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

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 6.58%

Capital & Financial Ratios $m

Market Cap 229,200.00

Revenue 13,269.00

Net Income 1,928.00

Free Cash Flow 2,352.00

Net Debt (4,779.00)

Current Ratio 5.35

Debt/Equity 0.01

P/E ratio 114.32

Fwd P/E 123.00

P/S ratio 16.52

P/B ratio 17.28

Past 5Y EPS Growth 29.41%

This Y EPS Growth 34.06%

Next Y EPS Growth 29.65%

Next Y revenue growth 31.97%

Next 5Y EPS Growth 33.49%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 64.29%

10-year low 10-year high

P/S against its own 10 years 52.05%

10-year low 10-year high

P/B against its own 10 years 82.16%

10-year low 10-year high

EV/Sales against its own 10 years 57.54%

10-year low 10-year high

EV/FCF against its own 10 years 31.03%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5,008	5,479	5,778	4,947
Receivables	1,098	1,566	2,284	2,650
Inventory	—	—	—	—
Other	169	209	234	219
	6,275	7,254	8,296	7,816

	2023	2024	2025	Q'26
Payables	579	737	1,075	1,115
ST’ Debt	—	918	—	—
Other	—	—	—	—
	898	1,956	1,392	1,460

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	3,170	3,583	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.45)	1.16	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	1.85	4.21	10.10	12.95	30.53	100.51	23.63	34.65	48.56	69.84	Analyst estimates 2026–2028 Powerpack
	High	4.55	12.39	17.66	41.66	128.52	176.29	139.37	79.99	120.72	182.19
People
People	Employees	1,900	3,000	4,000	5,000	7,000	10,000	11,600	8,300	8,100	7,600
	Revenue/emp, $m	0.20	0.22	0.27	0.32	0.42	0.46	0.48	0.85	1.10	1.52
Income, $m
Income, $m	Revenue	389	673	1,073	1,578	2,929	4,612	5,600	7,060	8,880	11,556
	Gross margin, %	53.81	56.48	55.56	54.85	52.62	53.80	49.18	49.79	50.36	48.07
	EBT	(35)	(40)	(65)	(96)	240	3,141	(3,623)	185	2,228	1,509
	EBT margin, %	(9.08)	(5.94)	(6.01)	(6.07)	8.20	68.10	(64.70)	2.62	25.09	13.06
	Net income	(35)	(40)	(65)	(125)	320	2,915	(3,460)	132	2,019	1,231
	Depreciation	14	23	27	36	70	66	93	70	36	31
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
	Earnings	(0.04)	(0.04)	(0.06)	(0.11)	0.27	2.34	(2.73)	0.10	1.57	0.95
	Cash flow	0.02	0.01	0.01	0.06	0.36	0.43	(0.11)	0.74	1.25	1.57
	Capex	(0.03)	(0.03)	(0.04)	(0.06)	(0.04)	(0.04)	(0.04)	(0.03)	(0.01)	(0.02)
	Free cash flow	(0.01)	(0.02)	(0.03)	0.01	0.32	0.39	(0.15)	0.71	1.24	1.55
	Book value	0.49	1.05	1.98	2.67	5.35	8.93	6.51	7.07	8.96	10.37
	Shares, m	840	958	1,057	1,130	1,196	1,247	1,266	1,282	1,290	1,299
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	430.42	58.61	0.00	738.30	68.16	171.24
	P/S	9.23	15.01	13.64	28.48	46.20	37.23	8.07	13.40	15.44	18.09
	P/B	8.76	10.09	7.00	14.90	21.15	15.42	5.48	10.44	11.87	15.52
	EV/Sales	8.26	13.64	11.82	27.02	44.33	35.80	7.33	12.82	15.03	17.69
	EV/FCF	(263.11)	(561.16)	(393.79)	5,188.12	339.14	340.67	(220.43)	100.07	83.61	101.86
Cash, $m
Cash, $m	Operating cash flow	14	8	9	71	425	536	(136)	944	1,616	2,033
	Capex	(26)	(24)	(42)	(62)	(42)	(51)	(50)	(39)	(19)	(26)
	Free cash flow	(12)	(16)	(32)	8	383	485	(186)	905	1,597	2,007
Balance, $m
Balance, $m	Working capital	356	931	1,990	2,426	6,439	7,837	5,194	5,377	5,298	6,904
	Total debt	13	15	22	152	913	1,174	931	916	918	—
	Net debt	(380)	(923)	(1,947)	(2,303)	(5,475)	(6,594)	(4,122)	(4,092)	(4,561)	(5,778)
	Shareholders’ equity	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558	13,473
Returns, %
Returns, %	ROA	(9.63)	(4.99)	(3.83)	(4.35)	5.68	27.62	(28.72)	1.20	16.01	8.46
	ROIC	(75.69)	(39.37)	(40.06)	(12.38)	6.09	3.70	(12.48)	(17.82)	9.60	11.92
	ROE	(11.67)	(5.67)	(4.18)	(4.89)	6.79	33.25	(35.72)	1.53	19.58	9.84

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$259.7B	28.1×	22.7×	+12.08% (above 0%: growing)	+33.33% (above 0%: growing)	+15.69% (above 0%: growing)	73.17%	26.77%	Compare
SHOP Shopify Inc.	$229.2B	114×	123×	+33.69% (above 0%: growing)	+65.71% (above 0%: growing)	+54.98% (above 0%: growing)	47.67%	13.62%
CRM Salesforce, Inc.	$203.1B	21.9×	22.8×	+10.83% (above 0%: growing)	+118.27% (above 0%: growing)	+81.49% (above 0%: growing)	76.65%	20.55%	Compare
NOW ServiceNow, Inc.	$153.6B	88.0×	56.5×	+24.01% (above 0%: growing)	−22.04% (below 0%: shrinking)	−10.08% (below 0%: shrinking)	70.68%	4.06%	Compare
UBER Uber Technologies, Inc.	$145.6B	15.2×	24.0×	+12.17% (above 0%: growing)	+81.54% (above 0%: growing)	+12.81% (above 0%: growing)	44.93%	13.32%	Compare
SNOW Snowflake Inc.	$118.2B	— (loss-making)	— (loss-making)	+35.09% (above 0%: growing)	n/m	+47.23% (above 0%: growing)	67.02%	(17.00%)	Compare
ADP Automatic Data Processing, Inc.	$113.2B	26.3×	19.0×	+6.77% (above 0%: growing)	+9.37% (above 0%: growing)	−5.49% (below 0%: shrinking)	45.88%	23.00%	Compare
ADBE Adobe Inc.	$98.0B	13.7×	13.8×	+12.89% (above 0%: growing)	+10.77% (above 0%: growing)	+14.68% (above 0%: growing)	88.71%	34.82%	Compare
DDOG Datadog, Inc.	$95.6B	485×	420×	+35.64% (above 0%: growing)	+1,610.53% (above 0%: growing)	+68.55% (above 0%: growing)	78.59%	0.49%	Compare
Median of peers	$131.9B	26.3×	22.8×	+12.53%	+33.33%	+15.19%	71.93%	16.94%

All 237 Software Application stocks →

Shopify Inc. (SHOP) key facts

Strength: Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024.
Shopify Inc. (SHOP) is a Software Application company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, SHOP traded at $169.20, a market capitalization of $229.2 billion.
Return on equity was 9.84% and debt-to-equity 0.01.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 75.00 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.