Shopify Inc. (SHOP)
NASDAQ: SHOP · Real-Time Price · USD
160.97
-2.77 (-1.69%)
At close: Dec 31, 2025, 4:00 PM EST
160.90
-0.07 (-0.04%)
After-hours: Dec 31, 2025, 7:58 PM EST
Shopify Income Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | +20 Quarters |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 | Dec '20 Dec 31, 2020 | +20 Quarters |
| 10,696 | 10,014 | 9,379 | 8,880 | 8,212 | 7,764 | 7,413 | 7,060 | 6,651 | 6,303 | 5,904 | 5,600 | 5,245 | 5,003 | 4,827 | 4,612 | 4,210 | 3,853 | 3,448 | 2,929 | Upgrade | |
Revenue Growth (YoY) | 30.25% | 28.98% | 26.52% | 25.78% | 23.47% | 23.18% | 25.56% | 26.07% | 26.81% | 25.99% | 22.31% | 21.43% | 24.60% | 29.83% | 40.00% | 57.43% | 71.34% | 85.25% | 99.58% | 85.63% | Upgrade |
Cost of Revenue | 5,482 | 5,073 | 4,695 | 4,408 | 4,030 | 3,799 | 3,658 | 3,545 | 3,400 | 3,291 | 3,071 | 2,846 | 2,597 | 2,407 | 2,267 | 2,131 | 1,917 | 1,764 | 1,605 | 1,388 | Upgrade |
Gross Profit | 5,214 | 4,941 | 4,684 | 4,472 | 4,182 | 3,965 | 3,755 | 3,515 | 3,251 | 3,012 | 2,833 | 2,754 | 2,648 | 2,596 | 2,560 | 2,481 | 2,293 | 2,089 | 1,843 | 1,542 | Upgrade |
Selling, General & Admin | 2,010 | 1,935 | 1,878 | 1,851 | 1,878 | 1,759 | 1,696 | 1,622 | 1,446 | 1,679 | 1,730 | 1,731 | 1,796 | 1,558 | 1,379 | 1,217 | 1,060 | 937.11 | 853.61 | 803.52 | Upgrade |
Research & Development | 1,476 | 1,435 | 1,392 | 1,351 | 1,423 | 1,294 | 1,490 | 1,612 | 1,624 | 1,833 | 1,637 | 1,485 | 1,323 | 1,125 | 955.64 | 818.79 | 699.41 | 623.12 | 569.57 | 518 | Upgrade |
Other Operating Expenses | 34 | 30 | 26 | 23 | 19 | 19 | 21 | 21 | 20 | 18 | 15 | 14 | 20.12 | 44.43 | 52.84 | 65.32 | 69.64 | 54.45 | 57.84 | 46.38 | Upgrade |
Operating Expenses | 3,520 | 3,400 | 3,296 | 3,225 | 3,320 | 3,072 | 3,207 | 3,255 | 3,090 | 3,530 | 3,382 | 3,230 | 3,139 | 2,728 | 2,387 | 2,101 | 1,829 | 1,615 | 1,481 | 1,368 | Upgrade |
Operating Income | 1,694 | 1,541 | 1,388 | 1,247 | 862 | 893 | 548 | 260 | 161 | -518 | -549 | -476 | -490.78 | -132.43 | 173 | 380.51 | 463.48 | 474.43 | 362.28 | 173.63 | Upgrade |
Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | -0.88 | -1.75 | -2.62 | -3.49 | -10.46 | -10.83 | -9.96 | -9.09 | Upgrade |
Interest & Investment Income | 324 | 320 | 294 | 308 | 304 | 290 | 268 | 241 | 211 | 168 | 122 | 75 | 41.92 | 26.43 | 17.53 | 15.36 | 13.67 | 12.94 | 15.8 | 23.43 | Upgrade |
Earnings From Equity Investments | -90 | -97 | -117 | -138 | -164 | -146 | -102 | -58 | -10 | - | - | - | - | - | - | - | - | - | - | - | Upgrade |
Currency Exchange Gain (Loss) | 4 | 24 | 2 | -8 | 19 | 1 | -5 | 1 | 6 | 4 | 5 | -2 | -9.43 | -5.36 | -2.46 | 0.29 | -2.41 | -2.46 | -4.23 | 0.67 | Upgrade |
Other Non Operating Income (Expenses) | -408 | -289 | -251 | -227 | -196 | -172 | -161 | -152 | -141 | -146 | -157 | -135 | -128.81 | -115.13 | -91.11 | -81.72 | -66.55 | -52.99 | -48.37 | -51.85 | Upgrade |
EBT Excluding Unusual Items | 1,524 | 1,499 | 1,316 | 1,182 | 825 | 866 | 548 | 292 | 227 | -492 | -579 | -538 | -587.98 | -228.23 | 94.34 | 310.94 | 397.72 | 421.09 | 315.52 | 136.79 | Upgrade |
Merger & Restructuring Charges | - | - | - | - | 178 | - | -148 | -148 | -356 | -178 | -30 | -30 | - | - | - | - | - | - | - | - | Upgrade |
Gain (Loss) on Sale of Investments | 527 | 1,101 | 343 | 991 | 431 | 474 | 831 | 1,419 | 577 | 194 | -1,104 | -2,874 | -2,910 | -1,741 | 53.86 | 2,860 | 3,371 | 2,164 | 1,386 | 135.19 | Upgrade |
Gain (Loss) on Sale of Assets | - | - | - | - | - | - | -1,340 | -1,340 | -1,340 | -1,340 | - | - | - | - | - | - | - | - | - | - | Upgrade |
Asset Writedown | -13 | -10 | - | - | - | -38 | -38 | -38 | -122 | -84 | -84 | -84 | - | -30.15 | -30.15 | -30.15 | -30.15 | - | -31.62 | -31.62 | Upgrade |
Legal Settlements | - | - | 55 | 55 | 55 | 55 | - | - | -97 | -97 | -97 | -97 | - | - | - | - | - | - | - | - | Upgrade |
Pretax Income | 2,038 | 2,590 | 1,714 | 2,228 | 1,489 | 1,357 | -147 | 185 | -1,111 | -1,997 | -1,894 | -3,623 | -3,498 | -1,999 | 118.05 | 3,141 | 3,739 | 2,585 | 1,670 | 240.36 | Upgrade |
Income Tax Expense | 257 | 245 | 104 | 209 | 106 | 84 | 62 | 53 | 37 | 28 | 24 | -163 | -289.41 | -98.39 | -64.17 | 225.93 | 329.22 | 132.5 | 60.65 | -79.15 | Upgrade |
Net Income | 1,781 | 2,345 | 1,610 | 2,019 | 1,383 | 1,273 | -209 | 132 | -1,148 | -2,025 | -1,918 | -3,460 | -3,208 | -1,901 | 182.21 | 2,915 | 3,410 | 2,452 | 1,609 | 319.51 | Upgrade |
Net Income to Common | 1,781 | 2,345 | 1,610 | 2,019 | 1,383 | 1,273 | -209 | 132 | -1,148 | -2,025 | -1,918 | -3,460 | -3,208 | -1,901 | 182.21 | 2,915 | 3,410 | 2,452 | 1,609 | 319.51 | Upgrade |
Net Income Growth | 28.78% | 84.21% | - | 1429.55% | - | - | - | - | - | - | - | - | - | - | -88.68% | 812.23% | 1636.10% | - | - | - | Upgrade |
Shares Outstanding (Basic) | 1,296 | 1,294 | 1,292 | 1,290 | 1,288 | 1,286 | 1,284 | 1,282 | 1,279 | 1,275 | 1,270 | 1,266 | 1,262 | 1,258 | 1,254 | 1,247 | 1,238 | 1,226 | 1,212 | 1,196 | Upgrade |
Shares Outstanding (Diluted) | 1,309 | 1,312 | 1,304 | 1,302 | 1,311 | 1,300 | 1,284 | 1,296 | 1,279 | 1,275 | 1,270 | 1,266 | 1,262 | 1,258 | 1,272 | 1,274 | 1,264 | 1,260 | 1,259 | 1,235 | Upgrade |
Shares Change (YoY) | -0.15% | 0.88% | 1.50% | 0.46% | 2.51% | 1.98% | 1.08% | 2.31% | 1.29% | 1.39% | -0.12% | -0.58% | -0.11% | -0.22% | 1.01% | 3.16% | 3.95% | 8.49% | 9.98% | 9.23% | Upgrade |
EPS (Basic) | 1.37 | 1.81 | 1.25 | 1.57 | 1.07 | 0.99 | -0.16 | 0.10 | -0.90 | -1.59 | -1.51 | -2.73 | -2.54 | -1.51 | 0.15 | 2.34 | 2.75 | 2.00 | 1.33 | 0.27 | Upgrade |
EPS (Diluted) | 1.36 | 1.79 | 1.23 | 1.55 | 1.06 | 0.98 | -0.16 | 0.10 | -0.90 | -1.59 | -1.51 | -2.73 | -2.54 | -1.51 | 0.14 | 2.29 | 2.70 | 1.95 | 1.28 | 0.26 | Upgrade |
EPS Growth | 28.16% | 82.83% | - | 1409.81% | - | - | - | - | - | - | - | - | - | - | -88.70% | 784.34% | 1560.12% | - | - | - | Upgrade |
Free Cash Flow | 1,903 | 1,817 | 1,728 | 1,597 | 1,432 | 1,287 | 1,051 | 905 | 549 | 125 | -59 | -186 | -10.23 | 168.27 | 313.43 | 484.92 | 458.17 | 506.97 | 615.42 | 383.23 | Upgrade |
Free Cash Flow Per Share | 1.45 | 1.39 | 1.33 | 1.23 | 1.09 | 0.99 | 0.82 | 0.70 | 0.43 | 0.10 | -0.05 | -0.15 | -0.01 | 0.13 | 0.25 | 0.38 | 0.36 | 0.40 | 0.49 | 0.31 | Upgrade |
Gross Margin | 48.75% | 49.34% | 49.94% | 50.36% | 50.92% | 51.07% | 50.65% | 49.79% | 48.88% | 47.79% | 47.98% | 49.18% | 50.48% | 51.88% | 53.04% | 53.80% | 54.47% | 54.22% | 53.46% | 52.62% | Upgrade |
Operating Margin | 15.84% | 15.39% | 14.80% | 14.04% | 10.50% | 11.50% | 7.39% | 3.68% | 2.42% | -8.22% | -9.30% | -8.50% | -9.36% | -2.65% | 3.58% | 8.25% | 11.01% | 12.31% | 10.51% | 5.93% | Upgrade |
Profit Margin | 16.65% | 23.42% | 17.17% | 22.74% | 16.84% | 16.40% | -2.82% | 1.87% | -17.26% | -32.13% | -32.49% | -61.79% | -61.17% | -38.00% | 3.77% | 63.20% | 81.00% | 63.65% | 46.67% | 10.91% | Upgrade |
Free Cash Flow Margin | 17.79% | 18.14% | 18.42% | 17.98% | 17.44% | 16.58% | 14.18% | 12.82% | 8.25% | 1.98% | -1.00% | -3.32% | -0.19% | 3.36% | 6.49% | 10.51% | 10.88% | 13.16% | 17.85% | 13.08% | Upgrade |
EBITDA | 1,726 | 1,573 | 1,422 | 1,283 | 900 | 936 | 598 | 330 | 251 | -412 | -443 | -383 | -405.54 | -62.58 | 240.51 | 446.81 | 516.41 | 531.63 | 424.74 | 234.66 | Upgrade |
EBITDA Margin | 16.14% | 15.71% | 15.16% | 14.45% | 10.96% | 12.06% | 8.07% | 4.67% | 3.77% | -6.54% | -7.50% | -6.84% | -7.73% | -1.25% | 4.98% | 9.69% | 12.27% | 13.80% | 12.32% | 8.01% | Upgrade |
D&A For EBITDA | 32 | 32 | 34 | 36 | 38 | 43 | 50 | 70 | 90 | 106 | 106 | 93 | 85.24 | 69.85 | 67.51 | 66.31 | 52.93 | 57.2 | 62.46 | 61.03 | Upgrade |
EBIT | 1,694 | 1,541 | 1,388 | 1,247 | 862 | 893 | 548 | 260 | 161 | -518 | -549 | -476 | -490.78 | -132.43 | 173 | 380.51 | 463.48 | 474.43 | 362.28 | 173.63 | Upgrade |
EBIT Margin | 15.84% | 15.39% | 14.80% | 14.04% | 10.50% | 11.50% | 7.39% | 3.68% | 2.42% | -8.22% | -9.30% | -8.50% | -9.36% | -2.65% | 3.58% | 8.25% | 11.01% | 12.31% | 10.51% | 5.93% | Upgrade |
Effective Tax Rate | 12.61% | 9.46% | 6.07% | 9.38% | 7.12% | 6.19% | - | 28.65% | - | - | - | - | - | - | - | 7.19% | 8.80% | 5.13% | 3.63% | - | Upgrade |
Revenue as Reported | 10,696 | 10,014 | 9,379 | 8,880 | 8,212 | 7,764 | 7,413 | 7,060 | 6,651 | 6,303 | 5,904 | 5,600 | 5,245 | 5,003 | 4,827 | 4,612 | 4,210 | 3,853 | 3,448 | 2,929 | Upgrade |
Advertising Expenses | - | - | - | 546 | - | - | - | 497 | - | - | - | 505 | - | - | - | 420.09 | - | - | - | 240.56 | Upgrade |
Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.