Shopify
SHOP · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
Shopify reported revenue of $11.6B in the fiscal year ended Dec 2025, up 30.1% from the year before. Operating income was $1.5B, an operating margin of 12.7%, and net income was $1.2B. Operating cash flow of $2B less capital expenditure of $26M left free cash flow of $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.6B | $5.6B | $7.1B | $8.9B | $11.6B |
| Cost of revenue | $2.1B | $2.8B | $3.5B | $4.4B | $6B |
| Gross profit | $2.5B | $2.8B | $3.5B | $4.5B | $5.6B |
| Research & development | $854M | $1.5B | $1.7B | $1.4B | $1.5B |
| Operating income | $269M | −$822M | −$1.4B | $1.1B | $1.5B |
| Interest expense | $3M | $3M | – | – | – |
| Pre-tax income | – | – | $185M | $2.2B | $1.5B |
| Income tax | $226M | −$163M | $53M | $209M | $278M |
| Net income | $2.9B | −$3.5B | $132M | $2B | $1.2B |
| Diluted EPS | 2.29 | −2.73 | 0.10 | 1.55 | 0.94 |
| Diluted shares | 1,274M | 1,266M | 1,296M | 1,302M | 1,305M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $1.6B | $1.4B | $1.5B | $1.5B |
| Receivables | $192M | $273M | $282M | $342M | $500M |
| Inventory | – | – | $19M | $26M | $21M |
| Current assets | $8.5B | $6.1B | $6.3B | $7.3B | $8.3B |
| Net PP&E | $106M | $131M | $49M | $47M | $53M |
| Goodwill | $357M | $1.8B | $427M | $452M | $491M |
| Total assets | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Deferred revenue | $217M | $296M | $302M | $283M | $300M |
| Current liabilities | $703M | $856M | $898M | $2B | $1.4B |
| Shareholders' equity | $11.1B | $8.2B | $9.1B | $11.6B | $13.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $536M | −$136M | $944M | $1.6B | $2B |
| Capital expenditure | $51M | $50M | $39M | $19M | $26M |
| Free cash flow | $485M | −$186M | $905M | $1.6B | $2B |
| Depreciation & amortisation | $66M | $93M | $70M | $36M | $31M |
| Stock-based compensation | $331M | $549M | $615M | $430M | $449M |
| Acquisitions | $60M | $1.8B | $31M | $30M | $56M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.4% | 26.1% | 25.8% | 30.1% |
| Operating income growth (YoY) | – | −406.0% | – | – | 36.6% |
| EPS growth (YoY) | – | −219.2% | – | 1450.0% | −39.4% |
| Gross margin | 53.8% | 49.2% | 49.8% | 50.4% | 48.1% |
| Operating margin | 5.8% | −14.7% | −20.1% | 12.1% | 12.7% |
| Net margin | 63.2% | −61.8% | 1.9% | 22.7% | 10.7% |
| Return on equityBlank when equity is negative | 26.2% | −42.0% | 1.5% | 17.5% | 9.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.1% | −8.3% | −13.6% | 9.0% | 10.6% |
| Free cash flow margin | 10.5% | −3.3% | 12.8% | 18.0% | 17.4% |
| Cash conversion (CFO ÷ net income) | 0.18x | 0.04x | 7.15x | 0.80x | 1.65x |
| Receivable days | 15 | 18 | 15 | 14 | 16 |
| Inventory days | – | – | 2 | 2 | 1 |
| Interest cover | 76.9x | −235x | – | – | – |
| Current ratio | 12.2x | 7.07x | 6.99x | 3.71x | 5.96x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.