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	2,134	1,803	1,711	1,938	1,276
Research & Development	1,536	1,367	1,730	1,503	854.38
Other Operating Expenses	417	227	1,492	135	81.72
Total Operating Expenses	4,087	3,397	4,933	3,576	2,213
Operating Income	1,468	1,075	-1,418	-822	268.64
Interest Income	331	308	241	75	15.36
Interest Expense	-	-	-	-	-3.49
Other Non-Operating Income (Expense)	-44	845	1,362	-2,876	2,860
Total Non-Operating Income (Expense)	41	1,153	1,603	-2,801	2,872
Pretax Income	1,509	2,228	185	-3,623	3,141
Provision for Income Taxes	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%	-	-	784.17%
Shares Outstanding	1,304	1,295	1,287	1,275	1,259
Free Cash Flow	2,007	1,597	905	-186	484.92
Free Cash Flow Growth	25.67%	76.46%	-	-	26.54%
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	12.70%	12.11%	-20.08%	-14.68%	5.83%
Profit Margin	10.65%	22.74%	1.87%	-61.79%	63.20%
FCF Margin	17.37%	17.98%	12.82%	-3.32%	10.51%
EBITDA	1,499	1,111	-1,348	-729	334.95
EBITDA Margin	12.97%	12.51%	-19.09%	-13.02%	7.26%
EBIT	1,468	1,075	-1,418	-822	268.64
EBIT Margin	12.70%	12.11%	-20.08%	-14.68%	5.83%
Effective Tax Rate	18.42%	9.38%	28.65%	4.50%	7.19%

Updated Feb 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q