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

Fold the line items

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