Thursday 29 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.

166.55 1.67 −0.99%

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Market cap: $216.4B
P/E: 113×
Fwd P/E: 104×
Dividend yield: —
F-score: 6/9
Altman Z: 75.00
Beneish M: −2.19
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Shopify Inc. (SHOP) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022
Merchant solutions	8,804 76.19%	6,530 73.54%	5,223 73.98%	4,112 73.43%
Subscription solutions	2,752 23.81%	2,350 26.46%	1,837 26.02%	1,488 26.57%
Revenue	11,556	8,880	7,060	5,600

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022
Merchant solutions	‡	‡	‡	‡
Subscription solutions	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡
	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
GMV	Q2 FY2026	$115.6B	$87.8B	+31.57%
MRR	Q2 FY2026	$221.0M	$185.0M	+19.46%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024
GMV	‡	‡	‡	‡	‡	‡	‡
MRR	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.