都能毫無阻礙地向地球上的任何顧客銷售商品。為了實現這一目標，我們將繼續專注於從一開始就打造全球化的產品。

Heading into 2026, we now have Shopify Payments in 60 new countries, a host of additional payment methods from shopping installments in the UK and Canada to expansion of local payment methods in Europe, US DC Stablecoin is now live as the first built-in cryptocurrency option for Shopify Payments.

展望 2026 年，Shopify Payments 已覆蓋 60 個新國家，新增了多種支付方式，從英國和加拿大的購物分期付款到歐洲本地支付方式的擴展，美國 DC 穩定幣現已上線，成為 Shopify Payments 的首個內置加密貨幣選項。

We have Shopify Capital now in eight countries, Shop tracking in more than 20 countries and AI-powered translations in eight additional languages. And just recently, we launched Managed Markets 2.0, which is fully integrated to Shopify Payments, enabling the same payout speed as domestic payments along with more payment methods, faster payouts and more product compliance checks so that selling globally feels like selling at home, global mindset, global design, global traction and increasingly more ways to give our merchants the tools they need to succeed in any market.

我們目前在八個國家提供 Shopify Capital 服務，在超過 20 個國家/地區提供店鋪追蹤服務，並在另外八種語言中提供 AI 驅動的翻譯服務。最近，我們推出了 Managed Markets 2.0，它與 Shopify Payments 完全集成，實現了與國內支付相同的支付速度，以及更多支付方式、更快的支付速度和更多產品合規性檢查，讓全球銷售感覺就像在國內銷售一樣，全球化的思維、全球化的設計、全球化的吸引力，以及越來越多的方式，為我們的商家提供在任何市場取得成功所需的工具。

Okay. We've not talked a lot about selling everywhere. But what gets a lot less attention than it should is how AI is helping merchants operate smarter. With AI, operating smarter is about leverage, making every task from mundane to the highly specialized faster, lower friction, so the teams spend less time on busy work and more on what matters. Product storytelling and their customers.

好的。我們還沒有過多討論過在全球範圍內銷售產品的問題。但人工智慧如何幫助商家更聰明地經營，卻很少受到應有的關注。借助人工智慧，更聰明的營運在於槓桿作用，使從平凡到高度專業化的每項任務都能更快、更有效率地完成，從而減少摩擦，讓團隊減少在繁瑣工作上的時間，並更多地專注於重要的事情。產品故事及其客戶。

And because AI is a resource multiplier, we're going beyond what was thought possible just a few years ago. Put simply, the rules of what's possible are being rewritten in real time.

而且由於人工智慧具有資源倍增作用，我們正在超越幾年前人們認為可能達到的成就。簡而言之，關於什麼是可能的規則正在即時被改寫。

Let me share just a few highlights from the last addition to show what I mean. Our on-platform AI assistant, Sidekick has come a long lane year. Sidekick is effectively a co-founder for our merchants. It uses everything it knows about your business, and it proactively tells you which task to prioritize, and we will even help you execute those tasks. Because Shopify powers the store, check out data and apps, Sidekick can see the entire picture and do the work in one place.

讓我分享一下上次新增內容中的幾個亮點，以說明我的意思。我們的平台內人工智慧助手 Sidekick 已經走過了漫長的一年。Sidekick 其實就是我們商家的共同創辦人。它會利用對您業務的所有了解，主動告訴您應該優先處理哪些任務，我們甚至會幫助您執行這些任務。由於 Shopify 為商店、結帳資料和應用程式提供支持，Sidekick 可以查看整個情況並在一個地方完成所有工作。

That is entrepreneurship leverage. And in just three weeks after our latest addition drop, Sidekick generated almost 4,000 custom apps, created over 29,000 automations with Shopify Flow, built almost 355,000 task lists and edited over 1.2 million photos. So it's clear that Sidekick is doing real heavy lifting for our merchants. And we're kicking this into high gear this year. Sidekick Pulse is our new feature that proactively helps merchants grow their business.

這就是創業槓桿。在我們最新功能發布後的短短三週內，Sidekick 就產生了近 4,000 個自訂應用程序，使用 Shopify Flow 創建了超過 29,000 個自動化流程，構建了近 355,000 個任務列表，並編輯了超過 120 萬張照片。很明顯，Sidekick 為我們的商家做了很多繁重的工作。今年我們將全力以赴。Sidekick Pulse 是我們的新功能，旨在主動幫助商家發展業務。

It works in the background to surface tailored advice that's grounded in each merchant's business, powered by over two decades of data.

它在後台運行，根據每個商家的業務情況提供量身定制的建議，並利用二十多年的數據進行分析。

Let me give you one quick example. Last week, Sidekick Pulse made a recommendation to one of our jewelry brands. It suggested bundling four separate products and selling them together as a stack. Why? Because it knew that those four products were already best sellers, and it also knew that bundles tend to convert better and drive-up core value.

我給你舉一個簡單的例子。上週，Sidekick Pulse 向我們推薦了一個珠寶品牌。它建議將四種不同的產品捆綁在一起，作為一個套裝出售。為什麼？因為它知道這四款產品已經是暢銷產品，而且它也知道捆綁銷售往往轉換率更高，能提升核心價值。

Personalized data analysis paired with intelligence gained from hundreds of millions of other transactions. This is where our AI system really becomes the AI co-founder. It's bespoke, it's intuitive and it's unmistakenly Shopify.

將個人化資料分析與從數億筆其他交易中獲得的情報結合。正是在這裡，我們的人工智慧系統真正成為了人工智慧的共同創辦人。它是客製化的、直覺的，毫無疑問是 Shopify 的風格。

Here's another example. Our new app, simgym, simulates real buyer behavior to give you feedback on changes to your store before you even ship them. And within our online store editor, more than 0.5 million merchants have used AI to create 6.5 million custom elements.

再舉一個例子。我們的新應用程式 simgym 可以模擬真實買家的行為，在您出貨之前就為您提供有關商店變更的回饋。在我們的線上商店編輯器中，超過 50 萬商家使用人工智慧創建了 650 萬個自訂元素。

Now anyone can design without code. This is really Shopify at its best. Massive complexity transformed into a tool for anyone with imagination, no technical skills required. And all of this is in service of one simple goal, get more of our merchants from first sale to full scale. Their empires build their way at their speed.

現在任何人都可以無需編寫程式碼進行設計。這才是Shopify的最佳狀態。將極其複雜的技術轉化為任何有想像力的人都能使用的工具，無需任何技術技能。這一切都是為了實現一個簡單的目標，那就是幫助更多的商家從首次銷售發展到全面擴張。他們的帝國按照自己的步調建立起來。

Okay. I know that was a lot. But before I turn the call over to Jeff, let me just leave you with this. Remember what I said earlier that our merchants are about to break the Commerce sand barrier. What here's what that looks like.

好的。我知道這很多。但在我把電話轉給傑夫之前，我想最後再跟你們說一件事。記住我之前說過的話，我們的商家即將突破商業的沙障。這就是它的樣子。

In 2026, a solo entrepreneur on Shopify, who might be launching a business from their moms kitchen table can access two things. Uncapped REITs through our agentic commerce rails and uncapped resources through our AI tools, reach and resources. Those have been the limiting factors for new entrepreneurs. Those formed the commerce barrier. And now they have the tools to break straight through it.

2026 年，在 Shopify 上創業的個體經營者，即使是在媽媽的廚房餐桌上創業，也能獲得兩樣東西。透過我們的代理商商業管道提供無上限的 REITs，並透過我們的 AI 工具、覆蓋範圍和資源提供無上限的資源。這些一直是新創業者面臨的限制因素。這些構成了貿易壁壘。現在他們擁有了直接突破這項障礙的工具。

And when you combine that with the human ambition that I get to see every single day, here's what I believe to be true. We are about to see more billion-dollar brands born in the next decade than we did in the last century. And our focus is on making sure that we will be the ones powering them.

再加上我每天都能看到的人類的雄心壯志，我相信以下才是真理。未來十年，我們將見證比上個世紀更多的十億美元品牌誕生。我們的重點是確保我們將成為它們的動力來源。

And with that, I'll turn the call over to Jeff.

接下來，我會把電話交給傑夫。

Thanks, Harley. We've kicked off 2026 with such a burst of product releases that it's easy to overlook some of the remarkable product and financial achievements of 2025. This is an incredibly exciting time and our role in commerce makes us uniquely positioned to seize this opportunity.

謝謝你，哈雷。2026 年伊始，我們就推出了一系列產品，這很容易讓人忽略 2025 年在產品和財務方面取得的一些顯著成就。這是一個令人無比振奮的時刻，我們在商業領域扮演的角色使我們擁有獨特的優勢來抓住這一機會。

In 2025, our merchants faced daunting challenges, tariffs, the removal of de minimis exemptions, trade wars and the ever-changing geopolitical landscape have forced merchants to adapt faster than they ever thought possible. We worked hard to help them make those necessary pivots.

2025年，我們的商家面臨嚴峻的挑戰，關稅、取消最低限度豁免、貿易戰以及不斷變化的地緣政治格局迫使商家以前所未有的速度進行調整。我們努力幫助他們做出必要的轉變。

We offered new products targeting customs and duties. We made available to all of our merchants products that were previously plan gated, and we expanded many of our products internationally, making it easier than ever for merchants all around the world to sell all around the world.

我們推出了針對海關和關稅的新產品。我們向所有商家開放了以前需要付費才能購買的產品，並將許多產品推廣到國際市場，使世界各地的商家比以往任何時候都更容易向世界各地銷售產品。

Our financial strength throughout 2025 is a testament to our merchants, with us working to arm them with all the tools they could need to be successful. When your mission is to make the complex seems simple, the magnitude and intensity of that hard stuff can get lost along the way.

我們在 2025 年的財務實力證明了我們商家的實力，我們將努力為他們提供成功所需的一切工具。當你的目標是把複雜的事情變得簡單時，那些困難事情的規模和強度可能會在這個過程中被忽略。

Shopify Power's entire businesses, not just websites, delivering reliable operations across checkout, payments, taxes, shipping, identity, fraud prevention and more. Our single platform spans online, point-of-sale, social, marketplaces, B2B cross-border and now AI-driven interfaces, unified by one inventory and customer record.

Shopify 為整個業務（不僅僅是網站）提供強大的支持，在結帳、支付、稅務、運輸、身份驗證、詐欺預防等方面提供可靠的營運。我們的單一平台涵蓋線上、銷售點、社交、市場、B2B跨境以及現在的AI驅動介面，所有這些都由一個庫存和客戶記錄統一起來。

This reduces complexity and expands selling opportunities for merchants. As AI advances, Shopify becomes even more essential. AI transforms interfaces and accelerates the pace of change, but it doesn't alter the underlying architecture of commerce. Commerce will always require speed, reliability and trust at a global scale. When I say scale, consider the billions of transactions that we facilitate.

這降低了複雜性，並為商家擴大了銷售機會。隨著人工智慧的發展，Shopify 變得越來越重要。人工智慧改變了介面，加快了變革的步伐，但它並沒有改變商業的底層架構。在全球範圍內，商業活動始終需要速度、可靠性和信任。我說的規模，是指我們促成的數十億筆交易。

But it's not just about the volume. It's the comprehensive commerce experience we support. When an AI agent services a product in any interface, merchants still need a reliable, secure and compliant path to purchase and post purchase. They still need our ecosystem of buyers, developers and partners.

但這不僅僅關乎銷量。我們支持的是全面的商業體驗。當 AI 代理商在任何介面上為產品提供服務時，商家仍需要可靠、安全且合規的購買和售後途徑。他們仍然需要我們由買家、開發商和合作夥伴組成的生態系統。

We help merchants be everything, everywhere all at once, representing over 14% of US e-commerce today and rapidly growing percentages in many geographies across the globe, we have an unparalleled view of commerce.

我們幫助商家同時實現全方位、全方位的業務拓展，目前我們占美國電子商務的 14% 以上，並且在全球許多地區的佔比都在快速成長，我們對商業有著無與倫比的理解。

Simply, we are the experts at commerce. AI will be a force multiplier that will help us achieve our goals of democratizing entrepreneurship, inspiring more merchants, driving more transactions and creating more commerce channels. We remain committed to investing in speed, quality and simplification, all the hard stuff that has compounded our success to date.

簡而言之，我們是商業領域的專家。人工智慧將成為一種倍增器，幫助我們實現普及創業、激勵更多商家、推動更多交易和創造更多商業管道的目標。我們將繼續致力於提升速度、品質和簡化流程，這些都是我們迄今為止成功的關鍵因素。

Now let's take a look closer at our GMV from various perspectives. Unless otherwise specified, all growth rates are presented on a year-over-year basis. Q4 GMV was $124 billion, marking our first quarter with GMV over $100 billion, representing growth of 31% or 29% on a constant currency basis.

現在讓我們從各個角度更仔細地看一下我們的GMV。除非另有說明，所有成長率均以年比計算。第四季 GMV 為 1,240 億美元，這是我們第一個 GMV 超過 1,000 億美元的季度，年增 31%，以固定匯率計算成長 29%。

First, let's look at our cohorts. In Q4, our growth was led by the 2024 and 2025 cohorts, which have proven to be larger and more productive than prior cohorts, outperforming older cohorts in GMV and revenue after similar periods of time on the platform.

首先，讓我們來看看我們的群體。第四季度，我們的成長主要由 2024 屆和 2025 屆學員引領，事實證明，這些學員比之前的學員規模更大、效率更高，在平台上使用類似時間後，其 GMV 和收入均超過了之前的學員。

While these newer cohorts are strong, they are only part of the story. That is what differentiates Shopify. The strength of the continuous growth of our cohorts over time, any given quarter's results are a stacking of the successes of our prior cohorts and momentum for future success.

雖然這些新一代人才實力強勁，但這只是故事的一部分。這就是Shopify的獨特之處。隨著時間的推移，我們學員群體持續成長的實力，使得每季的業績都是前幾屆學員成功經驗的積累，並為未來的成功奠定了基礎。

Moving to regions. North America continued to deliver strong GMV growth in the quarter, surpassing our expectations, driven primarily by our Plus merchants. In Q4, nearly half of incremental GMV dollars came from outside North America. Our European merchants, in particular, topped off an exceptional year with Q4 GMV up 45% or 35% in constant currency. Growth was fairly balanced between new acquisitions and growth from existing merchants, a consistent trend across multiple quarters in all regions.

遷移到各個地區。本季北美地區持續保持強勁的GMV成長，超出預期，這主要得益於我們的Plus商家的推動。第四季度，近一半的新增GMV來自北美以外地區。尤其是我們的歐洲商家，在經歷了非凡的一年後，第四季 GMV 成長了 45%，以固定匯率計算成長了 35%。新收購和現有商家的成長基本平衡，這是所有地區多個季度以來的一致趨勢。

We've achieved a scale and global reach that brings us where we now build to be global by default with so much international opportunity still to capture. In terms of channels, Q4 offline GMV increased 29%, and B2B GMV increased 84%. These channels continue to be important growth areas for Shopify, expanding access points into our ecosystem and broadening our addressable market to include more businesses and industries. The opportunities in both of these areas remain significant.

我們已經達到了一定的規模和全球影響力，這使我們現在能夠自然地建立全球化的業務，但仍有許多國際機會等待我們去把握。從通路來看，第四季線下 GMV 成長了 29%，B2B GMV 成長了 84%。這些管道仍然是 Shopify 的重要成長領域，擴大了我們生態系統的存取點，並擴大了我們的目標市場，使其涵蓋更多企業和產業。這兩個領域的機會依然十分巨大。

Finally, verticals. Similar to previous quarters, apparel and accessories, health and beauty, home and garden and food and beverage continue to deliver strong growth. Our platform is uniquely scalable for businesses of all sizes and industries, from auto parts to luggage, the pet supplies and kids furniture, covering every commerce surface. Q4 revenue was up 31% or 29% on a constant currency basis. Full year 2025 revenue was up 30% to $11.6 billion, marking the highest annual growth rate that we've achieved since the COVID-driven results of 2021.

最後，是垂直方向。與前幾季類似，服裝及配件、健康美容、家居園藝以及食品飲料持續保持強勁成長。我們的平台具有獨特的可擴展性，適用於各種規模和行業的企業，從汽車零件到行李箱包，從寵物用品到兒童家具，涵蓋所有商業領域。第四季營收成長31%，以固定匯率計算成長29%。2025 年全年營收成長 30% 至 116 億美元，這是自 2021 年受新冠疫情影響以來我們取得的最高年度成長率。

The strong GMV trends I mentioned drove this revenue growth with these results coming in ahead of expectations, largely from outperformance in North America. Europe continued its strength.

我提到的強勁GMV趨勢推動了營收成長，這些業績超乎預期，主要得益於北美市場的優異表現。歐洲繼續保持強勢。

Within the Asia Pacific region, our merchants also delivered above expectations with Australia and New Zealand being notable standouts. Looking at the two components of revenue. Q4 Merchant Solutions revenue grew 35%, driven by the strength in GMV and increased penetration of Shopify Payments. $84 billion of GMV was processed on Shopify Payments in Q4, that's 38% higher than the prior year and 68% of GMV, 4 points higher than Q4 of 2024. As a reminder, Q4 is a quarter which traditionally sees the highest percentage of revenue from payments.

在亞太地區，我們的商家也表現出色，超乎預期，其中澳洲和紐西蘭尤為突出。從收入的兩個組成部分來看。第四季商家解決方案營收成長35%，主要得益於GMV的強勁成長及Shopify Payments滲透率的提升。第四季透過Shopify Payments處理的GMV達到840億美元，比上年同期成長38%，佔GMV的68%，比2024年第四季高出4個百分點。提醒一下，第四季通常是支付收入佔比最高的季度。

Subscription Solutions revenue grew 17%, driven by a larger percentage of subscriptions coming from higher-priced plans and higher variable platform fees. Q4 MRR grew 15% year-over-year, with continued growth in each of standard, plus and off-line. As a reminder, our year-over-year growth rate in MRR will continue to have comparability headwinds until Q2 of this year as our rollout of three-month trials, particularly in our largest markets, did not occur until Q1 2025. With respect to plus MRR, Plus represented 34% of MRR for the quarter, up from 33% a year ago.

訂閱解決方案收入成長了 17%，主要得益於高價套餐訂閱比例的增加和可變平台費用的提高。第四季每月經常性營收年增 15%，標準業務、高級業務和線下業務均持續成長。提醒大家，由於我們為期三個月的試用活動（尤其是在我們最大的市場）要到 2025 年第一季度才會推出，因此，今年第二季度之前，我們的月度經常性收入 (MRR) 同比增長率將繼續面臨可比性方面的阻力。就 Plus MRR 而言，Plus 佔本季 MRR 的 34%，高於去年同期的 33%。

We continue to add more merchants supply from both upgrades of existing merchants and new merchants joining the platform. Plus MRR being relatively consistent as a percentage of MRR is a function of Plus continuing to grow, but our other planes are also growing comparatively well.

我們不斷增加商家供應，這不僅包括現有商家的升級，也包括新商家的加入。Plus MRR 佔 MRR 的百分比相對穩定，這是因為 Plus 持續成長，但我們的其他飛機也成長得相當不錯。

We've seen the average GMV per merchant in Plus increase a good proof point that we are both scaling our existing merchants and adding larger new merchants. Q4 gross profit grew 25%, coming in slightly ahead of our expectations, driven by the outperformance in revenue. For the year, gross profit was up 24%.

我們看到 Plus 中每個商家的平均 GMV 有所成長，這很好地證明了我們既擴大了現有商家的規模，也增加了規模更大的新商家。第四季毛利成長25%，略高於我們的預期，這主要得益於營收的超預期表現。本年度毛利成長了 24%。

Gross profit for Subscription Solutions grew 18%, with Subscription Solutions gross margin coming in at 81%. The increase in gross margin was mainly due to a reduction in support costs as we continue to operate more efficiently as we scale.

訂閱解決方案的毛利成長了 18%，毛利率達到 81%。毛利率的成長主要是由於我們規模的擴大，營運效率不斷提高，支援成本也隨之降低。

Merchant Solutions gross profit grew 30%, with gross margin coming in at 36.8%. The year-over-year decrease in gross margin was primarily driven with roughly equal impact from the mix shift towards payments revenue, decreases in third-party referral and transaction fees, which indicate that more revenue is flowing through our payments rails directly and the year-over-year impact PayPal had to our gross margin comparability, recognizing that moving forward, we have now normalized for the PayPal impact.

Merchant Solutions 的毛利成長了 30%，毛利率達到 36.8%。毛利率年減的主要原因是，收入結構向支付收入傾斜，第三方推薦費和交易費下降（這表明更多收入直接透過我們的支付管道流入），以及PayPal對我們毛利率可比性的同比影響，這三者的影響大致相當。但考慮到PayPal的影響，我們現在已經將其納入考慮。

With Q4 now behind us, we have largely moved past the more temporary year-over-year comparability headwinds in our gross profit, like the changes in paid trials. Operating expenses were $1 billion for the fourth quarter or 29% of revenue. And for the full year, they were 35% of revenue. Both of these being 3 point improvements over 2024 levels.

第四季已經過去，我們基本上克服了毛利同比方面的一些暫時性不利因素，例如付費試用期的變化。第四季營運支出為10億美元，佔營收的29%。全年來看，它們佔總收入的 35%。這兩項指標都比 2024 年的水準提高了 3 個百分點。

Throughout 2025, we achieved operating leverage in each of R&D, sales and marketing and G&A, largely due to disciplined headcount management. By leveraging AI, automation and our proprietary project management and talent management systems, we have been able to accelerate our product development capabilities without growing the size of the team.

2025 年全年，我們在研發、銷售和行銷以及一般及行政管理方面均實現了營運槓桿效應，這主要歸功於嚴格的人員編制管理。透過利用人工智慧、自動化以及我們專有的專案管理和人才管理系統，我們能夠在不擴大團隊規模的情況下加快產品開發能力。

On marketing, our approach remains unchanged, results driven within guardrails and focused on performance marketing. In 2025, we did increase the percentage of marketing spend devoted to our international efforts with roughly 40% of our marketing spend targeting markets outside of North America. We feel good about the effectiveness of the marketing work that we are doing based on the size of the merchant cohorts that we are adding.

在行銷方面，我們的方法保持不變，在既定框架內追求成果，專注於效果行銷。2025年，我們提高了用於國際行銷的支出比例，其中約40%的行銷支出用於北美以外的市場。根據我們不斷增加的商家群體規模來看，我們對我們正在進行的行銷工作的有效性感到滿意。

Transaction loans and losses, the smallest of our four operating expense categories returned in Q4 to our more consistent historical trend of equating to approximately 3% of revenue. As a reminder, the dollar amounts here tend to scale with volumes in our payments, capital and credit products, with the goal, of course, being the lower loss rates while we scale those products.

交易貸款和損失是我們四個營運支出類別中最小的一項，在第四季度恢復了我們較穩定的歷史趨勢，約佔收入的 3%。需要提醒的是，這裡的美元金額往往會隨著我們支付、資本和信貸產品規模的擴大而增加，當然，我們的目標是在擴大這些產品規模的同時降低損失率。

On last year's Q4 results call, I called out some significant milestones regarding both our operating expenses and our operating margin for both Q4 and the full year 2024 and noted that all four of those metrics were the strongest that we have achieved since going public over 10 years ago.

在去年的第四季度業績電話會議上，我重點介紹了我們在第四季度和 2024 年全年的營運費用和營運利潤率方面的一些重要里程碑，並指出這四項指標都是我們自 10 多年前上市以來取得的最強勁的成績。

We sit here a year later, and we have surpassed each of those milestones. Again, importantly, we accomplished all of this while accelerating our revenue growth. We increased our revenue growth by 4 points in 2025 and decreased our operating expenses as a percentage of revenue by 3 points. We have delivered significant leverage to this business.

一年後的今天，我們已經超越了所有這些里程碑。再次強調，重要的是，我們在加快收入成長的同時實現了所有這些目標。2025 年，我們的營收成長率提高了 4 個百分點，營運費用佔收入的比例下降了 3 個百分點。我們為這家企業帶來了巨大的優勢。

Q4 free cash flow was $715 million or 19% of revenue. For the year, free cash flow was $2 billion, a 26% increase achieving a free cash flow margin of 17%. The annual free cash flow margin in the high teens that we achieved for both 2025 and 2024, provides a financial foundation necessary to support our long-term vision and continue to drive the next generation of commerce, whether it's laying the groundwork for agentic commerce, enhancing Sidekick with deeper data insights and models, investing in marketing to drive merchant acquisition or expanding products internationally, all while ensuring core platform reliability that merchants trust.

第四季自由現金流為 7.15 億美元，佔營收的 19%。該年度自由現金流為 20 億美元，成長 26%，自由現金流利潤率為 17%。我們在2024年和2025年都實現了接近10%的年度自由現金流利潤率，這為支持我們的長期願景提供了必要的財務基礎，並將繼續推動下一代商業的發展，無論是為代理型商業奠定基礎，透過更深入的數據洞察和模型增強Sidekick，投資行銷以推動商戶獲取產品，還是在國際上信賴的企業更可靠。

As a growth company, we choose to invest in these areas rather than pursue higher free cash flow margins in the near term. Our strength in free cash flow margins brings me to the next topic. As you saw in our press release, our Board has approved a share repurchase program of up to $2 billion. This program builds on our decision last quarter to settle our convertible notes almost entirely in cash rather than using shares.

作為一家成長型公司，我們選擇投資這些領域，而不是在短期內追求更高的自由現金流利潤率。我們在自由現金流利潤率方面的優勢引出了下一個主題。正如您在我們新聞稿中看到的，我們的董事會已批准一項高達 20 億美元的股票回購計畫。該計劃建立在我們上個季度決定幾乎完全以現金而不是股票結算可轉換債券的基礎上。

Both of these decisions reflect our confidence in our long-term value given the ongoing momentum of this business and the financial results that we can drive.

這兩項決定都反映了我們對公司長期價值的信心，因為公司目前發展勢頭良好，而且我們能夠取得良好的財務表現。

We sit here today with a strong balance sheet and no debt, an improving track record of delivering free cash flow. We have delivered 10 consecutive quarters of double-digit free cash flow margin. And as you can see by today's results, the business is performing very well.

如今，我們擁有穩健的資產負債表，沒有債務，自由現金流的表現也不斷改善。我們已連續10個季度實現了兩位數的自由現金流利潤率。從今天的業績可以看出，公司業績表現非常出色。

With that, let's move to our Q1 outlook. We expect Q1 revenue growth in the low 30s year-over-year similar to our Q4 2025 growth rate. This growth is expected to be driven by the same factors that we saw in 2025. Robust growth in payments led by Shop Pay, continued success of the merchants already on our platform, acquisition of more merchants of all sizes across all channels, strong international growth, especially in Europe and continued expansion of more of our products into more geographies.

接下來，讓我們展望一下第一季。我們預計第一季營收年增在 30% 左右，與我們 2025 年第四季的成長率類似。預計這一增長將由與 2025 年相同的因素驅動。Shop Pay 引領支付業務強勁成長，平台上的商家持續取得成功，各通路各種規模的商家不斷湧現，國際業務強勁成長，尤其是在歐洲，我們的更多產品持續擴展到更多地區。

Turning to gross profit. We expect our gross profit dollars to grow in the high 20s. The year-over-year gross margin impact versus Q1 of 2025 is driven by the continued mix shift between the growth rates of merchant solutions and subscription solutions, which is expected to narrow compared to 2025 and the continued strength of payments.

接下來計算毛利。我們預計毛利將成長至20%以上。與 2025 年第一季相比，毛利率年減的原因是商家解決方案和訂閱解決方案的成長率持續變化，預計到 2025 年，這種變化將縮小，以及支付業務的持續強勁成長。

We expect that our Q1 operating expenses will be 37% to 38% of revenues, reflecting a continued improvement of a couple of points from Q1 2025, which was itself down nearly 6 points from Q1 of 2024. The same factors that help us manage expenses well in Q4 should continue into Q1.

我們預計第一季營運費用將佔營收的 37% 至 38%，較 2025 年第一季持續改善幾個百分點，而 2025 年第一季本身又比 2024 年第一季下降了近 6 個百分點。幫助我們在第四季有效控制支出的因素應該會延續到第一季。

Finally, free cash flow margin. For Q1, we expect a free cash flow margin in the low to mid-teens, slightly below our Q1 2025 free cash flow margin. Q1 is typically our lowest GMV quarter, affecting both revenue and cash flow. And this year, we expect a slightly higher effective tax rate versus what we have seen in prior years. This tax effect will have some slight intra-quarter impacts to free cash flow, but we expect these will be mitigated on an annual basis.

最後，自由現金流利潤率。對於第一季度，我們預期自由現金流利潤率在十幾到五成之間，略低於我們對 2025 年第一季自由現金流利潤率的預期。第一季通常是我們GMV最低的季度，會影響收入和現金流。今年，我們預計實際稅率將比往年略高。這項稅收影響會對季度內的自由現金流產生一些輕微的影響，但我們預計這些影響將在年度層級得到緩解。

With that, I'll now turn the call back over to Carrie for your questions.

那麼，現在我將把電話交還給凱莉，回答大家的問題。

Thanks, Jeff. We will now take your questions before turning the call back to Harley for some final words (Event Instructions) Colin Sebastian, Baird.

謝謝你，傑夫。現在我們將回答您的問題，然後將電話轉回給哈雷，讓他做最後的總結發言（活動說明）科林·塞巴斯蒂安，貝爾德。

I know you mentioned it's still very early for agentic commerce, but that it's largely incremental to merchants and to Shopify. But I guess just to address a common question that we get, do you foresee any changes in Shopify's ability to monetize at a consistent rate on transactions that are running through AI surfaces and agents that ultimately run on UCP.

我知道你曾提到代理商商務還處於非常早期的階段，但對商家和 Shopify 來說，這在很大程度上是漸進式的。但我想回答一個我們經常被問到的問題，您是否預見到 Shopify 在透過 AI 介面和代理（最終在 UCP 上運行）進行的交易中，以穩定的速度實現盈利的能力會有任何變化？

Colin, it's Harley. I'll take that first question. Just to be clear, I mean, we think that the -- the way we think about agentic is it's a new surface where merchants can sell to customers. In fact, they may be able to sell to customers and otherwise they may not be interacting with. But just to be clear, I mean, LLM do not bypass Shopify's checkout.

科林，我是哈雷。我先回答第一個問題。需要說明的是，我們認為－我們對代理商的理解是，它是一個商家可以向顧客銷售產品的新平台。事實上，他們或許能夠向顧客銷售產品，否則可能不會與顧客互動。但要澄清的是，我的意思是，LLM 並不會繞過 Shopify 的結帳流程。

And in fact, I think this is really where Shopify shines. The complex back end of commerce will always flow through Shopify. That is really hard to do. If you think about shipping or payments or inventory or analytics, I mean that is really the stuff below the surface that every merchant requires, and that's where Shopify shows up.

事實上，我認為這正是 Shopify 的優勢所在。複雜的電商後端流程總是會透過 Shopify 進行。那真的很難做到。想想物流、支付、庫存或分析，我的意思是，這些才是每個商家真正需要的底層功能，而這正是 Shopify 的優勢所在。

Just in terms of kind of the monetization of agentic, the focus like any other channel is driving both merchant and then consumer adoption and then ensuring it's done really, really well.

就代理商的貨幣化而言，與其他管道一樣，重點在於推動商家和消費者的採用，並確保將其做得非常出色。

Part of the reason that we feel really excited by the UCP, the Universal Commerce protocol, is that commerce is complicated. We want to make sure that whatever surface, whatever permutation is the one that actually becomes the mainstay in agentic that it reflects exactly the experience that the merchants want similar to what they have in the online store as well.

我們之所以對通用商業協議 (UCP) 感到非常興奮，部分原因是商業本身就很複雜。我們希望確保無論最終成為代理商主體的介面或排列方式如何，都能準確反映商家想要的體驗，就像他們在網路商店中體驗到的那樣。

And so the economics -- for Shopify merchant, economics are the same as if the transaction happened in the online store as well. There should be no difference there. But from a surface area perspective, it is new, it is emerging. It's obviously growing fast than on a pretty small base still, but it's a really interesting area for us. And it's important for us to Shopify that we are really at the center of everything happening when it comes to agentic commerce.

因此，對於 Shopify 商家而言，其經濟效益與網路商店的交易發生時的經濟效益相同。應該沒有什麼差別。但從表面積的角度來看，它是新的，它正在興起。雖然基數仍然很小，但它的成長速度顯然比以往快得多，不過對我們來說，這確實是一個非常有趣的領域。對 Shopify 來說，重要的是，在代理商商務領域，我們真正處於一切發展的核心地位。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you so much. Two, please. first. Well, the first on the agentic side, could you please speak to how do you think of the ecosystem will develop? Just as you think about -- you gave some impressive stats on early adoption here.

太感謝了。請先選兩個。首先，從主體角度來看，您能否談談您認為生態系統將如何發展？正如你所想——你在這裡提供了一些關於早期採用率的令人印象深刻的數據。

But can you talk about the key milestones maybe over the next 12 to 18 months to really accelerate adoption? That's question one. And question two is, as you think about additional opportunities beyond the core subscription and merchant checkout. Could you talk about opportunities for Shopify to monetize its capabilities in the e-commerce -- the agentic commerce enablement that you're offering.

但您能否談談未來 12 到 18 個月內，為了真正加速普及應用，有哪些關鍵里程碑需要實現？這是第一個問題。第二個問題是，除了核心訂閱和商家結帳之外，你還有哪些機會？您能否談談 Shopify 如何利用其在電子商務領域的能力（即您提供的代理式商務賦能）來實現盈利？

Yes. Maybe I'll take that one as well. So let's sort of just be clear here. I mean, if you sort of look back 12 months approximately to January 2025, we've seen orders from AI searches up about 15x. Now that's obviously on a very small base, and it's still early days.

是的。或許我也會選那個。所以，咱們先把話說清楚。我的意思是，如果你回顧一下大約 12 個月前，也就是到 2025 年 1 月，我們看到來自人工智慧搜尋的訂單量增加了大約 15 倍。當然，這顯然是基於非常小的基數，現在還處於早期階段。

But the idea for us was in 2025, laid the rails for agentic that then allows us to scale them in 2026. And I said this in the previous comment, but we had two decades of mastering this complexity of commerce, I don't think anyone is better positioned there. We already have merchants live. I mentioned Glacier and Spanks and Vuori and Stanley is live. Steve Madden is live.

但我們的想法是，在 2025 年，為智慧代理奠定基礎，然後讓我們能夠在 2026 年擴大規模。我在先前的評論中也說過，我們花了二十年時間掌握了商業的這種複雜性，我認為沒有人比我們更有優勢。我們已經有商家上線了。我提到了 Glacier、Spanks、Vuori 和 Stanley，他們正在直播。Steve Madden 直播中。

So we've been really building for this for a very, very long time. I think one of the advantages for every merchant on Shopify is that everywhere commerce is happening -- to use maybe a racing term here, we are in pole position, I think, on agentic commerce.

所以，我們為此已經籌備很久了。我認為 Shopify 為每位商家帶來的一個優勢是，無論商業活動在哪裡發生——借用一下賽車術語來說，我認為我們在代理型商業領域處於領先地位。

Now in terms of what we've done even just since the last call, we codeveloped UCP with Google, which now standardizes how these AI agents transact with any merchant. We launched that in early January. We also launched the agentic storefronts, which allows these merchants to very simply syndicate their products to Google AI mode, Gemini, ChatGPT and Microsoft Copilot.

就我們自上次通話以來所做的工作而言，我們與Google共同開發了 UCP，它現在規範了這些 AI 代理與任何商家進行交易的方式。我們在1月初推出了這項服務。我們也推出了代理商店鋪，讓這些商家能夠非常輕鬆地將其產品同步到 Google AI 模式、Gemini、ChatGPT 和 Microsoft Copilot。

And we also have the agentic plan, which is for merchants who are not even on Shopify to allow them to syndicate their products as well, which allows us to begin a relationship with merchants, again, that are not currently on Shopify.

我們還有代理計劃，允許那些甚至不在 Shopify 上的商家也來推廣他們的產品，這使我們能夠與目前不在 Shopify 上的商家建立聯繫。

The key for us, though, is to keep building to make sure that the products that we're building become the standard across every single agentic application that merchants that are on Shopify already look to us as being the key partner as agentic continues to evolve.

但對我們來說，關鍵在於不斷改進，確保我們正在開發的產品成為 Shopify 上所有代理應用程式的標準，讓商家將我們視為代理技術不斷發展的關鍵合作夥伴。

And then merchants that are not on Shopify yet are having conversations in their board -- around their Board table, around their executive team saying, we need to participate in this. Shopify seems to be at the center of all of it, we need to begin a relationship with them. So that's kind of how we think about it. And part of it is just be too good to ignore when it comes to how this is going to evolve.

然後，那些尚未入駐 Shopify 的商家們正在他們的董事會內部討論——在他們的董事會會議桌旁，在他們的執行團隊周圍討論，說，我們需要參與其中。Shopify似乎是這一切的核心，我們需要與他們建立聯繫。我們大概就是這麼想的。而就其未來的發展方向而言，這其中的一部分原因在於它太有吸引力，不容忽視。

In terms of the revenue opportunities, I think you mentioned in your second question, look, Shopify's business model is almost beautiful in its simplicity, which is that we are on the same side as the merchant. When merchants sell more, Shopify makes more. That is the -- our business model is predicated on merchant success.

至於收入機會，我想你在第二個問題中也提到了，你看，Shopify 的商業模式簡潔得近乎完美，那就是我們與商家站在同一陣線上。商家銷售量越高，Shopify 賺得越多。也就是說，我們的商業模式是以商家的成功為前提的。

And I know there's some questions around how the agentic commerce is going to evolve relative to e-commerce penetration of total retail. Does it have an opportunity to pull more people into modern commerce or digital commerce or otherwise, not.

我知道，關於代理型商務相對於電子商務在零售業的滲透率將如何發展，目前還有一些疑問。它有機會吸引更多人進入現代商業、數位商業或其他領域嗎？沒有。

Perhaps, but our job is to be best positioned so that whatever permutation happens, whichever agentic application becomes the mainstay that our merchants are best positioned. And I think that is -- I think so far, we're doing a really good job of that.

也許吧，但我們的工作是做好充分準備，無論發生什麼變化，無論哪種代理應用程式成為主流，我們的商家都能處於最佳位置。我認為——我認為到目前為止，我們在這方面做得非常好。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Let me try two, please. One for Harley and one for Jeff. Just a follow-up on your prior comments, Harley. How should we think about the economics evolving and the competitive dynamics evolving as we think about agentic commerce and your role in laying out the infrastructure?

請讓我試試兩個。一個給哈雷，一個給傑夫。哈雷，我只是想對你之前的評論做個補充。當我們思考代理商業以及您在建立基礎設施中的作用時，我們應該如何看待不斷變化的經濟狀況和不斷變化的競爭格局？

And then the second one for Jeff is, you've done a great job with the free cash flow margins. When we think out for 2026, how should we think about your margins against the investments that you're making and the growth that you are generating.

其次，給傑夫的第二個問題是，你在自由現金流利潤率方面做得非常出色。展望 2026 年，我們應該如何看待您的利潤率與您正在進行的投資以及您正在創造的成長之間的關係？

Yes. So I think I covered it, but I'll just repeat it. I mean for Shopify merchants, the economics are the same as the transaction happened on the online store when it comes to agentic. Specifically on something like ChatGPT, which requires Shopify payments, monetization is through payments. It's the same as it occurred in the online store.

是的。我覺得我已經講清楚了，但我還是再重複一次吧。我的意思是，對於 Shopify 商家來說，就代理商而言，其經濟效益與線上商店發生的交易相同。具體來說，像 ChatGPT 這樣的平台需要 Shopify 付款，其獲利方式就是透過付款。情況和網路商店裡發生的情況一樣。

And in terms of some of the other applications as well, if you're a Shopify merchant, it will default using Shopify Payments. So that is how monetization occurs. I just want to sort of go back because I suspect I'll get more questions on this around agentic and checkout. So I said this earlier, but I'm going to repeat this, LLMs do not bypass Shopify's checkout.

至於其他一些應用程序，如果您是 Shopify 商家，則預設使用 Shopify Payments。這就是獲利模式的運作方式。我只是想再回顧一下，因為我懷疑我會收到更多關於 agentic 和 checkout 的問題。我之前說過，但我要再說一遍，LLM 不會繞過 Shopify 的結帳流程。

Checkout is really two parts. Think of it this way. You have a front end that's a user interface that buyers interact with. And the back end processing everything server to server. So if you think about a Shopify store today, Shopify runs both the front end and the back end. And under UCP, Shopify still powers the overall experience, but the merchant gets to keep their own checkout system on the back end.

結帳流程其實分為兩部分。換個角度想。您的前端是一個使用者介面，買家可以與之互動。後端負責伺服器之間的所有處理工作。所以，如果你現在考慮 Shopify 商店，你會發現 Shopify 同時負責前端和後端。在 UCP 框架下，Shopify 仍負責整體使用者體驗，但商家可以保留自己的後端結帳系統。

Now with something like ChatGPT, for example, open AI will run the front end, which is sort of the screens and the forms that the buyer uses. But Shopify still runs the back end. And so things like order processing and payments through Shopify Payments, that all runs through Shopify's infrastructure.

以 ChatGPT 為例，OpenAI 將運行前端，也就是買家使用的螢幕和表單。但Shopify仍負責後端運作。因此，像是訂單處理和透過 Shopify Payments 進行的付款等操作，都是透過 Shopify 的基礎設施運作的。

One of the reasons that we're so excited by this is because we get to help merchants sell across a new surface area, but we get to simplify the complexity through the Shopify, the retail operating system that we've built here. And again, the idea that we can help them find and access new customers on a new service area that, we think, is an incredible thing. And we're going to make that really simple for them.

我們對此感到如此興奮的原因之一是，我們能夠幫助商家在新的領域進行銷售，同時透過我們開發的零售作業系統 Shopify 來簡化複雜性。再次強調，我們可以幫助他們在新的服務區域找到並接觸新客戶，我們認為這是一件了不起的事情。我們將讓他們輕鬆做到這一點。

The key though is that it's really done well. And just going back to the UCP point for a second. UCP is the protocol that covers the full commerce jury end-to-end. And it goes from discovery to checkout to fulfillment even to returns. And so commerce is complex, and it's easy to get wrong.

但關鍵在於，它確實做得很好。再回到UCP的觀點上來一秒鐘。UCP 是涵蓋整個商業陪審團端到端流程的協議。它涵蓋了從發現商品、結帳、發貨甚至退貨的整個流程。因此，商業很複雜，很容易出錯。

And one of the reasons that we wanted to create the standard with Google is because we want to make sure that it's done in the right way to give the merchant experience, the consumer experience that the merchant really wants to do and we think UCP does a really great job of that.

我們想與Google共同製定標準的原因之一是，我們希望確保以正確的方式進行，從而為商家提供他們真正想要的體驗，我們認為 UCP 在這方面做得非常出色。

Yes. And Shweta, to your question about how we think about free cash flow margins for 2026 and just kind of our free cash flow margin philosophy overall. I'd say nothing's changed at all. We've been saying -- Harley and I have been saying now for I think it's almost two years about this balance between how we're delivering the growth on the top line while still investing in everything that we want to build and obviously delivering the free cash flow margins that we have.

是的。Shweta，關於你提出的我們如何看待 2026 年的自由現金流利潤率以及我們整體的自由現金流利潤率理念的問題。我覺得一切都沒有改變。我和哈雷已經說了將近兩年了，我們一直在強調，如何在實現營收成長的同時，繼續投資我們想要打造的一切，以及實現我們現有的自由現金流利潤率之間取得平衡。

And when you think about -- we've talked about catalog in its original formation. This is something we set in motion two years ago. We've had Sidekick for two years. So there's things that we -- and obviously, UCP is a little bit more recent. But as you think about the things that we want to build for the next generation of commerce, we've been doing that for a period of time now where the free cash flow margins reflect that.

當你思考的時候－我們已經討論過目錄的最初形成過程。這是我們兩年前就開始著手的事。我們使用 Sidekick 已經兩年了。所以有些事情我們——顯然，UCP 成立時間比較晚。但當我們思考我們想要為下一代商業構建的東西時，我們已經為此努力了一段時間，而自由現金流利潤率也反映了這一點。

So nothing's changed. I gave you some guidance, obviously, as it relates to the free cash flow margin, specifically for Q1. Of course, we don't have guidance for all of '26, but again, philosophically, we're in the exact same spot we've been for a couple of years now.

所以一切都沒有改變。顯然，我已就自由現金流利潤率，特別是第一季的自由現金流利潤率，給了你一些指引。當然，我們無法預測 2026 年全年的情況，但從本質上講，我們仍然處於與過去幾年完全相同的境地。

Martin Toner, ATB Capital Markets.

Martin Toner，ATB Capital Markets。

Congrats under great quarter. Is agentic AI and UCP and on-ramp that will accelerate enterprise adoption of Shopify.

恭喜，本季業績斐然。智慧人工智慧和統一通訊平台 (UCP) 是加速企業採用 Shopify 的途徑。

Look, great question. We announced it at NRF, National Retail Federation, which is the largest enterprise retail show, the agentic plant opens our infrastructure to all brands. And I think this idea that we're bringing it into commerce every brand, whether or not they're on Shopify, we think will be -- I mean, it certainly has already been an incredible way for us to start conversations with the brands who might not be ready to migrate or have not anticipated a full forklift migration just yet, but they don't want to miss out on this incredible opportunity that might be this agentic commerce.

你看，問得好。我們在全美零售聯合會（NRF）——最大的企業零售展上宣布了這一消息，代理工廠向所有品牌開放了我們的基礎設施。我認為，我們正在將這種理念引入商業領域，每個品牌，無論他們是否在 Shopify 上，我們都認為——我的意思是，這無疑已經成為我們與那些可能還沒有準備好遷移或還沒有預料到全面遷移的品牌展開對話的絕佳方式，但他們不想錯過這種代理式商務帶來的絕佳機會。

And so in a similar vein to how we started -- we created commerce components a couple of years ago where non-Shopify merchants can use things like Shop Pay or they can simply use Shopify Checkout as a component, that allowed us to start conversations with brands that we weren't otherwise talking to.

因此，與我們最初的做法類似——幾年前，我們創建了電商元件，非 Shopify 商家可以使用 Shop Pay 等功能，或直接使用 Shopify Checkout 作為元件，這使我們能夠與原本無法接觸的品牌展開對話。

In some cases, some of those brands who came to us initially just for Shop Pay are now entirely on Shopify. So certainly, we think this could be an incredible on-ramp just like the commerce component play was. But I think generally, it is incredibly important that Tobi said something recently about catalog, he said that everyone else has to scrape the Internet, but we actually have the source of it.

在某些情況下，一些最初只是為了使用 Shop Pay 而與我們合作的品牌現在已經完全遷移到了 Shopify。所以，我們當然認為這可能就像商業組件一樣，成為一個絕佳的切入點。但我認為，總的來說，托比最近關於產品目錄的發言非常重要，他說其他人都必須從互聯網上抓取信息，但我們實際上擁有信息的來源。

The fact that we have the structured billions of products so agents can surface the most relevant items in seconds, the fact that products are going to be spent surface based on relevance and sort of this merit-based discovery is going to happen.

我們擁有數十億結構化產品，因此代理商可以在幾秒鐘內找到最相關的商品；產品將根據相關性進行展示，這種基於價值的發現將會發生。

I think that every retailer and every merchant on the planet is thinking about how they can get in front of as many buyers and consumers on agentic. If they continue down that path to do the math, more and more, they realize that Shopify is the company that is front and center. It's not necessarily just about the agentic storefronts, it's also about protocol, it's about the UCP that we built. So I think the agentic plan is another way for us to help merchants on Shopify, access it.

我認為地球上的每位零售商和每位商家都在思考如何才能在代理商平台上接觸到盡可能多的買家和消費者。如果他們繼續沿著這條路走下去，進行計算，他們會越來越意識到 Shopify 才是最重要的公司。這不僅關乎代理店面，還關乎協議，關乎我們構建的統一通訊協議 (UCP)。所以我認為代理計劃是我們幫助 Shopify 上的商家訪問該平台的另一種方式。

We think the more brands that are selling on agentic, the better, and we want to play the role there in sort of setting that standard. I think we laid the rails there, and now we are at the epicenter of it.

我們認為，在 Agentic 上銷售的品牌越多越好，我們希望在樹立這項標準方面發揮作用。我認為我們在那裡鋪設了軌道，現在我們正處於事件的中心。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Harley, you're definitely right, all the focus is on commerce for this conference call, and I'm going to continue on that vein. Can you help us understand the UCP versus ACP, the other standard that OpenAI and Stripe are putting forward. Are these overlapping standards do they compete? Are they complementary in any way? And what does this do to the timing of adoption of agentic commerce?

哈雷，你說的完全正確，這次電話會議的重點完全在於商業，我也會繼續沿著這個方向討論。您能否幫助我們理解 UCP 與 ACP 的區別，ACP 是 OpenAI 和 Stripe 提出的另一個標準。這些標準有重疊之處嗎？它們之間是否存在競爭關係？它們之間有任何互補之處嗎？那麼，這會對代理商業的採用時間產生什麼影響呢？

Does it confuse the market? Is this like a VHS versus Betamax type thing of that. It has to be resolved first before you have mainstream adoption?

這會令市場感到困惑嗎？這就像VHS和Betamax之爭一樣嗎？這個問題必須先解決，才能被主流市場接受？

Yes. Look, the goal is simple with UCP. It's one common language for agents and retailers. The idea is that merchants can keep the brand, the attributions buyers get these incredibly trustworthy experiences and agentic commerce can scale. UCP is is specifically geared towards being a protocol that covers the full commerce journey end-to-end, from search to cart then checkout, it includes post order.

是的。你看，UCP 的目標很簡單。這是代理商和零售商之間的一種通用語言。其理念是，商家可以保留品牌，買家可以獲得這些極為值得信賴的體驗，而代理商商務可以規模化發展。UCP 專門用於涵蓋從搜尋到購物車再到結帳的整個商務流程，包括訂單後流程。

It keeps the merchants essential checkout logic intact. It doesn't force them to rebuild customization over and over again. It's payment-agnostic by design. It's built to flex in the many ways. I mentioned a couple of examples in my prepared remarks.

它保留了商家的基本結帳邏輯。它不會強迫他們一遍又一遍地重新進行自訂設定。它從設計上就與支付方式無關。它的設計使其能夠以多種方式靈活運用。我在準備好的發言稿中提到了幾個例子。

I mean if you think about Butcher Box or you think of AG1, for example, those -- that subscription logic is really complex because sometimes you want to skip, sometimes you want to double up, if you're on vacation, you want to do a hold some of the larger furniture companies on Shopify that do this incredible white club delivery where you can set the exact time and date for your couch being delivered.

我的意思是，想想 Butcher Box 或 AG1，例如這些——它們的訂閱邏輯非常複雜，因為有時你想跳過，有時你想加倍，如果你在度假，你想暫停一些 Shopify 上的大型家具公司提供的令人難以置信的白俱樂部配送服務，你可以設定沙發送達的確切時間和日期。

These things need to be ported over into the agentic world, and UCP does that. So in our view, UCP covers the full commerce journey end-to-end. And we think -- we have 20 years of doing this. Commerce is very complex. It is easy to get it wrong.

這些功能需要移植到智能體領域，而 UCP 正是為此而生的。因此，我們認為 UCP 涵蓋了完整的端到端商業流程。我們認為——我們從事這項工作已有 20 年了。商業非常複雜。很容易出錯。

And I think that it's more than just a transaction. It's an entire experience and UCP covers all of that. And we're really proud of what we do. We did with our friends at Google. It was an incredible experience to work on it with them, but it works, and we think we're already seeing incredible adoption from some of the largest retailers on the planet.

我認為這不僅僅是一筆交易。這是一個完整的體驗，UCP涵蓋了所有這些方面。我們為自己所做的一切感到非常自豪。我們和谷歌的朋友們一起完成了這項工作。與他們合作開發這款產品是一次令人難以置信的經歷，而且它確實有效，我們認為我們已經看到一些全球最大的零售商對它給予了極大的認可。

Paul Treiber, RBC Capital.

Paul Treiber，RBC Capital。

Just a follow-up on Harley's earlier comments, just about the feedback from merchants having discussions at the board level about moving to Shop. Specifically, AI, are you -- the feedback that you're getting from companies in terms of the AI road map, is that -- I imagine it's influencing decisions. Are you also seeing merchants evaluate custom solutions in light of what they can do with AI tools and if that's consideration? And what influence or what impact does your product road map count or the ability of what companies can do internally?

補充一下 Harley 先前的評論，主要是關於商家在董事會層級討論遷移到 Shop 平台的回饋。具體來說，人工智慧，你從各公司得到的關於人工智慧路線圖的回饋是——我想它正在影響決策。您是否也看到商家在評估客製化解決方案時，會考慮人工智慧工具的功能，以及這是否是他們考慮的因素？那麼，你的產品路線圖或是公司內部能夠採取的行動又能產生什麼影響呢？

Yes. I mean, I said this earlier, sort of half-jokingly, but I think Shopify, we sort of have a pole position right now with agentic commerce. But we also have sort of this pole position when it comes to things like speed to market, this idea of a fully all-in-one platform.

是的。我的意思是，我之前半開玩笑地說過，但我認為 Shopify 目前在代理商商務領域佔據了領先地位。但我們在產品上市速度、一體化平台概念等方面也擁有領先優勢。

I mean, I think a lot of the largest retailers, certainly ones I'm meeting with, I mentioned brands like General Motors or L'Oreal or Suit Supplier, Amer Sports who runs Wilson and Salomon, what we hear from them is they're looking -- if they're not on Shopify already, usually they come to us with a particular problem. In some cases, we want to make sure we don't miss out on agentic.

我的意思是，我認為很多大型零售商，當然也包括我正在接觸的那些，比如我提到的通用汽車、歐萊雅、Suit Supplier、Amer Sports（旗下擁有Wilson和Salomon等品牌），我們從他們那裡了解到，他們正在尋找——如果他們還沒有入駐Shopify，通常他們會帶著某個具體問題來找我們。在某些情況下，我們希望確保不會錯過代理。

In other cases, they're coming to us because they want to replace their homegrown system that they built many years ago for e-commerce. They don't want to have 400 engineers anymore. They want to effectively come to Shopify because they want to go back to what they do best, which is they want to build furniture or they want to be a cosmetics company. They don't necessarily want to have this massive engineering engineering team.

在其他情況下，他們來找我們是因為他們想替換自己多年前為電子商務而開發的自研系統。他們不再需要400名工程師了。他們之所以想加入 Shopify，是因為他們想重拾自己最擅長的領域，例如製造家具或成為化妝品公司。他們未必想要組成如此龐大的工程團隊。

And so I think one of the reasons you're seeing this incredible momentum specifically around the enterprise right now is because we're not just doing agentic, although agentic obviously, something we're focused on.

所以我認為，你現在看到企業領域出現如此驚人的發展勢頭的原因之一是，我們不僅僅是在做代理，雖然代理顯然是我們關注的重點。

We're also helping with point of sale. We're helping them sell across every channel, whether it's social channels. We're showing the Shop Pay in itself is an incredible on-ramp into Shopify. They're seeing the conversion rates. They're seeing this as a sort of trust badge on the Internet today.

我們也在協助進行銷售點方面的工作。我們正在幫助他們透過各種管道進行銷售，包括社交管道。我們正在展示 Shop Pay 本身就是進入 Shopify 的絕佳方式。他們正在觀察轉換率。他們認為這是當今網路上的一種信任標誌。

And so I think when you bring all these together and then you sort of add this idea of that a very modern retailer and brand is thinking about unified commerce. They don't want to have a bunch of different systems that don't talk to each other.

所以我覺得，當你把所有這些因素結合起來，再加上這樣一個理念，那就是一個非常現代的零售商和品牌正在思考統一的商業模式。他們不希望出現一堆互不相通的不同系統。

They want to have this modern stack where they have a single source of truth that scales, whether they're doing massive flash sales for the Super Bowl or they're doing some very complex logic around B2B or point of sale or subscriptions. And ultimately, those roads all lead to Shopify. So I think agentic is playing a role there.

他們想要一個現代化的技術棧，其中包含一個可擴展的單一數據源，無論他們是在為超級碗進行大規模的限時搶購，還是在圍繞 B2B、銷售點或訂閱進行一些非常複雜的邏輯操作。最終，所有這些道路都通往 Shopify。所以我認為主動性在這裡發揮了作用。

But I think the days of let's just build everything ourselves in-house is long gone. And I think that gives Shopify incredible opportunity. And I think one of the messages we hear from certainly merchants that have been on shopping for a while is that they feel like they are better positioned than those that are not. And I think that narrative is leaking into the enterprise, and it's allowing us to win a lot more deals at a lot faster clip.

但我認為那種所有東西都自己動手生產的時代早已一去不復返了。我認為這為Shopify帶來了巨大的機會。我認為，我們從一些長期從事購物活動的商家那裡聽到的訊息之一是，他們覺得自己比那些沒有從事購物活動的商家更有優勢。我認為這種理念正在滲透到企業內部，使我們能夠以更快的速度贏得更多交易。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great. I want to shift gears a little bit to Shop Campaigns. So you talked a little bit about the revenue doubling, the merchant adoption, tripling. And you also talked about some of the new services that Shop campaigns are supporting X, Snapchat being Google. I was wondering if you could talk a little bit more about that, expand on shop campaigns in general and some of the mechanics around it and the monetization vehicle?

偉大的。我想稍微轉換一下話題，談談店鋪推廣活動。所以你剛才談到了營收翻倍、商家採用率成長三倍等情況。您也談到了 Shop 活動支援的一些新服務 X，例如 Google 旗下的 Snapchat。我想請您再詳細談談這方面，詳細介紹一下商店推廣活動、相關的機制以及獲利模式？

Yes. Let me start with advertising in general because I think we are making really great progress on this on building tools that help merchants with customer acquisition. It's not just Shop campaigns. I mean we mentioned obviously the Shop App before. We also introduced this new Shopify product network, which we're really excited about.

是的。我想先談談廣告業，因為我認為我們在開發幫助商家取得客戶的工具方面取得了很大的進展。不僅僅是商店推廣活動。我的意思是，我們之前當然已經提到商店應用程式了。我們也推出了全新的 Shopify 產品網絡，我們對此感到非常興奮。

But generally, when -- with Shop campaigns in particular, I mentioned a 3x increase in merchant adoption and a 2x increase in revenue. this thing is starting to gain real traction. What this ultimately is, is the scale to risk-free customer acquisition tool that brings merchants more buyers and drives brand discovery. And I think we're set up for an accelerated, efficient growth with campaigns in 2026.

但總的來說，尤其是在商城推廣活動中，我提到商家採用率提高了3倍，收入提高了2倍。這項活動正開始真正獲得成功。從根本上說，這是一種規模化、無風險的客戶獲取工具，可以為商家帶來更多買家，並推動品牌發現。我認為我們已經為2026年的各項活動做好了加速、高效成長的準備。

In 2025, we obviously -- we added new surface areas, shop Shopify stores, Instagram, Facebook, Google, X, Bing, Snapchat. In 2026, really, the focus there is to reinvest the gains back into growth. We want to expand our advertising inventory.

2025 年，我們顯然——我們增加了新的市場領域，包括 Shopify 商店、Instagram、Facebook、Google、X、Bing 和 Snapchat。到 2026 年，重點實際上是將收益再投資於成長。我們希望擴大廣告投放規模。

We want to improve performance and we also want to scale more efficiently for merchants that use it. And it's becoming a tool that I think as merchants begin to experiment with it, it becomes one of their key tools in their toolbox for finding new customers.

我們希望提高效能，也希望更有效率地擴展使用該服務的商家的業務規模。我認為，隨著商家開始嘗試使用，它正逐漸成為他們尋找新客戶的關鍵工具之一。

This idea of building this risk-free customer acquisition product that you only pay for if you actually get a sale we think is really, really compelling. And I think that's the reason why you're seeing so much merchant adoption here. So you'll see more of that as well.

我們認為，這種建立零風險客戶獲取產品，只有真正促成銷售才需要付費的想法，真的非常有吸引力。我認為這就是為什麼這裡這麼多商家採用這項技術的原因。所以你還會看到更多這樣的內容。

Now we're really tweaking it to make it the very best product. But when you combine that with what we're doing with Shop, the Shop App and also the product network, which helps merchants sell more by effectively turning the merchant ecosystem into our distribution engine, you're beginning to see that these ads products are really starting to pay off for the merchants who use it.

現在我們正在對其進行精細調整，力求使其成為最好的產品。但是，當我們把這些與我們在 Shop、Shop App 以及產品網絡方面所做的工作結合起來時（這些工作通過有效地將商家生態系統轉變為我們的分銷引擎來幫助商家銷售更多產品），你就會開始看到，這些廣告產品確實開始為使用它的商家帶來回報。

That was our final question. So I will hand it back to you, Harley.

這是我們最後一個問題。所以我會把它還給你，哈雷。

Yes. Thanks. I appreciate that, Carrie. Obviously, a lot of questions on agentic, which is great. Obviously, something we're excited about, but I just kind of want to say this before we close up.

是的。謝謝。謝謝你，凱莉。顯然，關於代理性的問題很多，這很好。顯然，我們對此感到很興奮，但在結束之前，我只想再說幾句。

We laid out this playbook for all of you listening a few years ago, which I think is really working. We talked about consistent execution. We talked about compounding product engine, and we talked about new durable growth lanes and I think -- and I think you're seeing that we are doing that now. We are serving more types of businesses on more services and more markets. And I think we're doing all of that with discipline.

幾年前，我們向所有收聽節目的各位闡述了這套策略，我認為它真的非常有效。我們討論瞭如何持續有效地執行。我們討論了複合產品引擎，也討論了新的持久增長途徑，我認為——而且我認為你們現在也看到了，我們正在這樣做。我們為更多類型的企業提供更多服務，並開拓更多市場。我認為我們做這一切都非常有紀律。

And I think 2025, I hope it's clear that this was Shopify running this playbook at full throttle, just like we said we would. I think you're also seeing that we also quietly laid the rails for this new era of AI commerce. And whatever permutation is going to be the mainstay. Shopify is deeply embedded in the center of it.

我希望到 2025 年，大家能夠清楚地看到，Shopify 正全力以赴地執行這套策略，就像我們之前承諾的那樣。我認為你們也看到了，我們也在悄悄為人工智慧商業的新時代鋪平了道路。而最終成為主流的，將是任何一種排列組合。Shopify深深嵌入其中。

And I think from -- for this year, for 2026, you're going to see us kick into an even higher gear. I think 2026 will ultimately be a landmark year for us. It will be for Shopify, it will be for our merchants, and I think it's going to be for all of commerce.

我認為從今年到 2026 年，你們將會看到我們進入一個更高的發展階段。我認為2026年最終將成為我們具有里程碑意義的一年。它將適用於 Shopify，適用於我們的商家，我認為它將適用於整個商業領域。

So I just want to say thank you all for listening and for all of us at Shopify as the toolmakers, we will continue to keep building these incredible tools for the amazing merchants and builders that we have the huge honor of serving every single day and back to building for us. Thank you.

所以，我只想說，感謝大家的聆聽。作為 Shopify 的工具開發者，我們將繼續為我們每天榮幸服務的優秀商家和開發者們打造這些出色的工具，並繼續為我們自己打造工具。謝謝。

With that, this concludes our fourth quarter 2025 conference call. Thank you for joining us.

至此，我們2025年第四季電話會議結束。感謝您的參與。