Shopify Inc. (SHOP) Financial Statements

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Shopify financial statements at a glance

Shopify reported revenue of $11.56 billion for fiscal year 2025 (ended December 31, 2025), up 30.1% from fiscal year 2024. Net income was $1.23 billion, a net margin of 10.7%.

At the end of fiscal year 2025 it had total assets of $15.19 billion, total liabilities of $1.72 billion and shareholders' equity of $13.47 billion, with cash and short-term investments of $5.77 billion and total debt of $188.00 million.

Its operations brought in $2.03 billion of cash; capital spending was $26.00 million, leaving free cash flow of $2.01 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

SHOP logo

Shopify Inc.

SHOPCanada
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
11.56B
Prev Year: 8.88B
YoY: +30.1%
Operating Revenue
11.56B
Prev Year: 8.88B
YoY: +30.1%
Tax Effect of Unusual Items
-122.73M
Prev Year: 92.21M
YoY: -233.1%
Equity in Earnings of Affiliates
-40.00M
Prev Year: -138.00M
YoY: +71.0%
Cost of Revenue
6.00B
Prev Year: 4.41B
YoY: +36.1%
Gross Profit
5.55B
Prev Year: 4.47B
YoY: +24.2%
Operating Expense
3.67B
Prev Year: 3.40B
YoY: +8.0%
Selling General and Administrative
2.13B
Prev Year: 1.80B
YoY: +18.4%
General and Administrative Expense
471.00M
Prev Year: 410.00M
YoY: +14.9%
Other General and Administrative
471.00M
Prev Year: 410.00M
YoY: +14.9%
Selling and Marketing Expense
1.66B
Prev Year: 1.39B
YoY: +19.4%
Research and Development
1.54B
Prev Year: 1.37B
YoY: +12.4%
Operating Income
1.89B
Prev Year: 1.07B
YoY: +75.3%
Net Non Operating Interest Income Expense
331.00M
Prev Year: 308.00M
YoY: +7.5%
Non-operating Interest Income
331.00M
Prev Year: 308.00M
YoY: +7.5%
Other Income Expense
-707.00M
Prev Year: 845.00M
YoY: -183.7%
Gain on Sale of Securities
-250.00M
Prev Year: 983.00M
YoY: -125.4%
Special Income Charges
-417.00M
Prev Year: 0
Restructuring and Mergers Acquisition
417.00M
Pre-tax Income
1.51B
Prev Year: 2.23B
YoY: -32.3%
Provision for Income Taxes
278.00M
Prev Year: 209.00M
YoY: +33.0%
Net Income Common Stockholders
1.23B
Prev Year: 2.02B
YoY: -39.0%
Net Income
1.23B
Prev Year: 2.02B
YoY: -39.0%
Net Income Including Non-Controlling Interests
1.23B
Prev Year: 2.02B
YoY: -39.0%
Net Income from Continuing Operations
1.23B
Prev Year: 2.02B
YoY: -39.0%
Diluted NI Available to Com Stockholders
1.23B
Prev Year: 2.02B
YoY: -39.0%
Average Dilution Earnings
-
Prev Year: 0
Total Operating Income as Reported
1.47B
Prev Year: 1.07B
YoY: +36.6%
Total Expenses
9.67B
Prev Year: 7.80B
YoY: +23.9%
Basic EPS
-
Prev Year: 1.57
Net Income from Continuing and Discontinued Operation
1.23B
Prev Year: 2.02B
YoY: -39.0%
Diluted EPS
-
Prev Year: 1.55
Normalized Income
1.78B
Prev Year: 1.13B
YoY: +57.4%
Weighted Average Shares (basic)
-
Prev Year: 1.29B
Interest Income
331.00M
Prev Year: 308.00M
YoY: +7.5%
Weighted Average Shares (diluted)
-
Prev Year: 1.30B
Net Interest Income
331.00M
Prev Year: 308.00M
YoY: +7.5%
EBIT
1.89B
Prev Year: 1.07B
YoY: +75.3%
EBITDA
1.92B
Prev Year: 1.11B
YoY: +72.5%
Reconciled Cost of Revenue
6.00B
Prev Year: 4.41B
YoY: +36.1%
Reconciled Depreciation
31.00M
Prev Year: 36.00M
YoY: -13.9%
Net Income from Continuing Operation Net Minority Interest
1.23B
Prev Year: 2.02B
YoY: -39.0%
Interest Expense
-
Total Unusual Items Excluding Goodwill
-667.00M
Prev Year: 983.00M
YoY: -167.9%
Total Unusual Items
-667.00M
Prev Year: 983.00M
YoY: -167.9%
Normalized EBITDA
2.58B
Prev Year: 128.00M
YoY: +1918.0%
Tax Rate for Calcs
0.184
Prev Year: 0
Values in USD

Shopify key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$11.6B$8.9B$7.1B$5.6B$4.6B
Gross profit$5.6B$4.5B$3.5B$2.8B$2.5B
Operating income$1.9B$1.1B-$78.0M-$822.0M$268.6M
Net income$1.2B$2.0B$132.0M-$3.5B$2.9B
Diluted EPS–$1.55$0.10-$2.73$2.29
Total assets$15.2B$13.9B$11.3B$10.8B$13.3B
Total liabilities$1.7B$2.4B$2.2B$2.5B$2.2B
Shareholders' equity$13.5B$11.6B$9.1B$8.2B$11.1B
Cash and short-term investments$5.8B$5.5B$5.0B$5.1B$7.8B
Total debt$188.0M$1.1B$1.2B$1.4B$1.2B
Operating cash flow$2.0B$1.6B$944.0M-$136.0M$535.7M
Capital spending$26.0M$19.0M$39.0M$50.0M$50.8M
Free cash flow$2.0B$1.6B$905.0M-$186.0M$484.9M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Shopify's revenue in fiscal year 2025?

$11.56 billion, up 30.1% from $8.88 billion in fiscal year 2024.

How much profit does Shopify make?

Shopify reported net income of $1.23 billion for fiscal year 2025 (10.7% of revenue); operating income was $1.89 billion.

How much cash and debt does Shopify have?

At the end of fiscal year 2025: cash and short-term investments of $5.77 billion and total debt of $188.00 million.

What is Shopify's free cash flow?

$2.01 billion in fiscal year 2025 (operating cash flow of $2.03 billion minus capital spending of $26.00 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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