SHOPIFY INC. (SHOP)
Shopify Inc. functions as a premier commerce technology company, providing an extensive platform and associated services to empower businesses worldwide. Its reach extends across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America. The company's robust platform equips merchants to effectively display, organize, market, and sell their merchandise through a multitude of sales avenues. These include digital storefronts accessible via web and mobile, traditional brick-and-mortar stores, temporary pop-up locations, integrated social media channels, proprietary mobile applications, embeddable "buy buttons," and established online marketplaces. Beyond sales, the platform streamlines crucial business operations such as product and inventory management, order and payment processing, fulfillment and shipping logistics, attracting new customers and fostering client relationships, product sourcing, analytical reporting, financial administration encompassing cash, payments, and transactions, and facilitating access to working capital. Additionally, Shopify offers supplementary services like the sale of custom website themes and applications, alongside domain name registration. Its merchant-focused solutions also cover payment acceptance, efficient shipping and order fulfillment, and aid in securing necessary operating funds. Founded in 2004 under the initial name Jaded Pixel Technologies Inc., the company officially rebranded to Shopify Inc. in November 2011. Its global headquarters are located in Ottawa, Canada.
Sector: Services-Prepackaged Software
Industry: Software - Application
Shopify Inc.
NASDAQ:SHOPTechnology · Software - Application
-0.08%$168.68
AH Close$168.26-0.25%vs close
AH Close$168.26-0.25%vs close
Mkt Cap$217.03B
Float1.08B
O/S1.29B
Inst Own64.4%
SI1.9%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$11.56B
Net Income$1.23B
Total Assets$15.19B
Free Cash Flow$2.01B
Debt & Equity
Debt 1%
Equity 99%
Total Debt$188M
Total Equity$13.47B
Shares Outstanding
Short Interest
Split History1 split
- 10:1Forward splitJun 29, 20221 share → 10
Balance Sheet Details
Assets$15.19B
Liabilities$1.72B
Accounts Receivable$2.37B
Accounts Payable$570M
Inventory$21M
PP&E (Net)$141M
Goodwill$491M
Intangible Assets$30M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $11.56B | $8.88B | $7.06B | $5.6B | $4.61B | $2.93B | $1.58B | $1.07B | $673.3M | $389.33M | $205.23M | $105.02M | $50.25M | $23.71M |
| YoY Growth | 30.1% | 25.8% | 26.1% | 21.4% | 57.4% | 85.6% | 47.0% | 59.4% | 72.9% | 89.7% | 95.4% | 109.0% | 111.9% | - |
| Cost of Revenue | $6B | $4.41B | $3.54B | $2.85B | $2.13B | $1.39B | $712.53M | $476.96M | $293.05M | $179.84M | $94.16M | $43.22M | $13.51M | $4.78M |
| Gross Profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B | $1.54B | $865.64M | $596.27M | $380.25M | $209.5M | $111.07M | $61.8M | $36.74M | $18.94M |
| Gross Margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | 53.8% | 54.1% | 58.8% | 73.1% | 79.9% |
| Research and Development | $1.54B | $1.37B | $1.73B | $1.5B | $854.38M | $552.13M | $355.01M | $230.67M | $136M | $74.34M | $39.72M | $25.91M | $13.68M | $6.45M |
| Selling, General, and Administrative | $2.13B | $1.8B | $1.71B | $1.94B | $1.28B | $847.39M | $626.61M | $457.51M | $293.41M | $172.32M | $89.11M | $57.49M | $27.33M | $14M |
| Other | $417M | $227M | $1.49B | $135M | $81.72M | $51.85M | $25.17M | -$410K | -$199K | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $4.09B | $3.4B | $4.93B | $3.58B | $2.21B | $1.45B | $1.01B | $688.19M | $429.41M | $246.66M | $128.83M | $83.41M | $41.01M | $20.45M |
| Operating Income (EBIT) | $1.47B | $1.07B | -$1.42B | -$822M | $268.64M | $90.15M | -$141.15M | -$91.92M | -$49.16M | -$37.16M | -$17.76M | -$21.61M | -$4.27M | -$1.51M |
| Operating Margin | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | 3.1% | -8.9% | -8.6% | -7.3% | -9.5% | -8.7% | -20.6% | -8.5% | -6.4% |
| Interest Expense | $0 | $0 | $0 | $1.15M | $3.46M | $9.56M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $331M | $308M | $241M | $76M | $15.36M | $24.67M | $48.18M | $29.44M | $7.85M | $1.54M | $200K | $57K | $42K | $50K |
| Other Income (Expense) | $41M | $1.15B | $1.6B | -$2.8B | $2.87B | $150.21M | $45.33M | $27.37M | $9.16M | $1.81M | -$1.03M | -$696K | -$568K | $282K |
| Income Before Tax (EBT) | $1.51B | $2.23B | $185M | -$3.62B | $3.14B | $240.36M | -$95.81M | -$64.55M | -$39.99M | -$35.35M | -$18.79M | -$22.31M | -$4.84M | -$1.23M |
| Income Tax Expense | $278M | $209M | $53M | -$163M | $225.93M | -$79.14M | $29.03M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $1.23B | $2.02B | $132M | -$3.46B | $2.91B | $319.51M | -$124.84M | -$64.55M | -$39.99M | -$35.35M | -$18.79M | -$22.31M | -$4.84M | -$1.23M |
| Net Income Margin | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | 10.9% | -7.9% | -6.0% | -5.9% | -9.1% | -9.2% | -21.2% | -9.6% | -5.2% |
| Supplementary Data | ||||||||||||||
| EPS | 0.95 | 1.56 | 0.10 | -2.73 | 2.32 | 0.27 | -0.11 | -0.06 | -0.04 | -0.04 | -0.03 | -0.03 | -0.01 | -0.00 |
| Diluted EPS | 0.94 | 1.55 | 0.10 | -2.73 | 2.27 | 0.26 | -0.11 | -0.06 | -0.04 | -0.04 | -0.03 | -0.03 | -0.01 | -0.00 |
| Weighted Average OS | 1.30B | 1.29B | 1.28B | 1.27B | 1.25B | 1.20B | 1.13B | 1.06B | 957.75M | 839.89M | 617.16M | 666.21M | 663.02M | 661.00M |
| EBITDA | $1.93B | $1.28B | $144M | -$594M | $3.21B | $319M | -$60.16M | -$64.87M | -$25.77M | -$23.2M | -$10.52M | -$16.94M | -$2.51M | -$747K |
| EBITDA Margin | 16.7% | 14.4% | 2.0% | -10.6% | 69.6% | 10.9% | -3.8% | -6.0% | -3.8% | -6.0% | -5.1% | -16.1% | -5.0% | -3.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 |
| Assets | |||||||||||||
| Current Assets | |||||||||||||
| Cash and Cash Equivalents | $1.53B | $1.5B | $1.41B | $1.65B | $2.5B | $2.7B | $649.92M | $410.68M | $141.68M | $84.01M | $110.07M | $41.95M | $83.53M |
| Short-Term Investments | $4.23B | $3.98B | $3.6B | $3.4B | $5.27B | $3.68B | $1.81B | $1.56B | $796.36M | $308.4M | $80.1M | $17.71M | $0 |
| Cash and Short-Term Investments | $5.77B | $5.48B | $5.01B | $5.05B | $7.77B | $6.39B | $2.46B | $1.97B | $938.04M | $392.41M | $190.17M | $59.66M | $83.53M |
| Accounts Receivable | $2.37B | $1.66B | $1.16B | $857.48M | $667.05M | $421.54M | $240.7M | $133.22M | $69.04M | $21.5M | $6.09M | $7.23M | $3.39M |
| Inventory | $21M | $26M | $19M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $14M | $0 | $7M | $30M | $12.5M | $33.82M | $12.64M | $3.68M | $6.12M | $563K | $1.55M | $297K | $219K |
| Total Current Assets | $8.3B | $7.25B | $6.28B | $6.05B | $8.54B | $6.88B | $2.74B | $2.13B | $1.03B | $422.9M | $202.47M | $68.38M | $88M |
| Long-Term Assets | |||||||||||||
| Property, Plant & Equipment Net | $141M | $140M | $147M | $486M | $301.91M | $211.48M | $246.17M | $61.61M | $50.36M | $45.72M | $33.05M | $21.73M | $4.49M |
| Goodwill | $491M | $452M | $427M | $1.84B | $356.53M | $311.87M | $311.87M | $38.02M | $20.32M | $15.5M | $2.37M | $2.37M | $2.37M |
| Intangible Assets | $30M | $22M | $29M | $390M | $138.5M | $135.68M | $167.28M | $26.07M | $17.21M | $6.44M | $5.83M | $2.71M | $926K |
| Long-Term Investments | $6.16B | $6B | $4.38B | $1.95B | $3.96B | $173.45M | $2.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $33M | $37M | $44M | $41M | $48.37M | $52.68M | $19.43M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $39M | $21M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Assets | $6.89B | $6.67B | $5.02B | $4.71B | $4.8B | $885.15M | $747.25M | $125.7M | $87.89M | $67.66M | $41.25M | $26.81M | $7.79M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $15.19B | $13.92B | $11.3B | $10.76B | $13.34B | $7.76B | $3.49B | $2.25B | $1.11B | $490.56M | $243.71M | $95.19M | $95.79M |
| Liabilities | |||||||||||||
| Current Liabilities | |||||||||||||
| Accounts Payable | $570M | $360M | $364M | $364M | $284.01M | $168.72M | $90.52M | $61.27M | $44.33M | $34.32M | $18.45M | $8.19M | $3.29M |
| Short-Term Debt | $0 | $918M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $179M | $91M | $56M | $79.69M | $73.77M | $121.45M | $4.97M | $4.12M | $2.36M | $2.39M | $2.18M | $0 |
| Current Unearned Revenue | $300M | $283M | $302M | $296M | $216.79M | $107.81M | $56.69M | $39.18M | $30.69M | $20.16M | $12.73M | $6.78M | $4.15M |
| Other Current Liabilities | $169M | $112M | $58M | $84M | $77.83M | $61.89M | $32.37M | $26.54M | $5.77M | $5.79M | $1.15M | $539K | $1.52M |
| Total Current Liabilities | $1.39B | $1.96B | $898M | $856M | $702.73M | $438.33M | $316.38M | $138.69M | $94.75M | $66.53M | $37.24M | $19.77M | $10.04M |
| Long-Term Liabilities | |||||||||||||
| Long-Term Debt | $0 | $0 | $916M | $913M | $910.96M | $758.01M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $98M | $147M | $196M | $268M | $162.93M | $21.01M | $5.97M | $1.88M | $1.35M | $922K | $661K | $394K | $210K |
| Long-Term Deferred Tax Liabilities | $55M | $73M | $6M | $16M | $183.43M | $0 | $8.75M | $1.13M | $1.39M | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $324M | $410M | $1.33B | $1.66B | $1.5B | $923.85M | $157.36M | $25.33M | $17.71M | $13.55M | $11.16M | $7.69M | $366K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.72B | $2.37B | $2.23B | $2.52B | $2.21B | $1.36B | $473.75M | $164.02M | $112.46M | $80.08M | $48.4M | $27.46M | $10.41M |
| Stockholders' Equity | |||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $87.06M | $87.06M |
| Common Stock | $10.38B | $9.63B | $9.2B | $8.75B | $8.04B | $6.12B | $3.26B | $2.22B | $1.08B | $468.49M | $231.45M | $4.05M | $3.01M |
| Retained Earnings | $2.86B | $1.63B | -$390M | -$522M | $2.94B | $15.29M | -$304.22M | -$187.76M | -$123.2M | -$83.21M | -$47.85M | -$29.06M | -$6.75M |
| Comprehensive Income & Other | $1M | -$10M | $4M | -$16M | -$5.97M | $8.77M | $1.05M | -$12.22M | $3.44M | -$1.82M | $0 | $0 | $0 |
| Other Stockholders' Equity | $237M | $295M | $255M | $14M | $155.1M | $270.21M | $63.67M | $62.59M | $46.83M | $25.19M | $11.72M | $92.74M | $89.13M |
| Total Equity | $13.47B | $11.56B | $9.07B | $8.24B | $11.13B | $6.4B | $3.02B | $2.09B | $1B | $410.48M | $195.32M | $67.73M | $85.38M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $15.19B | $13.92B | $11.3B | $10.76B | $13.34B | $7.76B | $3.49B | $2.25B | $1.11B | $490.56M | $243.71M | $95.19M | $95.79M |
| Supplementary Data | |||||||||||||
| Total Debt | $188M | $1.13B | $1.15B | $1.4B | $1.17B | $912.89M | $151.71M | $24.87M | $16.45M | $13.94M | $11.32M | $7.78M | $486K |
| Net Debt | -$1.35B | -$372M | -$263M | -$253M | -$1.33B | -$1.79B | -$498.21M | -$385.81M | -$125.22M | -$70.07M | -$98.75M | -$34.17M | -$83.04M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $1.23B | $2.02B | $132M | -$3.46B | $2.91B | $319.51M | -$124.84M | -$64.55M | -$39.99M | -$35.35M | -$18.79M | -$22.31M | -$4.84M | -$1.23M |
| Depreciation & Amortization | $31M | $36M | $70M | $93M | $66.31M | $70.06M | $35.65M | $27.05M | $23.38M | $13.97M | $7.24M | $4.67M | $1.76M | $767K |
| Deferred Income Tax | -$14M | $78M | -$1M | -$187M | $190.96M | -$44.8M | -$37.92M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $449M | $430M | $615M | $549M | $330.76M | $246.94M | $158.46M | $95.72M | $49.16M | $22.9M | $7.8M | $3.79M | $1.45M | $268K |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$360M | -$230M | $116M | -$128M | -$307.09M | -$29.15M | -$56.18M | -$83.34M | -$50.85M | -$15.28M | $1.18M | -$3.93M | -$1.2M | -$635K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $262M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$19M | $64M | $79M | $29M | $177.45M | -$64.57M | $74.32M | $27.25M | $25.2M | $27.53M | $16.15M | $15.7M | $3.77M | $2.87M |
| Total Working Capital Change | -$117M | -$166M | $195M | -$99M | -$129.64M | -$93.72M | $18.14M | -$56.09M | -$25.65M | $12.25M | $17.32M | $11.77M | $2.57M | $2.24M |
| Other Non-Cash Items | $453M | -$781M | -$67M | $2.97B | -$2.84B | -$73.03M | $21.13M | $7.19M | $1M | $261K | $2.18M | $1.27M | $455K | $0 |
| Net Cash from Operating | $2.03B | $1.62B | $944M | -$136M | $535.71M | $424.96M | $70.61M | $9.32M | $7.9M | $14.02M | $15.76M | -$801K | $1.4M | $2.04M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$26M | -$19M | -$39M | -$50M | -$50.79M | -$41.73M | -$56.76M | -$27.95M | -$20.04M | -$23.77M | -$16.52M | -$20.57M | -$3.46M | -$1.71M |
| Acquisitions | -$56M | -$167M | -$395M | -$2.39B | -$709.86M | -$11.05M | -$265.51M | -$19.4M | -$15.72M | -$14.11M | $0 | $0 | -$828K | -$779K |
| Purchases of Investments | -$7.14B | -$8.4B | -$5.84B | -$5.01B | -$7.34B | -$5.6B | -$2.72B | -$2.45B | -$1.13B | -$369.21M | -$111.15M | -$20.13M | $0 | $0 |
| Sales of Investments | $6.55B | $7.46B | $5.59B | $6.89B | $5.75B | $3.72B | $2.48B | $1.7B | $642.07M | $139.87M | $48.35M | $2.38M | $0 | $0 |
| Other Investing Activities | -$521M | -$461M | -$559M | -$159M | -$31.28M | -$262K | -$5.64M | -$13.6M | -$4.22M | -$2.46M | -$4.51M | -$2.04M | -$1.04M | -$310K |
| Net Cash from Investing | -$1.19B | -$1.59B | -$1.24B | -$719M | -$2.38B | -$1.93B | -$569.48M | -$810.63M | -$527.17M | -$269.69M | -$83.84M | -$40.37M | -$5.33M | -$2.79M |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | -$907.95M | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $232M | $58.07M | $0 | $0 | $1.54B | $2.58B | $688.01M | $1.04B | $560.06M | $224.42M | $136.25M | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$1.04B | $2.93M | $60M | $18M | $108.59M | $70.81M | $48.34M | $30.49M | $14.77M | $4.16M | $1.6M | $140K | $295K | $57K |
| Net Cash from Financing | -$811M | $61M | $60M | $18M | $1.65B | $3.56B | $736.35M | $1.07B | $574.83M | $228.59M | $137.85M | $140K | $70.05M | $57K |
| Forex Effect | $15M | -$6M | $4M | -$17M | -$7M | $3.22M | $1.74M | -$1.87M | $2.1M | $1.03M | -$1.65M | -$549K | -$243K | $36K |
| Net Change in Cash | $47M | $85M | -$236M | -$854M | -$200.6M | $2.05B | $239.23M | $269.01M | $57.66M | -$26.06M | $68.12M | -$41.58M | $65.87M | -$661K |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $2.03B | $1.62B | $944M | -$136M | $535.71M | $424.96M | $70.61M | $9.32M | $7.9M | $14.02M | $15.76M | -$801K | $1.4M | $2.04M |
| Capital Expenditure | -$26M | -$19M | -$39M | -$50M | -$50.79M | -$41.99M | -$62.4M | -$41.55M | -$24.26M | -$26.24M | -$21.04M | -$22.7M | -$4.5M | -$2.02M |
| Free Cash Flow | $2.01B | $1.6B | $905M | -$186M | $484.92M | $382.96M | $8.22M | -$32.22M | -$16.36M | -$12.22M | -$5.28M | -$23.5M | -$3.11M | $25K |
| Cash at Beginning | $1.5B | $1.41B | $1.65B | $2.5B | $2.7B | $649.92M | $410.68M | $141.68M | $84.01M | $110.07M | $41.95M | $83.53M | $17.66M | $18.32M |
| Cash at End | $1.54B | $1.5B | $1.41B | $1.65B | $2.5B | $2.7B | $649.92M | $410.68M | $141.68M | $84.01M | $110.07M | $41.95M | $83.53M | $17.66M |