# Who are Shopify's customers? Who does Shopify earn revenue from?
Canonical: https://valuechain.wiki/shopify · Facet: customers · Updated: 2026-09-23T08:29:49.812229+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Shopify's confirmed revenue counterparties include The Estée Lauder Companies Inc. plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-09-23).

### 머천트 (머천트 솔루션·결제, GMV 연동) (high)
- note: Merchant Solutions (Shopify Payments, logistics, financing) are success-based fees tied to merchant GMV. FY2025 revenue $8.8B (+35%), 76% of total, moving with GMV of $378.4B (+29%). Shopify Payments penetration rose to 65.6% ($248.1B of GMV via Payments), the key lever lifting the take rate.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/1594805/000159480526000007/shop-20251231.htm: "FY2025 GMV $378.4B; merchant solutions $8.8B (76%); Payments penetration 65.6%."
- [confirms] Digital Commerce 360 (EN, news, published 2025-02-12) https://www.digitalcommerce360.com/2025/02/12/shopify-revenue-gmv-q4-fy24/: "Shopify's 2024 revenue was $8.88B (+26%) and GMV about $292.28B, up from $235.91B, representing over 12% of US e-commerce."
- [confirms] Shopify Q4/FY2024 Press Release (EN, ir, published 2025-02-11) https://s27.q4cdn.com/572064924/files/doc_financials/2024/q4/Q4-2024-Press-Release-Final.pdf: "Full-year 2024 GMV was $292,275M (from $235,910M, +24%) and Merchant Solutions revenue was $6,530M."

### 머천트 (구독 솔루션) (high)
- note: Merchants' monthly subscription fees make up Subscription Solutions, the stable recurring axis. FY2025 revenue about $2.8B, ~24% of total, tied to merchant count and plan upgrades (e.g., Plus) — a fixed revenue source with lower GMV sensitivity.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/1594805/000159480526000007/shop-20251231.htm: "FY2025 subscription ~24% of $11.6B revenue (~$2.8B)."
- [confirms] Shopify Q4/FY2024 Press Release (EN, ir, published 2025-02-11) https://s27.q4cdn.com/572064924/files/doc_financials/2024/q4/Q4-2024-Press-Release-Final.pdf: "Full-year 2024 Subscription Solutions revenue was $2,350M (from $1,837M), Merchant Solutions $6,530M (from $5,223M), total $8,880M."

### 에스티 로더 (mid)  → /est-e-lauder-companies.md
- note: Shopify is the technology supplier unifying Estée Lauder's global direct-to-consumer omnichannel commerce foundation, with the first phase beginning in the first quarter of 2026 and expanding from the TOM FORD U.K. freestanding store to U.S. brand sites.
- [confirms] The Estée Lauder Companies (EN, ir, published 2025-10-28) https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2025/10-28-2025-212608571: "The companies will establish a unified global commerce foundation for direct-to-consumer omnichannel experiences."

Reverse side: https://valuechain.wiki/shopify/suppliers.md · Ripple: https://valuechain.wiki/shopify/ripple.md

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Full node: https://valuechain.wiki/shopify.md · JSON: https://valuechain.wiki/shopify.json