Stocks SHOP Financial statements
Financial statementsSHOPIFY INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SHOPIFY INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 389 | 673 | 1,073 | 1,578 | 2,929 | 4,612 | 5,600 | 7,060 | 8,880 | 11,556 |
| Cost of revenue | 180 | 293 | 477 | 713 | 1,388 | 2,131 | 2,846 | 3,545 | 4,408 | 6,001 |
| Gross profit | 209 | 380 | 596 | 866 | 1,542 | 2,481 | 2,754 | 3,515 | 4,472 | 5,555 |
| Research and development | 74.3 | 136 | 231 | 355 | 552 | 854 | 1,503 | 1,730 | 1,367 | 1,536 |
| Selling and marketing | 129 | 226 | 350 | 473 | 602 | 902 | 1,230 | 1,220 | 1,393 | 1,663 |
| General and administrative | 43.1 | 67.7 | 107 | 154 | 245 | 375 | 708 | 491 | 410 | 471 |
| Operating expenses | 247 | 429 | 688 | 1,007 | 1,451 | 2,213 | 3,576 | 4,933 | 3,397 | 4,087 |
| Operating income | -37.2 | -49.2 | -91.9 | -141 | 90.2 | 269 | -822 | -1,418 | 1,075 | 1,468 |
| Interest expense | 0 | 9.09 | 3.49 | 3.5 | ||||||
| Other non-operating income | 1.81 | 9.16 | 27.4 | 45.3 | 150 | 2,872 | -2,801 | 1,603 | 1,153 | 41 |
| Pre-tax income | 185 | 2,228 | 1,509 | |||||||
| Income tax | 0 | 0 | 0 | 29 | -79.1 | 226 | -163 | 53 | 209 | 278 |
| Net income | -35.4 | -40 | -64.6 | -125 | 320 | 2,915 | -3,460 | 132 | 2,019 | 1,231 |
| EBITDA | -23.2 | -25.8 | -64.9 | -105 | 160 | 335 | -729 | -1,348 | 1,111 | 1,499 |
| EPS, basic | -0.04 | -0.04 | -0.06 | -0.11 | 0.27 | 2.34 | -2.73 | 0.10 | 1.57 | 0.95 |
| EPS, diluted | -0.04 | -0.04 | -0.06 | -0.11 | 0.26 | 2.29 | -2.73 | 0.10 | 1.55 | 0.94 |
| Shares, basic (weighted) | 840 | 958 | 1,057 | 1,130 | 1,196 | 1,247 | 1,266 | 1,282 | 1,290 | 1,299 |
| Shares, diluted (weighted) | 840 | 958 | 1,057 | 1,130 | 1,235 | 1,274 | 1,266 | 1,296 | 1,302 | 1,305 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 84 | 142 | 411 | 650 | 2,704 | 2,503 | 1,649 | 1,413 | 1,498 | 1,545 |
| Short-term investments | 308 | 796 | 1,559 | 1,805 | 3,684 | 5,265 | 3,404 | 3,595 | 3,981 | 4,233 |
| Receivables | 9.6 | 21.9 | 41.3 | 90.5 | 121 | 192 | 273 | 282 | 342 | 500 |
| Inventory | 0.52 | 1.62 | 19 | 26 | 21 | |||||
| Other current assets | 8.99 | 1.62 | 3.68 | 6.81 | 17.5 | 10.7 | 29 | 1 | 0 | 234 |
| Total current assets | 423 | 1,026 | 2,129 | 2,742 | 6,878 | 8,539 | 6,050 | 6,275 | 7,254 | 8,296 |
| Property, plant and equipment | 45.7 | 50.4 | 61.6 | 111 | 92.1 | 106 | 131 | 49 | 47 | 53 |
| Lease right-of-use assets | 135 | 119 | 196 | 355 | 98 | 93 | 88 | |||
| Goodwill | 15.5 | 20.3 | 38 | 312 | 312 | 357 | 1,836 | 427 | 452 | 491 |
| Intangible assets | 6.44 | 17.2 | 26.1 | 167 | 136 | 138 | 390 | 29 | 22 | 30 |
| Long-term investments | 115 | 709 | 975 | |||||||
| Other non-current assets | 0 | 21 | 39 | |||||||
| Total assets | 491 | 1,114 | 2,255 | 3,489 | 7,763 | 13,340 | 10,757 | 11,299 | 13,924 | 15,189 |
| Accounts payable | 34.3 | 44.3 | 61.3 | 90.5 | 169 | 284 | 364 | 364 | 360 | 570 |
| Accrued liabilities | 10.6 | 14.3 | 32.4 | 61.9 | 71.9 | 68 | 55 | 99 | 102 | |
| Deferred revenue | 20.2 | 30.7 | 39.2 | 56.7 | 108 | 217 | 296 | 302 | 283 | 300 |
| Total current liabilities | 66.5 | 94.8 | 139 | 316 | 438 | 703 | 856 | 898 | 1,956 | 1,392 |
| Lease liabilities | 22.3 | 143 | 145 | 247 | 465 | 217 | 190 | 171 | ||
| Total liabilities | 80.1 | 112 | 164 | 474 | 1,362 | 2,207 | 2,518 | 2,233 | 2,366 | 1,716 |
| Paid-in capital | 27 | 43.4 | 74.8 | 62.6 | 261 | 161 | 30 | 251 | 305 | 236 |
| Retained earnings | -83.2 | -123 | -188 | -304 | 15.3 | 2,938 | -522 | -390 | 1,629 | 2,860 |
| Other comprehensive income | -1.82 | 3.44 | -12.2 | 1.05 | 8.77 | -5.97 | -16 | 4 | -10 | 1 |
| Shareholders' equity | 410 | 1,001 | 2,091 | 3,016 | 6,401 | 11,133 | 8,239 | 9,066 | 11,558 | 13,473 |
| Total equity | 410 | 1,001 | 2,091 | 3,016 | 6,401 | 11,133 | 8,239 | 9,066 | 11,558 | 13,473 |
| Total liabilities and equity | 491 | 1,114 | 2,255 | 3,489 | 7,763 | 13,340 | 10,757 | 11,299 | 13,924 | 15,189 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -35.4 | -40 | -64.6 | -125 | 320 | 2,915 | -3,460 | 132 | 2,019 | 1,231 |
| Depreciation and amortization | 14 | 23.4 | 27.1 | 35.7 | 70.1 | 66.3 | 93 | 70 | 36 | 31 |
| Stock-based compensation | 23.1 | 49.2 | 95.7 | 158 | 247 | 331 | 549 | 615 | 430 | 449 |
| Deferred income tax | 0 | -35.9 | -44.8 | 191 | -187 | -1 | 78 | -14 | ||
| Change in payables | 19.8 | 15.4 | 20.6 | 82.5 | 119 | 138 | 28 | 69 | 110 | 262 |
| Cash from operations | 14 | 7.9 | 9.32 | 70.6 | 425 | 536 | -136 | 944 | 1,616 | 2,033 |
| Capital expenditures | -23.8 | -20 | -28 | -56.8 | -41.7 | -50.8 | -50 | -39 | -19 | -26 |
| Acquisitions | -14.1 | -15.7 | -19.4 | -266 | 0 | -59.6 | -1,754 | -31 | -30 | -56 |
| Purchases of investments | -369 | -1,129 | -2,448 | -2,719 | -5,600 | -7,337 | -5,011 | -5,841 | -8,396 | -7,040 |
| Sales and maturities of investments | 140 | 642 | 1,698 | 2,477 | 3,721 | 5,750 | 6,890 | 5,590 | 7,457 | 6,552 |
| Cash from investing | -270 | -527 | -811 | -569 | -1,932 | -2,379 | -719 | -1,244 | -1,586 | -1,190 |
| Stock issued | 4.16 | 14.8 | 30.5 | 48.3 | 70.8 | 109 | 18 | 60 | 61 | 232 |
| Cash from financing | 229 | 575 | 1,072 | 736 | 3,557 | 1,650 | 18 | 60 | 61 | -811 |
| Exchange rate effect | 1.03 | 2.1 | -1.87 | 1.74 | 3.22 | -7.01 | -17 | 4 | -6 | 15 |
| Net change in cash | -26.1 | 57.7 | 269 | 239 | 2,054 | -201 | -854 | -236 | 85 | 47 |
| Free cash flow | -9.76 | -12.1 | -18.6 | 13.9 | 383 | 485 | -186 | 905 | 1,597 | 2,007 |
| Interest paid | 0 | 1.29 | 1 | 1 | 1 | 1 | ||||
| Income taxes paid | 69.5 | -10.5 | 27 | 50 | 116 | 194 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 47.8% | Gross profit / revenue. |
| Operating margin | 13.9% | Operating income / revenue. |
| EBITDA margin | 14.1% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Net margin | 14.5% | Net income / revenue. |
| FCF margin | 17.7% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 17.9% | Cash from operations / revenue. |
| Return on equity (ROE) | 15.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 13.3% | Net income / average total assets. |
| Return on invested capital (ROIC) | 13.2% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 12.4% | Research and development expense / revenue. |
| Stock-based pay / revenue | 3.6% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.2% | Capital expenditures / revenue. |
| D&A / revenue | 0.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 30.1% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 27.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 31.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 24.2% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 26.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 29.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 36.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 5y | 74.7% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 34.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 5y | 56.4% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -39.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 5y | 31.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -39.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 5y | 29.4% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 25.8% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 5y | 36.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 25.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 39.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 16.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 17.8% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 16.1% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 9.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 12.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 14.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 0.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 1.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 1.1% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 5.35x | Current assets / current liabilities. |
| Quick ratio | 3.39x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 3.39x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 12.3% | Total liabilities / total assets. |
| Working capital | $6.36B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 3.6% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $12.17B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.92x | Revenue / average total assets. |
| Fixed asset turnover | 250x | Revenue / average property, plant and equipment. |
| Days payables | 59 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 122.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $1.49 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $10.22 | Revenue / diluted weighted shares. |
| FCF per share | $1.81 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.83 | Cash from operations / diluted weighted shares. |
| Book value per share | $9.77 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $9.37 | Tangible book value / shares outstanding. |
| Cash per share | $3.81 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $184.33B | Share price x shares outstanding. |
| Enterprise value | $179.38B | Market cap + total debt - cash - short-term investments. |
| P/E | 95.6x | Market cap / net income. Only when net income is positive. |
| P/S | 13.9x | Market cap / revenue. |
| P/B | 14.5x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 15.2x | Market cap / tangible book value, when positive. |
| P/FCF | 78.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 77.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 13.5x | Enterprise value / revenue. |
| EV/EBIT | 97.3x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 95.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 76.3x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 1.3% | Free cash flow / market cap. |
| Earnings yield | 1.0% | Net income / market cap (the inverse of P/E). |
What was SHOPIFY INC.'s revenue in fiscal 2025?
SHOPIFY INC. reported revenue of $11.56B for fiscal 2025, 30.1% higher than the year before.
Was SHOPIFY INC. profitable in fiscal 2025?
Yes. Net income was $1.23B, a net margin of 10.7%.
How much free cash flow did SHOPIFY INC. generate in fiscal 2025?
Cash from operations of $2.03B minus capital expenditures of $26.0M left free cash flow of $2.01B.