Shopify (SHOP) Financials

$142.12 +5.44 (+3.98%)

As of 03:57 PM Eastern

Annual Income Statements for Shopify

This table shows Shopify's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-22	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019
Consolidated Net Income / (Loss)	-22	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019
Net Income / (Loss) Continuing Operations	-22	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019
Total Pre-Tax Income	-22	-19	-35	-40	-65	-96	240	3,141	-3,623	185	2,228
Total Operating Income	-22	-18	-37	-49	-92	-141	90	269	-822	-1,418	1,075
Total Gross Profit	62	113	209	380	596	866	1,542	2,481	2,754	3,515	4,472
Total Revenue	105	205	389	673	1,073	1,578	2,929	4,612	5,600	7,060	8,880
Operating Revenue	105	205	389	673	1,073	1,578	2,929	4,612	5,600	7,060	8,880
Total Cost of Revenue	43	92	180	293	477	713	1,388	2,131	2,846	3,545	4,408
Operating Cost of Revenue	17	25	39	293	477	713	1,388	2,131	2,846	3,545	4,408
Total Operating Expenses	83	131	247	429	688	1,007	1,451	2,213	3,576	4,933	3,397
Selling, General & Admin Expense	12	21	43	68	107	154	245	375	708	491	410
Marketing Expense	46	70	129	226	350	473	602	902	1,230	1,220	1,393
Research & Development Expense	26	40	74	136	231	355	552	854	1,503	1,730	1,367
Other Operating Expenses / (Income)	-	-	-	-	-	25	52	82	135	152	227
Impairment Charge	-	-	-	-	-	-	-	-	0.00	1,340	0.00
Total Other Income / (Expense), net	-0.70	-1.03	1.81	9.16	27	45	150	2,872	-2,801	1,603	1,153
Interest & Investment Income	0.06	0.20	1.54	7.85	29	48	23	15	75	183	170
Other Income / (Expense), net	-0.75	-1.23	0.27	1.31	-2.07	-2.85	136	2,860	-2,876	1,420	983
Income Tax Expense	-	-	-	-	0.00	29	-79	226	-163	53	209
Basic Earnings per Share	($0.57)	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.67	$2.34	($2.73)	$0.10	$1.57
Weighted Average Basic Shares Outstanding	38.94M	61.72M	83.99M	95.77M	105.67M	113.03M	119.57M	1.25B	1.27B	1.28B	1.29B
Diluted Earnings per Share	($0.57)	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.59	$2.29	($2.73)	$0.10	$1.55
Weighted Average Diluted Shares Outstanding	38.94M	61.72M	83.99M	95.77M	105.67M	113.03M	123.46M	1.27B	1.27B	1.30B	1.30B
Weighted Average Basic & Diluted Shares Outstanding	38.94M	61.72M	83.99M	95.77M	105.67M	113.03M	122.53M	125.90M	1.29B	1.29B	1.29B

This table shows Shopify's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q1 2025	Q2 2025
Period end date	3/31/2024	6/30/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-273	171	-682	906
Consolidated Net Income / (Loss)	-273	171	-682	906
Net Income / (Loss) Continuing Operations	-273	171	-682	906
Total Pre-Tax Income	-256	203	-770	1,079
Total Operating Income	86	241	203	291
Total Gross Profit	957	1,045	1,169	1,302
Total Revenue	1,861	2,045	2,360	2,680
Operating Revenue	1,861	2,045	2,360	2,680
Total Cost of Revenue	904	1,000	1,191	1,378
Operating Cost of Revenue	904	1,000	1,191	1,378
Total Operating Expenses	871	804	966	1,011
Selling, General & Admin Expense	124	60	109	122
Marketing Expense	361	353	405	415
Research & Development Expense	335	349	377	394
Other Operating Expenses / (Income)	51	42	75	80
Total Other Income / (Expense), net	-342	-38	-973	788
Interest & Investment Income	35	36	42	82
Other Income / (Expense), net	-377	-74	-1,015	706
Income Tax Expense	17	32	-88	173
Basic Earnings per Share	($0.21)	$0.13	($0.53)	$0.70
Weighted Average Basic Shares Outstanding	1.29B	1.29B	1.30B	1.30B
Diluted Earnings per Share	($0.21)	$0.13	($0.53)	$0.69
Weighted Average Diluted Shares Outstanding	1.29B	1.30B	1.30B	1.31B
Weighted Average Basic & Diluted Shares Outstanding	-	-	1.30B	1.30B

This table details how cash moves in and out of Shopify's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-42	68	-26	58	269	239	2,054	-201	-854	-236	85
Net Cash From Operating Activities	-0.80	16	14	7.90	9.32	71	425	536	-136	944	1,616
Net Cash From Continuing Operating Activities	-0.80	16	14	7.90	9.32	71	425	536	-136	944	1,616
Net Income / (Loss) Continuing Operations	-22	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019
Consolidated Net Income / (Loss)	-22	-19	-35	-40	-65	-125	320	2,915	-3,460	132	2,019
Depreciation Expense	4.67	7.24	14	23	27	36	70	66	93	70	36
Non-Cash Adjustments To Reconcile Net Income	12	14	26	50	103	180	140	-2,777	3,517	548	-351
Changes in Operating Assets and Liabilities, net	4.48	14	9.63	-26	-56	-20	-114	329	-286	194	-88
Net Cash From Investing Activities	-40	-84	-270	-527	-811	-569	-1,932	-2,379	-719	-1,244	-1,586
Net Cash From Continuing Investing Activities	-40	-84	-270	-527	-811	-569	-1,932	-2,379	-719	-1,244	-1,586
Purchase of Property, Plant & Equipment	-21	-17	-24	-20	-28	-57	-42	-51	-50	-39	-19
Acquisitions	-2.13	-4.51	-17	-20	-33	-271	-0.26	-60	-1,754	-31	-30
Purchase of Investments	-20	-111	-369	-1,129	-2,448	-2,719	-5,611	-8,186	-6,172	-8,066	-11,539
Sale and/or Maturity of Investments	2.38	48	140	642	1,698	2,477	3,721	5,917	7,257	6,928	9,999
Other Investing Activities, net	-	-	-	-	-	-	-	-	0.00	-36	3.00
Net Cash From Financing Activities	0.14	138	229	575	1,072	736	3,557	1,650	18	60	61
Net Cash From Continuing Financing Activities	0.14	138	229	575	1,072	736	3,557	1,650	18	60	61
Other Financing Activities, net	0.14	1.60	4.16	15	30	48	71	109	18	60	61
Effect of Exchange Rate Changes	-0.55	-1.65	1.03	2.10	-1.87	1.74	3.22	-7.01	-17	4.00	-6.00
Cash Interest Paid	-	-	-	-	-	-	0.00	1.29	1.00	1.00	1.00
Cash Income Taxes Paid	-	-	-	-	-	-	70	-10	27	50	116

This table details how cash moves in and out of Shopify's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q1 2025	Q2 2025
Period end date	3/31/2024	6/30/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	210	-82	-189	233
Net Cash From Operating Activities	238	340	367	428
Net Cash From Continuing Operating Activities	238	340	367	428
Net Income / (Loss) Continuing Operations	-273	171	-682	906
Consolidated Net Income / (Loss)	-273	171	-682	906
Depreciation Expense	10	10	8.00	8.00
Non-Cash Adjustments To Reconcile Net Income	521	229	1,176	-549
Changes in Operating Assets and Liabilities, net	-20	-70	-135	63
Net Cash From Investing Activities	-27	-424	-619	-252
Net Cash From Continuing Investing Activities	-27	-424	-619	-252
Purchase of Property, Plant & Equipment	-6.00	-7.00	-4.00	-6.00
Purchase of Investments	-2,713	-2,650	-2,527	-2,479
Sale and/or Maturity of Investments	2,692	2,257	1,968	2,231
Net Cash From Financing Activities	3.00	3.00	59	44
Net Cash From Continuing Financing Activities	3.00	3.00	59	44
Other Financing Activities, net	3.00	3.00	59	44
Effect of Exchange Rate Changes	-4.00	-1.00	4.00	13
Cash Income Taxes Paid	9.00	40	27	61

This table presents Shopify's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	95	244	491	1,114	2,255	3,489	7,763	13,340	10,757	11,299	13,924
Total Current Assets	68	202	423	1,026	2,129	2,742	6,878	8,539	6,050	6,275	7,254
Cash & Equivalents	42	110	84	142	411	650	2,704	2,503	1,649	1,413	1,498
Short-Term Investments	18	80	308	796	1,559	1,805	3,684	5,265	3,404	3,595	3,981
Note & Lease Receivable	-	0.00	12	47	92	150	245	471	580	816	1,224
Accounts Receivable	7.23	6.09	9.60	22	41	91	121	192	273	282	342
Prepaid Expenses	1.50	6.20	8.99	19	26	46	68	103	144	169	209
Plant, Property, & Equipment, net	22	33	46	50	62	111	92	106	131	49	47
Total Noncurrent Assets	5.08	8.20	22	38	64	633	793	4,695	4,576	4,975	6,623
Long-Term Investments	-	-	-	-	-	-	173	3,956	1,954	4,377	5,998
Goodwill	2.37	2.37	16	20	38	312	312	357	1,836	427	452
Intangible Assets	2.71	5.83	6.44	17	26	167	136	138	390	29	22
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	0.00	19	53	48	41	44	37
Other Noncurrent Operating Assets	-	-	-	-	0.00	135	119	196	355	98	114
Total Liabilities & Shareholders' Equity	95	244	491	1,114	2,255	3,489	7,763	13,340	10,757	11,299	13,924
Total Liabilities	27	48	80	112	164	474	1,362	2,207	2,518	2,233	2,366
Total Current Liabilities	20	37	67	95	139	316	438	703	856	898	1,956
Short-Term Debt	-	-	-	-	-	-	-	-	-	0.00	918
Accounts Payable	13	24	45	63	97	181	301	457	542	579	737
Current Deferred Revenue	7.26	14	21	32	39	57	108	217	296	302	283
Other Current Liabilities	-	-	-	-	2.55	9.07	10	16	18	17	18
Total Noncurrent Liabilities	7.69	11	14	18	25	157	924	1,504	1,662	1,335	410
Noncurrent Deferred Revenue	7.69	11	14	16	1.88	5.97	21	163	268	196	147
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.00	1.39	1.13	8.75	0.00	183	16	6.00	73
Other Noncurrent Operating Liabilities	-	-	-	-	22	143	145	247	465	217	190
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	68	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558
Total Preferred & Common Equity	68	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558
Total Common Equity	-19	195	410	1,001	2,091	3,016	6,401	11,133	8,239	9,066	11,558
Common Stock	9.74	243	496	1,121	2,291	3,319	6,377	8,201	8,777	9,452	9,939
Retained Earnings	-29	-48	-83	-123	-188	-304	15	2,938	-522	-390	1,629
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-1.82	3.44	-12	1.05	8.77	-5.97	-16	4.00	-10

This table presents Shopify's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q4 2023	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	12/31/2023	12/31/2024	3/31/2025	6/30/2025
Total Assets	10,757	11,299	13,924	13,400	14,561
Total Current Assets	6,050	6,275	7,254	7,445	8,001
Cash & Equivalents	1,649	1,413	1,498	1,309	1,542
Short-Term Investments	3,404	3,595	3,981	4,205	4,278
Note & Lease Receivable	580	816	1,224	1,392	1,597
Accounts Receivable	273	282	342	297	350
Prepaid Expenses	144	169	209	242	234
Plant, Property, & Equipment, net	131	49	47	46	46
Total Noncurrent Assets	4,576	4,975	6,623	5,909	6,514
Long-Term Investments	1,954	4,377	5,998	5,153	5,831
Goodwill	1,836	427	452	491	491
Intangible Assets	390	29	22	39	36
Noncurrent Deferred & Refundable Income Taxes	41	44	37	98	31
Other Noncurrent Operating Assets	355	98	114	128	125
Total Liabilities & Shareholders' Equity	10,757	11,299	13,924	13,400	14,561
Total Liabilities	2,518	2,233	2,366	2,349	2,437
Total Current Liabilities	856	898	1,956	2,009	2,078
Short-Term Debt	-	0.00	918	919	919
Accounts Payable	542	579	737	776	841
Current Deferred Revenue	296	302	283	295	298
Other Current Liabilities	18	17	18	19	20
Total Noncurrent Liabilities	1,662	1,335	410	340	359
Noncurrent Deferred Revenue	268	196	147	135	123
Noncurrent Deferred & Payable Income Tax Liabilities	16	6.00	73	5.00	36
Other Noncurrent Operating Liabilities	465	217	190	200	200
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,239	9,066	11,558	11,051	12,124
Total Preferred & Common Equity	8,239	9,066	11,558	11,051	12,124
Total Common Equity	8,239	9,066	11,558	11,051	12,124
Common Stock	8,777	9,452	9,939	10,110	10,266
Retained Earnings	-522	-390	1,629	947	1,853
Accumulated Other Comprehensive Income / (Loss)	-16	4.00	-10	-6.00	5.00

This table displays calculated financial ratios and metrics derived from Shopify's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	108.98%	95.43%	89.70%	72.94%	59.40%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%
EBITDA Growth	-467.00%	33.58%	-290.06%	46.64%	-894.50%	-142.79%	193.78%	948.90%	-212.75%	102.00%	2,808.33%
EBIT Growth	-358.45%	15.10%	-94.27%	-29.69%	-585.78%	-53.21%	178.48%	1,284.30%	-218.20%	100.05%	102,800.00%
NOPAT Growth	-406.32%	17.85%	-109.31%	-32.27%	-173.99%	-53.55%	221.29%	108.05%	-330.79%	-75.84%	196.28%
Net Income Growth	-361.26%	15.78%	-88.16%	-13.12%	-122.81%	-186.79%	355.93%	812.23%	-218.71%	103.82%	1,429.55%
EPS Growth	-338.46%	47.37%	-40.00%	0.00%	-45.24%	-240.98%	335.45%	812.23%	-219.21%	103.66%	1,450.00%
Operating Cash Flow Growth	-157.38%	2,067.04%	-11.04%	-43.63%	36.02%	1,314.69%	501.80%	26.06%	-125.39%	794.12%	71.19%
Free Cash Flow Firm Growth	0.00%	59.04%	-309.69%	-103.96%	-413.23%	-199.50%	134.82%	-17.64%	-556.26%	122.35%	6.70%
Invested Capital Growth	0.00%	-36.26%	251.13%	249.14%	92.03%	260.82%	-46.48%	-46.32%	568.92%	-72.17%	67.34%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.84%	55.18%	107.62%	56.48%	111.12%	164.55%	52.62%	53.80%	49.18%	49.79%	50.36%
EBITDA Margin	-16.85%	-5.73%	-11.78%	-3.63%	-12.47%	-13.73%	10.41%	69.33%	-64.38%	1.02%	23.58%
Operating Margin	-20.58%	-8.65%	-19.09%	-7.30%	-17.13%	-26.83%	3.08%	5.83%	-14.68%	-20.09%	12.11%
EBIT Margin	-21.30%	-9.25%	-18.95%	-7.11%	-26.27%	-9.12%	7.72%	67.84%	-66.04%	0.03%	23.18%
Profit (Net Income) Margin	-21.24%	-9.16%	-18.16%	-5.94%	-18.04%	-15.82%	10.91%	63.20%	-61.79%	1.87%	22.74%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	300.00%	260.59%	132.93%	92.81%	95.50%	71.35%	90.62%
Interest Burden Percent	99.75%	98.95%	191.67%	83.59%	137.36%	199.62%	106.35%	100.38%	97.97%	9,250.00%	108.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-32.93%	7.19%	0.00%	28.65%	9.38%
Return on Invested Capital (ROIC)	-374.98%	-188.12%	-224.21%	-84.83%	-69.88%	-24.69%	13.99%	54.32%	-46.67%	-73.80%	122.08%
ROIC Less NNEP Spread (ROIC-NNEP)	-350.91%	-183.03%	-221.01%	-83.99%	-122.99%	-23.88%	10.26%	22.24%	-12.55%	-89.51%	111.09%
Return on Net Nonoperating Assets (RNNOA)	309.10%	173.84%	212.54%	79.17%	131.41%	65.46%	-11.68%	-21.07%	10.95%	75.32%	-102.50%
Return on Equity (ROE)	-65.88%	-14.29%	-23.34%	-5.67%	-11.44%	12.08%	2.31%	33.25%	-35.72%	1.53%	19.58%
Cash Return on Invested Capital (CROIC)	-574.98%	-143.84%	-671.09%	-195.77%	-264.42%	-486.20%	74.54%	114.59%	-194.65%	39.11%	71.70%
Operating Return on Assets (OROA)	-23.50%	-11.21%	-20.10%	-5.97%	-16.74%	-10.03%	4.02%	29.65%	-30.69%	0.02%	16.32%
Return on Assets (ROA)	-23.44%	-11.09%	-9.63%	-4.99%	-7.67%	-8.69%	5.68%	27.62%	-28.72%	1.20%	16.01%
Return on Common Equity (ROCE)	18.80%	-9.56%	-23.34%	-5.67%	-11.44%	10.44%	2.31%	33.25%	-35.72%	1.53%	19.58%
Return on Equity Simple (ROE_SIMPLE)	-32.94%	-9.62%	-17.23%	-4.00%	-6.18%	-8.28%	4.99%	26.18%	-42.00%	1.46%	17.47%
Net Operating Profit after Tax (NOPAT)	-15	-12	-26	-34	-64	-99	120	249	-575	-1,012	974
NOPAT Margin	-14.41%	-6.06%	-13.36%	-5.11%	-11.99%	-12.52%	4.09%	5.41%	-10.28%	-14.33%	10.97%
Net Nonoperating Expense Percent (NNEP)	-24.07%	-5.09%	-6.41%	-0.84%	-0.03%	-2.44%	3.73%	32.08%	-34.12%	15.71%	10.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-6.29%	-10.14%	7.81%
Cost of Revenue to Revenue	41.16%	44.82%	92.38%	43.52%	88.88%	135.45%	47.38%	46.20%	50.82%	50.21%	49.64%
SG&A Expenses to Revenue	11.01%	10.19%	22.15%	10.06%	10.01%	9.74%	8.37%	8.13%	12.64%	6.95%	4.62%
R&D to Revenue	24.68%	19.35%	19.09%	20.20%	64.48%	67.49%	18.85%	18.53%	26.84%	24.50%	15.39%
Operating Expenses to Revenue	79.42%	63.84%	63.36%	63.78%	128.25%	127.59%	49.54%	47.97%	63.86%	69.87%	38.25%
Earnings before Interest and Taxes (EBIT)	-22	-19	-37	-48	-188	-288	226	3,129	-3,698	2.00	2,058
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	-12	-46	-24	-134	-325	305	3,197	-3,605	72	2,094
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	9.34	10.08	14.62	15.35	21.67	15.58	5.30	10.82	11.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	9.86	10.47	22.62	18.25	23.30	16.30	7.27	11.39	12.08
Price to Revenue (P/Rev)	0.00	0.00	9.84	14.98	28.48	29.33	47.34	37.60	7.80	13.89	15.08
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	434.09	59.50	0.00	742.98	66.30
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	1.68%	0.00%	0.13%	1.51%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	190.48	145.09	109.95	173.67	222.49	507.06	17.53	150.09	123.43
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	8.84	13.59	12.41	27.78	45.36	35.26	6.72	12.69	13.89
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	435.96	50.85	0.00	1,244.51	58.89
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	587.98	51.97	0.00	44,802.44	59.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	1,108.94	652.17	0.00	0.00	126.58
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	245.44	1,158.03	1,427.95	1,241.51	312.72	303.52	0.00	94.92	76.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	208.10	309.14	0.00	167.10	215.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.08	0.11	0.10	0.08
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.08	0.11	0.10	0.00
Financial Leverage	-0.88	-0.95	-1.92	-0.94	-1.88	-2.51	-1.14	-0.95	-0.87	-0.84	-0.92
Leverage Ratio	1.41	1.29	2.42	1.14	2.18	3.37	1.20	1.20	1.24	1.27	1.22
Compound Leverage Factor	1.40	1.27	2.32	0.95	2.24	1.50	1.27	1.21	1.22	117.90	1.32
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.59%	7.56%	9.98%	9.18%	7.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.36%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.59%	7.56%	9.98%	9.18%	0.00%
Preferred Equity to Total Capital	128.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-28.53%	100.00%	200.00%	100.00%	200.00%	100.00%	89.41%	92.44%	90.02%	90.82%	92.64%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	2.49	0.28	-0.25	12.72	0.44
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-19.04	-3.38	1.69	-117.63	-5.04
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	2.49	0.28	-0.25	12.72	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	6.33	3.65	-1.59	-0.91	0.94
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-48.43	-43.37	10.59	8.37	-10.84
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	6.33	3.65	-1.59	-0.91	0.00
Altman Z-Score	0.00	0.00	89.69	55.13	57.19	119.31	62.56	49.28	10.31	27.50	35.69
Noncontrolling Interest Sharing Ratio	128.53%	33.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.46	5.44	12.71	10.82	15.35	17.34	15.69	12.15	7.07	6.99	3.71
Quick Ratio	3.38	5.27	18.66	10.63	15.16	17.04	15.41	12.00	6.90	6.80	3.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-23	-9.50	-39	-79	-487	-1,834	639	526	-2,400	536	572
Operating Cash Flow to CapEx	-3.91%	95.35%	117.92%	39.42%	66.72%	248.82%	1,018.28%	1,054.80%	-272.00%	2,420.51%	8,505.26%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	70.29	150.58	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	46.78	153.37	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	42.18	138.83	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.10	1.21	2.12	0.84	1.27	1.65	0.52	0.44	0.46	0.64	0.70
Accounts Receivable Turnover	14.53	30.83	49.63	42.70	101.75	71.80	27.73	29.47	24.08	25.44	28.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.83	7.49	19.77	14.02	38.34	36.49	28.79	46.67	47.35	78.44	185.00
Accounts Payable Turnover	3.45	5.08	5.23	5.45	11.96	10.25	5.76	5.63	5.70	6.32	6.70
Days Sales Outstanding (DSO)	25.12	11.84	14.71	8.55	21.52	30.50	13.16	12.38	15.16	14.35	12.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	105.68	71.83	69.76	67.03	122.08	142.48	63.38	64.88	64.04	57.71	54.49
Cash Conversion Cycle (CCC)	-80.56	-59.99	-124.82	-58.48	-50.28	-111.98	-50.21	-52.50	-48.88	-43.36	-41.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8.07	5.14	18	63	242	1,116	597	321	2,145	597	999
Invested Capital Turnover	26.03	31.06	67.11	16.60	23.31	7.89	3.42	10.05	4.54	5.15	11.13
Increase / (Decrease) in Invested Capital	8.07	-2.93	13	45	358	1,748	-519	-277	1,824	-1,548	402
Enterprise Value (EV)	0.00	0.00	3,440	9,150	26,628	43,835	132,893	162,597	37,605	89,605	123,307
Market Capitalization	0.00	0.00	3,833	10,088	30,568	46,290	138,697	173,409	43,699	98,074	133,866
Book Value per Share	($0.50)	$3.16	$5.11	$11.20	$41.87	$54.64	$54.98	$90.86	$65.44	$7.11	$8.98
Tangible Book Value per Share	($0.63)	$3.03	$9.67	$10.78	$40.58	$68.93	$51.13	$86.82	$47.76	$6.75	$8.62
Total Capital	68	195	821	1,001	6,272	9,047	7,159	12,044	9,152	9,982	12,476
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	758	911	913	916	918
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	758	911	913	916	0.00
Net Debt	-60	-190	-785	-938	-3,939	-4,910	-5,803	-10,813	-6,094	-8,469	-10,559
Capital Expenditures (CapEx)	20	17	48	20	56	114	42	51	50	39	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11	-25	-72	-7.12	41	-56	51	68	141	369	737
Debt-free Net Working Capital (DFNWC)	49	165	356	931	3,981	7,283	6,439	7,837	5,194	5,377	6,216
Net Working Capital (NWC)	49	165	713	931	3,981	2,426	6,439	7,837	5,194	5,377	5,298
Net Nonoperating Expense (NNE)	7.18	6.36	9.34	5.59	0.42	52	-200	-2,665	2,885	-1,144	-1,045
Net Nonoperating Obligations (NNO)	-60	-190	-392	-938	-3,939	-4,915	-5,803	-10,813	-6,094	-8,469	-10,559
Total Depreciation and Amortization (D&A)	4.67	7.24	28	23	54	71	79	69	93	70	36
Debt-free, Cash-free Net Working Capital to Revenue	-10.52%	-12.15%	-18.52%	-1.06%	3.86%	-3.72%	1.76%	1.49%	2.52%	5.23%	8.30%
Debt-free Net Working Capital to Revenue	46.29%	80.51%	183.07%	138.26%	185.46%	307.58%	219.81%	169.92%	92.75%	76.16%	70.00%
Net Working Capital to Revenue	46.29%	80.51%	274.60%	138.26%	185.46%	461.30%	219.81%	169.92%	92.75%	76.16%	59.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.67	$23.38	$0.00	$0.10	$1.57
Adjusted Weighted Average Basic Shares Outstanding	0.00	80.34M	89.41M	99.88M	110.39M	116.43M	119.57M	124.66M	0.00	1.28B	1.29B
Adjusted Diluted Earnings per Share	$0.00	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$2.59	$22.90	$0.00	$0.10	$1.55
Adjusted Weighted Average Diluted Shares Outstanding	0.00	80.34M	89.41M	99.88M	110.39M	116.43M	123.46M	127.36M	0.00	1.30B	1.30B
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.30)	($0.42)	($0.42)	($0.61)	($1.10)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	61.72M	83.99M	95.77M	105.67M	113.03M	122.53M	125.90M	0.00	1.29B	1.29B
Normalized Net Operating Profit after Tax (NOPAT)	-15	-12	-26	-34	-129	-198	63	249	-575	-56	974
Normalized NOPAT Margin	-14.41%	-6.06%	-13.36%	-5.11%	-17.99%	-12.52%	2.15%	5.41%	-10.28%	-0.79%	10.97%
Pre Tax Income Margin	-21.24%	-9.16%	-9.08%	-5.94%	-12.03%	-18.21%	8.21%	68.10%	-64.70%	2.62%	25.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	24.88	895.71	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	13.19	71.38	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	20.28	881.17	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	8.60	56.84	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Shopify's official financial filings.

Metric	Q1 2024	Q2 2024	Q1 2025	Q2 2025
Period end date	3/31/2024	6/30/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	0.00%	26.81%	31.05%
EBITDA Growth	0.00%	0.00%	-186.12%	467.80%
EBIT Growth	0.00%	0.00%	-179.04%	497.01%
NOPAT Growth	0.00%	0.00%	136.05%	20.36%
Net Income Growth	0.00%	0.00%	-149.82%	429.82%
EPS Growth	0.00%	0.00%	-152.38%	430.77%
Operating Cash Flow Growth	0.00%	0.00%	54.20%	25.88%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%
Revenue Q/Q Growth	0.00%	9.89%	0.00%	13.56%
EBITDA Q/Q Growth	0.00%	162.99%	0.00%	225.00%
EBIT Q/Q Growth	0.00%	157.39%	0.00%	222.78%
NOPAT Q/Q Growth	0.00%	237.23%	0.00%	71.95%
Net Income Q/Q Growth	0.00%	162.64%	0.00%	232.84%
EPS Q/Q Growth	0.00%	161.90%	0.00%	230.19%
Operating Cash Flow Q/Q Growth	0.00%	42.86%	0.00%	16.62%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	1.14%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	6.83%
Profitability Metrics	-	-	-	-
Gross Margin	51.42%	51.10%	49.53%	48.58%
EBITDA Margin	-15.10%	8.66%	-34.07%	37.50%
Operating Margin	4.62%	11.78%	8.60%	10.86%
EBIT Margin	-15.64%	8.17%	-34.41%	37.20%
Profit (Net Income) Margin	-14.67%	8.36%	-28.90%	33.81%
Tax Burden Percent	106.64%	84.24%	88.57%	83.97%
Interest Burden Percent	87.97%	121.56%	94.83%	108.22%
Effective Tax Rate	0.00%	15.76%	0.00%	16.03%
Return on Invested Capital (ROIC)	0.00%	0.00%	86.68%	131.18%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	103.59%	118.85%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-91.38%	-105.20%
Return on Equity (ROE)	0.00%	0.00%	-4.69%	25.98%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	-24.08%	25.58%
Return on Assets (ROA)	0.00%	0.00%	-20.23%	23.25%
Return on Common Equity (ROCE)	0.00%	0.00%	-4.69%	25.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	14.57%	0.00%
Net Operating Profit after Tax (NOPAT)	60	203	142	244
NOPAT Margin	3.23%	9.93%	6.02%	9.12%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-16.91%	12.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.19%	1.87%
Cost of Revenue to Revenue	48.58%	48.90%	50.47%	51.42%
SG&A Expenses to Revenue	6.66%	2.93%	4.62%	4.55%
R&D to Revenue	18.00%	17.07%	15.97%	14.70%
Operating Expenses to Revenue	46.80%	39.32%	40.93%	37.72%
Earnings before Interest and Taxes (EBIT)	-291	167	-812	997
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-281	177	-804	1,005
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	10.88	11.98
Price to Tangible Book Value (P/TBV)	0.00	0.00	11.43	12.52
Price to Revenue (P/Rev)	0.00	0.00	12.82	14.50
Price to Earnings (P/E)	0.00	0.00	74.66	61.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.34%	1.61%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	84.77	96.62
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	11.78	13.43
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	70.31	56.06
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	71.87	56.82
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	98.65	119.60
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	63.30	73.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	0.00	0.08	0.08
Long-Term Debt to Equity	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	-0.88	-0.89
Leverage Ratio	0.00	0.00	1.21	1.20
Compound Leverage Factor	0.00	0.00	1.15	1.30
Debt to Total Capital	0.00%	0.00%	7.68%	7.05%
Short-Term Debt to Total Capital	0.00%	0.00%	7.68%	7.05%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	92.32%	92.95%
Debt to EBITDA	0.00	0.00	0.59	0.38
Net Debt to EBITDA	0.00	0.00	-6.21	-4.47
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.82	0.82
Net Debt to NOPAT	0.00	0.00	-8.71	-9.54
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	31.79	37.33
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.00	3.71	3.85
Quick Ratio	0.00	0.00	3.59	3.74
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-1,161	-1,148
Operating Cash Flow to CapEx	3,966.67%	4,857.14%	9,175.00%	7,133.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.70	0.69
Accounts Receivable Turnover	0.00	0.00	31.58	28.61
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	203.89	217.70
Accounts Payable Turnover	0.00	0.00	6.05	6.03
Days Sales Outstanding (DSO)	0.00	0.00	11.56	12.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	60.33	60.51
Cash Conversion Cycle (CCC)	0.00	0.00	-48.77	-47.75
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	0.00	1,303	1,392
Invested Capital Turnover	0.00	0.00	14.40	14.39
Increase / (Decrease) in Invested Capital	0.00	0.00	1,303	1,392
Enterprise Value (EV)	0.00	0.00	110,459	134,490
Market Capitalization	97,155	83,155	120,207	145,222
Book Value per Share	$0.00	$0.00	$8.53	$9.35
Tangible Book Value per Share	$0.00	$0.00	$8.13	$8.94
Total Capital	0.00	0.00	11,970	13,043
Total Debt	0.00	0.00	919	919
Total Long-Term Debt	0.00	0.00	0.00	0.00
Net Debt	0.00	0.00	-9,748	-10,732
Capital Expenditures (CapEx)	6.00	7.00	4.00	6.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	841	1,022
Debt-free Net Working Capital (DFNWC)	0.00	0.00	6,355	6,842
Net Working Capital (NWC)	0.00	0.00	5,436	5,923
Net Nonoperating Expense (NNE)	333	32	824	-662
Net Nonoperating Obligations (NNO)	0.00	0.00	-9,748	-10,732
Total Depreciation and Amortization (D&A)	10	10	8.00	8.00
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	8.97%	10.21%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	67.76%	68.32%
Net Working Capital to Revenue	0.00%	0.00%	57.96%	59.15%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.53)	$0.70
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	1.30B	1.30B
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.53)	$0.69
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	1.30B	1.31B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	1.30B	1.30B
Normalized Net Operating Profit after Tax (NOPAT)	60	203	142	244
Normalized NOPAT Margin	3.23%	9.93%	6.02%	9.12%
Pre Tax Income Margin	-13.76%	9.93%	-32.63%	40.26%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Shopify Inc. (NYSE: SHOP) Financial Trends Summary

Analyzing Shopify's recent financial statements from Q2 2024 through Q2 2025 reveals a company showing clear improvement in profitability, cash flow management, and balance sheet strength despite certain ongoing investments and operating expenses.

Net income swung significantly positive in 2025: From a loss of $682 million in Q1 2025 to a net income of $906 million in Q2 2025, demonstrating strong operational turnaround and profitability improvement.
Total revenue grew steadily over the past year: Q2 2025 operating revenue reached $2.68 billion, up from $2.05 billion in Q2 2024, reflecting solid top-line growth.
Gross profit margins have expanded: Total gross profit increased to $1.3 billion in Q2 2025 from $1.05 billion in Q2 2024, indicating a better cost structure and operational efficiency.
Strong cash flows from operations: Q2 2025 operating cash flow was $428 million, up from $340 million in Q2 2024, supporting healthy internal funding of operations and investments.
Balance sheet remains robust with ample liquidity: Cash and equivalents plus short-term investments totaled around $5.7 billion in Q2 2025, up from $4.0 billion in Q2 2024, providing strong financial flexibility.
Equity base growth: Total common equity increased from about $11 billion in Q1 2024 to $12.1 billion in Q2 2025, signaling retained earnings accumulation and shareholder value creation.
Investments and acquisitions continue: Substantial purchases of investments (approximately $2.48 billion in Q2 2025 alone) and acquisitions highlight strategic capital deployment but increase investing outflows.
Increased operating expenses: Selling, General & Admin, Marketing, and R&D expenses rose noticeably with Q2 2025 totals over $1 billion, reflecting ongoing investment in growth and brand, which requires monitoring for efficiency.
Deferred revenue and liabilities stable: Noncurrent deferred revenue and liabilities remained in the low hundreds of millions, denoting predictable timing of revenue recognition and liabilities.
Past volatility in other income/expense: Q1 2025 showed a significant negative other income/expense net (-$1.015 billion), reversing positively by Q2 2025 to +$706 million, indicating fluctuations that could affect earnings clarity.

Overall, Shopify's fiscal 2025 shows a strong rebound with increasing revenues and profitability, better cash flow generation, and a solid balance sheet. The company is actively investing to drive future growth but must continue to manage operating expenses and income statement volatility for sustainable performance.

08/22/25 01:30 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Shopify's Financials

When does Shopify's fiscal year end?

According to the most recent income statement we have on file, Shopify's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Shopify's net income changed over the last 10 years?

Shopify's net income appears to be on an upward trend, with a most recent value of $2.02 billion in 2024, falling from -$22.31 million in 2014. The previous period was $132 million in 2023. Check out Shopify's forecast to explore projected trends and price targets.

What is Shopify's operating income?

Shopify's total operating income in 2024 was $1.08 billion, based on the following breakdown:

Total Gross Profit: $4.47 billion
Total Operating Expenses: $3.40 billion

How has Shopify's revenue changed over the last 10 years?

Over the last 10 years, Shopify's total revenue changed from $105.02 million in 2014 to $8.88 billion in 2024, a change of 8,355.7%.

How much debt does Shopify have?

Shopify's total liabilities were at $2.37 billion at the end of 2024, a 6.0% increase from 2023, and a 8,515.9% increase since 2014.

How much cash does Shopify have?

In the past 10 years, Shopify's cash and equivalents has ranged from $41.95 million in 2014 to $2.70 billion in 2020, and is currently $1.50 billion as of their latest financial filing in 2024.

How has Shopify's book value per share changed over the last 10 years?

Over the last 10 years, Shopify's book value per share changed from -0.50 in 2014 to 8.98 in 2024, a change of -1,910.5%.

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This page (NYSE:SHOP) was last updated on 8/22/2025 by MarketBeat.com Staff

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Shopify (SHOP) Financials

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Shopify (SHOP) Financials

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