Shopify Inc. (SHOP)

Nasdaq Information Technology Internet Services & Infrastructure Nasdaq-100

$148.91

+5.16 (+3.59%)

Close of Nov 06, 2026 · end-of-day data

Source: Shopify Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Revenue	$5.60B	$7.06B	$8.88B	$11.56B
Cost of revenue	$2.85B	$3.54B	$4.41B	$6.00B
Gross profit	$2.75B	$3.52B	$4.47B	$5.55B
Research & development	$1.50B	$1.73B	$1.37B	$1.54B
Operating income	-$822.00M	-$1.42B	$1.07B	$1.47B
Pre-tax income	—	$185.00M	$2.23B	$1.51B
Income tax	-$163.00M	$53.00M	$209.00M	$278.00M
Net income	-$3.46B	$132.00M	$2.02B	$1.23B
EBITDA	-$729.00M	-$1.35B	$1.11B	$1.50B
EPS (basic)	$-2.73	$0.10	$1.57	$0.95
EPS (diluted)	$-2.73	$0.10	$1.55	$0.94
Diluted shares	1.27B	1.30B	1.30B	1.30B
Gross margin	49.2%	49.8%	50.4%	48.1%
Operating margin	-14.7%	-20.1%	12.1%	12.7%
Net margin	-61.8%	1.9%	22.7%	10.7%

Balance sheet

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$1.65B	$1.41B	$1.50B	$1.54B
Short-term investments	$3.40B	$3.60B	$3.98B	$4.23B
Receivables	$273.00M	$282.00M	$342.00M	$500.00M
Inventory	—	$19.00M	$26.00M	$21.00M
Total current assets	$6.05B	$6.28B	$7.25B	$8.30B
Goodwill	$1.84B	$427.00M	$452.00M	$491.00M
Total assets	$10.76B	$11.30B	$13.92B	$15.19B
Total current liabilities	$856.00M	$898.00M	$1.96B	$1.39B
Total liabilities	$2.52B	$2.23B	$2.37B	$1.72B
Shareholders' equity	$8.24B	$9.07B	$11.56B	$13.47B

Cash flow

fiscal years · USD

Fiscal year	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-$136.00M	$944.00M	$1.62B	$2.03B
Capital expenditures	$50.00M	$39.00M	$19.00M	$26.00M
Free cash flow	-$186.00M	$905.00M	$1.60B	$2.01B
Investing cash flow	-$719.00M	-$1.24B	-$1.59B	-$1.19B
Financing cash flow	$18.00M	$60.00M	$61.00M	-$811.00M
Stock-based compensation	$549.00M	$615.00M	$430.00M	$449.00M
Depreciation & amortization	$93.00M	$70.00M	$36.00M	$31.00M

Income statement

quarters · USD

Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.86B	$2.04B	$2.16B	$2.81B	$2.36B	$2.68B	$2.84B	$3.67B	$3.17B	$3.58B	$3.74B
Cost of revenue	$904.00M	$1.00B	$1.04B	$1.46B	$1.19B	$1.38B	$1.45B	$1.98B	$1.62B	$1.88B	$1.96B
Gross profit	$957.00M	$1.04B	$1.12B	$1.35B	$1.17B	$1.30B	$1.39B	$1.69B	$1.55B	$1.71B	$1.78B
Research & development	$335.00M	$349.00M	$332.00M	$351.00M	$377.00M	$394.00M	$375.00M	$390.00M	$437.00M	$445.00M	$497.00M
Operating income	$86.00M	$241.00M	$283.00M	$465.00M	$203.00M	$291.00M	$343.00M	$631.00M	$382.00M	$488.00M	$568.00M
Income tax	$17.00M	$32.00M	$32.00M	$128.00M	-$88.00M	$173.00M	$44.00M	$149.00M	-$53.00M	$273.00M	$37.00M
Net income	-$273.00M	$171.00M	$828.00M	$1.29B	-$682.00M	$906.00M	$264.00M	$743.00M	-$581.00M	$1.50B	$462.00M
EBITDA	$96.00M	$251.00M	$291.00M	$473.00M	$211.00M	$299.00M	$351.00M	$638.00M	$389.00M	$495.00M	$575.00M
EPS (basic)	$-0.21	$0.13	$0.64	$1.01	$-0.53	$0.70	$0.20	$0.57	$-0.45	$1.16	$0.36
EPS (diluted)	$-0.21	$0.13	$0.64	$0.99	$-0.53	$0.69	$0.20	$0.57	$-0.45	$1.16	$0.36
Diluted shares	1.29B	1.30B	1.30B	1.09M	1.30B	1.31B	1.31B	-5.08M	1.30B	1.30B	1.29B
Gross margin	51.4%	51.1%	51.7%	48.1%	49.5%	48.6%	48.9%	46.1%	48.8%	47.7%	47.6%
Operating margin	4.6%	11.8%	13.1%	16.5%	8.6%	10.9%	12.1%	17.2%	12.1%	13.6%	15.2%
Net margin	-14.7%	8.4%	38.3%	46.0%	-28.9%	33.8%	9.3%	20.2%	-18.3%	41.9%	12.3%

Balance sheet

quarters · USD

Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$1.62B	$1.54B	$1.51B	$1.50B	$1.31B	$1.54B	$2.41B	$1.54B	$1.85B	$1.66B	$1.87B
Short-term investments	—	—	—	$3.98B	$4.21B	$4.28B	$3.94B	$4.23B	$3.90B	$3.29B	$2.86B
Receivables	—	—	—	$342.00M	$297.00M	$350.00M	$396.00M	$500.00M	$449.00M	—	—
Inventory	—	—	—	$26.00M	—	—	—	$21.00M	—	—	—
Total current assets	—	—	—	$7.25B	$7.45B	$8.00B	$8.71B	$8.30B	$8.49B	$7.82B	$7.79B
Goodwill	—	—	—	$452.00M	$491.00M	$491.00M	$491.00M	$491.00M	$491.00M	$491.00M	$495.00M
Total assets	—	—	—	$13.92B	$13.40B	$14.56B	$15.04B	$15.19B	$14.12B	$14.47B	$14.66B
Total current liabilities	—	—	—	$1.96B	$2.01B	$2.08B	$2.21B	$1.39B	$1.37B	$1.46B	$1.60B
Total liabilities	—	—	—	$2.37B	$2.35B	$2.44B	$2.53B	$1.72B	$1.62B	$1.79B	$1.92B
Shareholders' equity	$8.89B	$9.17B	$10.12B	$11.56B	$11.05B	$12.12B	$12.51B	$13.47B	$12.50B	$12.68B	$12.75B

Cash flow

quarters · USD

Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$238.00M	$340.00M	$423.00M	$615.00M	$367.00M	$428.00M	$513.00M	$725.00M	$481.00M	$658.00M	$818.00M
Capital expenditures	$6.00M	$7.00M	$2.00M	$4.00M	$4.00M	$6.00M	$6.00M	$10.00M	$5.00M	$4.00M	$2.00M
Free cash flow	$232.00M	$333.00M	$421.00M	$611.00M	$363.00M	$422.00M	$507.00M	$715.00M	$476.00M	$654.00M	$816.00M
Investing cash flow	-$27.00M	-$424.00M	-$474.00M	-$661.00M	-$619.00M	-$252.00M	$335.00M	-$654.00M	$310.00M	$571.00M	-$60.00M
Financing cash flow	$3.00M	$3.00M	$6.00M	$49.00M	$59.00M	$44.00M	$24.00M	-$938.00M	-$485.00M	-$1.42B	-$547.00M
Share buybacks	—	—	—	—	$0	$0	$0	—	$491.00M	$1.42B	$562.00M
Stock-based compensation	$105.00M	$106.00M	$110.00M	$109.00M	$114.00M	$113.00M	$107.00M	$115.00M	$132.00M	$128.00M	$140.00M
Depreciation & amortization	$10.00M	$10.00M	$8.00M	$8.00M	$8.00M	$8.00M	$8.00M	$7.00M	$7.00M	$7.00M	$7.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.