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SHOPIFY INC.

SHOP Clue Score72
Canada (Federal Level) Fiscal year ends December CIK 0001594805
$179.22 +4.90% Close, 12 Oct 2026
Alert on the numbers Alert on insider trades
Price $179.22 −86.80% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income−0.04Net income−0.04Fiscal year 2017Revenue0.67Operating income−0.05Net income−0.04Fiscal year 2018Revenue1.07 +59.4%Operating income−0.09Net income−0.06Fiscal year 2019Revenue1.58 +47.0%Operating income−0.14Net income−0.12EPS, diluted−1.10Fiscal year 2020Revenue2.93 +85.6%Operating income0.09Net income0.32EPS, diluted2.59Fiscal year 2021Revenue4.61 +57.4%Operating income0.27Net income2.91 +812.2%EPS, diluted2.29Fiscal year 2022Revenue5.60 +21.4%Operating income−0.82Net income−3.46 −218.7%EPS, diluted−2.73Fiscal year 2023Revenue7.06 +26.1%Operating income−1.42Net income0.13EPS, diluted0.10Fiscal year 2024Revenue8.88 +25.8%Operating income1.08Net income2.02 +1,429.5%EPS, diluted1.55Fiscal year 2025Revenue11.56 +30.1%Operating income1.47Net income1.23 −39.0%EPS, diluted0.94
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a 0.67 1.07 1.58 2.93 4.61 5.60 7.06 8.88 11.56
Growth +59.4% +47.0% +85.6% +57.4% +21.4% +26.1% +25.8% +30.1%
Operating income −0.04 −0.05 −0.09 −0.14 0.09 0.27 −0.82 −1.42 1.08 1.47
Net income −0.04 −0.04 −0.06 −0.12 0.32 2.91 −3.46 0.13 2.02 1.23
Growth +812.2% −218.7% +1,429.5% −39.0%
EPS, diluted n/a n/a n/a −1.10 2.59 2.29 −2.73 0.10 1.55 0.94

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Gross margin56.5%Operating margin−7.3%Net margin−5.9%Free cash flow margin−1.8%Fiscal year 2018Gross margin55.6%Operating margin−8.6%Net margin−6.0%Free cash flow margin−1.7%Fiscal year 2019Gross margin54.9%Operating margin−8.9%Net margin−7.9%Free cash flow margin0.9%Fiscal year 2020Gross margin52.6%Operating margin3.1%Net margin10.9%Free cash flow margin13.1%Fiscal year 2021Gross margin53.8%Operating margin5.8%Net margin63.2%Free cash flow margin10.5%Fiscal year 2022Gross margin49.2%Operating margin−14.7%Net margin−61.8%Free cash flow margin−3.3%Fiscal year 2023Gross margin49.8%Operating margin−20.1%Net margin1.9%Free cash flow margin12.8%Fiscal year 2024Gross margin50.4%Operating margin12.1%Net margin22.7%Free cash flow margin18.0%Fiscal year 2025Gross margin48.1%Operating margin12.7%Net margin10.7%Free cash flow margin17.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a 56.5% 55.6% 54.9% 52.6% 53.8% 49.2% 49.8% 50.4% 48.1%
Operating margin n/a −7.3% −8.6% −8.9% 3.1% 5.8% −14.7% −20.1% 12.1% 12.7%
Net margin n/a −5.9% −6.0% −7.9% 10.9% 63.2% −61.8% 1.9% 22.7% 10.7%
Free cash flow margin n/a −1.8% −1.7% 0.9% 13.1% 10.5% −3.3% 12.8% 18.0% 17.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.01Capital expenditure−0.02Free cash flow−0.01Fiscal year 2017Operating cash flow0.01Capital expenditure−0.02Free cash flow−0.01Fiscal year 2018Operating cash flow0.01Capital expenditure−0.03Free cash flow−0.02Fiscal year 2019Operating cash flow0.07Capital expenditure−0.06Free cash flow0.01Fiscal year 2020Operating cash flow0.42Capital expenditure−0.04Free cash flow0.38 +2,665.8%Fiscal year 2021Operating cash flow0.54Capital expenditure−0.05Free cash flow0.48 +26.5%Fiscal year 2022Operating cash flow−0.14Capital expenditure−0.05Free cash flow−0.19 −138.4%Fiscal year 2023Operating cash flow0.94Capital expenditure−0.04Free cash flow0.91Fiscal year 2024Operating cash flow1.62Capital expenditure−0.02Free cash flow1.60 +76.5%Fiscal year 2025Operating cash flow2.03Capital expenditure−0.03Free cash flow2.01 +25.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.01 0.01 0.01 0.07 0.42 0.54 −0.14 0.94 1.62 2.03
Capital expenditure −0.02 −0.02 −0.03 −0.06 −0.04 −0.05 −0.05 −0.04 −0.02 −0.03
Free cash flow −0.01 −0.01 −0.02 0.01 0.38 0.48 −0.19 0.91 1.60 2.01
Growth +2,665.8% +26.5% −138.4% +76.5% +25.7%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash0.08Shareholders’ equity0.41Fiscal year 2017Cash0.14Shareholders’ equity1.00Fiscal year 2018Cash0.41Shareholders’ equity2.09Fiscal year 2019Cash0.65Shareholders’ equity3.02Fiscal year 2020Cash2.70Shareholders’ equity6.40Fiscal year 2021Cash2.50Shareholders’ equity11.13Fiscal year 2022Cash1.65Shareholders’ equity8.24Fiscal year 2023Cash1.41Shareholders’ equity9.07Fiscal year 2024Cash1.50Shareholders’ equity11.56Fiscal year 2025Cash1.55Shareholders’ equity13.47
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.08 0.14 0.41 0.65 2.70 2.50 1.65 1.41 1.50 1.55
Shareholders’ equity 0.41 1.00 2.09 3.02 6.40 11.13 8.24 9.07 11.56 13.47

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
n/a 0.67 1.07 1.58 2.93 4.61 5.60 7.06 8.88 11.56
Growth +59.4% +47.0% +85.6% +57.4% +21.4% +26.1% +25.8% +30.1%
n/a 0.29 0.48 0.71 1.39 2.13 2.85 3.55 4.41 6.00
0.21 0.38 0.60 0.87 1.54 2.48 2.75 3.52 4.47 5.56
Growth +81.5% +56.8% +45.2% +78.1% +61.0% +11.0% +27.6% +27.2% +24.2%
0.07 0.14 0.23 0.36 0.55 0.85 1.50 1.73 1.37 1.54
0.04 0.07 0.11 0.15 0.25 0.37 0.71 0.49 0.41 0.47
−0.04 −0.05 −0.09 −0.14 0.09 0.27 −0.82 −1.42 1.08 1.47
Growth +198.0% −406.0% +36.6%
n/a n/a n/a n/a n/a n/a n/a 0.19 2.23 1.51
0.00 0.00 0.00 0.03 −0.08 0.23 −0.16 0.05 0.21 0.28
−0.04 −0.04 −0.06 −0.12 0.32 2.91 −3.46 0.13 2.02 1.23
Growth +812.2% −218.7% +1,429.5% −39.0%
Per share
n/a n/a n/a −1.10 2.67 2.34 −2.73 0.10 1.57 0.95
n/a n/a n/a −1.10 2.59 2.29 −2.73 0.10 1.55 0.94
Growth −11.6% −219.2% +1,450.0% −39.4%
n/a n/a n/a 113.0 119.6 1,247 1,266 1,282 1,290 1,299
n/a n/a n/a 113.0 123.5 1,274 1,266 1,296 1,302 1,305
Growth +9.2% +931.6% −0.6% +2.3% +0.5% +0.3%

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 31.6% a year over five years.
  • Operating margin is up 9.6 points on five years ago, at 12.7%.
  • A net loss in 5 of 10 years on file.