Shopify Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	12,366	11,556	8,880	7,060	5,600	4,612
Revenue Growth (YoY)	31.85%	30.14%	25.78%	26.07%	21.43%	57.43%
Cost of Revenue	6,434	6,001	4,408	3,545	2,846	2,131
Gross Profit	5,932	5,555	4,472	3,515	2,754	2,481
Selling, General & Admin	2,231	2,134	1,803	1,711	1,938	1,276
Research & Development	1,596	1,536	1,367	1,730	1,503	854.38
Other Operating Expenses	458	417	227	1,492	135	81.72
Total Operating Expenses	4,285	4,087	3,397	4,933	3,576	2,213
Operating Income	1,647	1,468	1,075	-1,418	-822	268.64
Interest Income	262	331	308	241	75	15.36
Interest Expense	-	-	-	-	-	-3.49
Other Non-Operating Income (Expense)	-413	-290	845	1,362	-2,876	2,860
Total Non-Operating Income (Expense)	-263	41	1,153	1,603	-2,801	2,872
Pretax Income	1,384	1,509	2,228	185	-3,623	3,141
Provision for Income Taxes	164	278	209	53	-163	225.93
Net Income	1,332	1,231	2,019	132	-3,460	2,915
Net Income to Common	1,332	1,231	2,019	132	-3,460	2,915
Net Income Growth	-17.27%	-39.03%	1429.55%	-	-	812.23%
Shares Outstanding (Basic)	1,301	1,299	1,290	1,282	1,266	1,247
Shares Outstanding (Diluted)	1,307	1,305	1,302	1,296	1,266	1,274
Shares Change (YoY)	0.29%	0.26%	0.46%	2.31%	-0.58%	3.16%
EPS (Basic)	1.02	0.95	1.57	0.10	-2.73	2.34
EPS (Diluted)	1.01	0.94	1.55	0.10	-2.73	2.29
EPS Growth	-17.89%	-39.36%	1450.00%	-	-	784.17%
Shares Outstanding	1,301	1,304	1,295	1,287	1,275	1,259
Free Cash Flow	2,120	2,007	1,597	905	-186	484.92
Free Cash Flow Growth	5.63%	25.67%	76.46%	-	-	26.54%
Free Cash Flow Per Share	1.62	1.54	1.23	0.70	-0.15	0.38
Gross Margin	47.97%	48.07%	50.36%	49.79%	49.18%	53.80%
Operating Margin	13.32%	12.70%	12.11%	-20.09%	-14.68%	5.83%
Profit Margin	9.87%	10.65%	22.74%	1.87%	-61.79%	63.20%
FCF Margin	17.14%	17.37%	17.98%	12.82%	-3.32%	10.51%
EBITDA	1,677	1,499	1,111	-1,348	-729	334.95
EBITDA Margin	13.56%	12.97%	12.51%	-19.09%	-13.02%	7.26%
EBIT	1,647	1,468	1,075	-1,418	-822	268.64
EBIT Margin	13.32%	12.70%	12.11%	-20.09%	-14.68%	5.83%
Effective Tax Rate	11.85%	18.42%	9.38%	28.65%	4.50%	7.19%

Updated May 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q