Shopify
SHOP Nasdaq Internet Services & Infrastructure Financials FY2016–FY2025
Shopify's revenue rose 30.1% to $11.6 billion in fiscal 2025. Its operating margin was 12.7%, up from 12.1% a year earlier. Free cash flow was $2.0 billion, up 25.7%. The diluted share count rose 0.3%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.
What Shopify does
Shopify sells software that lets businesses set up and run online stores and also sell in physical shops, on social media, on AI platforms and elsewhere. Its customers, which it calls merchants, range from people just starting out to large companies that sell directly to consumers or to other businesses. At the end of 2025 it had merchants in more than 175 countries: 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, and 5% each in Canada and Latin America.
It earns money in two ways. Subscription solutions, mostly fees for its monthly or yearly plans plus sales of apps, store designs and domain names, made up 24% of 2025 revenue. Merchant solutions, at 76%, are fees tied to what merchants sell, chiefly payment processing and currency conversion fees from Shopify Payments, plus lending, shipping labels, in-store payment hardware and advertising. Shopify calls its market competitive and highly fragmented. It says merchants may instead use ecommerce software vendors, payment processors, point-of-sale providers, lenders, shipping and fulfillment services, or marketplaces.
Shopify had about 7,600 employees worldwide at the end of 2025 and works mainly remotely. Outside developers offer more than 21,000 apps in its App Store. All merchants use the same, latest version of its cloud-based software, and Shopify runs most of the platform on Google Cloud.
- Legal name
- Shopify Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001594805-26-000007
0001594805
Revenue and margins
Shopify had $11.6B of revenue in fiscal 2025, up 30.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.0B in fiscal 2025, 17.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Shopify returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.3%.
Value Shopify yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $5.8B and divides by 1,305.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 114.0x · peers 25.3x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Shopify can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.8B | $5.1B | $5.0B | $5.5B | $5.8B |
| Debt incl. finance leases | $911M | $913M | $916M | $918M | $0.0M |
| Net debt / EBITDA | −20.5x | — | — | −4.1x | −3.9x |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Interest coverage | 76.9x | −234.9x | −1,418.0x | 1,075.0x | 1,468.0x |
| Current ratio | 12.2x | 7.1x | 7.0x | 3.7x | 6.0x |
| Quick ratio | 12.2x | 7.1x | 7.0x | 3.7x | 5.9x |
| Total assets | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Total liabilities | $2.2B | $2.5B | $2.2B | $2.4B | $1.7B |
| Shareholders' equity | $11.1B | $8.2B | $9.1B | $11.6B | $13.5B |
| Net debt (− = net cash) | −$6.9B | −$4.1B | −$4.1B | −$4.6B | −$5.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −7.4% | 3.2% | −5.5% |
| Altman Z'' | 6.43 | 8.53 | 12.49 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Shopify SHOP | $218.9B | 30.1% | 12.7% | 17.4% | 16.3% | 114.0x | 6 | |
| GoDaddy GDDY | $14.8B | 8.3% | 22.8% | 31.8% | 30.6% | 16.8x | 5 | Compare → |
| Akamai Technologies AKAM | $14.4B | 5.4% | 13.5% | 24.0% | 6.3% | 33.8x | 6 | Compare → |
| Cloudflare NET | $115.4B | 29.9% | −9.6% | 13.3% | −29.7% | — | 3 | Compare → |
| Wix.com WIX | $4.7B | 13.2% | 0.1% | 29.2% | — | — | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | — | $673M | $1.1B | $1.6B | $2.9B | $4.6B | $5.6B | $7.1B | $8.9B | $11.6B |
| Gross profit | $210M | $380M | $596M | $866M | $1.5B | $2.5B | $2.8B | $3.5B | $4.5B | $5.6B |
| Research and development | $74.3M | $136M | $231M | $355M | $552M | $854M | $1.5B | $1.7B | $1.4B | $1.5B |
| Operating income | −$37.2M | −$49.2M | −$91.9M | −$141M | $90.2M | $269M | −$822M | −$1.4B | $1.1B | $1.5B |
| Interest expense | — | — | — | $0.0M | $9.1M | $3.5M | $3.5M | $1.0M | $1.0M | $1.0M |
| Pretax income | −$35.4M | −$40.0M | −$64.6M | −$95.8M | $240M | $3.1B | −$3.6B | $185M | $2.2B | $1.5B |
| Income tax | $0.0M | $0.0M | $0.0M | $29.0M | −$79.1M | $226M | −$163M | $53.0M | $209M | $278M |
| Net income | −$35.4M | −$40.0M | −$64.6M | −$125M | $320M | $2.9B | −$3.5B | $132M | $2.0B | $1.2B |
| Diluted EPS | −$0.04 | −$0.04 | −$0.06 | −$0.11 | $0.26 | $2.29 | −$2.73 | $0.10 | $1.55 | $0.94 |
| Diluted shares | 0.84B | 0.96B | 1.06B | 1.13B | 1.23B | 1.27B | 1.27B | 1.30B | 1.30B | 1.31B |
| Cash flow | ||||||||||
| Cash from operations | $14.0M | $7.9M | $9.3M | $70.6M | $425M | $536M | −$136M | $944M | $1.6B | $2.0B |
| Capital expenditure | $23.8M | $20.0M | $27.9M | $56.8M | $41.7M | $50.8M | $50.0M | $39.0M | $19.0M | $26.0M |
| Free cash flow | −$9.8M | −$12.1M | −$18.6M | $13.9M | $383M | $485M | −$186M | $905M | $1.6B | $2.0B |
| Depreciation and amortization | $14.0M | $23.4M | $27.1M | $35.7M | $70.1M | $66.3M | $93.0M | $70.0M | $36.0M | $31.0M |
| Stock-based compensation | $23.1M | $49.2M | $95.7M | $159M | $247M | $331M | $549M | $615M | $430M | $449M |
| Acquisitions | $14.1M | $15.7M | $19.4M | $266M | $0.0M | $59.6M | $1.8B | $31.0M | $30.0M | $56.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $392M | $938M | $2.0B | $2.5B | $6.4B | $7.8B | $5.1B | $5.0B | $5.5B | $5.8B |
| Total debt | — | — | — | $0.0M | $758M | $911M | $913M | $916M | $918M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $423M | $1.0B | $2.1B | $2.7B | $6.9B | $8.5B | $6.1B | $6.3B | $7.3B | $8.3B |
| Current liabilities | $66.5M | $94.8M | $139M | $316M | $438M | $703M | $856M | $898M | $2.0B | $1.4B |
| Inventory | $0.5M | $1.6M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $19.0M | $26.0M | $21.0M |
| Property and equipment, net | $45.7M | $50.4M | $61.6M | $111M | $92.1M | $106M | $131M | $49.0M | $47.0M | $53.0M |
| Total assets | $491M | $1.1B | $2.3B | $3.5B | $7.8B | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Total liabilities | $80.1M | $113M | $164M | $474M | $1.4B | $2.2B | $2.5B | $2.2B | $2.4B | $1.7B |
| Shareholders' equity | $411M | $1.0B | $2.1B | $3.0B | $6.4B | $11.1B | $8.2B | $9.1B | $11.6B | $13.5B |
| Margins | ||||||||||
| Gross margin | — | 56.5% | 55.6% | 54.9% | 52.6% | 53.8% | 49.2% | 49.8% | 50.4% | 48.1% |
| Operating margin | — | −7.3% | −8.6% | −8.9% | 3.1% | 5.8% | −14.7% | −20.1% | 12.1% | 12.7% |
| EBITDA margin | — | −3.8% | −6.0% | −6.7% | 5.5% | 7.3% | −13.0% | −19.1% | 12.5% | 13.0% |
| Net margin | — | −5.9% | −6.0% | −7.9% | 10.9% | 63.2% | −61.8% | 1.9% | 22.7% | 10.7% |
| FCF margin | — | −1.8% | −1.7% | 0.9% | 13.1% | 10.5% | −3.3% | 12.8% | 18.0% | 17.4% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | 13.5% | 9.9% | −15.5% | −22.3% | 16.3% | 16.3% |
| Return on capital employed | −11.8% | −6.8% | −5.9% | −5.3% | 1.7% | 2.7% | −7.3% | −14.0% | 9.6% | 11.4% |
| Return on equity | −11.7% | −5.7% | −4.2% | −4.9% | 6.8% | 33.3% | −35.7% | 1.5% | 19.6% | 9.8% |
| Return on assets | −9.6% | −5.0% | −3.8% | −4.4% | 5.7% | 27.6% | −28.7% | 1.2% | 16.0% | 8.5% |
| Growth | ||||||||||
| Revenue growth | — | — | 59.4% | 47.1% | 85.6% | 57.4% | 21.4% | 26.1% | 25.8% | 30.1% |
| Net income growth | — | — | — | — | — | 812.2% | −218.7% | — | 1,429.6% | −39.0% |
| EPS growth | — | — | — | — | — | 784.2% | −219.2% | — | 1,450.0% | −39.4% |
| FCF growth | — | — | — | — | 2,665.8% | 26.5% | −138.4% | — | 76.5% | 25.7% |
| Share count change | 36.1% | 14.0% | 10.3% | 7.0% | 9.2% | 3.2% | −0.6% | 2.3% | 0.5% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | −35.1x | −20.5x | — | — | −4.1x | −3.9x |
| Debt / equity | — | — | — | 0.0x | 0.1x | 0.1x | 0.1x | 0.1x | 0.1x | 0.0x |
| Interest coverage | — | — | — | — | 9.9x | 76.9x | −234.9x | −1,418.0x | 1,075.0x | 1,468.0x |
| Current ratio | 6.4x | 10.8x | 15.4x | 8.7x | 15.7x | 12.2x | 7.1x | 7.0x | 3.7x | 6.0x |
| Quick ratio | 6.4x | 10.8x | 15.4x | 8.7x | 15.7x | 12.2x | 7.1x | 7.0x | 3.7x | 5.9x |
| Capital allocation | ||||||||||
| Capex / revenue | — | 3.0% | 2.6% | 3.6% | 1.4% | 1.1% | 0.9% | 0.6% | 0.2% | 0.2% |
| Stock comp / revenue | — | 7.3% | 8.9% | 10.0% | 8.4% | 7.2% | 9.8% | 8.7% | 4.8% | 3.9% |
| Payouts / FCF | — | — | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | 6.0 | 5.0 | 3.0 | 6.0 | 6.0 | 6.0 |
| Altman Z'' | 9.1 | 14.2 | 18.6 | 10.7 | 10.5 | 10.0 | 5.9 | 6.4 | 8.5 | 12.5 |
| Accruals ratio | −13.5% | −6.0% | −4.4% | −6.8% | −1.9% | 22.6% | −27.6% | −7.4% | 3.2% | −5.5% |
Source: SEC EDGAR XBRL filings (CIK 0001594805). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.