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NASDAQ · SERVICES-PREPACKAGED SOFTWARE · LARGE CAP

Shopify Inc. SHOP

13 fiscal years on record · USD · FY2025 reported · SEC filings only
$11.6B
▲ 30.1% YoY
$1.2B
▼ 39.0% YoY
$2.0B
▲ 25.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Shopify offers merchants tools to manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, AI platforms, and social media. As of December 31, 2025, the Company had millions of merchants from more than 175 countries using its platform, with 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, 5% in Canada and 5% in Latin America. As of December 31, 2025, Shopify had approximately 7,600 employees worldwide. The Company's business model has two revenue components: a recurring subscription component called subscription solutions and a merchant success-based component called merchant solutions. Subscription solutions revenue is generated primarily through the sale of subscriptions to the platform, including variable platform fees, as well as through the sale of subscriptions to the Point of Sale Pro ("POS Pro") offering, the sale of apps, the registration of domain names and the sale of themes. Merchant solutions revenue is generated principally from payment processing fees and currency conversion fees through Shopify Payments.

Written from the business description in SHOPIFY INC.'s annual report to the U.S. Securities and Exchange Commission, filed 11 February 2026. Every sentence was checked against that document before publication.

Growth

USD 11.6B
Revenue, FY2025 · full 13-year series below
Revenue $B Net income $B
FY2025 · Revenue 11.6 · Net income 1.2
5B10B-2B-3B
20132016201920222025
Compound annual growth
+27.3%
+31.6%
+49.6%
+31.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +31.6% a year over the five years to FY2025 — but profit grew slower: net income at +31.0%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 12.7% · Net 10.7%
20%40%60%-20%-40%-60%
201320192025
ROE
FY2025 · ROE 9.8%
10%20%30%-10%-20%-30%
201320192025
Three returns, three denominators.

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.0
1B2B
201320192025

Total assetsUSD 15.2B
EquityUSD 13.5B
CashUSD 1.5B
Current ratio5.96×

Equity funds 89% of total assets.

The 13-year record

13 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SHOP, 13-year financial record
Metric 2025202420232022202120202019201820172016201520142013
Revenue $B11.68.97.15.64.62.91.61.10.70.40.20.10.1
Operating income $B1.51.1−1.4−0.80.30.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0
EBITDA $B1.51.1−1.3−0.70.30.2−0.1−0.1−0.0−0.0−0.0−0.0−0.0
Income tax $B0.30.20.1−0.20.2−0.10.00.00.00.00.00.00.0
Net income $B1.22.00.1−3.52.90.3−0.1−0.1−0.0−0.0−0.0−0.0−0.0
Free cash flow $B2.01.60.9−0.20.50.40.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $0.941.550.10−2.732.292.59−1.10−0.61−0.42−0.42−0.30−0.57−0.13
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————
ROE %9.819.61.5−35.733.26.8−4.9−4.2−5.7−11.7−14.3−29.1−5.7
Shares out B◌◌◌◌◌◌◌◌◌◌0.000.04◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 63 reconciliationsAUDITED

Reconciled in 13 of the 13 fiscal years we could check. 14 checks were skipped: the balance sheet is not tagged before 2014. Six checks were skipped: EPS is not tagged before 2013. Six checks were skipped: revenue is not tagged before 2013.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Prepackaged Software
Listed onNASDAQ
Incorporated inoutside the United States — SEC code Z4
Fiscal year endsDecember 31
Data on record since2013

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