Shopify Inc.
SHOP- Exchange
- Nasdaq
- Industry
- Services-Prepackaged Software
- SEC CIK
- 0001594805
No open-market purchases or sales by Shopify Inc. insiders were filed in the last 90 days; 1,725 institutions reported holding it in 13F filings for Q2 2026, worth $94.6B in total; 3 superinvestors hold it, including ARK Invest and D1 Capital Partners.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Nov 5, 2026, 12:18 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 40-F | 40-F | 40-F |
| Reported | Feb 11, 2026 | Feb 11, 2025 | – | – | – |
| Revenue | $11.6B | $8.88B | $7.06B | $5.60B | $4.61B |
| Cost of revenue | $6.00B | $4.41B | $3.54B | $2.85B | $2.13B |
| Gross profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B |
| Operating expenses | $4.09B | $3.40B | $4.93B | $3.58B | $2.21B |
| Research and development | $1.54B | $1.37B | $1.73B | $1.50B | $854.4M |
| Selling, general and administrative | $471.0M | $410.0M | $491.0M | $707.8M | $374.8M |
| Operating income | $1.47B | $1.07B | -$1.42B | -$822.3M | $268.6M |
| Interest expense | – | – | – | $3.50M | $3.49M |
| Income tax | $278.0M | $209.0M | $53.0M | -$162.4M | $225.9M |
| Net income | $1.23B | $2.02B | $132.0M | -$3.46B | $2.91B |
| EPS, basic | $0.95 | $1.57 | $0.10 | $-2.73 | $23.38 |
| EPS, diluted | $0.94 | $1.55 | $0.10 | $-2.73 | $22.90 |
| Weighted shares, basic | 1.30B | 1.29B | 1.28B | 1.27B | 124.7M |
| Weighted shares, diluted | 1.30B | 1.30B | 1.30B | 1.27B | 127.4M |
| Margins and growth | |||||
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% |
| Operating margin | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% |
| Net margin | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% |
| Revenue growth, year over year | +30.1% | +25.8% | +26.1% | +21.4% | +57.4% |
| Net income growth, year over year | −39.0% | +1,429.5% | – | −218.7% | +812.2% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 40-F | 40-F | 40-F |
| Reported | Feb 11, 2026 | Feb 11, 2025 | – | – | – |
| Cash and equivalents | $1.54B | $1.50B | $1.41B | $1.65B | $2.50B |
| Short-term investments | $4.23B | $3.98B | $3.60B | $3.40B | $5.27B |
| Accounts receivable | $500.0M | $342.0M | $282.0M | $273.1M | $192.2M |
| Inventory | $21.0M | $26.0M | – | – | – |
| Total current assets | $8.30B | $7.25B | $6.28B | $6.05B | $8.54B |
| Property, plant and equipment | $53.0M | $47.0M | $49.0M | $130.8M | $105.5M |
| Goodwill | $491.0M | $452.0M | $427.0M | $1.84B | $356.5M |
| Intangible assets | $30.0M | $22.0M | $29.0M | $390.1M | $138.5M |
| Total assets | $15.2B | $13.9B | $11.3B | $10.8B | $13.3B |
| Total current liabilities | $1.39B | $1.96B | $898.0M | $856.0M | $702.7M |
| Shareholders' equity | $13.5B | $11.6B | $9.07B | $8.24B | $11.1B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 40-F | 40-F | 40-F |
| Reported | Feb 11, 2026 | Feb 11, 2025 | – | – | – |
| Operating cash flow | $2.03B | $1.62B | $944.0M | -$136.4M | $504.4M |
| Capital expenditures | $26.0M | $19.0M | $39.0M | $50.0M | $50.8M |
| Free cash flow | $2.01B | $1.60B | $905.0M | -$186.5M | $453.6M |
| Depreciation and amortization | $31.0M | $36.0M | $70.0M | $90.5M | $66.3M |
| Stock-based compensation | $449.0M | $430.0M | $615.0M | $549.1M | $330.8M |
| Investing cash flow | -$1.19B | -$1.59B | -$1.24B | -$718.6M | -$2.35B |
| Financing cash flow | -$811.0M | $61.0M | $60.0M | $17.5M | $1.65B |
| Net change in cash | $47.0M | $85.0M | -$236.0M | -$853.7M | -$200.6M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 3.9% | 4.8% | 8.7% | 9.8% | 7.2% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
Shopify Inc. reports no single share count on its 10-K and 10-Q covers. Companies with several share classes report one count per class, which this data doesn't include.
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits. Stock splits since Dec 31, 2020, from 13F share counts: 10-for-1 in Q2 2022.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.