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Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition, the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions, as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa, Canada.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.6B | $1.9B | $1.2B | $2.0B | 9.1% | 30.1% | -39.0% |
| 2024 | $8.9B | $1.3B | $2.0B | $1.6B | 17.5% | 25.8% | 1429.5% |
| 2023 | $7.1B | $144M | $132M | $905M | 1.5% | 26.1% | -103.8% |
| 2022 | $5.6B | $-594M | $-3.5B | $-186M | -42.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,600 | 7,060 | 8,880 | 11,556 |
| Operating Revenue | - | 5,600 | 7,060 | 8,880 | 11,556 |
| Cost Of Revenue | - | 2,846 | 3,545 | 4,408 | 6,001 |
| Gross Profit | - | 2,754 | 3,515 | 4,472 | 5,555 |
| Operating Expense | - | 3,441 | 3,441 | 3,170 | 3,670 |
| Research And Development | - | 1,503 | 1,730 | 1,367 | 1,536 |
| Selling General And Administration | - | 1,938 | 1,711 | 1,803 | 2,134 |
| Total Expenses | - | 6,287 | 6,986 | 7,578 | 9,671 |
| Operating Income | - | -687 | 74 | 1,302 | 1,885 |
| Total Operating Income As Reported | - | -822 | -1,418 | 1,075 | 1,468 |
| EBITDA | - | -594 | 144 | 1,338 | 1,916 |
| Normalized EBITDA | - | 2,417 | 216 | 582 | 2,583 |
| EBIT | - | -687 | 74 | 1,302 | 1,885 |
| Interest Income | - | 75 | 241 | 308 | 331 |
| Interest Expense | 1.15 | 1.15 | - | - | - |
| Net Interest Income | - | 75 | 241 | 308 | 331 |
| Other Income Expense | - | -3,011 | -130 | 618 | -707 |
| Interest Income Non Operating | - | 75 | 241 | 308 | 331 |
| Interest Expense Non Operating | 1.15 | 1.15 | - | - | - |
| Net Non Operating Interest Income Expense | - | 75 | 241 | 308 | 331 |
| Pretax Income | - | -3,623 | 185 | 2,228 | 1,509 |
| Tax Provision | - | -163 | 53 | 209 | 278 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -135.47 | -20.59 | 71.06 | -122.73 |
| Net Income Continuous Operations | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income From Continuing And Discontinued Operation | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income From Continuing Operation Net Minority Interest | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income Common Stockholders | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income Including Noncontrolling Interests | - | -3,460 | 132 | 2,019 | 1,231 |
| Normalized Income | - | -584.47 | 183.41 | 1,334.06 | 1,775.27 |
| Diluted NI Availto Com Stockholders | - | -3,460 | 132 | 2,019 | 1,231 |
| Basic Average Shares | 1,246.59 | 1,266.27 | 1,281.55 | 1,294.58 | - |
| Diluted Average Shares | 1,273.65 | 1,266.27 | 1,295.51 | 1,294.58 | - |
| Reconciled Depreciation | - | 93 | 70 | 36 | 31 |
| Reconciled Cost Of Revenue | - | 2,846 | 3,545 | 4,408 | 6,001 |
| Total Unusual Items | - | -3,011 | -72 | 756 | -667 |
| Total Unusual Items Excluding Goodwill | - | -3,011 | -72 | 756 | -667 |
| Special Income Charges | - | -135 | -1,492 | -227 | -417 |
| Write Off | - | 0 | 1,340 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 135 | 152 | 227 | 417 |
| Gain On Sale Of Security | - | -2,876 | 1,420 | 983 | -250 |
| General And Administrative Expense | - | 708 | 491 | 410 | 471 |
| Other Gand A | - | 708 | 491 | 410 | 471 |
| Total Other Finance Cost | 2.34 | 2.35 | - | - | - |
| Other Operating Expenses | 81.72 | 135 | 152 | 227 | - |
| Selling And Marketing Expense | - | 1,230 | 1,220 | 1,393 | 1,663 |
| Earnings From Equity Interest | - | 0 | -58 | -138 | -40 |
| Average Dilution Earnings | 2.57 | 0 | 1 | 0 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Shopify Inc.this co. | SHOP | $150.6B | 122.32↑ premium | 11.18 | 9.1% | 77.89 |
| CrowdStrike Holdings, Inc. | CRWD | $183.1B | -1126.48 | 41.34 | -3.7% | 978.97 |
| Amphenol Corporation | APH | $180.6B | 42.28 | 13.46 | 31.8% | 26.84 |
| Corning Incorporated | GLW | $170.1B | 106.61 | 14.41 | 13.5% | 47.66 |
| Salesforce, Inc. | CRM | $154.6B | 20.73 |
| - |
| - |
| - |
| - |
| 2.61 |
| 12.6% |
| 13.10 |
| Uber Technologies, Inc. | UBER | $147.0B | 14.62 | 5.44 | 37.2% | 21.75 |
| ServiceNow, Inc. | NOW | $123.1B | 70.42 | 9.50 | 13.5% | 40.30 |
| Cadence Design Systems, Inc. | CDNS | $113.5B | 102.40 | 20.74 | 20.3% | 60.35 |
| Accenture plc | ACN | $110.1B | 14.34 | 3.53 | 24.6% | 9.00 |
| Peer Median | - | 31.51 | 11.48 | 16.9% | 33.57 | |