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 |
| 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 |
| Operating Income | - | -687 | 74 | 1,302 | 1,885 |
| EBITDA | - | -594 | 144 | 1,338 | 1,916 |
| EBIT | - | -687 | 74 | 1,302 | 1,885 |
| Pretax Income | - | -3,623 | 185 | 2,228 | 1,509 |
| Tax Provision | - | -163 | 53 | 209 | 278 |
| Net Income | - | -3,460 | 132 | 2,019 | 1,231 |
| Net Income Common Stockholders | - | -3,460 | 132 | 2,019 | 1,231 |
| Total Expenses | - | 6,287 | 6,986 | 7,578 | 9,671 |
| Interest Expense | 1.15 | 1.15 | - | - | - |
| Interest Income | - | 75 | 241 | 308 | 331 |
| Research And Development | - | 1,503 | 1,730 | 1,367 | 1,536 |
| Selling General And Administration | - | 1,938 | 1,711 | 1,803 | 2,134 |
| Normalized EBITDA | - | 2,417 | 216 | 582 | 2,583 |
| Normalized Income | - | -584.47 | 183.41 | 1,334.06 | 1,775.27 |
| Market Cap | 163,703 | 163,703 | 163,703 | 163,703 | 163,703 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Shopify Inc.this co. | SHOP | - | 132.98β premium | 12.15 | 9.1% | 84.74 |
| Akamai Technologies, Inc. | AKAM | $13.8B | 31.02 | 2.82 | 9.1% | 13.99 |
| FormFactor, Inc. | FORM | $12.0B | 222.39 | 11.68 | 5.3% | 111.80 |
| GoDaddy Inc. | GDDY | $11.9B | 13.11 | 53.34 | 406.8% | 11.07 |
| Gen Digital Inc. | GEN | $11.8B | 17.93 | 5.08 |
| - |
| - |
| - |
| - |
| 28.3% |
| 9.30 |
| Zebra Technologies Corporation | ZBRA | $11.6B | 26.73 | 3.12 | 11.7% | 16.15 |
| Gartner, Inc. | IT | $11.3B | 13.94 | 31.77 | 228.0% | 9.11 |
| Jack Henry & Associates, Inc. | JKHY | $11.0B | 24.00 | 5.13 | 21.4% | - |
| Sanmina Corporation | SANM | $10.4B | 42.67 | 4.46 | 10.4% | 20.60 |
| Peer Median | - | 25.37 | 5.11 | 16.5% | 13.99 | |