Pricing Log in Create free account
Friday 6 November 2026 Export SHOP’s income statement to Excel — free account

Shopify Inc.

SHOP Technology Software Application

Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024.

Revenue
+31.6%
EPS
+79.5%
Free cash flow
+61.0%
Total debt
−81.7%

Quarter to September 2026, against a year earlier

144.13 8.90 −5.82%
Market cap
$184.9B
P/E
87.9×
Fwd P/E
97.3×
Dividend yield
—
F-score
6/9
Altman Z
75.00
Beneish M
−2.19
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Merchant solutions
  • Subscription solutions

Every year since 2022 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.75%

Capital & Financial Ratios $m

Size
Market Cap 184,920.00
Revenue ttm 14,167.00
Net income ttm 2,126.00
Free cash flow ttm 2,661.00
Net debt Q (4,727.00)
Valuation
P/E 87.94 (above 35: high)
Forward P/E 97.30 (above 35: high)
Price / sales 13.09 (above 10: high)
Forward P/S Powerpack
Price / FCF 69.71
Price / book 14.55 (above 6: high)
Financial health
Current ratio Q 4.86 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1.94
Growth
Revenue growth Q +31.58% (above 0%: growing)
Operating income growth Q +65.60% (above 0%: growing)
EPS, this year +33.42% (at or above 15%: strong)
EPS, next year A +28.00% (at or above 15%: strong)
Revenue, next year A +32.01% (at or above 10%: strong)
EPS, past 5 yrs +29.41% (at or above 15%: strong)
EPS, next 5 yrs A +32.02% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.8×, against a ten-year median of 14.8×; over the ten years it ranged from 5.8× in 2022 to 59.0× in 2020.
P/E against its own 10 years 46.61%
10-year low 10-year high
P/S against its own 10 years 32.93%
10-year low 10-year high
P/B against its own 10 years 67.88%
10-year low 10-year high
EV/Sales against its own 10 years 35.39%
10-year low 10-year high
EV/FCF against its own 10 years 8.66%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,008 5,479 5,778 4,727
Receivables 1,098 1,566 2,284 2,833
Inventory — — — —
Other 169 209 234 226
6,275 7,254 8,296 7,786
2023 2024 2025 Q'26
Payables 579 737 1,075 1,250
ST’ Debt — 918 — —
Other — — — —
898 1,956 1,392 1,602

Compound Annual Growth %

10y 5y 3y
Sales 49.64% 31.58% 27.31%
Cash Flow 62.58% 36.76% 0.00%
Earnings 0.00% 30.96% 0.00%
Book Value 52.71% 16.05% 17.81%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.45 Actual 0.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.50 0.46 Miss by 0.04
Q1 FY26 0.32 0.36 Beat by 0.04
Q2 FY26 0.39 0.42 Beat by 0.03
Q3 FY26 0.45 0.49 Beat by 0.04
Q4 FY26 0.65 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.45) 1.16 0.36 — —
’25 (0.53) 0.69 0.20 0.57 0.94
’24 (0.21) 0.13 0.64 0.99 1.55
’23 0.05 (1.02) 0.55 0.51 0.10
’22 (1.17) (0.95) (0.12) (0.49) (2.73)
’21 0.99 0.69 0.90 (0.29) 2.29
’20 (0.03) 0.03 0.15 0.10 0.26
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,170 3,583 3,742 — —
’25 2,360 2,680 2,844 3,672 11,556
’24 1,861 2,045 2,162 2,812 8,880
’23 1,508 1,694 1,714 2,144 7,060
’22 1,204 1,295 1,366 1,735 5,600
’21 989 1,119 1,124 1,380 4,612
’20 470 714 767 978 2,929
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 481 658 818 — —
’25 367 428 513 725 2,033
’24 238 340 423 615 1,616
’23 100 118 278 448 944
’22 (25) (75) (134) 98 (136)
’21 136 66 42 292 536
’20 (85) 175 89 245 425
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 476 654 816 — —
’25 363 422 507 715 2,007
’24 232 333 421 611 1,597
’23 86 97 276 446 905
’22 (41) (87) (148) 90 (186)
’21 130 58 31 266 485
’20 (102) 167 79 239 383
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 25.0% a year for ten years.

Implied
25.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 389 673 1,073 1,578 2,929 4,612 5,600 7,060 8,880 11,556 14,167 +45.8% 15,255 19,218 24,269 +28.1%
Gross margin, % 53.81 56.48 55.56 54.85 52.62 53.80 49.18 49.79 50.36 48.07 47.49 (5.7) pt
EBT (35) (40) (65) (96) 240 3,141 (3,623) 185 2,228 1,509 2,532 n/m
EBT margin, % (9.08) (5.94) (6.01) (6.07) 8.20 68.10 (64.70) 2.62 25.09 13.06 17.87 +22.1 pt
Net income (35) (40) (65) (125) 320 2,915 (3,460) 132 2,019 1,231 2,126 n/m
Per share, $
Per share, $ Revenue 0.46 0.70 1.02 1.40 2.45 3.70 4.42 5.51 6.88 8.90 11.01 +38.9%
Earnings (0.04) (0.04) (0.06) (0.11) 0.27 2.34 (2.73) 0.10 1.57 0.95 1.64 n/m
Cash flow 0.02 0.01 0.01 0.06 0.36 0.43 (0.11) 0.74 1.25 1.57 2.08 +65.6%
Capex (0.03) (0.03) (0.04) (0.06) (0.04) (0.04) (0.04) (0.03) (0.01) (0.02) (0.02) (4.8%)
Free cash flow (0.01) (0.02) (0.03) 0.01 0.32 0.39 (0.15) 0.71 1.24 1.55 2.07 n/m
Book value 0.49 1.05 1.98 2.67 5.35 8.93 6.51 7.07 8.96 10.37 9.91 +40.4%
Shares, m 840 958 1,057 1,130 1,196 1,247 1,266 1,282 1,290 1,299 1,296 +5.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 430.42 58.61 0.00 738.30 68.16 171.24 87.94 146.7
P/S 9.23 15.01 13.64 28.48 46.20 37.23 8.07 13.40 15.44 18.09 13.09 20.5
P/B 8.76 10.09 7.00 14.90 21.15 15.42 5.48 10.44 11.87 15.52 14.55 12.1
EV/Sales 8.26 13.64 11.82 27.02 44.33 35.80 7.33 12.82 15.03 17.69 12.84 19.4
EV/FCF (263.11) (561.16) (393.79) 5,188.12 339.14 340.67 (220.43) 100.07 83.61 101.86 68.34 471.5
Cash, $m
Cash, $m Operating cash flow 14 8 9 71 425 536 (136) 944 1,616 2,033 2,682 +73.8%
Capex (26) (24) (42) (62) (42) (51) (50) (39) (19) (26) (21) (0.1%)
Free cash flow (12) (16) (32) 8 383 485 (186) 905 1,597 2,007 2,661 n/m
Balance, $m
Balance, $m Working capital 356 931 1,990 2,426 6,439 7,837 5,194 5,377 5,298 6,904 6,184 +39.0%
Net debt (380) (923) (1,947) (2,303) (5,475) (6,594) (4,122) (4,092) (4,561) (5,778) (4,727) +35.3%
Shareholders’ equity 410 1,001 2,091 3,016 6,401 11,133 8,239 9,066 11,558 13,473 12,749 +47.4%
Returns, %
Returns, % ROA (9.63) (4.99) (3.83) (4.35) 5.68 27.62 (28.72) 1.20 16.01 8.46 14.32 +18.1 pt
ROIC (75.69) (39.37) (40.06) (12.38) 6.09 3.70 (12.48) (17.82) 9.60 11.92 16.12 +87.6 pt
ROE (11.67) (5.67) (4.18) (4.89) 6.79 33.25 (35.72) 1.53 19.58 9.84 16.83 +21.5 pt
People
People Employees 1,900 3,000 4,000 5,000 7,000 10,000 11,600 8,300 8,100 7,600 — +16.7%
Revenue/emp, $m 0.20 0.22 0.27 0.32 0.42 0.46 0.48 0.85 1.10 1.52 — +24.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Shopify provides software and services that help merchants start, run and grow businesses. Founded in 2006 and headquartered in Ottawa, it operates a commerce platform that merchants use to sell online, in physical stores and through other channels, including social media and AI platforms.

A merchant can use Shopify to create an online storefront, manage inventory and transactions, and build relationships with buyers. The platform also offers tools for accepting payments, obtaining working capital and shipping orders. Merchants operate their own businesses and choose the channels through which they sell; Shopify supplies the underlying technology and services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Merchant solutions 8,804 76.19%
Subscription solutions 2,752 23.81%
Gross margin 48.07%
Operating margin 12.70%
Pre-tax margin 13.06%

Revenue by segment since 2022

Shopify Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SAP SAP SE $274.9B 29.5× 29.2× +11.42% (above 0%: growing) +12.99% (above 0%: growing) +12.18% (above 0%: growing) 73.12% 28.52% Compare
SHOP Shopify Inc. $184.9B 87.9× 97.3× +31.58% (above 0%: growing) +79.50% (above 0%: growing) +60.95% (above 0%: growing) 47.59% 15.18%
CRM Salesforce, Inc. $183.0B 20.2× 21.9× +10.83% (above 0%: growing) +118.27% (above 0%: growing) +81.49% (above 0%: growing) 76.65% 20.55% Compare
UBER Uber Technologies, Inc. $140.5B 39.7× 20.5× +9.65% (above 0%: growing) −91.22% (below 0%: shrinking) +13.68% (above 0%: growing) 43.46% 9.80% Compare
ADP Automatic Data Processing, Inc. $121.3B 27.1× 23.8× +6.10% (above 0%: growing) +13.51% (above 0%: growing) −4.05% (below 0%: shrinking) 46.00% 26.64% Compare
NOW ServiceNow, Inc. $106.3B 73.1× 73.2× +20.52% (above 0%: growing) −44.21% (below 0%: shrinking) +31.46% (above 0%: growing) 70.51% 9.38% Compare
ADBE Adobe Inc. $95.9B 13.7× 13.7× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82% Compare
SNOW Snowflake Inc. $95.1B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
INTU Intuit Inc. $94.8B 21.4× 16.8× +13.65% (above 0%: growing) −1.47% (below 0%: shrinking) +253.37% (above 0%: growing) 78.11% 10.91% Compare
Median of peers $113.8B 27.1× 21.9× +12.15% +10.77% +23.07% 71.82% 15.73%

All 230 Software Application stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Nov 5, 2026 Reiterated Outperform 192.00
ATB Cormark Oct 26, 2026 Downgrade Hold —
Oppenheimer Oct 25, 2026 Target raised — 175.00 → 205.00
Baird Oct 15, 2026 Target raised Outperform 160.00 → 190.00
Jefferies Oct 15, 2026 Reiterated Buy 175.00
Piper Sandler Oct 12, 2026 Reiterated — —
Cantor Fitzgerald Oct 12, 2026 Reiterated Hold —
Mizuho Sep 28, 2026 Reiterated Outperform 180.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 64.11%
Held by the ten largest 29.05%
Holder Shares Stake Change
Capital Group 98.87m 7.68% +1.32m
Vanguard 53.29m 4.14% +1.06m
Fidelity (FMR) 47.18m 3.67% +1.34m
Invesco 36.57m 2.84% +191.67k
Baillie Gifford 28.40m 2.21% −618.24k
Morgan Stanley 25.52m 1.98% +812.37k
T. Rowe Price 24.75m 1.92% −265.09k
Royal Bank of Canada 23.53m 1.83% +1.88m
Fidelity International (FIL) 19.28m 1.50% +1.05m
Norges Bank 16.41m 1.28% +16.41m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Shopify Inc. (SHOP) Latest News

5 Nov

Impact 3 · · TheStreet

4 Nov

Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · The Daily Upside

3 Nov

Impact 3 · · Moby
Impact 3 · · GuruFocus.com
Impact 3 · · Investing.com
Impact 3 · · financialpost.com
Impact 3 · · GuruFocus.com
Impact 3 · · GuruFocus.com
Impact 3 · · InvestorsHub
Impact 3 · · GuruFocus.com
Impact 3 · · MT Newswires
Impact 3 · · Stocktwits
Impact 3 · · TIKR
Impact 3 · · The Motley Fool
Impact 3 · · 24/7 Wall St.
Impact 3 · · Proactive Investors
Impact 3 ·
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Investing.com
Impact 3 · · GlobeNewswire

2 Nov

Impact 3 · · TIKR

29 Oct

Impact 4 · · Zacks
Impact 4 · · axios.com
Impact 3 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Barchart

SHOP metrics, ten years each

stockrow.com/SHOP · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com