SHOPIFY INC. SHOP
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.95 | 1.57 | 0.10 | -2.73 | 2.34 | 2.67 | -1.10 | — | — | — |
| EPS, diluted | 0.94 | 1.55 | 0.10 | -2.73 | 2.29 | 2.59 | -1.10 | -0.61 | -0.42 | -0.42 |
| Shares, diluted (wtd. avg.) | $1.30B | $1.30B | $1.30B | $1.27B | $1.27B | $123.5M | $113.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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