Shopify vs Amazon. One Just Beat Earnings by 60% at a Third of the Multiple. The Choice Is Clear

"Shopify's Q4 2025 earnings report showed revenue of $3.67 billion, up 30.6% YoY, marking 11 straight quarters of 25%+ growth. GMV hit $123.84 billion, and Shop Pay GMV jumped 62%. B2B GMV nearly doubled at +96%, a quiet but important signal that wholesale brands are routing through Shopify rather than building their own stack. Q1 2026 then beat with EPS of $0.36 against a $0.3316 estimate."

"Amazon's Q1 2026 told a different story. Revenue reached $181.52 billion, +16.6% YoY, and EPS came in at $2.78 versus $1.73 expected, a 60.69% surprise. AWS grew 28%, its fastest pace in 15 quarters, and advertising crossed $70 billion TTM. CEO Andy Jassy framed the moment plainly: "We're in the middle of some of the biggest inflections of our lifetime.""

"Shopify is doubling down on enabling other people's brands. International revenue rose 36%, offline grew 27%, and enterprise wins like Estée Lauder show the platform reaching upmarket. Free cash flow of $715 million at a 19% margin gave management room to authorize that maiden buyback."

"Amazon, by contrast, is spending like a hyperscaler at war. CapEx ran $44.2 billion in a single quarter, and trailing free cash flow dropped to $1.2 billion. The payoff is visible in commitments from OpenAI for roughly 2 GW of Trainium capacity and Anthropic for up to 5 GW. The risk: if AI demand wobbles, those returns get tested fast."

Shopify reported Q4 2025 revenue of $3.67 billion, up 30.6% year over year, with 11 straight quarters of 25%+ growth. GMV reached $123.84 billion, Shop Pay GMV rose 62%, and B2B GMV nearly doubled, increasing 96%. Q1 2026 results beat expectations with EPS of $0.36 versus $0.3316. Shopify also saw international revenue rise 36% and offline growth of 27%, alongside enterprise wins and free cash flow of $715 million at a 19% margin. Amazon reported Q1 2026 revenue of $181.52 billion, up 16.6% year over year, and EPS of $2.78 versus $1.73 expected. AWS grew 28%, advertising exceeded $70 billion on a trailing twelve-month basis, and Amazon’s CapEx reached $44.2 billion, supporting AI infrastructure commitments tied to Trainium and generative AI demand.

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