Shopify (SHOP) financial statements
Shopify reported revenue of $11.6B in fiscal 2025, up 42.7% a year over 8 years.
Net income was $1.2B.
Free cash flow was $2.0B.
The diluted share count rose 55% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Shopify's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $673M | $1.1B | $1.6B | $2.9B | $4.6B | $5.6B | $7.1B | $8.9B | $11.6B |
| Cost of revenue | $180M | $293M | $477M | $713M | $1.4B | $2.1B | $2.8B | $3.5B | $4.4B | $6.0B |
| Gross profit | $209M | $380M | $596M | $866M | $1.5B | $2.5B | $2.8B | $3.5B | $4.5B | $5.6B |
| Research and development | $74M | $136M | $231M | $355M | $552M | $854M | $1.5B | $1.7B | $1.4B | $1.5B |
| Selling, general and admin | $172M | $293M | $458M | $627M | $847M | $1.3B | $1.9B | $1.7B | $1.8B | $2.1B |
| Operating income | -$37M | -$49M | -$92M | -$141M | $90M | $269M | -$822M | -$1.4B | $1.1B | $1.5B |
| Interest expense | — | — | — | $0 | $9M | $3M | $3M | — | — | — |
| Pre-tax income | — | — | — | — | — | — | — | $185M | $2.2B | $1.5B |
| Income tax | $0 | $0 | $0 | $29M | -$79M | $226M | -$163M | $53M | $209M | $278M |
| Net income | -$35M | -$40M | -$65M | -$125M | $320M | $2.9B | -$3.5B | $132M | $2.0B | $1.2B |
| EPS (diluted) | -$0.04 | -$0.04 | -$0.06 | -$0.11 | $0.26 | $2.29 | -$2.73 | $0.10 | $1.55 | $0.94 |
| Diluted shares | 840M | 958M | 1.06B | 1.13B | 1.23B | 1.27B | 1.27B | 1.30B | 1.30B | 1.30B |
| Gross margin | — | 56.5% | 55.6% | 54.9% | 52.6% | 53.8% | 49.2% | 49.8% | 50.4% | 48.1% |
| Operating margin | — | -7.3% | -8.6% | -8.9% | 3.1% | 5.8% | -14.7% | -20.1% | 12.1% | 12.7% |
| Net margin | — | -5.9% | -6.0% | -7.9% | 10.9% | 63.2% | -61.8% | 1.9% | 22.7% | 10.7% |
Balance sheet
Fiscal years, from Shopify's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $392M | $938M | $2.0B | $2.5B | $6.4B | $7.8B | $5.1B | $5.0B | $5.5B | $5.8B |
| Receivables | $10M | $22M | $41M | $91M | $121M | $192M | $273M | $282M | $342M | $500M |
| Inventory | $522,000 | $2M | — | — | — | — | — | $19M | $26M | $21M |
| Total current assets | $423M | $1.0B | $2.1B | $2.7B | $6.9B | $8.5B | $6.0B | $6.3B | $7.3B | $8.3B |
| Property, plant and equipment | $46M | $50M | $62M | $111M | $92M | $106M | $131M | $49M | $47M | $53M |
| Goodwill | $16M | $20M | $38M | $312M | $312M | $357M | $1.8B | $427M | $452M | $491M |
| Total assets | $491M | $1.1B | $2.3B | $3.5B | $7.8B | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Total current liabilities | $67M | $95M | $139M | $316M | $438M | $703M | $856M | $898M | $2.0B | $1.4B |
| Total liabilities | $80M | $112M | $164M | $474M | $1.4B | $2.2B | $2.5B | $2.2B | $2.4B | $1.7B |
| Shareholders' equity | $410M | $1.0B | $2.1B | $3.0B | $6.4B | $11.1B | $8.2B | $9.1B | $11.6B | $13.5B |
| Net debt | -$84M | -$142M | -$411M | -$650M | -$2.7B | -$2.5B | -$1.6B | -$1.4B | -$1.5B | -$1.5B |
Cash flow
Fiscal years, from Shopify's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14M | $8M | $9M | $71M | $425M | $536M | -$136M | $944M | $1.6B | $2.0B |
| Capital spending | $24M | $20M | $28M | $57M | $42M | $51M | $50M | $39M | $19M | $26M |
| Free cash flow | -$10M | -$12M | -$19M | $14M | $383M | $485M | -$186M | $905M | $1.6B | $2.0B |
| Stock-based compensation | $23M | $49M | $96M | $158M | $247M | $331M | $549M | $615M | $430M | $449M |
| Free cash flow margin | — | -1.8% | -1.7% | 0.9% | 13.1% | 10.5% | -3.3% | 12.8% | 18.0% | 17.4% |
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Open SHOP in InvestinglyQuestions
What was Shopify's revenue in 2025?
$11.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Shopify generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Shopify's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.