{
 "slug": "shopify-gmv-growth",
 "no": 4,
 "date": "2026-10-27",
 "updated": "2026-10-27",
 "title": "Shopify merchants sold $378 billion in 2025, 49× more than in 2015",
 "description": "Interactive chart: Shopify's gross merchandise volume grew from $7.7B in 2015 to $378.4B in 2025 (+29% in 2025), per Shopify's SEC filings. Compare any two years.",
 "topics": [
  "E-commerce",
  "Platforms"
 ],
 "big": {
  "v": 378.4,
  "f": {
   "d": 1,
   "p": "$",
   "s": "B"
  },
  "l": "gross merchandise volume on Shopify in 2025, up 29% from 2024",
  "src": [
   "q425"
  ]
 },
 "stats": [
  {
   "v": ">14%",
   "l": "of US e-commerce, by Shopify's own estimate for 2025 (company figure)",
   "src": [
    "q425"
   ]
  },
  {
   "v": "$115.6B",
   "l": "GMV in Q2 2026 alone, up 32% year over year",
   "src": [
    "q226"
   ]
  },
  {
   "v": "+96%",
   "l": "B2B GMV growth in 2025; Shop Pay GMV grew 62%",
   "src": [
    "q425"
   ]
  }
 ],
 "sources": [
  {
   "id": "q425",
   "t": "Shopify Q4 and full-year 2025 financial results",
   "pub": "Shopify Inc. via SEC EDGAR, exhibit 99.1",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000006/exhibit991pressreleaseq420.htm"
  },
  {
   "id": "q226",
   "t": "Shopify Q2 2026 financial results",
   "pub": "Shopify Inc. via SEC EDGAR, exhibit 99.1",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000046/exhibit991pressreleaseq220.htm"
  },
  {
   "id": "q424",
   "t": "Shopify Q4 and full-year 2024 financial results",
   "pub": "Shopify Inc.",
   "y": 2025,
   "u": "https://www.shopify.com/investors/quarterly-results"
  },
  {
   "id": "q221",
   "t": "Shopify announces fourth-quarter and full-year 2022 financial results",
   "pub": "Shopify Inc.",
   "y": 2023,
   "u": "https://www.shopify.com/news/shopify-announces-fourth-quarter-and-full-year-2022-financial-results"
  },
  {
   "id": "fy17",
   "t": "Shopify announces fourth-quarter and full year 2017 financial results",
   "pub": "Shopify Inc.",
   "y": 2018,
   "u": "https://www.shopify.com/news/shopify-announces-fourth-quarter-and-full-year-2017-financial-results"
  },
  {
   "id": "fy16",
   "t": "Shopify announces fourth-quarter and full year 2016 financial results",
   "pub": "Shopify Inc.",
   "y": 2017,
   "u": "https://www.shopify.com/news/shopify-announces-fourth-quarter-and-full-year-2016-financial-results"
  }
 ],
 "notes": [
  "GMV is the total dollar value of orders facilitated through Shopify, net of refunds and including shipping and handling, duty and value-added taxes. It is not Shopify's revenue, which was $11.6B in 2025.",
  "GMV is global. The >14% US e-commerce share is Shopify's own estimate, combining unadjusted Census data with internal estimates and excluding point-of-sale sales. It is not an independent measurement.",
  "2015 GMV ($7.7B) is derived from Shopify's statement that 2016 GMV of $15.4B was up 99%. Growth rates here are calculated from GMV rounded to $0.1B and may differ by a point from Shopify's reported rates."
 ],
 "blocks": [
  {
   "id": "gmv",
   "type": "bar",
   "title": "Shopify gross merchandise volume (GMV) by year",
   "sub": "US$ billions, 2015–2025. Drag the slider or press play; switch to growth rates.",
   "x": [
    "2015",
    "2016",
    "2017",
    "2018",
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "scrub": 1,
   "yoy": 1,
   "modes": [
    {
     "key": "usd",
     "label": "GMV",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "GMV",
       "color": "#FA649B",
       "v": [
        7.7,
        15.4,
        26.3,
        41.1,
        61.1,
        119.6,
        175.4,
        197.2,
        235.9,
        292.3,
        378.4
       ]
      }
     ]
    },
    {
     "key": "g",
     "label": "YoY growth",
     "f": {
      "d": 1,
      "s": "%",
      "plus": 1
     },
     "series": [
      {
       "name": "GMV growth",
       "color": "#A98BFF",
       "v": [
        null,
        99.0,
        70.8,
        56.3,
        48.7,
        95.7,
        46.7,
        12.4,
        19.6,
        23.9,
        29.5
       ]
      }
     ]
    }
   ],
   "src": [
    "q425",
    "q424",
    "q221",
    "fy17",
    "fy16"
   ],
   "note": "2015 is derived from Shopify's reported 99% growth in 2016 to $15.4B. Growth rates are XENA calculations from rounded GMV."
  },
  {
   "id": "cmp",
   "type": "compare",
   "title": "Compare any two years",
   "sub": "How many times bigger is the Shopify economy?",
   "x": [
    "2015",
    "2016",
    "2017",
    "2018",
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "v": [
    7.7,
    15.4,
    26.3,
    41.1,
    61.1,
    119.6,
    175.4,
    197.2,
    235.9,
    292.3,
    378.4
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "a": 5,
   "b": 10,
   "unit": "x",
   "src": [
    "q425",
    "q221"
   ]
  },
  {
   "id": "drivers",
   "type": "ranked",
   "title": "What grew fastest at Shopify in 2025",
   "sub": "Growth versus 2024, as reported by Shopify.",
   "metrics": [
    {
     "key": "g",
     "label": "2025 growth",
     "f": {
      "d": 0,
      "s": "%",
      "plus": 1
     }
    }
   ],
   "items": [
    {
     "name": "B2B GMV",
     "v": {
      "g": 96
     }
    },
    {
     "name": "Shop Pay GMV",
     "v": {
      "g": 62
     }
    },
    {
     "name": "Gross payments volume",
     "v": {
      "g": 37
     }
    },
    {
     "name": "International revenue",
     "v": {
      "g": 36
     }
    },
    {
     "name": "Total revenue",
     "v": {
      "g": 30
     }
    },
    {
     "name": "Total GMV",
     "v": {
      "g": 29
     }
    },
    {
     "name": "Offline revenue",
     "v": {
      "g": 27
     }
    }
   ],
   "hl": "Total GMV",
   "src": [
    "q425"
   ],
   "note": "Shopify notes that B2B is still a very small portion of total GMV. Offline revenue covers Shopify Payments for offline, POS Pro and Retail plans and POS hardware."
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: how much merchandise did Shopify merchants sell in 2025?",
   "min": 0,
   "max": 800,
   "step": 5,
   "start": 150,
   "a": 378.4,
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "reveal": "$378.4 billion in gross merchandise volume, up 29% from 2024 and about 3× 2020, per Shopify's Q4 2025 release.",
   "src": [
    "q425"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/shopify-gmv-growth",
 "publisher": "XENA Intelligence (Xenalytics)"
}