Shopify (SHOP) financials
Shopify revenue and earnings by year
Shopify's revenue was $11.6 billion in the fiscal year to December 31, 2025, up 30.1% from the year before. Net income was $1.23 billion, 10.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 45.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.6 | 8.9 | 7.1 | 5.6 | 4.6 | 2.9 | 1.6 | 1.1 | 0.7 | 0.4 |
| Revenue growth | 30.1% | 25.8% | 26.1% | 21.4% | 57.4% | 85.6% | 47.0% | 59.4% | 72.9% | — |
| Gross profit | 5.6 | 4.5 | 3.5 | 2.8 | 2.5 | 1.5 | 0.9 | 0.6 | 0.4 | 0.2 |
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | 53.8% |
| Operating income | 1.5 | 1.1 | -1.4 | -0.8 | 0.3 | 0.1 | -0.1 | -0.1 | -0.0 | -0.0 |
| Operating margin | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | 3.1% | -8.9% | -8.6% | -7.3% | -9.5% |
| Net income | 1.2 | 2.0 | 0.1 | -3.5 | 2.9 | 0.3 | -0.1 | -0.1 | -0.0 | -0.0 |
| Net margin | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | 10.9% | -7.9% | -6.0% | -5.9% | -9.1% |
| Diluted EPS | $0.94 | $1.55 | $0.09 | -$2.73 | $2.29 | $0.26 | -$0.11 | -$0.06 | -$0.04 | -$0.04 |
| Free cash flow | 2.0 | 1.6 | 0.9 | -0.2 | 0.5 | 0.4 | 0.0 | -0.0 | -0.0 | -0.0 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open SHOP in Markets.
How Shopify makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Services | $2.78B | 77.6% |
| Subscription & Circulation | $802M | 22.4% |
See also: SHOP valuation and P/E history · SHOP returns
No forecast, no recommendation. This page describes Shopify from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.