FirmAtlas
Company handbook · SHOP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
SHOP · CIK 1594805 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
Shopify Inc.
$169.52
−8.62 (−4.84%)
Close, Oct 16, 2026 · 52-week $94–182
Last fiscal year
Shopify Inc. reported revenue of $11.6B for the year ended Dec 31, 2025 (FY25), up 30.1% from FY24. Net income was $1.2B, operating cash flow $2.0B and free cash flow $2.0B. Source: 10-K filed Feb 11, 2026.
Market cap
$221.2B
P/E
114.7
EV/EBITDA
143.7x
P/B
17.4
ROIC
17.4%
Revenue 1Y
30.1%/yr
EPS 1Y
−39.4%/yr
Shares 1Y
+0.3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
44.5%
3.5%
47.1%
8.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$131M deployed
Capex
$45M
34.4%
Acquisitions
$86M
65.6%
Operating cash flow over the period: $3.6B. Total debt changed by $0M. R&D of $2.9B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,880
11,556+30.1%
13,269
YoY
+30.1%
Gross profit
4,472
5,555+24.2%
6,338
Gross margin
50.4%
48.1%−2.3 pp
—
Operating income
1,075
1,468+36.6%
1,844
Operating margin
12.1%
12.7%+0.6 pp
—
EBITDA
1,111
1,499+34.9%
—
EBITDA margin
12.5%
13.0%+0.5 pp
—
Interest expense
1
1+0.0%
—
Interest coverage
1111.00x
1499.00x+388.00x
—
Net income
2,019
1,231−39.0%
1,928
YoY
−39.0%
Net margin
22.7%
10.7%−12.1 pp
—
EPS (diluted, $)
1.55
0.94−39.4%
1.48
YoY
−39.4%
Balance sheet
Total assets
13,924
15,189+9.1%
14,470
Cash & short-term investments
5,479
5,778+5.5%
—
Accounts receivable
342
500+46.2%
—
Inventory
26
21−19.2%
—
Net PP&E
47
53+12.8%
—
Other assets
8,030
8,837+10.0%
—
Total liabilities
2,366
1,716−27.5%
1,786
Accounts payable
737
1,075+45.9%
—
Other liabilities
1,629
641−60.7%
—
Shareholders’ equity
11,558
13,473+16.6%
12,684
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,616
2,033+25.8%
2,377
Net income
2,019
1,231−39.0%
—
Depreciation & amortization
36
31−13.9%
—
Stock-based compensation
430
449+4.4%
—
Working capital & other
(869)
322n/m
—
Cash from investing
(1,586)
(1,190)n/m
—
Capex
(19)
(26)n/m
—
Acquisitions
(30)
(56)n/m
—
Investments bought
(8,396)
(7,040)n/m
—
Investments sold / matured
7,457
6,552−12.1%
—
Other investing
(598)
(620)n/m
—
Cash from financing
61
(811)−1429.5%
—
Shares issued
61
232+280.3%
—
Other financing
0
(1,043)n/m
—
Net change in cash
85
47−44.7%
—
Free cash flow (OCF − capex)
1,597
2,007+25.7%
2,352
Where the cash went
Operating cash flow
1,616
2,033+25.8%
2,377
Reinvested in the business
49
82+67.3%
—
% of operating cash flow
3.0%
4.0%
Capex
19
26+36.8%
25
Acquisitions
30
56+86.7%
—
R&D (memo, already in costs)
1,367
1,536+12.4%
—
Free cash flow
1,597
2,007+25.7%
2,352
YoY
+25.7%
FCF conversion (FCF ÷ net income)
79.1%
163.0%+83.9 pp
—
Owner earnings
—
1,421
—
Owner earnings margin
—
12.3%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,844
3,672
3,170
3,583
vs year-ago quarter
Gross profit
1,391
1,693
1,546
1,708
Gross margin
48.9%
46.1%
48.8%
47.7%
Operating income
343
631
382
488
Net income
264
743
(581)
1,502
vs year-ago quarter
Net margin
9.3%
20.2%
−18.3%
41.9%
EPS (diluted, $)
0.20
0.57
−0.45
1.16
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
15,039
15,189
14,121
14,470
Cash & equivalents
2,414
5,778
1,848
1,656
Shareholders’ equity
12,511
13,473
12,501
12,684
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
513
725
481
658
Capex
6
10
5
4
Free cash flow
507
715
476
654
vs year-ago quarter