Shopify

Shopify reported 2.84 billion USD of revenue in Q3 2025, up 32% year on year, and 264 million USD of operating profit, slightly under analyst estimates on operating income (434M against 437M projected). The ratios travel further than the dollars: AI-driven traffic to merchant stores up 7x since January 2025, AI-originated orders up 11x.

The company turns up inside every competing agentic commerce standard at once. Sundar Pichai launched the Universal Commerce Protocol at NRF 2026 on 11 January, co-developed with Shopify, Walmart, Target, Etsy and Wayfair. On 6 October 2026, Bret Taylor and Clay Bavor named Shopify among the companies building Sierra's Personal Agent Protocol. Shopify also integrates with OpenAI, Perplexity and Microsoft Copilot, and Liad Yosef cites it as the one full deployment of MCP-UI, already shipping custom CSS so its storefronts keep their own look inside someone else's chat.

David Heinemeier Hansson, who sits on the board, argues that platforms absorbing deep plumbing (payments, shipping, taxes) keep a moat while Salesforce and SAP are in serious difficulty: the value has left the code and sits in process intuitions. Harley Finkelstein grounds the same claim in data from millions of merchants and in internal tools like Scout, which reads merchant feedback to steer product decisions.

Two numbers sit against that confidence: 70 to 90% of purchase journeys are already invisible to conventional analytics, and only 24% of consumers say they trust AI to buy for them.