XenalyticsNo. 004 · Oct 27, 2026

E-commerce platforms · Shopify filings

Shopify merchants sold $378 billion in 2025, 49× more than in 2015

$378.4Bgross merchandise volume on Shopify in 2025, up 29% from 2024. Source: Shopify Inc. via SEC EDGAR, exhibit 99.1, 2026

Shopify gross merchandise volume (GMV) by year

US$ billions, 2015–2025. Drag the slider or press play; switch to growth rates.

Sources: Shopify Inc. via SEC EDGAR, exhibit 99.1, 2026; Shopify Inc., 2025; Shopify Inc., 2023; Shopify Inc., 2018; Shopify Inc., 2017. Note: 2015 is derived from Shopify's reported 99% growth in 2016 to $15.4B. Growth rates are XENA calculations from rounded GMV.
Data table
Shopify gross merchandise volume (GMV) by year
PeriodGMVYoY growth
2015$7.7Bn/a
2016$15.4B+99.0%
2017$26.3B+70.8%
2018$41.1B+56.3%
2019$61.1B+48.7%
2020$119.6B+95.7%
2021$175.4B+46.7%
2022$197.2B+12.4%
2023$235.9B+19.6%
2024$292.3B+23.9%
2025$378.4B+29.5%
  • >14%of US e-commerce, by Shopify's own estimate for 2025 (company figure)
  • $115.6BGMV in Q2 2026 alone, up 32% year over year
  • +96%B2B GMV growth in 2025; Shop Pay GMV grew 62%
Data: Shopify Inc. via SEC EDGAR, exhibit 99.1 (2026); Shopify Inc. (2025); Shopify Inc. (2023); Shopify Inc. (2018); Shopify Inc. (2017). Chart: XENA Intelligence.xenaintelligenceapp.com/xenalytics

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