Shopify (SHOP) Financials

$100.28 +2.86 (+2.94%)

As of 05/15/2026 04:00 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019	1,231
Consolidated Net Income / (Loss)	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019	1,231
Net Income / (Loss) Continuing Operations	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019	1,231
Total Pre-Tax Income	-19	-35	-40	-65	-96	240	3,141	-3,623	185	2,228	1,509
Total Operating Income	-18	-37	-49	-92	-141	90	269	-822	-1,418	1,075	1,468
Total Gross Profit	113	209	380	596	866	1,542	2,481	2,754	3,515	4,472	5,555
Total Revenue	205	389	673	1,073	1,578	2,929	4,612	5,600	7,060	8,880	11,556
Operating Revenue	205	389	673	1,073	1,578	2,929	4,612	5,600	7,060	8,880	11,556
Total Cost of Revenue	92	180	293	477	713	1,388	2,131	2,846	3,545	4,408	6,001
Operating Cost of Revenue	25	39	293	477	713	1,388	2,131	2,846	3,545	4,408	6,001
Total Operating Expenses	131	247	429	688	1,007	1,451	2,213	3,576	4,933	3,397	4,087
Selling, General & Admin Expense	21	43	68	107	154	245	375	708	491	410	471
Marketing Expense	70	129	226	350	473	602	902	1,230	1,220	1,393	1,663
Research & Development Expense	40	74	136	231	355	552	854	1,503	1,730	1,367	1,536
Other Operating Expenses / (Income)	-	-	-	-	25	52	82	135	152	227	417
Impairment Charge	-	-	-	-	-	-	-	0.00	1,340	0.00	0.00
Total Other Income / (Expense), net	-1.03	1.81	9.16	27	45	150	2,872	-2,801	1,603	1,153	41
Interest & Investment Income	0.20	1.54	7.85	29	48	23	15	75	183	170	291
Other Income / (Expense), net	-1.23	0.27	1.31	-2.07	-2.85	136	2,860	-2,876	1,420	983	-250
Income Tax Expense	-	-	-	0.00	29	-79	226	-163	53	209	278
Basic Earnings per Share	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.67	$2.34	($2.73)	$0.10	$1.57	$0.95
Weighted Average Basic Shares Outstanding	61.72M	83.99M	95.77M	105.67M	113.03M	119.57M	1.25B	1.27B	1.28B	1.29B	1.30B
Diluted Earnings per Share	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.59	$2.29	($2.73)	$0.10	$1.55	$0.94
Weighted Average Diluted Shares Outstanding	61.72M	83.99M	95.77M	105.67M	113.03M	123.46M	1.27B	1.27B	1.30B	1.30B	1.30B
Weighted Average Basic & Diluted Shares Outstanding	61.72M	83.99M	95.77M	105.67M	113.03M	122.53M	125.90M	1.29B	1.29B	1.29B	1.30B

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 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-273	171	828	1,293	-682	906	264	743	-581
Consolidated Net Income / (Loss)	-273	171	828	1,293	-682	906	264	743	-581
Net Income / (Loss) Continuing Operations	-273	171	828	1,293	-682	906	264	743	-581
Total Pre-Tax Income	-256	203	860	1,421	-770	1,079	308	892	-634
Total Operating Income	86	241	283	465	203	291	343	631	382
Total Gross Profit	957	1,045	1,118	1,352	1,169	1,302	1,391	1,693	1,546
Total Revenue	1,861	2,045	2,162	2,812	2,360	2,680	2,844	3,672	3,170
Operating Revenue	1,861	2,045	2,162	2,812	2,360	2,680	2,844	3,672	3,170
Total Cost of Revenue	904	1,000	1,044	1,460	1,191	1,378	1,453	1,979	1,624
Operating Cost of Revenue	904	1,000	1,044	1,460	1,191	1,378	1,453	1,979	1,624
Total Operating Expenses	871	804	835	887	966	1,011	1,048	1,062	1,164
Selling, General & Admin Expense	124	60	114	112	109	122	115	125	115
Marketing Expense	361	353	331	348	405	415	410	433	496
Research & Development Expense	335	349	332	351	377	394	375	390	437
Other Operating Expenses / (Income)	51	42	58	76	75	80	148	114	116
Total Other Income / (Expense), net	-342	-38	577	956	-973	788	-35	261	-1,016
Interest & Investment Income	35	36	49	50	42	82	60	107	54
Other Income / (Expense), net	-377	-74	528	906	-1,015	706	-95	154	-1,070
Income Tax Expense	17	32	32	128	-88	173	44	149	-53
Basic Earnings per Share	($0.21)	$0.13	$0.64	$1.01	($0.53)	$0.70	$0.20	$0.58	($0.45)
Weighted Average Basic Shares Outstanding	1.29B	1.29B	1.29B	1.29B	1.30B	1.30B	1.30B	1.30B	1.30B
Diluted Earnings per Share	($0.21)	$0.13	$0.64	$0.99	($0.53)	$0.69	$0.20	$0.58	($0.45)
Weighted Average Diluted Shares Outstanding	1.29B	1.30B	1.30B	1.30B	1.30B	1.31B	1.31B	1.30B	1.30B
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	1.29B	1.30B	1.30B	1.30B	1.30B	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	68	-26	58	269	239	2,054	-201	-854	-236	85	47
Net Cash From Operating Activities	16	14	7.90	9.32	71	425	536	-136	944	1,616	2,033
Net Cash From Continuing Operating Activities	16	14	7.90	9.32	71	425	536	-136	944	1,616	2,033
Net Income / (Loss) Continuing Operations	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019	1,231
Consolidated Net Income / (Loss)	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019	1,231
Depreciation Expense	7.24	14	23	27	36	70	66	93	70	36	31
Non-Cash Adjustments To Reconcile Net Income	14	26	50	103	180	140	-2,777	3,517	547	-351	888
Changes in Operating Assets and Liabilities, net	14	9.63	-26	-56	-20	-114	329	-286	195	-88	-117
Net Cash From Investing Activities	-84	-270	-527	-811	-569	-1,932	-2,379	-719	-1,244	-1,586	-1,190
Net Cash From Continuing Investing Activities	-84	-270	-527	-811	-569	-1,932	-2,379	-719	-1,244	-1,586	-1,190
Purchase of Property, Plant & Equipment	-17	-24	-20	-28	-57	-42	-51	-50	-39	-19	-26
Acquisitions	-4.51	-17	-20	-33	-271	-0.26	-60	-1,754	-31	-30	-56
Purchase of Investments	-111	-369	-1,129	-2,448	-2,719	-5,611	-8,186	-6,172	-8,066	-11,539	-11,153
Sale and/or Maturity of Investments	48	140	642	1,698	2,477	3,721	5,917	7,257	6,928	9,999	9,987
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	-36	3.00	58
Net Cash From Financing Activities	138	229	575	1,072	736	3,557	1,650	18	60	61	-811
Net Cash From Continuing Financing Activities	138	229	575	1,072	736	3,557	1,650	18	60	61	-811
Issuance of Debt	-	-	-	-	0.00	908	-	-	0.00	0.00	-1,043
Other Financing Activities, net	1.60	4.16	15	30	48	71	109	18	60	61	232
Effect of Exchange Rate Changes	-1.65	1.03	2.10	-1.87	1.74	3.22	-7.01	-17	4.00	-6.00	15
Cash Interest Paid	-	-	-	-	-	0.00	1.29	1.00	1.00	1.00	1.00
Cash Income Taxes Paid	-	-	-	-	-	70	-10	27	50	116	194

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 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	210	-82	-34	-9.00	-189	233	872	-869	303
Net Cash From Operating Activities	238	340	423	615	367	428	513	725	481
Net Cash From Continuing Operating Activities	238	340	423	615	367	428	513	725	481
Net Income / (Loss) Continuing Operations	-273	171	828	1,293	-682	906	264	743	-581
Consolidated Net Income / (Loss)	-273	171	828	1,293	-682	906	264	743	-581
Depreciation Expense	10	10	8.00	8.00	8.00	8.00	8.00	7.00	7.00
Non-Cash Adjustments To Reconcile Net Income	521	229	-370	-731	1,176	-549	316	-55	1,125
Changes in Operating Assets and Liabilities, net	-20	-70	-43	45	-135	63	-75	30	-70
Net Cash From Investing Activities	-27	-424	-474	-661	-619	-252	335	-654	310
Net Cash From Continuing Investing Activities	-27	-424	-474	-661	-619	-252	335	-654	310
Purchase of Property, Plant & Equipment	-6.00	-7.00	-2.00	-4.00	-4.00	-6.00	-6.00	-10	-5.00
Acquisitions	0.00	-26	-4.00	-	-56	-	-	-	0.00
Purchase of Investments	-2,713	-2,650	-2,934	-3,242	-2,527	-2,479	-2,464	-3,683	-2,193
Sale and/or Maturity of Investments	2,692	2,257	2,465	2,585	1,968	2,231	2,805	2,983	2,506
Other Investing Activities, net	-	-	1.00	-	0.00	-	-	56	2.00
Net Cash From Financing Activities	3.00	3.00	6.00	49	59	44	24	-938	-485
Net Cash From Continuing Financing Activities	3.00	3.00	6.00	49	59	44	24	-938	-485
Repurchase of Common Equity	-	-	-	-	0.00	-	-	-	-491
Other Financing Activities, net	3.00	3.00	6.00	49	59	44	24	105	6.00
Effect of Exchange Rate Changes	-4.00	-1.00	11	-12	4.00	13	-	-2.00	-3.00
Cash Income Taxes Paid	9.00	40	14	53	27	61	23	83	93

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	244	491	1,114	2,255	3,489	7,763	13,340	10,757	11,299	13,924	15,189
Total Current Assets	202	423	1,026	2,129	2,742	6,878	8,539	6,050	6,275	7,254	8,296
Cash & Equivalents	110	84	142	411	650	2,704	2,503	1,649	1,413	1,498	1,545
Short-Term Investments	80	308	796	1,559	1,805	3,684	5,265	3,404	3,595	3,981	4,233
Note & Lease Receivable	0.00	12	47	92	150	245	471	580	816	1,224	1,784
Accounts Receivable	6.09	9.60	22	41	91	121	192	273	282	342	500
Prepaid Expenses	6.20	8.99	19	26	46	68	103	144	169	209	234
Plant, Property, & Equipment, net	33	46	50	62	111	92	106	131	49	47	53
Total Noncurrent Assets	8.20	22	38	64	633	793	4,695	4,576	4,975	6,623	6,840
Long-Term Investments	-	-	-	-	-	173	3,956	1,954	4,377	5,998	6,159
Goodwill	2.37	16	20	38	312	312	357	1,836	427	452	491
Intangible Assets	5.83	6.44	17	26	167	136	138	390	29	22	30
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	19	53	48	41	44	37	33
Other Noncurrent Operating Assets	-	-	-	0.00	135	119	196	355	98	114	127
Total Liabilities & Shareholders' Equity	244	491	1,114	2,255	3,489	7,763	13,340	10,757	11,299	13,924	15,189
Total Liabilities	48	80	112	164	474	1,362	2,207	2,518	2,233	2,366	1,716
Total Current Liabilities	37	67	95	139	316	438	703	856	898	1,956	1,392
Accounts Payable	24	45	63	97	181	301	457	542	579	737	1,075
Current Deferred Revenue	14	21	32	39	57	108	217	296	302	283	300
Other Current Liabilities	-	-	-	2.55	9.07	10	16	18	17	18	17
Total Noncurrent Liabilities	11	14	18	25	157	924	1,504	1,662	1,335	410	324
Noncurrent Deferred Revenue	11	14	16	1.88	5.97	21	163	268	196	147	98
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	1.39	1.13	8.75	0.00	183	16	6.00	73	55
Other Noncurrent Operating Liabilities	-	-	-	22	143	145	247	465	217	190	171
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	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558	13,473
Total Preferred & Common Equity	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558	13,473
Total Common Equity	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558	13,473
Common Stock	243	496	1,121	2,291	3,319	6,377	8,201	8,777	9,452	9,939	10,612
Retained Earnings	-48	-83	-123	-188	-304	15	2,938	-522	-390	1,629	2,860
Accumulated Other Comprehensive Income / (Loss)	0.00	-1.82	3.44	-12	1.05	8.77	-5.97	-16	4.00	-10	1.00

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	Q4 2022	Q4 2023	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	12/31/2022	12/31/2023	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	10,757	11,299	13,924	13,400	14,561	15,039	14,121
Total Current Assets	6,050	6,275	7,254	7,445	8,001	8,705	8,495
Cash & Equivalents	1,649	1,413	1,498	1,309	1,542	2,414	1,848
Short-Term Investments	3,404	3,595	3,981	4,205	4,278	3,935	3,895
Note & Lease Receivable	580	816	1,224	1,392	1,597	1,733	2,097
Accounts Receivable	273	282	342	297	350	396	449
Prepaid Expenses	144	169	209	242	234	227	206
Plant, Property, & Equipment, net	131	49	47	46	46	51	54
Total Noncurrent Assets	4,576	4,975	6,623	5,909	6,514	6,283	5,572
Long-Term Investments	1,954	4,377	5,998	5,153	5,831	5,613	4,822
Goodwill	1,836	427	452	491	491	491	491
Intangible Assets	390	29	22	39	36	33	28
Noncurrent Deferred & Refundable Income Taxes	41	44	37	98	31	29	117
Other Noncurrent Operating Assets	355	98	114	128	125	117	114
Total Liabilities & Shareholders' Equity	10,757	11,299	13,924	13,400	14,561	15,039	14,121
Total Liabilities	2,518	2,233	2,366	2,349	2,437	2,528	1,620
Total Current Liabilities	856	898	1,956	2,009	2,078	2,213	1,371
Accounts Payable	542	579	737	776	841	974	1,034
Current Deferred Revenue	296	302	283	295	298	300	321
Other Current Liabilities	18	17	18	19	20	19	16
Total Noncurrent Liabilities	1,662	1,335	410	340	359	315	249
Noncurrent Deferred Revenue	268	196	147	135	123	110	86
Noncurrent Deferred & Payable Income Tax Liabilities	16	6.00	73	5.00	36	29	0.00
Other Noncurrent Operating Liabilities	465	217	190	200	200	176	163
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,239	9,066	11,558	11,051	12,124	12,511	12,501
Total Preferred & Common Equity	8,239	9,066	11,558	11,051	12,124	12,511	12,501
Total Common Equity	8,239	9,066	11,558	11,051	12,124	12,511	12,501
Common Stock	8,777	9,452	9,939	10,110	10,266	10,395	10,226
Retained Earnings	-522	-390	1,629	947	1,853	2,117	2,279
Accumulated Other Comprehensive Income / (Loss)	-16	4.00	-10	-6.00	5.00	-1.00	-4.00

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	95.43%	89.70%	72.94%	59.40%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%	30.14%
EBITDA Growth	33.58%	-290.06%	46.64%	-894.50%	-142.79%	193.78%	948.90%	-212.75%	102.00%	2,808.33%	-40.35%
EBIT Growth	15.10%	-94.27%	-29.69%	-585.78%	-53.21%	178.48%	1,284.30%	-218.20%	100.05%	102,800.00%	-40.82%
NOPAT Growth	17.85%	-109.31%	-32.27%	-173.99%	-53.55%	221.29%	108.05%	-330.79%	-75.84%	196.28%	22.93%
Net Income Growth	15.78%	-88.16%	-13.12%	-122.81%	-186.79%	355.93%	812.23%	-218.71%	103.82%	1,429.55%	-39.03%
EPS Growth	47.37%	-40.00%	0.00%	-45.24%	-240.98%	335.45%	812.23%	-219.21%	103.66%	1,450.00%	-39.35%
Operating Cash Flow Growth	2,067.04%	-11.04%	-43.63%	36.02%	1,314.69%	501.80%	26.06%	-125.39%	794.12%	71.19%	25.80%
Free Cash Flow Firm Growth	59.04%	-309.69%	-103.96%	-413.23%	-199.50%	134.82%	-17.64%	-556.26%	122.35%	6.70%	15.45%
Invested Capital Growth	-36.26%	251.13%	249.14%	92.03%	260.82%	-46.48%	-46.32%	568.92%	-72.17%	67.34%	53.75%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.04%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-31.97%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-32.48%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.25%
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%	-30.88%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-30.37%
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%	5.72%
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%	4.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.18%	107.62%	56.48%	111.12%	164.55%	52.62%	53.80%	49.18%	49.79%	50.36%	48.07%
EBITDA Margin	-5.73%	-11.78%	-3.63%	-12.47%	-13.73%	10.41%	69.33%	-64.38%	1.02%	23.58%	10.81%
Operating Margin	-8.65%	-19.09%	-7.30%	-17.13%	-26.83%	3.08%	5.83%	-14.68%	-20.09%	12.11%	12.70%
EBIT Margin	-9.25%	-18.95%	-7.11%	-26.27%	-9.12%	7.72%	67.84%	-66.04%	0.03%	23.18%	10.54%
Profit (Net Income) Margin	-9.16%	-18.16%	-5.94%	-18.04%	-15.82%	10.91%	63.20%	-61.79%	1.87%	22.74%	10.65%
Tax Burden Percent	100.00%	100.00%	100.00%	300.00%	260.59%	132.93%	92.81%	95.50%	71.35%	90.62%	81.58%
Interest Burden Percent	98.95%	191.67%	83.59%	137.36%	199.62%	106.35%	100.38%	97.97%	9,250.00%	108.26%	123.89%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-32.93%	7.19%	0.00%	28.65%	9.38%	18.42%
Return on Invested Capital (ROIC)	-188.12%	-224.21%	-84.83%	-69.88%	-24.69%	13.99%	54.32%	-46.67%	-73.80%	122.08%	94.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-183.03%	-221.01%	-83.99%	-122.99%	-23.88%	10.26%	22.24%	-12.55%	-89.51%	111.09%	94.18%
Return on Net Nonoperating Assets (RNNOA)	173.84%	212.54%	79.17%	131.41%	65.46%	-11.68%	-21.07%	10.95%	75.32%	-102.50%	-84.65%
Return on Equity (ROE)	-14.29%	-23.34%	-5.67%	-11.44%	12.08%	2.31%	33.25%	-35.72%	1.53%	19.58%	9.84%
Cash Return on Invested Capital (CROIC)	-143.84%	-671.09%	-195.77%	-264.42%	-486.20%	74.54%	114.59%	-194.65%	39.11%	71.70%	52.11%
Operating Return on Assets (OROA)	-11.21%	-20.10%	-5.97%	-16.74%	-10.03%	4.02%	29.65%	-30.69%	0.02%	16.32%	8.37%
Return on Assets (ROA)	-11.09%	-9.63%	-4.99%	-7.67%	-8.69%	5.68%	27.62%	-28.72%	1.20%	16.01%	8.46%
Return on Common Equity (ROCE)	-9.56%	-23.34%	-5.67%	-11.44%	10.44%	2.31%	33.25%	-35.72%	1.53%	19.58%	9.84%
Return on Equity Simple (ROE_SIMPLE)	-9.62%	-17.23%	-4.00%	-6.18%	-8.28%	4.99%	26.18%	-42.00%	1.46%	17.47%	0.00%
Net Operating Profit after Tax (NOPAT)	-12	-26	-34	-64	-99	120	249	-575	-1,012	974	1,198
NOPAT Margin	-6.06%	-13.36%	-5.11%	-11.99%	-12.52%	4.09%	5.41%	-10.28%	-14.33%	10.97%	10.36%
Net Nonoperating Expense Percent (NNEP)	-5.09%	-6.41%	-0.84%	-0.03%	-2.44%	3.73%	32.08%	-34.12%	15.71%	10.98%	0.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-6.29%	-10.14%	7.81%	8.89%
Cost of Revenue to Revenue	44.82%	92.38%	43.52%	88.88%	135.45%	47.38%	46.20%	50.82%	50.21%	49.64%	51.93%
SG&A Expenses to Revenue	10.19%	22.15%	10.06%	10.01%	9.74%	8.37%	8.13%	12.64%	6.95%	4.62%	4.08%
R&D to Revenue	19.35%	19.09%	20.20%	64.48%	67.49%	18.85%	18.53%	26.84%	24.50%	15.39%	13.29%
Operating Expenses to Revenue	63.84%	63.36%	63.78%	128.25%	127.59%	49.54%	47.97%	63.86%	69.87%	38.25%	35.37%
Earnings before Interest and Taxes (EBIT)	-19	-37	-48	-188	-288	226	3,129	-3,698	2.00	2,058	1,218
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-46	-24	-134	-325	305	3,197	-3,605	72	2,094	1,249
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	9.34	10.08	14.62	15.35	21.67	15.58	5.30	10.82	11.58	15.04
Price to Tangible Book Value (P/TBV)	0.00	9.86	10.47	22.62	18.25	23.30	16.30	7.27	11.39	12.08	15.65
Price to Revenue (P/Rev)	0.00	9.84	14.98	28.48	29.33	47.34	37.60	7.80	13.89	15.08	17.54
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	434.09	59.50	0.00	742.98	66.30	164.63
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	1.68%	0.00%	0.13%	1.51%	0.61%
Enterprise Value to Invested Capital (EV/IC)	0.00	190.48	145.09	109.95	173.67	222.49	507.06	17.53	150.09	123.43	124.17
Enterprise Value to Revenue (EV/Rev)	0.00	8.84	13.59	12.41	27.78	45.36	35.26	6.72	12.69	13.89	16.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	435.96	50.85	0.00	1,244.51	58.89	152.70
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	587.98	51.97	0.00	44,802.44	59.92	156.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	1,108.94	652.17	0.00	0.00	126.58	159.26
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	245.44	1,158.03	1,427.95	1,241.51	312.72	303.52	0.00	94.92	76.30	93.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	208.10	309.14	0.00	167.10	215.51	288.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.12	0.08	0.11	0.10	0.08	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.12	0.08	0.11	0.10	0.00	0.00
Financial Leverage	-0.95	-1.92	-0.94	-1.88	-2.51	-1.14	-0.95	-0.87	-0.84	-0.92	-0.90
Leverage Ratio	1.29	2.42	1.14	2.18	3.37	1.20	1.20	1.24	1.27	1.22	1.16
Compound Leverage Factor	1.27	2.32	0.95	2.24	1.50	1.27	1.21	1.22	117.90	1.32	1.44
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.59%	7.56%	9.98%	9.18%	7.36%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.36%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.59%	7.56%	9.98%	9.18%	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%	0.00%
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	100.00%	200.00%	100.00%	200.00%	100.00%	89.41%	92.44%	90.02%	90.82%	92.64%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	2.49	0.28	-0.25	12.72	0.44	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-19.04	-3.38	1.69	-117.63	-5.04	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	2.49	0.28	-0.25	12.72	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	6.33	3.65	-1.59	-0.91	0.94	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-48.43	-43.37	10.59	8.37	-10.84	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	6.33	3.65	-1.59	-0.91	0.00	0.00
Altman Z-Score	0.00	89.69	55.13	57.19	119.31	62.56	49.28	10.31	27.50	35.69	72.69
Noncontrolling Interest Sharing Ratio	33.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.44	12.71	10.82	15.35	17.34	15.69	12.15	7.07	6.99	3.71	5.96
Quick Ratio	5.27	18.66	10.63	15.16	17.04	15.41	12.00	6.90	6.80	3.60	5.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.50	-39	-79	-487	-1,834	639	526	-2,400	536	572	661
Operating Cash Flow to CapEx	95.35%	117.92%	39.42%	66.72%	248.82%	1,018.28%	1,054.80%	-272.00%	2,420.51%	8,505.26%	7,819.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	70.29	150.58	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	46.78	153.37	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	42.18	138.83	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.21	2.12	0.84	1.27	1.65	0.52	0.44	0.46	0.64	0.70	0.79
Accounts Receivable Turnover	30.83	49.63	42.70	101.75	71.80	27.73	29.47	24.08	25.44	28.46	27.45
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	7.49	19.77	14.02	38.34	36.49	28.79	46.67	47.35	78.44	185.00	231.12
Accounts Payable Turnover	5.08	5.23	5.45	11.96	10.25	5.76	5.63	5.70	6.32	6.70	6.62
Days Sales Outstanding (DSO)	11.84	14.71	8.55	21.52	30.50	13.16	12.38	15.16	14.35	12.82	13.30
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)	71.83	69.76	67.03	122.08	142.48	63.38	64.88	64.04	57.71	54.49	55.11
Cash Conversion Cycle (CCC)	-59.99	-124.82	-58.48	-50.28	-111.98	-50.21	-52.50	-48.88	-43.36	-41.66	-41.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5.14	18	63	242	1,116	597	321	2,145	597	999	1,536
Invested Capital Turnover	31.06	67.11	16.60	23.31	7.89	3.42	10.05	4.54	5.15	11.13	9.12
Increase / (Decrease) in Invested Capital	-2.93	13	45	358	1,748	-519	-277	1,824	-1,548	402	537
Enterprise Value (EV)	0.00	3,440	9,150	26,628	43,835	132,893	162,597	37,605	89,605	123,307	190,720
Market Capitalization	0.00	3,833	10,088	30,568	46,290	138,697	173,409	43,699	98,074	133,866	202,657
Book Value per Share	$3.16	$5.11	$11.20	$41.87	$54.64	$54.98	$90.86	$65.44	$7.11	$8.98	$10.35
Tangible Book Value per Share	$3.03	$9.67	$10.78	$40.58	$68.93	$51.13	$86.82	$47.76	$6.75	$8.62	$9.95
Total Capital	195	821	1,001	6,272	9,047	7,159	12,044	9,152	9,982	12,476	13,473
Total Debt	0.00	0.00	0.00	0.00	0.00	758	911	913	916	918	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	758	911	913	916	0.00	0.00
Net Debt	-190	-785	-938	-3,939	-4,910	-5,803	-10,813	-6,094	-8,469	-10,559	-11,937
Capital Expenditures (CapEx)	17	48	20	56	114	42	51	50	39	19	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-25	-72	-7.12	41	-56	51	68	141	369	737	1,126
Debt-free Net Working Capital (DFNWC)	165	356	931	3,981	7,283	6,439	7,837	5,194	5,377	6,216	6,904
Net Working Capital (NWC)	165	713	931	3,981	2,426	6,439	7,837	5,194	5,377	5,298	6,904
Net Nonoperating Expense (NNE)	6.36	9.34	5.59	0.42	52	-200	-2,665	2,885	-1,144	-1,045	-33
Net Nonoperating Obligations (NNO)	-190	-392	-938	-3,939	-4,915	-5,803	-10,813	-6,094	-8,469	-10,559	-11,937
Total Depreciation and Amortization (D&A)	7.24	28	23	54	71	79	69	93	70	36	31
Debt-free, Cash-free Net Working Capital to Revenue	-12.15%	-18.52%	-1.06%	3.86%	-3.72%	1.76%	1.49%	2.52%	5.23%	8.30%	9.74%
Debt-free Net Working Capital to Revenue	80.51%	183.07%	138.26%	185.46%	307.58%	219.81%	169.92%	92.75%	76.16%	70.00%	59.74%
Net Working Capital to Revenue	80.51%	274.60%	138.26%	185.46%	461.30%	219.81%	169.92%	92.75%	76.16%	59.66%	59.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.67	$23.38	$0.00	$0.10	$1.57	$0.95
Adjusted Weighted Average Basic Shares Outstanding	80.34M	89.41M	99.88M	110.39M	116.43M	119.57M	124.66M	0.00	1.28B	1.29B	1.30B
Adjusted Diluted Earnings per Share	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.59	$22.90	$0.00	$0.10	$1.55	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	80.34M	89.41M	99.88M	110.39M	116.43M	123.46M	127.36M	0.00	1.30B	1.30B	1.30B
Adjusted Basic & Diluted Earnings per Share	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.72M	83.99M	95.77M	105.67M	113.03M	122.53M	125.90M	0.00	1.29B	1.29B	1.30B
Normalized Net Operating Profit after Tax (NOPAT)	-12	-26	-34	-129	-198	63	249	-575	-56	974	1,198
Normalized NOPAT Margin	-6.06%	-13.36%	-5.11%	-17.99%	-12.52%	2.15%	5.41%	-10.28%	-0.79%	10.97%	10.36%
Pre Tax Income Margin	-9.16%	-9.08%	-5.94%	-12.03%	-18.21%	8.21%	68.10%	-64.70%	2.62%	25.09%	13.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	24.88	895.71	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	13.19	71.38	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	20.28	881.17	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	8.60	56.84	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 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	1,304,111,373.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	1,304,111,373.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.45
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	26.81%	31.05%	31.54%	30.58%	34.32%
EBITDA Growth	0.00%	0.00%	0.00%	0.00%	-186.12%	467.80%	-68.74%	-42.57%	15.30%
EBIT Growth	0.00%	0.00%	0.00%	0.00%	-179.04%	497.01%	-69.42%	-42.74%	15.27%
NOPAT Growth	0.00%	0.00%	0.00%	0.00%	136.05%	20.36%	7.90%	24.22%	88.18%
Net Income Growth	0.00%	0.00%	0.00%	0.00%	-149.82%	429.82%	-68.12%	-42.54%	14.81%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-152.38%	430.77%	-68.75%	-41.41%	15.09%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	54.20%	25.88%	21.28%	17.89%	31.06%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	68.51%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	53.75%	48.58%
Revenue Q/Q Growth	0.00%	9.89%	5.72%	30.06%	0.00%	13.56%	6.12%	29.11%	-13.67%
EBITDA Q/Q Growth	0.00%	162.99%	362.71%	68.38%	0.00%	225.00%	-74.53%	209.38%	-185.98%
EBIT Q/Q Growth	0.00%	157.39%	385.63%	69.05%	0.00%	222.78%	-75.13%	216.53%	-187.64%
NOPAT Q/Q Growth	0.00%	237.23%	34.22%	55.29%	0.00%	71.95%	20.32%	78.77%	-49.12%
Net Income Q/Q Growth	0.00%	162.64%	384.21%	56.16%	0.00%	232.84%	-70.86%	181.44%	-178.20%
EPS Q/Q Growth	0.00%	161.90%	392.31%	54.69%	0.00%	230.19%	-71.01%	190.00%	-177.59%
Operating Cash Flow Q/Q Growth	0.00%	42.86%	24.41%	45.39%	0.00%	16.62%	19.86%	41.33%	-33.66%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1.14%	-2.38%	99.03%	-3,106.32%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	6.83%	5.53%	4.56%	26.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	51.42%	51.10%	51.71%	48.08%	49.53%	48.58%	48.91%	46.11%	48.77%
EBITDA Margin	-15.10%	8.66%	37.88%	49.04%	-34.07%	37.50%	9.00%	21.57%	-21.48%
Operating Margin	4.62%	11.78%	13.09%	16.54%	8.60%	10.86%	12.06%	17.18%	12.05%
EBIT Margin	-15.64%	8.17%	37.51%	48.76%	-34.41%	37.20%	8.72%	21.38%	-21.70%
Profit (Net Income) Margin	-14.67%	8.36%	38.30%	45.98%	-28.90%	33.81%	9.28%	20.23%	-18.33%
Tax Burden Percent	106.64%	84.24%	96.28%	90.99%	88.57%	83.97%	85.71%	83.30%	91.64%
Interest Burden Percent	87.97%	121.56%	106.04%	103.65%	94.83%	108.22%	124.19%	113.63%	92.15%
Effective Tax Rate	0.00%	15.76%	3.72%	9.01%	0.00%	16.03%	14.29%	16.70%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	133.75%	86.68%	131.18%	150.54%	130.50%	64.41%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	125.51%	103.59%	118.85%	151.08%	128.57%	72.76%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	-114.66%	-91.38%	-105.20%	-133.34%	-115.55%	-62.76%
Return on Equity (ROE)	0.00%	0.00%	0.00%	19.09%	-4.69%	25.98%	17.20%	14.95%	1.65%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	57.27%	0.00%	0.00%	0.00%	52.11%	43.26%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	34.33%	-24.08%	25.58%	6.20%	16.97%	-19.50%
Return on Assets (ROA)	0.00%	0.00%	0.00%	32.38%	-20.23%	23.25%	6.60%	16.06%	-16.47%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	19.09%	-4.69%	25.98%	17.20%	14.95%	1.65%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	14.57%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	60	203	272	423	142	244	294	526	267
NOPAT Margin	3.23%	9.93%	12.60%	15.05%	6.02%	9.12%	10.34%	14.31%	8.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	8.24%	-16.91%	12.33%	-0.54%	1.93%	-8.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	3.39%	1.19%	1.87%	2.19%	3.90%	2.14%
Cost of Revenue to Revenue	48.58%	48.90%	48.29%	51.92%	50.47%	51.42%	51.09%	53.89%	51.23%
SG&A Expenses to Revenue	6.66%	2.93%	5.27%	3.98%	4.62%	4.55%	4.04%	3.40%	3.63%
R&D to Revenue	18.00%	17.07%	15.36%	12.48%	15.97%	14.70%	13.19%	10.62%	13.79%
Operating Expenses to Revenue	46.80%	39.32%	38.62%	31.54%	40.93%	37.72%	36.85%	28.92%	36.72%
Earnings before Interest and Taxes (EBIT)	-291	167	811	1,371	-812	997	248	785	-688
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-281	177	819	1,379	-804	1,005	256	792	-681
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	11.58	10.88	11.98	14.95	15.04	11.95
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	12.08	11.43	12.52	15.61	15.65	12.46
Price to Revenue (P/Rev)	0.00	0.00	0.00	15.08	12.82	14.50	17.49	17.54	12.08
Price to Earnings (P/E)	0.00	0.00	0.00	66.30	74.66	61.93	105.05	164.63	112.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.51%	1.34%	1.61%	0.95%	0.61%	0.89%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	123.43	84.77	96.62	119.85	124.17	71.68
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	13.89	11.78	13.43	16.46	16.50	11.22
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	58.89	70.31	56.06	95.89	152.70	101.15
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	59.92	71.87	56.82	97.59	156.58	103.41
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	126.58	98.65	119.60	154.73	159.26	104.06
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	76.30	63.30	73.37	91.55	93.81	64.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	288.73	198.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.08	0.08	0.08	0.07	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.00	-0.91	-0.88	-0.89	-0.88	-0.90	-0.86
Leverage Ratio	0.00	0.00	0.00	1.22	1.21	1.20	1.20	1.16	1.17
Compound Leverage Factor	0.00	0.00	0.00	1.27	1.15	1.30	1.49	1.32	1.08
Debt to Total Capital	0.00%	0.00%	0.00%	7.36%	7.68%	7.05%	6.85%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	7.36%	7.68%	7.05%	6.85%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	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%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	0.00%	92.64%	92.32%	92.95%	93.15%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.44	0.59	0.38	0.50	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	-5.04	-6.21	-4.47	-6.01	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.94	0.82	0.82	0.81	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	-10.84	-8.71	-9.54	-9.70	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	35.53	31.79	37.33	45.89	72.60	56.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	3.71	3.71	3.85	3.93	5.96	6.20
Quick Ratio	0.00	0.00	0.00	3.60	3.59	3.74	3.83	5.79	6.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	0.00	-1,161	-1,148	-1,175	-11	-366
Operating Cash Flow to CapEx	3,966.67%	4,857.14%	21,150.00%	15,375.00%	9,175.00%	7,133.33%	8,550.00%	7,250.00%	9,620.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.70	0.70	0.69	0.71	0.79	0.90
Accounts Receivable Turnover	0.00	0.00	0.00	28.46	31.58	28.61	27.01	27.45	33.15
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	185.00	203.89	217.70	209.73	231.12	247.32
Accounts Payable Turnover	0.00	0.00	0.00	6.70	6.05	6.03	5.63	6.62	7.11
Days Sales Outstanding (DSO)	0.00	0.00	0.00	12.82	11.56	12.76	13.51	13.30	11.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	54.49	60.33	60.51	64.85	55.11	51.34
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	-41.66	-48.77	-47.75	-51.34	-41.81	-40.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	999	1,303	1,392	1,469	1,536	1,936
Invested Capital Turnover	0.00	0.00	0.00	8.89	14.40	14.39	14.56	9.12	7.64
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	0.00	1,303	1,392	1,469	537	633
Enterprise Value (EV)	0.00	0.00	0.00	123,307	110,459	134,490	176,054	190,720	138,774
Market Capitalization	97,155	83,155	100,894	133,866	120,207	145,222	187,096	202,657	149,339
Book Value per Share	$0.00	$0.00	$0.00	$8.98	$8.53	$9.35	$9.63	$10.35	$9.59
Tangible Book Value per Share	$0.00	$0.00	$0.00	$8.62	$8.13	$8.94	$9.22	$9.95	$9.19
Total Capital	0.00	0.00	0.00	12,476	11,970	13,043	13,431	13,473	12,501
Total Debt	0.00	0.00	0.00	918	919	919	920	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	0.00	0.00	-10,559	-9,748	-10,732	-11,042	-11,937	-10,565
Capital Expenditures (CapEx)	6.00	7.00	2.00	4.00	4.00	6.00	6.00	10	5.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	737	841	1,022	1,063	1,126	1,381
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	6,216	6,355	6,842	7,412	6,904	7,124
Net Working Capital (NWC)	0.00	0.00	0.00	5,298	5,436	5,923	6,492	6,904	7,124
Net Nonoperating Expense (NNE)	333	32	-556	-870	824	-662	30	-217	848
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	-10,559	-9,748	-10,732	-11,042	-11,937	-10,565
Total Depreciation and Amortization (D&A)	10	10	8.00	8.00	8.00	8.00	8.00	7.00	7.00
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	8.30%	8.97%	10.21%	9.94%	9.74%	11.17%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	70.00%	67.76%	68.32%	69.30%	59.74%	57.61%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	59.66%	57.96%	59.15%	60.70%	59.74%	57.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.01	($0.53)	$0.70	$0.20	$0.58	($0.45)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	1.29B	1.30B	1.30B	1.30B	1.30B	1.30B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.99	($0.53)	$0.69	$0.20	$0.58	($0.45)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	1.30B	1.30B	1.31B	1.31B	1.30B	1.30B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	1.29B	1.30B	1.30B	1.30B	1.30B	1.30B
Normalized Net Operating Profit after Tax (NOPAT)	60	203	272	423	142	244	294	526	267
Normalized NOPAT Margin	3.23%	9.93%	12.60%	15.05%	6.02%	9.12%	10.34%	14.31%	8.44%
Pre Tax Income Margin	-13.76%	9.93%	39.78%	50.53%	-32.63%	40.26%	10.83%	24.29%	-20.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	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%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Shopify (NASDAQ: SHOP) has shown a clear lift in activity through 2025, with a notable Q4 that underscored stronger revenue, cash flow and profitability dynamics. Below is a concise, data-driven snapshot of the quarterly trends from the last four years, focusing on the latest four quarters of 2025 and providing context from 2024–2023 results.

Q4 2025 revenue reached about $3.67 billion, up roughly 30% from Q4 2024 (~$2.81 billion), signaling meaningful top-line growth into year-end.
Gross margin remained in the mid-40s (Q4 2025 gross margin around 46%), indicating a stable profitability base despite revenue growth.
Net income attributable to common shareholders in Q4 2025 was about $743 million, marking a strong quarterly profit and a sharp improvement from the negative quarterly results earlier in 2025.
Operating cash flow improved meaningfully through 2025, with Net Cash From Continuing Operating Activities rising to about $725 million in Q4 2025 (versus $367M in Q1 2025 and sequential quarters in between).
The balance sheet shows solid liquidity and a strong balance sheet, with substantial equity (about $12.5 billion of total equity in the latest reported quarter) and a sizable liquidity pool from cash and investments (roughly $2.4B cash plus multi‑billion investments), while liabilities remain modest relative to equity (about $2.5B).
Gross margin fluctuations are observed across quarters but generally stay in the low-to-mid 40s, reflecting ongoing mix and cost dynamics while revenue trends improve.
Shopify continues to invest heavily in sales, marketing, and R&D (e.g., quarterly marketing around $400–$430 million and RD around $375–$390 million in recent quarters), supporting growth but weighing quarterly profit metrics.
Investing cash flows show sizable outflows tied to purchases of investments (multi‑billion-dollar outlays in several 2025 quarters), which reduces near-term cash but may bolster longer-term asset holdings.
Q1 2025 recorded a net loss of about $682 million, marking a negative quarter for earnings that contrasts with later improvements in the year.
Persistent large purchases of investments in 2025 contributed to substantial near-term cash outflows, potentially pressuring liquidity timing even as they reflect capital allocation decisions.

05/17/26 02:41 PM ETAI Generated. May Contain Errors.

Shopify Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shopify's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Shopify's net income appears to be on an upward trend, with a most recent value of $1.23 billion in 2025, falling from -$18.79 million in 2015. The previous period was $2.02 billion in 2024. Check out Shopify's forecast to explore projected trends and price targets.

Shopify's total operating income in 2025 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $5.56 billion
Total Operating Expenses: $4.09 billion

Over the last 10 years, Shopify's total revenue changed from $205.23 million in 2015 to $11.56 billion in 2025, a change of 5,530.7%.

Shopify's total liabilities were at $1.72 billion at the end of 2025, a 27.5% decrease from 2024, and a 3,445.8% increase since 2015.

In the past 10 years, Shopify's cash and equivalents has ranged from $84.01 million in 2016 to $2.70 billion in 2020, and is currently $1.55 billion as of their latest financial filing in 2025.

Over the last 10 years, Shopify's book value per share changed from 3.16 in 2015 to 10.35 in 2025, a change of 227.0%.

Related Companies

Financial statements for NASDAQ:SHOP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Shopify (SHOP) Financials

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Shopify (SHOP) Financials

Annual Income Statements for Shopify

Quarterly Income Statements for Shopify

Annual Cash Flow Statements for Shopify

Quarterly Cash Flow Statements for Shopify

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Quarterly Balance Sheets for Shopify

Annual Metrics And Ratios for Shopify

Quarterly Metrics And Ratios for Shopify

Financials Breakdown Chart

Key Financial Trends

Shopify Financials - Frequently Asked Questions

When does Shopify's financial year end?

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

What is Shopify's operating income?

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

How much debt does Shopify have?

How much cash does Shopify have?

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

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