Saturday 17 October 2026 Export SHOP’s income statement to Excel — free account

Shopify Inc.

Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024. In the quarter to June 2026, revenue grew 33.7%, EPS grew 65.7%, free cash flow grew 55.0% and total debt fell 81.7%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for three.

169.20 8.94 −5.02%

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Market cap: $229.2B
P/E: 114×
Fwd P/E: 123×
Dividend yield: —
F-score: 6/9
Altman Z: 75.00
Beneish M: −2.19
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	0.00	0.00	0.00	0.00	430.42	58.61	0.00	738.30	68.16	171.24
Piotroski F-Score Full definition →	5	6	5	2	5	5	3	6	6	6
P/S ratio Full definition →	9.23	15.01	13.64	28.48	46.20	37.23	8.07	13.40	15.44	18.09
Altman Z-Score Full definition →	28.15	52.91	54.80	57.94	61.03	48.11	11.25	27.56	36.29	75.00
Altman Z″-Score (non-manufacturers) Full definition →	9.09	14.17	18.63	10.69	10.46	10.00	5.93	6.43	8.53	12.49
P/FCF ratio Full definition →	0.00	0.00	0.00	5,468.38	353.44	354.28	0.00	104.58	85.89	104.20
P/Operating CF Full definition →	535.33	531.94	1,581.03	849.70	551.64	588.55	461.02	211.20	223.00	288.40
Beneish M-Score Full definition →	(1.18)	(1.27)	(1.87)	(0.15)	(2.09)	(0.07)	(3.66)	(2.53)	(1.86)	(2.19)
P/B ratio Full definition →	8.76	10.09	7.00	14.90	21.15	15.42	5.48	10.44	11.87	15.52
Price to Tangible BV Full definition →	9.25	10.49	7.22	17.72	22.74	16.14	7.51	10.99	12.37	16.14
EV/Sales Full definition →	8.26	13.64	11.82	27.02	44.33	35.80	7.33	12.82	15.03	17.69
EV/EBITDA Full definition →	0.00	0.00	0.00	0.00	810.66	492.94	0.00	0.00	120.16	136.36
EV/Operating CF Full definition →	229.36	1,162.03	1,360.81	603.78	305.63	308.21	(301.90)	95.91	82.61	100.54
EV/FCF Full definition →	(263.11)	(561.16)	(393.79)	5,188.12	339.14	340.67	(220.43)	100.07	83.61	101.86
Quick Ratio Full definition →	6.22	10.63	15.16	8.52	15.54	12.00	6.90	6.80	3.60	5.79
Current Ratio Full definition →	6.36	10.82	15.35	8.67	15.69	12.15	7.07	6.99	3.71	5.96
Net Debt/EBITDA Full definition →	16.37	35.81	30.02	21.83	(34.17)	(19.69)	5.65	3.04	(4.11)	(3.85)
Debt/Assets Full definition →	2.57%	1.34%	0.99%	4.36%	11.76%	8.80%	8.65%	8.11%	6.59%	0.00%
Debt/Equity Full definition →	0.03	0.02	0.01	0.05	0.14	0.11	0.11	0.10	0.08	0.00
Asset Turnover Full definition →	1.06	0.84	0.64	0.55	0.52	0.44	0.46	0.64	0.70	0.79
Operating CF/Net income Full definition →	(0.40)	(0.20)	(0.14)	(0.57)	1.33	0.18	0.04	7.15	0.80	1.65
Capex/Depreciation Full definition →	(1.88)	(1.04)	(1.54)	(1.75)	(0.60)	(0.77)	(0.54)	(0.56)	(0.53)	(0.84)
Interest Coverage Full definition →	(18.58)	(6.14)	(3.17)	(2.94)	9.92	76.91	(234.92)	—	—	—
ROE Full definition →	(11.67%)	(5.67%)	(4.18%)	(4.89%)	6.79%	33.25%	(35.72%)	1.53%	19.58%	9.84%
ROA Full definition →	(9.63%)	(4.99%)	(3.83%)	(4.35%)	5.68%	27.62%	(28.72%)	1.20%	16.01%	8.46%
ROIC Full definition →	(75.69%)	(39.37%)	(40.06%)	(12.38%)	6.09%	3.70%	(12.48%)	(17.82%)	9.60%	11.92%
Return on Tangible Assets Full definition →	(8.79%)	(4.08%)	(3.15%)	(4.92%)	4.89%	36.70%	(64.98%)	2.43%	37.77%	17.69%
Average Days of Receivables Full definition →	20.15	37.43	45.31	55.67	52.52	52.86	55.60	56.77	64.37	72.14
Research and Development Expense of Revenue Full definition →	19.09%	20.20%	21.49%	22.50%	18.85%	18.53%	26.84%	24.50%	15.39%	13.29%
Selling, General and Administrative Expense of Revenue Full definition →	44.26%	43.58%	42.63%	39.70%	28.93%	27.68%	34.61%	24.24%	20.30%	18.47%
Intangible Assets out of Total Assets Full definition →	0.04	0.03	0.03	0.14	0.06	0.04	0.21	0.04	0.03	0.03
Share Based Compensation of Revenue Full definition →	5.88%	7.30%	8.92%	10.04%	8.43%	7.17%	9.80%	8.71%	4.84%	3.89%
Graham Net Nets Full definition →	0.10	0.09	0.13	0.05	0.04	0.04	0.08	0.04	0.04	0.03
Graham Number Full definition →	0.00	0.00	0.00	0.00	5.63	21.73	0.00	3.99	17.74	14.81
Earnings Yield Full definition →	(0.98%)	(0.40%)	(0.45%)	(0.28%)	0.23%	1.71%	(7.65%)	0.14%	1.47%	0.58%
Free Cash Flow Yield Full definition →	(0.34%)	(0.16%)	(0.22%)	0.02%	0.28%	0.28%	(0.41%)	0.96%	1.16%	0.96%
Revenue per Share Full definition →	0.46	0.70	1.02	1.40	2.45	3.70	4.42	5.51	6.88	8.90
Operating CF per Share Full definition →	0.02	0.01	0.01	0.06	0.36	0.43	(0.11)	0.74	1.25	1.57
Capex per Share Full definition →	(0.03)	(0.03)	(0.04)	(0.06)	(0.04)	(0.04)	(0.04)	(0.03)	(0.01)	(0.02)
Free Cash Flow per Share Full definition →	(0.01)	(0.02)	(0.03)	0.01	0.32	0.39	(0.15)	0.71	1.24	1.55
Cash per Share Full definition →	0.47	0.98	1.86	2.17	5.34	6.23	3.99	3.91	4.25	4.45
Shareholders Equity per Share Full definition →	0.49	1.05	1.98	2.67	5.35	8.93	6.51	7.07	8.96	10.37
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	0.49	1.05	1.98	2.67	5.35	8.93	6.51	7.07	8.96	10.37
Free Cash Flow Full definition →	(12.22)	(16.36)	(32.22)	8.22	382.96	484.92	(186.00)	905.00	1,597.00	2,007.00
Working Capital Full definition →	356.37	930.92	1,990.39	2,425.85	6,439.42	7,836.59	5,194.00	5,377.00	5,298.00	6,904.00
Capital Expenditures Full definition →	(26.24)	(24.26)	(41.54)	(62.40)	(41.99)	(50.79)	(50.00)	(39.00)	(19.00)	(26.00)
Net Current Asset Value Full definition →	342.82	913.21	1,965.07	2,268.48	5,515.57	6,332.49	3,532.00	4,042.00	4,888.00	6,580.00
EV/EBIT Full definition →	0.00	0.00	0.00	0.00	1,440.64	614.61	0.00	0.00	124.19	139.24
Capex to Sales Full definition →	0.07	0.04	0.04	0.04	0.01	0.01	0.01	0.01	0.00	0.00
Price to Operating Income Full definition →	0.00	0.00	0.00	0.00	1,501.37	639.16	0.00	0.00	127.58	142.43
Other line items
Depreciation/Fixed assets Full definition →	0.31	0.46	0.44	0.32	0.76	0.63	0.71	1.43	0.77	0.58
Cash ROIC Full definition →	(1.50%)	(0.84%)	(0.79%)	0.15%	2.80%	2.42%	(1.31%)	6.04%	8.89%	10.43%
Accounts Receivable Turnover Full definition →	28.23	14.87	10.61	8.44	8.85	8.47	7.36	7.24	6.67	6.00
Accounts Payable Turnover Full definition →	5.23	5.45	5.98	5.12	5.76	5.63	5.70	6.32	6.70	6.62
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	91.45	77.94	74.20	92.82	79.10	78.23	69.51	59.62	61.03	65.38
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	13.79	45.27	101.13	186.96	331.12	544.75	760.48	975.50	1,332.00	1,925.00
Average Payables Full definition →	34.37	53.82	79.77	139.07	240.99	378.74	499.34	560.50	658.00	906.00
Average Assets Full definition →	367.14	802.06	1,684.17	2,872.13	5,626.19	10,551.54	12,048.59	11,028.00	12,611.50	14,556.50
Average Common Equity Full definition →	302.90	705.79	1,545.93	2,553.25	4,708.23	8,767.03	9,686.17	8,652.50	10,312.00	12,515.50

Fold the line items

Columns are period end dates

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