NASDAQ : SHOP
Shopify Inc. — Financial statements
Technology · Software - Application · Canada
Last price 157.46 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 202.59B
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Financial statements
Shopify Inc. (SHOP) reported revenue of 13.27B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 13.27B | 11.56B | 8.88B | 7.06B | 5.60B | 4.61B |
| Cost of Revenue | 6.93B | 6.00B | 4.41B | 3.54B | 2.85B | 2.13B |
| Gross Profit | 6.34B | 5.55B | 4.47B | 3.52B | 2.75B | 2.48B |
| Selling, General & Admin | 2.31B | 2.11B | 1.85B | 1.62B | 1.73B | 1.22B |
| Research & Development | 1.63B | 1.51B | 1.35B | 1.61B | 1.49B | 818.79M |
| Other Operating Expenses | 30.00M | 35.00M | 23.00M | 21.00M | 14.00M | 65.32M |
| Operating Expenses | 3.97B | 3.66B | 3.23B | 3.25B | 3.23B | 2.10B |
| Operating Income | 2.37B | 1.90B | 1.25B | 260.00M | -476.00M | 380.50M |
| Interest Expense | -3.49M | |||||
| Interest & Investment Income | 301.00M | 331.00M | 308.00M | 241.00M | 75.00M | 15.36M |
| Earnings From Equity Investments | -36.00M | -40.00M | -138.00M | -58.00M | ||
| Currency Exchange Gain (Loss) | -20.00M | 26.00M | -8.00M | 1.00M | -2.00M | 286.00K |
| Other Non Operating Income (Expenses) | -642.00M | -540.00M | -227.00M | -152.00M | -135.00M | -81.72M |
| EBT Excluding Unusual Items | 1.97B | 1.68B | 1.18B | 292.00M | -538.00M | 310.94M |
| Merger & Restructuring Charges | -148.00M | -30.00M | ||||
| Gain (Loss) on Sale of Investments | 375.00M | -153.00M | 991.00M | 1.42B | -2.87B | 2.86B |
| Gain (Loss) on Sale of Assets | -1.34B | |||||
| Asset Writedown | -3.00M | -13.00M | -38.00M | -84.00M | -30.14M | |
| Legal Settlements | 55.00M | -97.00M | ||||
| Pretax Income | 2.34B | 1.51B | 2.23B | 185.00M | -3.62B | 3.14B |
| Income Tax Expense | 413.00M | 278.00M | 209.00M | 53.00M | -163.00M | 225.93M |
| Net Income | 1.93B | 1.23B | 2.02B | 132.00M | -3.46B | 2.91B |
| Net Income to Common | 1.93B | 1.23B | 2.02B | 132.00M | -3.46B | 2.91B |
| Shares Outstanding (Basic) | 1.30B | 1.30B | 1.29B | 1.28B | 1.27B | 1.25B |
| Shares Outstanding (Diluted) | 1.30B | 1.30B | 1.30B | 1.30B | 1.27B | 1.27B |
| EPS (Basic) | 1.48 | 0.95 | 1.57 | 0.10 | -2.73 | 2.34 |
| EPS (Diluted) | 1.48 | 0.94 | 1.55 | 0.10 | -2.73 | 2.29 |
| Free Cash Flow | 2.35B | 2.01B | 1.60B | 905.00M | -186.00M | 484.92M |
| Free Cash Flow Per Share | 1.81 | 1.54 | 1.23 | 0.70 | -0.15 | 0.38 |
| Gross Margin | 47.77% | 48.07% | 50.36% | 49.79% | 49.18% | 53.80% |
| Operating Margin | 17.83% | 16.42% | 14.04% | 3.68% | -8.50% | 8.25% |
| Profit Margin | 14.53% | 10.65% | 22.74% | 1.87% | -61.79% | 63.20% |
| Free Cash Flow Margin | 17.73% | 17.37% | 17.98% | 12.82% | -3.32% | 10.51% |
| EBITDA | 2.40B | 1.93B | 1.28B | 330.00M | -383.00M | 446.81M |
| EBITDA Margin | 18.05% | 16.69% | 14.45% | 4.67% | -6.84% | 9.69% |
| D&A For EBITDA | 29.00M | 31.00M | 36.00M | 70.00M | 93.00M | 66.31M |
| EBIT | 2.37B | 1.90B | 1.25B | 260.00M | -476.00M | 380.50M |
| EBIT Margin | 17.83% | 16.42% | 14.04% | 3.68% | -8.50% | 8.25% |
| Effective Tax Rate | 17.64% | 18.42% | 9.38% | 28.65% | 7.19% | |
| Revenue as Reported | 13.27B | 11.56B | 8.88B | 7.06B | 5.60B | 4.61B |
| Advertising Expenses | 753.00M | 546.00M | 497.00M | 505.00M | 420.09M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.66B | 1.54B | 1.50B | 1.41B | 1.65B | 2.50B |
| Short-Term Investments | 3.29B | 4.30B | 4.02B | 3.63B | 3.44B | 5.29B |
| Cash & Short-Term Investments | 4.95B | 5.85B | 5.51B | 5.04B | 5.09B | 7.79B |
| Accounts Receivable | 364.00M | 327.00M | 252.00M | 194.00M | 203.00M | 127.14M |
| Other Receivables | 118.00M | 207.00M | 122.00M | 98.00M | 75.00M | 70.09M |
| Receivables | 2.27B | 2.00B | 1.40B | 964.00M | 487.00M | 266.93M |
| Inventory | 21.00M | 26.00M | 19.00M | |||
| Prepaid Expenses | 55.00M | 59.00M | 55.00M | 48.00M | 49.92M | |
| Other Current Assets | 595.00M | 378.00M | 260.00M | 198.00M | 428.00M | 432.84M |
| Total Current Assets | 7.82B | 8.30B | 7.25B | 6.28B | 6.05B | 8.54B |
| Property, Plant & Equipment | 143.00M | 141.00M | 140.00M | 147.00M | 486.00M | 301.91M |
| Long-Term Investments | 5.94B | 6.16B | 6.00B | 4.38B | 1.95B | 3.96B |
| Goodwill | 491.00M | 491.00M | 452.00M | 427.00M | 1.84B | 356.53M |
| Other Intangible Assets | 27.00M | 30.00M | 22.00M | 29.00M | 390.00M | 138.50M |
| Long-Term Accounts Receivable | 5.00M | 12.00M | ||||
| Long-Term Deferred Tax Assets | 30.00M | 33.00M | 37.00M | 44.00M | 41.00M | 48.37M |
| Other Long-Term Assets | 20.00M | 27.00M | 21.00M | |||
| Total Assets | 14.47B | 15.19B | 13.92B | 11.30B | 10.76B | 13.34B |
| Accounts Payable | 1.10B | 570.00M | 360.00M | 364.00M | 364.00M | 284.01M |
| Accrued Expenses | 263.00M | 220.00M | 128.00M | 115.00M | 138.09M | |
| Current Portion of Long-Term Debt | 918.00M | |||||
| Current Portion of Leases | 10.00M | 17.00M | 18.00M | 17.00M | 18.00M | 15.75M |
| Current Income Taxes Payable | 156.00M | 58.00M | 18.00M | 9.00M | 13.51M | |
| Current Unearned Revenue | 335.00M | 300.00M | 283.00M | 302.00M | 296.00M | 216.79M |
| Other Current Liabilities | 11.00M | 86.00M | 99.00M | 69.00M | 54.00M | 34.59M |
| Total Current Liabilities | 1.46B | 1.39B | 1.96B | 898.00M | 856.00M | 702.73M |
| Long-Term Debt | 916.00M | 913.00M | 910.96M | |||
| Long-Term Leases | 168.00M | 171.00M | 190.00M | 217.00M | 465.00M | 246.78M |
| Long-Term Unearned Revenue | 79.00M | 98.00M | 147.00M | 196.00M | 268.00M | 162.93M |
| Long-Term Deferred Tax Liabilities | 79.00M | 55.00M | 73.00M | 6.00M | 16.00M | 183.43M |
| Total Liabilities | 1.79B | 1.72B | 2.37B | 2.23B | 2.52B | 2.21B |
| Common Stock | 8.64B | 10.38B | 9.63B | 9.20B | 8.75B | 8.04B |
| Additional Paid-In Capital | 274.00M | 236.00M | 305.00M | 251.00M | 30.00M | 161.07M |
| Retained Earnings | 3.78B | 2.86B | 1.63B | -390.00M | -522.00M | 2.94B |
| Comprehensive Income & Other | -7.00M | 1.00M | -10.00M | 4.00M | -16.00M | -5.97M |
| Shareholders' Equity | 12.68B | 13.47B | 11.56B | 9.07B | 8.24B | 11.13B |
| Total Liabilities & Equity | 14.47B | 15.19B | 13.92B | 11.30B | 10.76B | 13.34B |
| Total Debt | 178.00M | 188.00M | 1.13B | 1.15B | 1.40B | 1.17B |
| Net Cash (Debt) | 5.29B | 6.63B | 5.10B | 4.00B | 3.69B | 6.62B |
| Net Cash Per Share | 4.07 | 5.08 | 3.92 | 3.09 | 2.91 | 5.19 |
| Filing Date Shares Outstanding | 1.29B | 1.30B | 1.29B | 1.29B | 1.28B | 1.26B |
| Total Common Shares Outstanding | 1.29B | 1.30B | 1.29B | 1.29B | 1.28B | 1.26B |
| Working Capital | 6.36B | 6.90B | 5.30B | 5.38B | 5.19B | 7.84B |
| Book Value Per Share | 9.84 | 10.33 | 8.93 | 7.05 | 6.46 | 8.84 |
| Tangible Book Value | 12.17B | 12.95B | 11.08B | 8.61B | 6.01B | 10.64B |
| Tangible Book Value Per Share | 9.44 | 9.93 | 8.56 | 6.69 | 4.72 | 8.45 |
| Machinery | 69.00M | 68.00M | 63.00M | 102.00M | 73.74M | |
| Leasehold Improvements | 159.00M | 149.00M | 142.00M | 182.00M | 159.13M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.93B | 1.23B | 2.02B | 132.00M | -3.46B | 2.91B |
| Depreciation & Amortization | 29.00M | 31.00M | 36.00M | 70.00M | 93.00M | 66.31M |
| Other Amortization | 2.34M | |||||
| Loss (Gain) From Sale of Assets | 1.34B | |||||
| Asset Writedown & Restructuring Costs | 3.00M | 13.00M | 38.00M | 84.00M | 30.14M | |
| Loss (Gain) From Sale of Investments | -375.00M | 153.00M | -992.00M | -1.42B | 2.92B | -2.86B |
| Loss (Gain) on Equity Investments | 36.00M | 40.00M | 138.00M | 58.00M | ||
| Stock-Based Compensation | 482.00M | 449.00M | 430.00M | 615.00M | 549.00M | 330.76M |
| Other Operating Activities | 421.00M | 233.00M | 151.00M | -85.00M | -222.00M | 180.93M |
| Change in Accounts Receivable | -219.00M | -219.00M | -148.00M | -98.00M | -105.00M | -72.30M |
| Change in Accounts Payable | 262.00M | 262.00M | 110.00M | 69.00M | 28.00M | 138.18M |
| Change in Unearned Revenue | 19.00M | 19.00M | 26.00M | 60.00M | 32.00M | 309.29M |
| Change in Income Taxes | 45.26M | |||||
| Change in Other Net Operating Assets | -209.00M | -179.00M | -154.00M | 164.00M | -54.00M | -550.07M |
| Operating Cash Flow | 2.38B | 2.03B | 1.62B | 944.00M | -136.00M | 535.71M |
| Capital Expenditures | -25.00M | -26.00M | -19.00M | -39.00M | -50.00M | -50.79M |
| Cash Acquisitions | -56.00M | -30.00M | -31.00M | -1.75B | -59.63M | |
| Investment in Securities | 1.24B | -587.00M | -1.08B | -615.00M | 1.24B | -2.24B |
| Other Investing Activities | 59.00M | 58.00M | 3.00M | -36.00M | ||
| Investing Cash Flow | 562.00M | -1.19B | -1.59B | -1.24B | -719.00M | -2.38B |
| Long-Term Debt Repaid | -1.04B | |||||
| Net Debt Issued (Repaid) | -1.04B | -1.04B | ||||
| Issuance of Common Stock | 138.00M | 232.00M | 61.00M | 60.00M | 18.00M | 1.66B |
| Other Financing Activities | -10.53M | |||||
| Financing Cash Flow | -2.82B | -811.00M | 61.00M | 60.00M | 18.00M | 1.65B |
| Foreign Exchange Rate Adjustments | -9.00M | 15.00M | -6.00M | 4.00M | -17.00M | -7.00M |
| Net Cash Flow | 114.00M | 47.00M | 85.00M | -236.00M | -854.00M | -200.60M |
| Free Cash Flow | 2.35B | 2.01B | 1.60B | 905.00M | -186.00M | 484.92M |
| Free Cash Flow Margin | 17.73% | 17.37% | 17.98% | 12.82% | -3.32% | 10.51% |
| Free Cash Flow Per Share | 1.81 | 1.54 | 1.23 | 0.70 | -0.15 | 0.38 |
| Levered Free Cash Flow | 1.59B | 1.29B | 861.38M | 578.50M | 232.20M | 573.69M |
| Unlevered Free Cash Flow | 1.59B | 1.29B | 861.38M | 578.50M | 232.20M | 573.53M |
| Cash Interest Paid | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.29M |
| Cash Income Tax Paid | 347.00M | 194.00M | 116.00M | 50.00M | 27.00M | -10.47M |
| Change in Working Capital | -147.00M | -117.00M | -166.00M | 195.00M | -99.00M | -129.64M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 201.00B | 209.56B | 137.39B | 100.19B | 44.15B | 173.00B |
| Enterprise Value | 195.71B | 203.65B | 133.63B | 96.39B | 40.51B | 166.58B |
| Last Close Price | 157.49 | 160.97 | 106.33 | 77.90 | 34.71 | 137.74 |
| PE Ratio | 105.44 | 170.23 | 68.05 | 758.99 | 59.35 | |
| Forward PE | 74.33 | 95.92 | 75.09 | 75.87 | 167.13 | 224.55 |
| PS Ratio | 15.54 | 18.13 | 15.47 | 14.19 | 7.88 | 37.51 |
| PB Ratio | 16.01 | 15.55 | 11.89 | 11.05 | 5.36 | 15.54 |
| P/TBV Ratio | 16.94 | 16.18 | 12.39 | 11.64 | 7.34 | 16.26 |
| P/FCF Ratio | 87.65 | 104.41 | 86.03 | 110.70 | 356.76 | |
| P/OCF Ratio | 86.73 | 103.08 | 85.02 | 106.13 | 322.94 | |
| PEG Ratio | 2.46 | 2.33 | 1.95 | 1.49 | 8.05 | 5.17 |
| EV/Sales Ratio | 15.14 | 17.62 | 15.05 | 13.65 | 7.23 | 36.12 |
| EV/EBITDA Ratio | 83.86 | 105.57 | 104.16 | 292.09 | 372.82 | |
| EV/EBIT Ratio | 84.89 | 107.30 | 107.17 | 370.74 | 437.79 | |
| EV/FCF Ratio | 85.40 | 101.47 | 83.68 | 106.51 | 343.52 | |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.10 | 0.13 | 0.17 | 0.10 |
| Debt / EBITDA Ratio | 0.07 | 0.10 | 0.85 | 3.04 | 2.43 | |
| Debt / FCF Ratio | 0.08 | 0.09 | 0.70 | 1.27 | 2.42 | |
| Net Debt / Equity Ratio | -0.42 | -0.49 | -0.44 | -0.44 | -0.45 | -0.59 |
| Net Debt / EBITDA Ratio | -2.21 | -3.44 | -3.97 | -12.13 | 9.64 | -14.81 |
| Net Debt / FCF Ratio | -2.25 | -3.31 | -3.19 | -4.42 | 19.84 | -13.64 |
| Asset Turnover | 0.91 | 0.79 | 0.70 | 0.64 | 0.47 | 0.44 |
| Inventory Turnover | 255.36 | 195.91 | ||||
| Quick Ratio | 3.72 | 4.58 | 3.01 | 5.94 | 6.27 | 11.37 |
| Current Ratio | 5.35 | 5.96 | 3.71 | 6.99 | 7.07 | 12.15 |
| Return on Equity (ROE) | 15.54% | 9.84% | 19.58% | 1.53% | -35.72% | 33.25% |
| Return on Assets (ROA) | 10.19% | 8.15% | 6.18% | 1.47% | -2.47% | 2.25% |
| Return on Invested Capital (ROIC) | 26.24% | 20.67% | 18.30% | 3.82% | -10.50% | 13.00% |
| Return on Capital Employed (ROCE) | 18.20% | 13.80% | 10.40% | 2.50% | -4.80% | 3.00% |
| Earnings Yield | 0.95% | 0.59% | 1.47% | 0.13% | -7.84% | 1.69% |
| FCF Yield | 1.14% | 0.96% | 1.16% | 0.90% | -0.42% | 0.28% |
| Buyback Yield / Dilution | 0.73% | -0.27% | -0.46% | -2.31% | 0.58% | -3.16% |