Shopify financials
$148.26+2.95%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.56B | $8.88B | $7.06B | $5.60B | $4.61B | $2.93B | $1.58B | $1.07B | $673.3M | $389.3M |
| Gross profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B | $1.54B | $865.6M | $596.3M | $380.3M | $209.5M |
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | 53.8% |
| Operating income | $1.47B | $1.07B | -$1.42B | -$822.0M | $268.6M | $90.2M | -$141.1M | -$91.9M | -$49.2M | -$37.2M |
| Net income | $1.23B | $2.02B | $132.0M | -$3.46B | $2.91B | $319.5M | -$124.8M | -$64.6M | -$40.0M | -$35.4M |
| Net margin | 10.7% | 22.7% | 1.9% | −61.8% | 63.2% | 10.9% | −7.9% | −6.0% | −5.9% | −9.1% |
| Diluted EPS | $0.94 | $1.55 | $0.10 | $-2.73 | $2.29 | $0.26 | $-0.11 | $-0.06 | $-0.04 | $-0.04 |
| EBITDA | $1.50B | $1.11B | -$8.0M | -$594.0M | $335.0M | $160.2M | -$105.5M | -$64.9M | -$25.8M | -$23.2M |
| Operating cash flow | $2.03B | $1.62B | $944.0M | -$136.0M | $535.7M | $425.0M | $70.6M | $9.3M | $7.9M | $14.0M |
| Free cash flow | $2.01B | $1.60B | $905.0M | -$186.0M | $484.9M | $383.2M | $13.9M | -$18.6M | -$12.1M | -$9.8M |
| Diluted shares | 1,305.0M | 1,301.5M | 1,295.5M | 1,266.3M | 1,273.6M | 1,234.6M | 1,130.3M | 1,056.7M | 957.7M | 839.9M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $1.54B | $1.50B | $1.41B | $1.65B | $2.50B | $2.70B |
| Short-term investments | $4.23B | $3.98B | $3.60B | $3.40B | $5.27B | $3.68B |
| Total debt | $0.00 | $918.0M | $916.0M | $913.0M | $911.0M | $758.0M |
| Total assets | $15.19B | $13.92B | $11.30B | $10.76B | $13.34B | $7.76B |
| Total liabilities | $1.72B | $2.37B | $2.23B | $2.52B | $2.21B | $1.36B |
| Shareholders' equity | $13.47B | $11.56B | $9.07B | $8.24B | $11.13B | $6.40B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology