Shopify Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	11,556	8,880	7,060	5,600	4,612
Revenue Growth (YoY)	30.14%	25.78%	26.07%	21.43%	57.43%
Cost of Revenue	6,001	4,408	3,545	2,846	2,131
Gross Profit	5,555	4,472	3,515	2,754	2,481
Selling, General & Admin	2,107	1,851	1,622	1,731	1,217
Research & Development	1,515	1,351	1,612	1,485	818.79
Other Operating Expenses	35	23	21	14	65.32
Operating Expenses	3,657	3,225	3,255	3,230	2,101
Operating Income	1,898	1,247	260	-476	380.51
Interest Expense	-	-	-	-	-3.49
Interest & Investment Income	331	308	241	75	15.36
Earnings From Equity Investments	-40	-138	-58	-	-
Currency Exchange Gain (Loss)	26	-8	1	-2	0.29
Other Non Operating Income (Expenses)	-540	-227	-152	-135	-81.72
EBT Excluding Unusual Items	1,675	1,182	292	-538	310.94
Merger & Restructuring Charges	-	-	-148	-30	-
Gain (Loss) on Sale of Investments	-153	991	1,419	-2,874	2,860
Gain (Loss) on Sale of Assets	-	-	-1,340	-	-
Asset Writedown	-13	-	-38	-84	-30.15
Legal Settlements	-	55	-	-97	-
Pretax Income	1,509	2,228	185	-3,623	3,141
Income Tax Expense	278	209	53	-163	225.93
Net Income	1,231	2,019	132	-3,460	2,915
Net Income to Common	1,231	2,019	132	-3,460	2,915
Net Income Growth	-39.03%	1429.55%	-	-	812.23%
Shares Outstanding (Basic)	1,299	1,290	1,282	1,266	1,247
Shares Outstanding (Diluted)	1,305	1,302	1,296	1,266	1,274
Shares Change (YoY)	0.27%	0.46%	2.31%	-0.58%	3.16%
EPS (Basic)	0.95	1.57	0.10	-2.73	2.34
EPS (Diluted)	0.94	1.55	0.10	-2.73	2.29
EPS Growth	-39.36%	1450.00%	-	-	784.34%
Free Cash Flow	2,007	1,597	905	-186	484.92
Free Cash Flow Per Share	1.54	1.23	0.70	-0.15	0.38
Gross Margin	48.07%	50.36%	49.79%	49.18%	53.80%
Operating Margin	16.42%	14.04%	3.68%	-8.50%	8.25%
Profit Margin	10.65%	22.74%	1.87%	-61.79%	63.20%
Free Cash Flow Margin	17.37%	17.98%	12.82%	-3.32%	10.51%
EBITDA	1,929	1,283	330	-383	446.81
EBITDA Margin	16.69%	14.45%	4.67%	-6.84%	9.69%
D&A For EBITDA	31	36	70	93	66.31
EBIT	1,898	1,247	260	-476	380.51
EBIT Margin	16.42%	14.04%	3.68%	-8.50%	8.25%
Effective Tax Rate	18.42%	9.38%	28.65%	-	7.19%
Revenue as Reported	11,556	8,880	7,060	5,600	4,612
Advertising Expenses	753	546	497	505	420.09

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.