SHOPIFY INC. SHOP

Technology SIC 7372 - Services-Prepackaged Software NAICS Information › Publishing Industries › Software Publishers derived Nasdaq

Shopify provides essential internet infrastructure for commerce. Shopify's all-in-one platform makes it easier to start, run and grow a business, powering sales online, in store, and everywhere in between. Shopify's mission is to make commerce better for everyone with a platform and services that are engineered for speed, customization, reliability and security, while delivering a better shopping experience for consumers everywhere.

Shopify's business is designed to empower our merchants by offering a comprehensive, multi-channel commerce platform that supports their business as it grows. As owners and operators, merchants set their course, while Shopify offers them the tools to seamlessly manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, AI platforms, social media and more. Emphasizing merchant-first innovation, Shopify provides an integrated back-end system to streamline operations, from managing inventory and transaction management to building relationships with buyers. With a robust and continuously updated infrastructure, Shopify's goal is to provide merchants with cutting-edge technology to thrive in a competitive market.

Last close 168.68 2026-10-23
Market cap $218.48B estimated share count
52-week range 94.00 - 182.19

Valuation FY2025 figures against the last close

P/S18.9x
P/E179.4x
P/FCF108.9x
EV/EBITDA145.7x
Dividend yield—
Diluted EPS0.94

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $11.56B$8.88B$7.06B$5.60B$4.61B$2.93B$1.58B$1.07B$673.3M$389.3M
Cost of revenue $6.00B$4.41B$3.54B$2.85B$2.13B$1.39B$712.5M$477.0M$293.1M$179.8M
Gross profit $5.55B$4.47B$3.52B$2.75B$2.48B$1.54B$865.6M$596.3M$380.3M$209.5M
R&D $1.54B$1.37B$1.73B$1.50B$854.4M$552.1M$355.0M$230.7M$136.0M$74.3M
SG&A $471.0M$410.0M$491.0M$708.0M$374.8M$245.3M$153.8M$107.4M$67.7M$43.1M
Total operating expenses $4.09B$3.40B$4.93B$3.58B$2.21B$1.45B$1.01B$688.2M$429.4M$246.7M
Operating income $1.47B$1.07B-$1.42B-$822.0M$268.6M$90.2M-$141.1M-$91.9M-$49.2M-$37.2M
Interest expense ———$3.5M$3.5M$9.1M$0———
Pre-tax income $1.51B$2.23B$185.0M-$3.30B$3.14B$398.7M-$95.8M-$64.6M-$40.0M-$35.4M
Income tax $278.0M$209.0M$53.0M$163.0M$225.9M$79.1M$29.0M$0$0$0
Net income $1.23B$2.02B$132.0M-$3.46B$2.91B$319.5M-$124.8M-$64.6M-$40.0M-$35.4M
EPS, basic 0.951.570.10-2.732.342.67-1.10———
EPS, diluted 0.941.550.10-2.732.292.59-1.10-0.61-0.42-0.42
Shares, diluted (wtd. avg.) 1.30B1.30B1.30B1.27B1.27B123.5M113.0M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.54B$1.50B$1.41B$1.65B$2.50B$2.70B$649.9M$410.7M$141.7M$84.0M
Short-term investments $4.23B$3.98B$3.60B$3.40B$5.27B$3.68B$1.81B$1.56B$796.4M$308.4M
Receivables $500.0M$342.0M$282.0M$273.0M$192.2M$192.0M$90.5M$41.3M$21.9M$9.6M
Inventory $21.0M$26.0M$19.0M—————$1.6M$522.0K
Total current assets $8.30B$7.25B$6.28B$6.05B$8.54B$6.88B$2.74B$2.13B$1.03B$422.9M
Property, plant and equipment $53.0M$47.0M$49.0M$131.0M$105.5M$92.1M$111.4M$61.6M$50.4M$45.7M
Goodwill $491.0M$452.0M$427.0M$1.84B$357.0M$311.9M$311.9M$38.0M$20.3M$15.5M
Other intangibles $30.0M$22.0M$29.0M$390.0M$138.5M$135.7M$167.3M$26.1M$17.2M$6.4M
Total assets $15.19B$13.92B$11.30B$10.76B$13.34B$7.76B$3.49B$2.25B$1.11B$490.6M
Accounts payable $1.07B$737.0M$579.0M$542.0M$456.7M$300.8M$181.2M$97.0M$62.6M$45.1M
Total current liabilities $1.39B$1.96B$898.0M$856.0M$702.7M$438.3M$316.4M$138.7M$94.8M$66.5M
Retained earnings $2.86B$1.63B-$390.0M-$522.0M$2.94B$15.3M-$304.2M-$187.8M-$123.2M-$83.2M
Total equity $13.47B$11.56B$9.07B$8.24B$11.13B$6.40B$3.02B$2.09B$1.00B$410.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.03B$1.62B$944.0M-$136.0M$535.7M$425.0M$70.6M$9.3M$7.9M$14.0M
Depreciation and amortisation $31.0M$36.0M$70.0M$93.0M$66.3M$70.1M$35.7M$27.1M$23.4M$14.0M
Capital expenditure $26.0M$19.0M$39.0M$50.0M$50.8M$41.7M$56.8M$27.9M$20.0M$23.8M
Investing cash flow -$1.19B-$1.59B-$1.24B-$719.0M-$2.38B-$1.93B-$569.5M-$810.6M-$527.2M-$269.7M
Financing cash flow -$811.0M$61.0M$60.0M$18.0M$1.65B$3.56B$736.4M$1.07B$574.8M$228.6M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001594805-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B Revenue, FY2016: 389.3M Gross profit, FY2016: 209.5M Net income, FY2016: -35.4M Revenue, FY2017: 673.3M Gross profit, FY2017: 380.3M Net income, FY2017: -40M Revenue, FY2018: 1.1B Gross profit, FY2018: 596.3M Net income, FY2018: -64.6M Revenue, FY2019: 1.6B Gross profit, FY2019: 865.6M Net income, FY2019: -124.8M Revenue, FY2020: 2.9B Gross profit, FY2020: 1.5B Net income, FY2020: 319.5M Revenue, FY2021: 4.6B Gross profit, FY2021: 2.5B Net income, FY2021: 2.9B Revenue, FY2022: 5.6B Gross profit, FY2022: 2.8B Net income, FY2022: -3.5B Revenue, FY2023: 7.1B Gross profit, FY2023: 3.5B Net income, FY2023: 132M Revenue, FY2024: 8.9B Gross profit, FY2024: 4.5B Net income, FY2024: 2B Revenue, FY2025: 11.6B Gross profit, FY2025: 5.6B Net income, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $389.3M $673.3M $1.07B $1.58B $2.93B $4.61B $5.60B $7.06B $8.88B $11.56B
Gross profit $209.5M $380.3M $596.3M $865.6M $1.54B $2.48B $2.75B $3.52B $4.47B $5.55B
Net income -$35.4M -$40.0M -$64.6M -$124.8M $319.5M $2.91B -$3.46B $132.0M $2.02B $1.23B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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