Shopify Inc. (SHOP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.4	$0.42	+5.0%	—	$3.6B	—
Q1 26	$0.33	$0.36	+9.1%	—	$3.2B	—
Q4 25	$0.51	$0.48	-5.9%	—	$3.7B	—
Q3 25	$0.34	$0.34	0.0%	—	$2.8B	—
Q2 25	$0.29	$0.35	+20.7%	—	$2.7B	—
Q1 25	$0.26	$0.25	-3.8%	—	$2.4B	—
Q4 24	$0.43	$0.44	+2.3%	—	$2.8B	—
Q3 24	$0.18	$0.64	+255.6%	—	$2.2B	—
Q2 24	$0.2	$0.26	+30.0%	—	$2B	—
Q1 24	$0.17	$0.2	+17.6%	—	$1.9B	—
Q4 23	$0.3	$0.34	+13.3%	—	$2.1B	—
Q3 23	$0.14	$0.24	+71.4%	—	$1.7B	—
Q2 23	$0.05	$0.14	+180.0%	—	$1.7B	—
Q1 23	-$0.04	$0.01	+125.0%	—	$1.5B	—
Q4 22	-$0.01	$0.07	+800.0%	—	$1.7B	—
Q3 22	-$0.07	-$0.02	+71.4%	—	$1.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.94	—	—	$11.6B	—
FY24	—	$1.56	—	—	$8.9B	—
FY23	—	$0.1	—	—	$7.1B	—
FY22	—	-$2.73	—	—	$5.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$389.3M	$673.3M	$1.1B	$1.6B	$2.9B	$4.6B	$5.6B	$7.1B	$8.9B	$11.6B
YoY change	+89.7%	+72.9%	+59.4%	+47%	+85.6%	+57.4%	+21.4%	+26.1%	+25.8%	+30.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	389.3M	673.3M	1.1B	1.6B	2.9B	4.6B	5.6B	7.1B	8.9B	11.6B
Cost of revenue	179.8M	293.1M	477M	712.5M	1.4B	2.1B	2.8B	3.5B	4.4B	6B
Gross profit	209.5M	380.3M	596.3M	865.6M	1.5B	2.5B	2.8B	3.5B	4.5B	5.6B
Gross margin	53.8%	56.5%	55.6%	54.9%	52.6%	53.8%	49.2%	49.8%	50.4%	48.1%
Research & development	74.3M	136M	230.7M	355M	552.1M	854.4M	1.5B	1.7B	1.4B	1.5B
Selling, general & administrative	172.3M	293.4M	457.5M	626.6M	847.4M	1.3B	1.9B	1.7B	1.8B	2.1B
Operating expenses	246.7M	429.4M	688.2M	1B	1.5B	2.2B	3.6B	3.6B	3.4B	3.7B
Operating income	-37.2M	-49.2M	-91.9M	-141.1M	90.2M	268.6M	-822M	-78M	1.3B	1.9B
Operating margin	-9.55%	-7.3%	-8.56%	-8.94%	3.08%	5.83%	-14.7%	-1.1%	14.7%	16.3%
Non-operating income, net	274K	1.3M	-2.1M	-2.9M	135.9M	2.9B	-2.9B	22M	618M	-707M
Pretax income	-35.4M	-40M	-64.6M	-95.8M	240.4M	3.1B	-3.6B	185M	2.2B	1.5B
Income tax	—	—	—	29M	-79.1M	225.9M	-163M	53M	209M	278M
Net income	-35.4M	-40M	-64.6M	-124.8M	319.5M	2.9B	-3.5B	132M	2B	1.2B
Net margin	-9.08%	-5.94%	-6.01%	-7.91%	10.9%	63.2%	-61.8%	1.87%	22.7%	10.7%
EBITDA	-23.5M	-27.1M	-62.8M	-57.3M	183.1M	348M	2.1B	-88M	582M	2.6B
EPS	-0.04	-0.04	-0.06	-0.11	0.27	2.34	-2.73	0.1	1.56	0.94
Diluted EPS	-0.04	-0.04	-0.06	-0.11	0.26	2.29	-2.73	0.1	1.56	0.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	2.1B	1.9B	2B	2.2B	2.8B	2.4B	2.7B	2.8B	3.7B	3.2B	3.6B
Cost of revenue	813M	1.1B	904M	1B	1B	1.5B	1.2B	1.4B	1.5B	2B	1.6B	1.9B
Gross profit	901M	1.1B	957M	1B	1.1B	1.4B	1.2B	1.3B	1.4B	1.7B	1.5B	1.7B
Gross margin	52.6%	49.5%	51.4%	51.1%	51.7%	48.1%	49.5%	48.6%	48.9%	46.1%	48.8%	47.7%
Research & development	313M	311M	335M	349M	332M	351M	377M	394M	375M	390M	437M	445M
Selling, general & administrative	432M	417M	485M	413M	445M	460M	514M	537M	525M	558M	611M	634M
Operating expenses	779M	773M	871M	804M	835M	887M	966M	931M	900M	948M	1B	1.1B
Operating income	122M	289M	86M	241M	341M	541M	278M	371M	491M	745M	498M	629M
Operating margin	7.12%	13.5%	4.62%	11.8%	15.8%	19.2%	11.8%	13.8%	17.3%	20.3%	15.7%	17.6%
Non-operating income, net	543M	325M	-342M	-118M	442M	808M	-1.1B	602M	-264M	68M	-1.2B	1.1B
Pretax income	728M	682M	-256M	203M	860M	1.4B	-770M	1.1B	308M	892M	-634M	1.8B
Income tax	10M	25M	17M	32M	32M	128M	-88M	173M	44M	149M	-53M	273M
Net income	718M	657M	-273M	171M	828M	1.3B	-682M	906M	264M	743M	-581M	1.5B
Net margin	41.9%	30.6%	-14.7%	8.36%	38.3%	46%	-28.9%	33.8%	9.28%	20.2%	-18.3%	41.9%
EBITDA	-418M	-74M	96M	369M	-121M	-281M	1.4B	-247M	742M	712M	1.7B	-466M
EPS	0.56	0.51	-0.21	0.13	0.64	1	-0.53	0.7	0.2	0.57	-0.45	1.16
Diluted EPS	0.55	0.51	-0.21	0.13	0.64	1	-0.53	0.69	0.2	0.57	-0.45	1.16

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	44.9B	135.3B	171.7B	44B	99.8B	137.7B	209.9B	185.3B
Enterprise value	—	—	—	42.6B	129.9B	165.1B	40.3B	96B	133.3B	204.3B	178.3B
Shares outstanding	839.9M	957.7M	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	423.6	58.9	—	756.3	68.2	170.5	96
P/S	—	—	—	28.5	46.2	37.2	7.85	14.1	15.5	18.2	13.8
P/B	—	—	—	14.9	21.1	15.4	5.33	11	11.9	15.6	14.4
EV/EBITDA	—	—	—	-743.9	709.2	474.5	18.8	-1.1K	229.1	79.1	74.4
EV/Sales	—	—	—	27	44.3	35.8	7.2	13.6	15	17.7	13.4
Earnings yield	—	—	—	—	0.24%	1.7%	—	0.13%	1.47%	0.59%	1.04%
FCF yield	—	—	—	0.02%	0.28%	0.28%	-0.42%	0.91%	1.16%	0.96%	0.86%
PEG	—	—	—	—	—	—	—	—	—	—	1.46

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.8%	56.5%	55.6%	54.9%	52.6%	53.8%	49.2%	49.8%	50.4%	48.1%	47.7%
Operating margin	-9.55%	-7.3%	-8.56%	-8.94%	3.08%	5.83%	-14.7%	-1.1%	14.7%	16.3%	17.6%
Net margin	-9.08%	-5.94%	-6.01%	-7.91%	10.9%	63.2%	-61.8%	1.87%	22.7%	10.7%	14.5%
ROE	-8.61%	-4%	-3.09%	-4.14%	4.99%	26.2%	-42%	1.46%	17.5%	9.14%	15.5%
ROA	-7.21%	-3.59%	-2.86%	-3.58%	4.12%	21.8%	-32.2%	1.17%	14.5%	8.1%	10.2%
ROIC	—	—	—	-19.8%	9.74%	5.49%	-17.9%	-1.07%	16.4%	19.5%	24.6%
Return on tangible assets	-7.92%	-3.85%	-3.04%	-4.93%	4.65%	23.6%	-54.9%	1.27%	15.6%	8.7%	14.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	6.36	10.8	15.4	8.67	15.7	12.2	7.07	6.99	3.71	5.96	5.35
Quick ratio	6.36	10.8	15.4	8.67	15.7	12.2	7.07	6.99	3.7	5.94	5.35
Debt / equity	0.03	0.02	0.01	0.05	0.14	0.11	0.17	0.13	0.1	0.01	0.01
Debt / assets	0.03	0.01	0.01	0.04	0.12	0.09	0.13	0.1	0.08	0.01	0.01
Net debt / EBITDA	16.1	34	31	40.2	-29.9	-19	-1.7	43.8	-7.46	-2.16	-1.78
Interest coverage	—	—	—	—	29	2.7K	-714.8	—	—	—	—
Effective tax rate	—	—	—	0%	0%	7.19%	0%	28.6%	9.38%	18.4%	17.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.46	0.7	1.02	1.4	2.45	3.7	4.42	5.51	6.86	8.86	10.2
EPS (basic)	-0.04	-0.04	-0.06	-0.11	0.27	2.34	-2.73	0.1	1.56	0.94	0.94
EPS (diluted)	-0.04	-0.04	-0.06	-0.11	0.26	2.29	-2.73	0.1	1.56	0.94	1.48
Book value per share	0.49	1.05	1.98	2.67	5.35	8.93	6.51	7.07	8.93	10.3	9.84
FCF per share	-0.01	-0.02	-0.03	0.01	0.32	0.39	-0.15	0.71	1.23	1.54	1.81
Cash per share	0.47	0.98	1.86	2.17	5.34	6.23	3.99	3.91	4.23	4.42	3.85
Capex per share	0.03	0.02	0.03	0.05	0.03	0.04	0.04	0.03	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.11%	2.98%	2.6%	3.6%	1.42%	1.1%	0.89%	0.55%	0.21%	—	—
Capex / operating cash flow	-406%	-235%	-276.8%	137.9%	8.4%	1.6%	-1.54%	4.97%	0.87%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$2.1B	$1.9B	$2B	$2.2B	$2.8B	$2.4B	$2.7B	$2.8B	$3.7B	$3.2B	$3.6B
YoY change	+25.5%	+23.6%	+23.4%	+20.7%	+26.1%	+31.2%	+26.8%	+31.1%	+31.5%	+30.6%	+34.3%	+33.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	392.4M	938M	2B	2.5B	6.4B	7.8B	5.1B	5B	5.5B	5.8B
Receivables	14.7M	54.2M	87.1M	130.5M	216.5M	441.4M	500M	242M	280M	421M
Inventory	—	—	—	—	—	—	—	—	26M	21M
Total current assets	422.9M	1B	2.1B	2.7B	6.9B	8.5B	6B	6.3B	7.3B	8.3B
Property, plant & equipment	45.7M	50.4M	61.6M	246.2M	211.5M	301.9M	486M	147M	140M	141M
Goodwill & intangibles	43.9M	75.1M	128.2M	958.3M	895.1M	990M	4.5B	912M	948M	1B
Total assets	490.6M	1.1B	2.3B	3.5B	7.8B	13.3B	10.8B	11.3B	13.9B	15.2B
Accounts payable	34.3M	44.3M	61.3M	90.5M	168.7M	284M	364M	364M	360M	570M
Short-term debt	1.3M	1.5M	2.6M	9.1M	10.1M	15.7M	18M	17M	936M	17M
Total current liabilities	66.5M	94.8M	138.7M	316.4M	438.3M	702.7M	856M	898M	2B	1.4B
Long-term debt	12.6M	15M	22.3M	142.6M	902.8M	1.2B	1.4B	1.1B	190M	171M
Total liabilities	80.1M	112.5M	164M	473.7M	1.4B	2.2B	2.5B	2.2B	2.4B	1.7B
Shareholders' equity	410.5M	1B	2.1B	3B	6.4B	11.1B	8.2B	9.1B	11.6B	13.5B
Total debt	13.9M	16.5M	24.9M	151.7M	912.9M	1.2B	1.4B	1.1B	1.1B	188M
Net debt	-70.1M	-125.2M	-385.8M	-498.2M	-1.8B	-1.3B	-253M	-263M	-363M	-1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	4.9B	5B	5.2B	5B	4.9B	5.5B	5.5B	5.8B	6.3B	5.8B	5.7B	4.9B
Receivables	48M	242M	265M	275M	58M	280M	71M	69M	79M	421M	99M	490M
Inventory	—	—	—	—	—	26M	—	—	—	21M	—	—
Total current assets	6.2B	6.3B	6.4B	6.4B	6.5B	7.3B	7.4B	8B	8.7B	8.3B	8.5B	7.8B
Property, plant & equipment	124M	147M	148M	144M	143M	140M	151M	143M	145M	141M	138M	143M
Goodwill & intangibles	920M	912M	904M	950M	952M	948M	1.1B	1.1B	1B	1B	1B	1B
Total assets	10.5B	11.3B	11.1B	11.3B	12.3B	13.9B	13.4B	14.6B	15B	15.2B	14.1B	14.5B
Accounts payable	—	364M	—	—	—	360M	776M	841M	974M	570M	1B	1.1B
Short-term debt	15M	17M	17M	17M	18M	936M	938M	939M	939M	17M	16M	10M
Total current liabilities	852M	898M	902M	874M	921M	2B	2B	2.1B	2.2B	1.4B	1.4B	1.5B
Long-term debt	1.1B	1.1B	1.1B	1.1B	1.1B	190M	200M	200M	176M	171M	163M	168M
Total liabilities	2.2B	2.2B	2.2B	2.2B	2.2B	2.4B	2.3B	2.4B	2.5B	1.7B	1.6B	1.8B
Shareholders' equity	8.3B	9.1B	8.9B	9.2B	10.1B	11.6B	11.1B	12.1B	12.5B	13.5B	12.5B	12.7B
Total debt	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	188M	179M	178M
Net debt	-165M	-263M	-478M	-404M	-366M	-363M	-171M	-403M	-1.3B	-1.3B	-1.7B	-1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-35.4M	-40M	-64.6M	-124.8M	319.5M	2.9B	-3.5B	132M	2B	1.2B
Depreciation & amortization	14M	23.4M	27.1M	35.7M	70.1M	66.3M	93M	70M	36M	31M
Stock-based compensation	22.9M	49.2M	95.7M	158.5M	246.9M	330.8M	549M	615M	430M	449M
Change in working capital	-7.6M	-41.1M	-68.3M	9.8M	-99.6M	-267.8M	-127M	126M	-276M	-379M
Operating cash flow	-5.9M	-8.5M	-10.1M	41.2M	497.1M	3.2B	-3.3B	784M	2.2B	2B
Capital expenditure	-23.8M	-20M	-27.9M	-56.8M	-41.7M	-50.8M	-50M	-39M	-19M	—
Investing cash flow	-267.2M	-523M	-797M	-563.8M	-1.9B	-2.4B	-719M	-1.2B	-1.6B	-1.2B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	224.4M	560.1M	1B	688M	3.5B	1.5B	0	—	—	-1B
Net change in cash	-48.7M	28.6M	234.6M	165.3M	2.1B	2.3B	-4B	-460M	607M	-174M
Free cash flow	-12.2M	-16.4M	-32.2M	8.2M	383M	484.9M	-186M	905M	1.6B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	718M	657M	-273M	171M	828M	1.3B	-682M	906M	264M	743M	-581M	1.5B
Depreciation & amortization	13M	10M	10M	10M	8M	8M	8M	8M	8M	7M	7M	7M
Stock-based compensation	102M	98M	105M	106M	110M	109M	114M	113M	107M	115M	132M	128M
Change in working capital	-27M	-111M	—	-72M	-46M	165M	-6M	-35M	-70M	130M	-70M	-1M
Operating cash flow	769M	616M	-192M	196M	884M	1.6B	-708M	428M	513M	725M	481M	658M
Capital expenditure	-2M	-2M	-6M	-7M	-2M	-4M	-4M	—	—	—	—	—
Investing cash flow	-606M	-346M	-27M	-424M	-474M	-661M	-619M	-246M	341M	-644M	315M	575M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	-491M	-1.4B
Financing cash flow	—	—	—	—	—	—	—	—	—	—	-491M	-1.4B
Net change in cash	163M	270M	-219M	-228M	410M	967M	-1.3B	182M	854M	81M	305M	-187M
Free cash flow	276M	446M	232M	333M	421M	611M	363M	422M	507M	715M	476M	654M

Shopify Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement