Shopify (SHOP) Financials

$107.70 +0.59 (+0.55%)

Closing price 04:00 PM Eastern

Extended Trading

$107.22 -0.48 (-0.44%)

As of 07:59 PM Eastern

Annual Income Statements for Shopify

This table shows Shopify's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	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
Net Income / (Loss) Attributable to Common Shareholders	2,019	132	-3,460	2,915	320	-125	-65	-40	-35	-19	-22
Consolidated Net Income / (Loss)	2,019	132	-3,460	2,915	320	-125	-65	-40	-35	-19	-22
Net Income / (Loss) Continuing Operations	2,019	132	-3,460	2,915	320	-125	-65	-40	-35	-19	-22
Total Pre-Tax Income	2,228	185	-3,623	3,141	240	-96	-65	-40	-35	-19	-22
Total Operating Income	1,075	-1,418	-822	269	90	-141	-92	-49	-37	-18	-22
Total Gross Profit	4,472	3,515	2,754	2,481	1,542	866	596	380	209	113	62
Total Revenue	8,880	7,060	5,600	4,612	2,929	1,578	1,073	673	389	205	105
Operating Revenue	8,880	7,060	5,600	4,612	2,929	1,578	1,073	673	389	205	105
Total Cost of Revenue	4,408	3,545	2,846	2,131	1,388	713	477	293	180	92	43
Operating Cost of Revenue	4,408	3,545	2,846	2,131	1,388	713	477	293	39	25	17
Total Operating Expenses	3,397	4,933	3,576	2,213	1,451	1,007	688	429	247	131	83
Selling, General & Admin Expense	410	491	708	375	245	154	107	68	43	21	12
Marketing Expense	1,393	1,220	1,230	902	602	473	350	226	129	70	46
Research & Development Expense	1,367	1,730	1,503	854	552	355	231	136	74	40	26
Other Operating Expenses / (Income)	227	152	135	82	52	25	-	-	-	-	-
Impairment Charge	0.00	1,340	0.00	-	-	-	-	-	-	-	-
Total Other Income / (Expense), net	1,153	1,603	-2,801	2,872	150	45	27	9.16	1.81	-1.03	-0.70
Interest & Investment Income	170	183	75	15	23	48	29	7.85	1.54	0.20	0.06
Other Income / (Expense), net	983	1,420	-2,876	2,860	136	-2.85	-2.07	1.31	0.27	-1.23	-0.75
Income Tax Expense	209	53	-163	226	-79	29	0.00	-	-	-	-
Basic Earnings per Share	$1.57	$0.10	($2.73)	$2.34	$2.67	($1.10)	($0.61)	($0.42)	($0.42)	($0.30)	($0.57)
Weighted Average Basic Shares Outstanding	1.29B	1.28B	1.27B	1.25B	119.57M	113.03M	105.67M	95.77M	83.99M	61.72M	38.94M
Diluted Earnings per Share	$1.55	$0.10	($2.73)	$2.29	$2.59	($1.10)	($0.61)	($0.42)	($0.42)	($0.30)	($0.57)
Weighted Average Diluted Shares Outstanding	1.30B	1.30B	1.27B	1.27B	123.46M	113.03M	105.67M	95.77M	83.99M	61.72M	38.94M
Weighted Average Basic & Diluted Shares Outstanding	1.29B	1.29B	1.29B	125.90M	122.53M	113.03M	105.67M	95.77M	83.99M	61.72M	38.94M

This table shows Shopify's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025
Period end date	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-682
Consolidated Net Income / (Loss)	-682
Net Income / (Loss) Continuing Operations	-682
Total Pre-Tax Income	-770
Total Operating Income	203
Total Gross Profit	1,169
Total Revenue	2,360
Operating Revenue	2,360
Total Cost of Revenue	1,191
Operating Cost of Revenue	1,191
Total Operating Expenses	966
Selling, General & Admin Expense	109
Marketing Expense	405
Research & Development Expense	377
Other Operating Expenses / (Income)	75
Total Other Income / (Expense), net	-973
Interest & Investment Income	42
Other Income / (Expense), net	-1,015
Income Tax Expense	-88
Basic Earnings per Share	($0.53)
Weighted Average Basic Shares Outstanding	1.30B
Diluted Earnings per Share	($0.53)
Weighted Average Diluted Shares Outstanding	1.30B
Weighted Average Basic & Diluted Shares Outstanding	1.30B

This table details how cash moves in and out of Shopify's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	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
Net Change in Cash & Equivalents	85	-236	-854	-201	2,054	239	269	58	-26	68	-42
Net Cash From Operating Activities	1,616	944	-136	536	425	71	9.32	7.90	14	16	-0.80
Net Cash From Continuing Operating Activities	1,616	944	-136	536	425	71	9.32	7.90	14	16	-0.80
Net Income / (Loss) Continuing Operations	2,019	132	-3,460	2,915	320	-125	-65	-40	-35	-19	-22
Consolidated Net Income / (Loss)	2,019	132	-3,460	2,915	320	-125	-65	-40	-35	-19	-22
Depreciation Expense	36	70	93	66	70	36	27	23	14	7.24	4.67
Non-Cash Adjustments To Reconcile Net Income	-351	548	3,517	-2,777	140	180	103	50	26	14	12
Changes in Operating Assets and Liabilities, net	-88	194	-286	329	-114	-20	-56	-26	9.63	14	4.48
Net Cash From Investing Activities	-1,586	-1,244	-719	-2,379	-1,932	-569	-811	-527	-270	-84	-40
Net Cash From Continuing Investing Activities	-1,586	-1,244	-719	-2,379	-1,932	-569	-811	-527	-270	-84	-40
Purchase of Property, Plant & Equipment	-19	-39	-50	-51	-42	-57	-28	-20	-24	-17	-21
Acquisitions	-30	-31	-1,754	-60	-0.26	-271	-33	-20	-17	-4.51	-2.13
Purchase of Investments	-11,539	-8,066	-6,172	-8,186	-5,611	-2,719	-2,448	-1,129	-369	-111	-20
Sale and/or Maturity of Investments	9,999	6,928	7,257	5,917	3,721	2,477	1,698	642	140	48	2.38
Other Investing Activities, net	3.00	-36	0.00	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	61	60	18	1,650	3,557	736	1,072	575	229	138	0.14
Net Cash From Continuing Financing Activities	61	60	18	1,650	3,557	736	1,072	575	229	138	0.14
Other Financing Activities, net	61	60	18	109	71	48	30	15	4.16	1.60	0.14
Effect of Exchange Rate Changes	-6.00	4.00	-17	-7.01	3.22	1.74	-1.87	2.10	1.03	-1.65	-0.55
Cash Interest Paid	1.00	1.00	1.00	1.29	0.00	-	-	-	-	-	-
Cash Income Taxes Paid	116	50	27	-10	70	-	-	-	-	-	-

This table details how cash moves in and out of Shopify's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025
Period end date	3/31/2025
Net Change in Cash & Equivalents	-189
Net Cash From Operating Activities	367
Net Cash From Continuing Operating Activities	367
Net Income / (Loss) Continuing Operations	-682
Consolidated Net Income / (Loss)	-682
Depreciation Expense	8.00
Non-Cash Adjustments To Reconcile Net Income	1,176
Changes in Operating Assets and Liabilities, net	-135
Net Cash From Investing Activities	-619
Net Cash From Continuing Investing Activities	-619
Purchase of Property, Plant & Equipment	-4.00
Acquisitions	-56
Purchase of Investments	-2,527
Sale and/or Maturity of Investments	1,968
Net Cash From Financing Activities	59
Net Cash From Continuing Financing Activities	59
Other Financing Activities, net	59
Effect of Exchange Rate Changes	4.00
Cash Income Taxes Paid	27

This table presents Shopify's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	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
Total Assets	13,924	11,299	10,757	13,340	7,763	3,489	2,255	1,114	491	244	95
Total Current Assets	7,254	6,275	6,050	8,539	6,878	2,742	2,129	1,026	423	202	68
Cash & Equivalents	1,498	1,413	1,649	2,503	2,704	650	411	142	84	110	42
Short-Term Investments	3,981	3,595	3,404	5,265	3,684	1,805	1,559	796	308	80	18
Note & Lease Receivable	1,224	816	580	471	245	150	92	47	12	0.00	-
Accounts Receivable	342	282	273	192	121	91	41	22	9.60	6.09	7.23
Prepaid Expenses	209	169	144	103	68	46	26	19	8.99	6.20	1.50
Plant, Property, & Equipment, net	47	49	131	106	92	111	62	50	46	33	22
Total Noncurrent Assets	6,623	4,975	4,576	4,695	793	633	64	38	22	8.20	5.08
Long-Term Investments	5,998	4,377	1,954	3,956	173	-	-	-	-	-	-
Goodwill	452	427	1,836	357	312	312	38	20	16	2.37	2.37
Intangible Assets	22	29	390	138	136	167	26	17	6.44	5.83	2.71
Noncurrent Deferred & Refundable Income Taxes	37	44	41	48	53	19	0.00	-	-	-	-
Other Noncurrent Operating Assets	114	98	355	196	119	135	0.00	-	-	-	-
Total Liabilities & Shareholders' Equity	13,924	11,299	10,757	13,340	7,763	3,489	2,255	1,114	491	244	95
Total Liabilities	2,366	2,233	2,518	2,207	1,362	474	164	112	80	48	27
Total Current Liabilities	1,956	898	856	703	438	316	139	95	67	37	20
Short-Term Debt	918	0.00	-	-	-	-	-	-	-	-	-
Accounts Payable	737	579	542	457	301	181	97	63	45	24	13
Current Deferred Revenue	283	302	296	217	108	57	39	32	21	14	7.26
Other Current Liabilities	18	17	18	16	10	9.07	2.55	-	-	-	-
Total Noncurrent Liabilities	410	1,335	1,662	1,504	924	157	25	18	14	11	7.69
Long-Term Debt	0.00	916	913	911	758	0.00	-	-	-	-	-
Noncurrent Deferred Revenue	147	196	268	163	21	5.97	1.88	16	14	11	7.69
Noncurrent Deferred & Payable Income Tax Liabilities	73	6.00	16	183	0.00	8.75	1.13	1.39	0.00	-	-
Other Noncurrent Operating Liabilities	190	217	465	247	145	143	22	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,558	9,066	8,239	11,133	6,401	3,016	2,091	1,001	410	195	68
Total Preferred & Common Equity	11,558	9,066	8,239	11,133	6,401	3,016	2,091	1,001	410	195	68
Total Common Equity	11,558	9,066	8,239	11,133	6,401	3,016	2,091	1,001	410	195	-19
Common Stock	9,939	9,452	8,777	8,201	6,377	3,319	2,291	1,121	496	243	9.74
Retained Earnings	1,629	-390	-522	2,938	15	-304	-188	-123	-83	-48	-29
Accumulated Other Comprehensive Income / (Loss)	-10	4.00	-16	-5.97	8.77	1.05	-12	3.44	-1.82	0.00	-

This table presents Shopify's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q4 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	12/31/2023	12/31/2022
Total Assets	13,400	13,924	11,299	10,757
Total Current Assets	7,445	7,254	6,275	6,050
Cash & Equivalents	1,309	1,498	1,413	1,649
Short-Term Investments	4,205	3,981	3,595	3,404
Note & Lease Receivable	1,392	1,224	816	580
Accounts Receivable	297	342	282	273
Prepaid Expenses	242	209	169	144
Plant, Property, & Equipment, net	46	47	49	131
Total Noncurrent Assets	5,909	6,623	4,975	4,576
Long-Term Investments	5,153	5,998	4,377	1,954
Goodwill	491	452	427	1,836
Intangible Assets	39	22	29	390
Noncurrent Deferred & Refundable Income Taxes	98	37	44	41
Other Noncurrent Operating Assets	128	114	98	355
Total Liabilities & Shareholders' Equity	13,400	13,924	11,299	10,757
Total Liabilities	2,349	2,366	2,233	2,518
Total Current Liabilities	2,009	1,956	898	856
Short-Term Debt	919	918	0.00	-
Accounts Payable	776	737	579	542
Current Deferred Revenue	295	283	302	296
Other Current Liabilities	19	18	17	18
Total Noncurrent Liabilities	340	410	1,335	1,662
Noncurrent Deferred Revenue	135	147	196	268
Noncurrent Deferred & Payable Income Tax Liabilities	5.00	73	6.00	16
Other Noncurrent Operating Liabilities	200	190	217	465
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,051	11,558	9,066	8,239
Total Preferred & Common Equity	11,051	11,558	9,066	8,239
Total Common Equity	11,051	11,558	9,066	8,239
Common Stock	10,110	9,939	9,452	8,777
Retained Earnings	947	1,629	-390	-522
Accumulated Other Comprehensive Income / (Loss)	-6.00	-10	4.00	-16

This table displays calculated financial ratios and metrics derived from Shopify's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.78%	26.07%	21.43%	57.43%	85.63%	47.05%	59.40%	72.94%	89.70%	95.43%	108.98%
EBITDA Growth	2,808.33%	102.00%	-212.75%	948.90%	193.78%	-142.79%	-894.50%	46.64%	-290.06%	33.58%	-467.00%
EBIT Growth	102,800.00%	100.05%	-218.20%	1,284.30%	178.48%	-53.21%	-585.78%	-29.69%	-94.27%	15.10%	-358.45%
NOPAT Growth	196.28%	-75.84%	-330.79%	108.05%	221.29%	-53.55%	-173.99%	-32.27%	-109.31%	17.85%	-406.32%
Net Income Growth	1,429.55%	103.82%	-218.71%	812.23%	355.93%	-186.79%	-122.81%	-13.12%	-88.16%	15.78%	-361.26%
EPS Growth	1,450.00%	103.66%	-219.21%	812.23%	335.45%	-240.98%	-45.24%	0.00%	-40.00%	47.37%	-338.46%
Operating Cash Flow Growth	71.19%	794.12%	-125.39%	26.06%	501.80%	1,314.69%	36.02%	-43.63%	-11.04%	2,067.04%	-157.38%
Free Cash Flow Firm Growth	6.70%	122.35%	-556.26%	-17.64%	134.82%	-199.50%	-413.23%	-103.96%	-309.69%	59.04%	0.00%
Invested Capital Growth	67.34%	-72.17%	568.92%	-46.32%	-46.48%	260.82%	92.03%	249.14%	251.13%	-36.26%	0.00%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.36%	49.79%	49.18%	53.80%	52.62%	164.55%	111.12%	56.48%	107.62%	55.18%	58.84%
EBITDA Margin	23.58%	1.02%	-64.38%	69.33%	10.41%	-13.73%	-12.47%	-3.63%	-11.78%	-5.73%	-16.85%
Operating Margin	12.11%	-20.09%	-14.68%	5.83%	3.08%	-26.83%	-17.13%	-7.30%	-19.09%	-8.65%	-20.58%
EBIT Margin	23.18%	0.03%	-66.04%	67.84%	7.72%	-9.12%	-26.27%	-7.11%	-18.95%	-9.25%	-21.30%
Profit (Net Income) Margin	22.74%	1.87%	-61.79%	63.20%	10.91%	-15.82%	-18.04%	-5.94%	-18.16%	-9.16%	-21.24%
Tax Burden Percent	90.62%	71.35%	95.50%	92.81%	132.93%	260.59%	300.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	108.26%	9,250.00%	97.97%	100.38%	106.35%	199.62%	137.36%	83.59%	191.67%	98.95%	99.75%
Effective Tax Rate	9.38%	28.65%	0.00%	7.19%	-32.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	122.08%	-73.80%	-46.67%	54.32%	13.99%	-24.69%	-69.88%	-84.83%	-224.21%	-188.12%	-374.98%
ROIC Less NNEP Spread (ROIC-NNEP)	111.09%	-89.51%	-12.55%	22.24%	10.26%	-23.88%	-122.99%	-83.99%	-221.01%	-183.03%	-350.91%
Return on Net Nonoperating Assets (RNNOA)	-102.50%	75.32%	10.95%	-21.07%	-11.68%	65.46%	131.41%	79.17%	212.54%	173.84%	309.10%
Return on Equity (ROE)	19.58%	1.53%	-35.72%	33.25%	2.31%	12.08%	-11.44%	-5.67%	-23.34%	-14.29%	-65.88%
Cash Return on Invested Capital (CROIC)	71.70%	39.11%	-194.65%	114.59%	74.54%	-486.20%	-264.42%	-195.77%	-671.09%	-143.84%	-574.98%
Operating Return on Assets (OROA)	16.32%	0.02%	-30.69%	29.65%	4.02%	-10.03%	-16.74%	-5.97%	-20.10%	-11.21%	-23.50%
Return on Assets (ROA)	16.01%	1.20%	-28.72%	27.62%	5.68%	-8.69%	-7.67%	-4.99%	-9.63%	-11.09%	-23.44%
Return on Common Equity (ROCE)	19.58%	1.53%	-35.72%	33.25%	2.31%	10.44%	-11.44%	-5.67%	-23.34%	-9.56%	18.80%
Return on Equity Simple (ROE_SIMPLE)	17.47%	1.46%	-42.00%	26.18%	4.99%	-8.28%	-6.18%	-4.00%	-17.23%	-9.62%	-32.94%
Net Operating Profit after Tax (NOPAT)	974	-1,012	-575	249	120	-99	-64	-34	-26	-12	-15
NOPAT Margin	10.97%	-14.33%	-10.28%	5.41%	4.09%	-12.52%	-11.99%	-5.11%	-13.36%	-6.06%	-14.41%
Net Nonoperating Expense Percent (NNEP)	10.98%	15.71%	-34.12%	32.08%	3.73%	-2.44%	-0.03%	-0.84%	-6.41%	-5.09%	-24.07%
Return On Investment Capital (ROIC_SIMPLE)	7.81%	-10.14%	-6.29%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	49.64%	50.21%	50.82%	46.20%	47.38%	135.45%	88.88%	43.52%	92.38%	44.82%	41.16%
SG&A Expenses to Revenue	4.62%	6.95%	12.64%	8.13%	8.37%	9.74%	10.01%	10.06%	22.15%	10.19%	11.01%
R&D to Revenue	15.39%	24.50%	26.84%	18.53%	18.85%	67.49%	64.48%	20.20%	19.09%	19.35%	24.68%
Operating Expenses to Revenue	38.25%	69.87%	63.86%	47.97%	49.54%	127.59%	128.25%	63.78%	63.36%	63.84%	79.42%
Earnings before Interest and Taxes (EBIT)	2,058	2.00	-3,698	3,129	226	-288	-188	-48	-37	-19	-22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,094	72	-3,605	3,197	305	-325	-134	-24	-46	-12	-18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.58	10.82	5.30	15.58	21.67	15.35	14.62	10.08	9.34	0.00	0.00
Price to Tangible Book Value (P/TBV)	12.08	11.39	7.27	16.30	23.30	18.25	22.62	10.47	9.86	0.00	0.00
Price to Revenue (P/Rev)	15.08	13.89	7.80	37.60	47.34	29.33	28.48	14.98	9.84	0.00	0.00
Price to Earnings (P/E)	66.30	742.98	0.00	59.50	434.09	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.51%	0.13%	0.00%	1.68%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	123.43	150.09	17.53	507.06	222.49	173.67	109.95	145.09	190.48	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	13.89	12.69	6.72	35.26	45.36	27.78	12.41	13.59	8.84	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	58.89	1,244.51	0.00	50.85	435.96	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	59.92	44,802.44	0.00	51.97	587.98	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	126.58	0.00	0.00	652.17	1,108.94	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	76.30	94.92	0.00	303.52	312.72	1,241.51	1,427.95	1,158.03	245.44	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	215.51	167.10	0.00	309.14	208.10	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.10	0.11	0.08	0.12	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.10	0.11	0.08	0.12	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.92	-0.84	-0.87	-0.95	-1.14	-2.51	-1.88	-0.94	-1.92	-0.95	-0.88
Leverage Ratio	1.22	1.27	1.24	1.20	1.20	3.37	2.18	1.14	2.42	1.29	1.41
Compound Leverage Factor	1.32	117.90	1.22	1.21	1.27	1.50	2.24	0.95	2.32	1.27	1.40
Debt to Total Capital	7.36%	9.18%	9.98%	7.56%	10.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	7.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	9.18%	9.98%	7.56%	10.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	128.53%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.64%	90.82%	90.02%	92.44%	89.41%	100.00%	200.00%	100.00%	200.00%	100.00%	-28.53%
Debt to EBITDA	0.44	12.72	-0.25	0.28	2.49	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-5.04	-117.63	1.69	-3.38	-19.04	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	12.72	-0.25	0.28	2.49	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.94	-0.91	-1.59	3.65	6.33	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-10.84	8.37	10.59	-43.37	-48.43	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-0.91	-1.59	3.65	6.33	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	35.69	27.50	10.31	49.28	62.56	119.31	57.19	55.13	89.69	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	33.10%	128.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.71	6.99	7.07	12.15	15.69	17.34	15.35	10.82	12.71	5.44	3.46
Quick Ratio	3.60	6.80	6.90	12.00	15.41	17.04	15.16	10.63	18.66	5.27	3.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	572	536	-2,400	526	639	-1,834	-487	-79	-39	-9.50	-23
Operating Cash Flow to CapEx	8,505.26%	2,420.51%	-272.00%	1,054.80%	1,018.28%	248.82%	66.72%	39.42%	117.92%	95.35%	-3.91%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	150.58	70.29	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	153.37	46.78	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	138.83	42.18	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.64	0.46	0.44	0.52	1.65	1.27	0.84	2.12	1.21	1.10
Accounts Receivable Turnover	28.46	25.44	24.08	29.47	27.73	71.80	101.75	42.70	49.63	30.83	14.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	185.00	78.44	47.35	46.67	28.79	36.49	38.34	14.02	19.77	7.49	4.83
Accounts Payable Turnover	6.70	6.32	5.70	5.63	5.76	10.25	11.96	5.45	5.23	5.08	3.45
Days Sales Outstanding (DSO)	12.82	14.35	15.16	12.38	13.16	30.50	21.52	8.55	14.71	11.84	25.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	54.49	57.71	64.04	64.88	63.38	142.48	122.08	67.03	69.76	71.83	105.68
Cash Conversion Cycle (CCC)	-41.66	-43.36	-48.88	-52.50	-50.21	-111.98	-50.28	-58.48	-124.82	-59.99	-80.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	999	597	2,145	321	597	1,116	242	63	18	5.14	8.07
Invested Capital Turnover	11.13	5.15	4.54	10.05	3.42	7.89	23.31	16.60	67.11	31.06	26.03
Increase / (Decrease) in Invested Capital	402	-1,548	1,824	-277	-519	1,748	358	45	13	-2.93	8.07
Enterprise Value (EV)	123,307	89,605	37,605	162,597	132,893	43,835	26,628	9,150	3,440	0.00	0.00
Market Capitalization	133,866	98,074	43,699	173,409	138,697	46,290	30,568	10,088	3,833	0.00	0.00
Book Value per Share	$8.98	$7.11	$65.44	$90.86	$54.98	$54.64	$41.87	$11.20	$5.11	$3.16	($0.50)
Tangible Book Value per Share	$8.62	$6.75	$47.76	$86.82	$51.13	$68.93	$40.58	$10.78	$9.67	$3.03	($0.63)
Total Capital	12,476	9,982	9,152	12,044	7,159	9,047	6,272	1,001	821	195	68
Total Debt	918	916	913	911	758	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	916	913	911	758	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-10,559	-8,469	-6,094	-10,813	-5,803	-4,910	-3,939	-938	-785	-190	-60
Capital Expenditures (CapEx)	19	39	50	51	42	114	56	20	48	17	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	737	369	141	68	51	-56	41	-7.12	-72	-25	-11
Debt-free Net Working Capital (DFNWC)	6,216	5,377	5,194	7,837	6,439	7,283	3,981	931	356	165	49
Net Working Capital (NWC)	5,298	5,377	5,194	7,837	6,439	2,426	3,981	931	713	165	49
Net Nonoperating Expense (NNE)	-1,045	-1,144	2,885	-2,665	-200	52	0.42	5.59	9.34	6.36	7.18
Net Nonoperating Obligations (NNO)	-10,559	-8,469	-6,094	-10,813	-5,803	-4,915	-3,939	-938	-392	-190	-60
Total Depreciation and Amortization (D&A)	36	70	93	69	79	71	54	23	28	7.24	4.67
Debt-free, Cash-free Net Working Capital to Revenue	8.30%	5.23%	2.52%	1.49%	1.76%	-3.72%	3.86%	-1.06%	-18.52%	-12.15%	-10.52%
Debt-free Net Working Capital to Revenue	70.00%	76.16%	92.75%	169.92%	219.81%	307.58%	185.46%	138.26%	183.07%	80.51%	46.29%
Net Working Capital to Revenue	59.66%	76.16%	92.75%	169.92%	219.81%	461.30%	185.46%	138.26%	274.60%	80.51%	46.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.57	$0.10	$0.00	$23.38	$2.67	($1.10)	($0.61)	($0.42)	($0.42)	($0.30)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	1.29B	1.28B	0.00	124.66M	119.57M	116.43M	110.39M	99.88M	89.41M	80.34M	0.00
Adjusted Diluted Earnings per Share	$1.55	$0.10	$0.00	$22.90	$2.59	($1.10)	($0.61)	($0.42)	($0.42)	($0.30)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	1.30B	1.30B	0.00	127.36M	123.46M	116.43M	110.39M	99.88M	89.41M	80.34M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($1.10)	($0.61)	($0.42)	($0.42)	($0.30)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.29B	1.29B	0.00	125.90M	122.53M	113.03M	105.67M	95.77M	83.99M	61.72M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	974	-56	-575	249	63	-198	-129	-34	-26	-12	-15
Normalized NOPAT Margin	10.97%	-0.79%	-10.28%	5.41%	2.15%	-12.52%	-17.99%	-5.11%	-13.36%	-6.06%	-14.41%
Pre Tax Income Margin	25.09%	2.62%	-64.70%	68.10%	8.21%	-18.21%	-12.03%	-5.94%	-9.08%	-9.16%	-21.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	895.71	24.88	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	71.38	13.19	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	881.17	20.28	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	56.84	8.60	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Shopify's official financial filings.

Metric	Q1 2025
Period end date	3/31/2025
Growth Metrics	-
Revenue Growth	26.81%
EBITDA Growth	-186.12%
EBIT Growth	-179.04%
NOPAT Growth	136.05%
Net Income Growth	-149.82%
EPS Growth	-152.38%
Operating Cash Flow Growth	54.20%
Free Cash Flow Firm Growth	0.00%
Invested Capital Growth	0.00%
Revenue Q/Q Growth	0.00%
EBITDA Q/Q Growth	0.00%
EBIT Q/Q Growth	0.00%
NOPAT Q/Q Growth	0.00%
Net Income Q/Q Growth	0.00%
EPS Q/Q Growth	0.00%
Operating Cash Flow Q/Q Growth	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%
Invested Capital Q/Q Growth	0.00%
Profitability Metrics	-
Gross Margin	49.53%
EBITDA Margin	-34.07%
Operating Margin	8.60%
EBIT Margin	-34.41%
Profit (Net Income) Margin	-28.90%
Tax Burden Percent	88.57%
Interest Burden Percent	94.83%
Effective Tax Rate	0.00%
Return on Invested Capital (ROIC)	86.68%
ROIC Less NNEP Spread (ROIC-NNEP)	103.59%
Return on Net Nonoperating Assets (RNNOA)	-91.38%
Return on Equity (ROE)	-4.69%
Cash Return on Invested Capital (CROIC)	0.00%
Operating Return on Assets (OROA)	-24.08%
Return on Assets (ROA)	-20.23%
Return on Common Equity (ROCE)	-4.69%
Return on Equity Simple (ROE_SIMPLE)	14.57%
Net Operating Profit after Tax (NOPAT)	142
NOPAT Margin	6.02%
Net Nonoperating Expense Percent (NNEP)	-16.91%
Return On Investment Capital (ROIC_SIMPLE)	1.19%
Cost of Revenue to Revenue	50.47%
SG&A Expenses to Revenue	4.62%
R&D to Revenue	15.97%
Operating Expenses to Revenue	40.93%
Earnings before Interest and Taxes (EBIT)	-812
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-804
Valuation Ratios	-
Price to Book Value (P/BV)	10.88
Price to Tangible Book Value (P/TBV)	11.43
Price to Revenue (P/Rev)	12.82
Price to Earnings (P/E)	74.66
Dividend Yield	0.00%
Earnings Yield	1.34%
Enterprise Value to Invested Capital (EV/IC)	84.77
Enterprise Value to Revenue (EV/Rev)	11.78
Enterprise Value to EBITDA (EV/EBITDA)	70.31
Enterprise Value to EBIT (EV/EBIT)	71.87
Enterprise Value to NOPAT (EV/NOPAT)	98.65
Enterprise Value to Operating Cash Flow (EV/OCF)	63.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00
Leverage & Solvency	-
Debt to Equity	0.08
Long-Term Debt to Equity	0.00
Financial Leverage	-0.88
Leverage Ratio	1.21
Compound Leverage Factor	1.15
Debt to Total Capital	7.68%
Short-Term Debt to Total Capital	7.68%
Long-Term Debt to Total Capital	0.00%
Preferred Equity to Total Capital	0.00%
Noncontrolling Interests to Total Capital	0.00%
Common Equity to Total Capital	92.32%
Debt to EBITDA	0.59
Net Debt to EBITDA	-6.21
Long-Term Debt to EBITDA	0.00
Debt to NOPAT	0.82
Net Debt to NOPAT	-8.71
Long-Term Debt to NOPAT	0.00
Altman Z-Score	31.79
Noncontrolling Interest Sharing Ratio	0.00%
Liquidity Ratios	-
Current Ratio	3.71
Quick Ratio	3.59
Cash Flow Metrics	-
Free Cash Flow to Firm (FCFF)	-1,161
Operating Cash Flow to CapEx	9,175.00%
Free Cash Flow to Firm to Interest Expense	0.00
Operating Cash Flow to Interest Expense	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00
Efficiency Ratios	-
Asset Turnover	0.70
Accounts Receivable Turnover	31.58
Inventory Turnover	0.00
Fixed Asset Turnover	203.89
Accounts Payable Turnover	6.05
Days Sales Outstanding (DSO)	11.56
Days Inventory Outstanding (DIO)	0.00
Days Payable Outstanding (DPO)	60.33
Cash Conversion Cycle (CCC)	-48.77
Capital & Investment Metrics	-
Invested Capital	1,303
Invested Capital Turnover	14.40
Increase / (Decrease) in Invested Capital	1,303
Enterprise Value (EV)	110,459
Market Capitalization	120,207
Book Value per Share	$8.53
Tangible Book Value per Share	$8.13
Total Capital	11,970
Total Debt	919
Total Long-Term Debt	0.00
Net Debt	-9,748
Capital Expenditures (CapEx)	4.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	841
Debt-free Net Working Capital (DFNWC)	6,355
Net Working Capital (NWC)	5,436
Net Nonoperating Expense (NNE)	824
Net Nonoperating Obligations (NNO)	-9,748
Total Depreciation and Amortization (D&A)	8.00
Debt-free, Cash-free Net Working Capital to Revenue	8.97%
Debt-free Net Working Capital to Revenue	67.76%
Net Working Capital to Revenue	57.96%
Earnings Adjustments	-
Adjusted Basic Earnings per Share	($0.53)
Adjusted Weighted Average Basic Shares Outstanding	1.30B
Adjusted Diluted Earnings per Share	($0.53)
Adjusted Weighted Average Diluted Shares Outstanding	1.30B
Adjusted Basic & Diluted Earnings per Share	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.30B
Normalized Net Operating Profit after Tax (NOPAT)	142
Normalized NOPAT Margin	6.02%
Pre Tax Income Margin	-32.63%
Debt Service Ratios	-
EBIT to Interest Expense	0.00
NOPAT to Interest Expense	0.00
EBIT Less CapEx to Interest Expense	0.00
NOPAT Less CapEx to Interest Expense	0.00
Payout Ratios	-
Dividend Payout Ratio	0.00%
Augmented Payout Ratio	0.00%

Frequently Asked Questions About Shopify's Financials

When does Shopify's financial year end?

According to the most recent income statement we have on file, Shopify's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Shopify's net income changed over the last 10 years?

Shopify's net income appears to be on an upward trend, with a most recent value of $2.02 billion in 2024, falling from -$22.31 million in 2014. The previous period was $132 million in 2023. See where experts think Shopify is headed by visiting Shopify's forecast page.

What is Shopify's operating income?

Shopify's total operating income in 2024 was $1.08 billion, based on the following breakdown:

Total Gross Profit: $4.47 billion
Total Operating Expenses: $3.40 billion

How has Shopify revenue changed over the last 10 years?

Over the last 10 years, Shopify's total revenue changed from $105.02 million in 2014 to $8.88 billion in 2024, a change of 8,355.7%.

How much debt does Shopify have?

Shopify's total liabilities were at $2.37 billion at the end of 2024, a 6.0% increase from 2023, and a 8,515.9% increase since 2014.

How much cash does Shopify have?

In the past 10 years, Shopify's cash and equivalents has ranged from $41.95 million in 2014 to $2.70 billion in 2020, and is currently $1.50 billion as of their latest financial filing in 2024.

How has Shopify's book value per share changed over the last 10 years?

Over the last 10 years, Shopify's book value per share changed from -0.50 in 2014 to 8.98 in 2024, a change of -1,910.5%.

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This page (NYSE:SHOP) was last updated on 5/29/2025 by MarketBeat.com Staff

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Shopify (SHOP) Financials

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