SHOP

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Shopify Inc.

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Key Metrics

Previous Close: $146.58
52-Week Range: $94.00 – $182.19
Market Cap: $190.99B
P/E (TTM): 99.45
EPS (TTM): 1.48
Dividend Yield: —

Advanced Metrics

Price/Book: 15.32
PEG Ratio: 2.61
Return on Equity: 15.54%
Return on Assets: 10.19%
Gross Margin: 47.77%
Operating Margin: 17.55%
Profit Margin: 14.53%
Current Ratio: 5.35
Debt/Equity: 0.01
Total Debt: $178.00M
Free Cash Flow: $1.59B
Revenue Growth: 33.70%
Earnings Growth: 68.10%
Enterprise Value: $183.83B

SHOP Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$5.60B	$7.06B	$8.88B	$11.56B
Cost of Revenue	$2.85B	$3.54B	$4.41B	$6.00B
Gross Profit	$2.75B	$3.52B	$4.47B	$5.55B
Research & Development	$1.50B	$1.73B	$1.37B	$1.54B
Selling, General & Admin	$1.94B	$1.71B	$1.80B	$2.13B
Operating Expenses	$3.44B	$3.44B	$3.17B	$3.67B
Operating Income	-$687.00M	$74.00M	$1.30B	$1.89B
EBITDA	-$594.00M	$144.00M	$1.34B	$1.92B
Pretax Income	-$3.62B	$185.00M	$2.23B	$1.51B
Income Tax	-$163.00M	$53.00M	$209.00M	$278.00M
Net Income	-$3.46B	$132.00M	$2.02B	$1.23B
Diluted EPS	-2.73	0.10	1.56	0.94
Diluted Shares	1.27B	1.30B	1.29B	1.30B

SHOP Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.65B	$1.41B	$1.49B	$1.53B
Receivables	$885.00M	$1.16B	$1.66B	$2.37B
Inventory	—	$19.00M	$26.00M	$21.00M
Current Assets	$6.05B	$6.28B	$7.25B	$8.30B
Total Assets	$10.76B	$11.30B	$13.92B	$15.19B
Current Liabilities	$856.00M	$898.00M	$1.96B	$1.39B
Long-Term Debt	$913.00M	$916.00M	—	—
Total Debt	$1.40B	$1.15B	$1.13B	$188.00M
Total Liabilities	$2.52B	$2.23B	$2.37B	$1.72B
Retained Earnings	-$522.00M	-$390.00M	$1.63B	$2.86B
Shareholders' Equity	$8.24B	$9.07B	$11.56B	$13.47B
Working Capital	$5.19B	$5.38B	$5.30B	$6.90B

SHOP Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$136.00M	$944.00M	$1.62B	$2.03B
Capital Expenditure	-$50.00M	-$39.00M	-$19.00M	-$26.00M
Free Cash Flow	-$186.00M	$905.00M	$1.60B	$2.01B
Depreciation & Amortisation	$93.00M	$70.00M	$36.00M	$31.00M
Stock-Based Compensation	$549.00M	$615.00M	$430.00M	$449.00M
Investing Cash Flow	-$719.00M	-$1.24B	-$1.59B	-$1.19B
Financing Cash Flow	$18.00M	$60.00M	$61.00M	-$811.00M
Net Change in Cash	-$837.00M	-$240.00M	$91.00M	$32.00M

SHOP Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$2.36B	$2.68B	$2.84B	$3.67B	$3.17B
Cost of Revenue	$1.19B	$1.38B	$1.45B	$1.98B	$1.62B
Gross Profit	$1.17B	$1.30B	$1.39B	$1.69B	$1.55B
Research & Development	$377.00M	$394.00M	$375.00M	$390.00M	$437.00M
Selling, General & Admin	$514.00M	$537.00M	$525.00M	$558.00M	$611.00M
Operating Expenses	$891.00M	$931.00M	$900.00M	$948.00M	$1.05B
Operating Income	$278.00M	$371.00M	$491.00M	$745.00M	$498.00M
EBITDA	$286.00M	$379.00M	$499.00M	$752.00M	$505.00M
Pretax Income	-$770.00M	$1.08B	$308.00M	$892.00M	-$634.00M
Income Tax	-$88.00M	$173.00M	$44.00M	$149.00M	-$53.00M
Net Income	-$682.00M	$906.00M	$264.00M	$743.00M	-$581.00M
Diluted EPS	-0.53	0.69	0.20	0.57	-0.45
Diluted Shares	1.30B	1.31B	1.31B	1.30B	1.30B

SHOP Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$1.31B	$1.54B	$2.41B	$1.53B	$1.85B
Receivables	$1.69B	$1.95B	$2.13B	$2.37B	$2.55B
Inventory	—	—	—	$21.00M	—
Current Assets	$7.45B	$8.00B	$8.71B	$8.30B	$8.49B
Total Assets	$13.40B	$14.56B	$15.04B	$15.19B	$14.12B
Current Liabilities	$2.01B	$2.08B	$2.21B	$1.39B	$1.37B
Total Debt	$1.14B	$1.14B	$1.11B	$188.00M	$179.00M
Total Liabilities	$2.35B	$2.44B	$2.53B	$1.72B	$1.62B
Retained Earnings	$947.00M	$1.85B	$2.12B	$2.86B	$2.28B
Shareholders' Equity	$11.05B	$12.12B	$12.51B	$13.47B	$12.50B
Working Capital	$5.44B	$5.92B	$6.49B	$6.90B	$7.12B

SHOP Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$367.00M	$428.00M	$513.00M	$725.00M	$481.00M
Capital Expenditure	-$4.00M	-$6.00M	-$6.00M	-$10.00M	-$5.00M
Free Cash Flow	$363.00M	$422.00M	$507.00M	$715.00M	$476.00M
Depreciation & Amortisation	$8.00M	$8.00M	$8.00M	$7.00M	$7.00M
Stock-Based Compensation	$114.00M	$113.00M	$107.00M	$115.00M	$132.00M
Investing Cash Flow	-$619.00M	-$252.00M	$335.00M	-$654.00M	$310.00M
Financing Cash Flow	$59.00M	$44.00M	$24.00M	-$938.00M	-$485.00M
Share Repurchases	$0.00	—	—	—	-$491.00M
Net Change in Cash	-$193.00M	$220.00M	$872.00M	-$867.00M	$306.00M

Market Snapshot

About

Shopify is a leading commerce platform that enables businesses of all sizes to start, run, and grow their operations. The company provides cloud-based software for online stores, point-of-sale systems, payments processing, and marketing tools. Shopify serves millions of merchants across more than 175 countries.