Shopify (SHOP) revenue breakdown
By product, Merchant solutions is the largest at 76% of fiscal 2025 revenue, growing 49% a year over 8 years.
Revenue by product
Fiscal years, as Shopify reports them in its 10-K filings; fiscal 2025 total $11.6B.
| Products | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| Merchant solutions | $363M | $608M | $936M | $2.0B | $3.3B | $4.1B | $5.2B | $6.5B | $8.8B | 76% |
| Subscription solutions | $310M | $465M | $642M | $909M | $1.3B | $1.5B | $1.8B | $2.4B | $2.8B | 24% |
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Where does Shopify make its money?
In fiscal 2025, by product: Merchant solutions $8.8B, Subscription solutions $2.8B.
From Shopify's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.