Shopify Financial Statements
NASDAQ: SHOPTechnologyComputer Software: Prepackaged SoftwareUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Shopify revenue and earnings
In fiscal 2025, Shopify generated $11.56 billion in revenue, up 30.1% from fiscal 2024, its 12th consecutive year of revenue growth. Net income was $1.23 billion (-39.0% year over year), for a net margin of 10.7% versus a median of 10.9% in the prior 5 years. Gross margin was 48.1% (down from 50.4%) and operating margin 12.7%.
Diluted earnings per share came in at $0.94, down from $1.55. Over the last 5 fiscal years, SHOP's revenue has grown at a 31.6% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Shopify income statement (annual)
| Fiscal year (USD) | FY 20252025-12-31 | FY 20242024-12-31 | FY 20222023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 | FY 20202020-12-31 | FY 20192019-12-31 | FY 20182018-12-31 | FY 20172017-12-31 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.56B | 8.88B | 7.06B | 5.60B | 4.61B | 2.93B | 1.58B | 1.07B | 673.30M | 389.33M |
| Revenue growth (YoY) | +30.14% | +25.78% | +26.07% | +21.43% | +57.43% | +85.63% | +47.05% | +59.40% | +72.94% | +89.70% |
| Cost of Revenue | 6.00B | 4.41B | 3.54B | 2.85B | 2.13B | 1.39B | 712.53M | 476.96M | 293.05M | 179.84M |
| Gross Profit | 5.55B | 4.47B | 3.52B | 2.75B | 2.48B | 1.54B | 865.64M | 596.27M | 380.25M | 209.50M |
| Operating Expenses | 4.09B | 3.40B | 4.93B | 3.58B | 2.21B | 1.45B | 1.01B | 688.19M | 429.41M | 246.66M |
| Research & Development | 1.54B | 1.37B | 1.73B | 1.50B | 854.38M | 552.13M | 355.01M | 230.67M | 136.00M | 74.34M |
| Selling, General & Admin | 2.13B | 1.80B | 1.71B | 1.94B | 1.28B | 847.39M | 626.61M | 457.51M | 293.41M | 172.32M |
| Operating Income | 1.47B | 1.07B | -1.42B | -822.00M | 268.64M | 90.15M | -141.15M | -91.92M | -49.16M | -37.16M |
| Interest Expense | — | — | — | 3.50M | 3.49M | 9.09M | 0 | — | — | — |
| Other Income (Expense) | 41.00M | 1.15B | 1.60B | -2.80B | 2.87B | 150.21M | 45.33M | 27.37M | 9.16M | 1.81M |
| Pretax Income | 1.51B | 2.23B | 185.00M | — | — | — | — | — | — | — |
| Income Tax | 278.00M | 209.00M | 53.00M | -163.00M | 225.93M | -79.14M | 29.03M | 0 | 0 | 0 |
| Net Income | 1.23B | 2.02B | 132.00M | -3.46B | 2.91B | 319.51M | -124.84M | -64.55M | -39.99M | -35.35M |
| Net Income growth (YoY) | -39.03% | +1429.55% | — | -218.71% | +812.23% | — | — | — | — | — |
| EPS (Basic) | 0.95 | 1.57 | 0.10 | -2.73 | 2.34 | 2.67 | -1.10 | -0.61 | -0.42 | -0.42 |
| EPS (Diluted) | 0.94 | 1.55 | 0.10 | -2.73 | 2.29 | 2.59 | -1.10 | -0.61 | -0.42 | -0.42 |
| Shares Outstanding (Basic) | 1.30B | 1.29B | 1.28B | 1.27B | 1.25B | 119.57M | 113.03M | 105.67M | 95.77M | 83.99M |
| Shares Outstanding (Diluted) | 1.30B | 1.30B | 1.30B | 1.27B | 1.27B | 123.46M | 113.03M | 105.67M | 95.77M | 83.99M |
| EBITDA | 1.50B | 1.11B | -1.35B | -729.00M | 334.95M | 160.21M | -105.50M | -64.87M | -25.77M | -23.20M |
| Gross Margin | 48.07% | 50.36% | 49.79% | 49.18% | 53.80% | 52.62% | 54.85% | 55.56% | 56.48% | 53.81% |
| Operating Margin | 12.70% | 12.11% | -20.08% | -14.68% | 5.83% | 3.08% | -8.94% | -8.56% | -7.30% | -9.55% |
| Net Margin | 10.65% | 22.74% | 1.87% | -61.79% | 63.20% | 10.91% | -7.91% | -6.01% | -5.94% | -9.08% |
This table shows 10 annual periods of Shopify's income statement, from FY 2025 back to FY 2016, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow SHOP's reporting calendar. What is a income statement?