SHOP (Shopify Inc.) Stock Financials & Earnings | Market Cap Arena

SHOP (Shopify Inc.) Stock Financials & Earnings | Market Cap Arena

SHOPShopify Inc.

Mkt Cap$169B

SHOPShopify Inc.

$169B

Company Info & Key Metrics

Technology Software - Application

Country🇨🇦 Canada

ExchangeNASDAQ

Revenue$3.7B

YoY Growth+30.6%

QoQ Growth+29.1%

Net Income$743M

EPS$0.58

Free Cash Flow$715M

Gross Margin46.1%

Op. Margin17.2%

Net Margin20.2%

FCF Margin19.5%

Rev Multiple (TTM)14.6x

P/E Ratio (TTM)137.0x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.5B	$717M	-$193M
Q2 23	$1.7B	$835M	-$1.6B
Q3 23	$1.7B	$901M	$122M
Q4 23	$2.1B	$1.1B	$289M
Q1 24	$1.9B	$957M	$86M
Q2 24	$2.0B	$1.0B	$241M
Q3 24	$2.2B	$1.1B	$283M
Q4 24	$2.8B	$1.4B	$465M
Q1 25	$2.4B	$1.2B	$203M
Q2 25	$2.7B	$1.3B	$291M
Q3 25	$2.8B	$1.4B	$343M
Q4 25	$3.7B	$1.7B	$631M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	28.6x	—
Q2 23	26.8x	—
Q3 23	25.4x	—
Q4 23	23.9x	1277.9x
Q1 24	22.8x	—
Q2 24	21.7x	132.5x
Q3 24	20.5x	122.0x
Q4 24	19.0x	83.5x
Q1 25	18.0x	104.8x
Q2 25	16.8x	71.9x
Q3 25	15.8x	94.7x
Q4 25	14.6x	137.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$100M	$86M
Q2 23	$118M	$97M
Q3 23	$278M	$276M
Q4 23	$448M	$446M
Q1 24	$238M	$232M
Q2 24	$340M	$333M
Q3 24	$423M	$421M
Q4 24	$615M	$611M
Q1 25	$367M	$363M
Q2 25	$436M	$430M
Q3 25	$513M	$507M
Q4 25	$725M	$715M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$14M
Q2 23	$21M
Q3 23	$2M
Q4 23	$2M
Q1 24	$6M
Q2 24	$7M
Q3 24	$2M
Q4 24	$4M
Q1 25	$4M
Q2 25	$6M
Q3 25	$6M
Q4 25	$10M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+25.2%	+30.6%
Q2 23	+30.8%	+124.2%
Q3 23	+25.5%	-7.0%
Q4 23	+23.6%	-3.6%
Q1 24	+23.4%	+4.4%
Q2 24	+20.7%	-45.8%
Q3 24	+26.1%	+18.0%
Q4 24	+31.2%	+26.5%
Q1 25	+26.8%	+21.5%
Q2 25	+31.1%	+32.4%
Q3 25	+31.5%	+33.1%
Q4 25	+30.6%	+29.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$135M	9.0%
Q2 23	$280M	16.5%
Q3 23	$102M	6.0%
Q4 23	$98M	4.6%
Q1 24	$105M	5.6%
Q2 24	$106M	5.2%
Q3 24	$110M	5.1%
Q4 24	$109M	3.9%
Q1 25	$114M	4.8%
Q2 25	-$7M	-0.3%
Q3 25	$107M	3.8%
Q4 25	$115M	3.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$458M	$123M	$287M
Q2 23	$648M	$131M	$321M
Q3 23	$313M	$137M	$295M
Q4 23	$311M	$100M	$317M
Q1 24	$335M	$124M	$361M
Q2 24	$349M	$60M	$353M
Q3 24	$332M	$114M	$331M
Q4 24	$351M	$112M	$348M
Q1 25	$377M	$109M	$405M
Q2 25	$394M	$122M	$415M
Q3 25	$375M	$115M	$410M
Q4 25	$390M	$125M	$433M

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	25.2%	-10.8%	14.4
Q2 23	30.8%	-16.5%	14.3
Q3 23	25.5%	7.9%	33.4
Q4 23	23.6%	13.9%	37.5
Q1 24	23.4%	5.2%	28.6
Q2 24	20.7%	14.3%	35.0
Q3 24	26.1%	16.1%	42.3
Q4 24	31.2%	19.5%	50.7
Q1 25	26.8%	12.1%	38.9
Q2 25	31.1%	14.1%	45.2
Q3 25	31.5%	11.1%	42.7
Q4 25	30.6%	14.1%	44.7

Revenue Segments

Quarter	Service	Subscription and Circulation
Q1 25	$1.7B	$620M
Q2 25	$2.0B	$656M
Q3 25	$2.1B	$699M
Q4 25	$2.9B	$777M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.7B	$3.1B	$4.9B
Q2 23	$1.6B	$3.2B	$4.8B
Q3 23	$1.3B	$3.6B	$4.9B
Q4 23	$1.4B	$3.6B	$5.0B
Q1 24	$1.6B	$3.6B	$5.2B
Q2 24	$1.5B	$3.5B	$5.0B
Q3 24	$1.5B	$3.4B	$4.9B
Q4 24	$1.5B	$4.0B	$5.5B
Q1 25	$1.3B	$4.2B	$5.5B
Q2 25	$1.5B	$4.3B	$5.8B
Q3 25	$2.4B	$3.9B	$6.3B
Q4 25	$1.5B	$4.2B	$5.8B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	1.29B	+1.4%
Q2 23	1.28B	-0.9%
Q3 23	1.30B	+1.2%
Q4 23	1.30B	+0.1%
Q1 24	1.29B	-0.8%
Q2 24	1.30B	+1.0%
Q3 24	1.30B	+0.1%
Q4 24	1.29B	-0.5%
Q1 25	1.30B	+0.1%
Q2 25	1.31B	+1.1%
Q3 25	1.31B	+0.3%
Q4 25	1.30B	-0.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$196K	1K
FY 16	$195M	2
FY 17	$337M	2
FY 18	$537M	2
FY 19	$789M	2
FY 20	$1.5B	2
FY 21	$2.3B	2
FY 22	$2.8B	2
FY 23	$3.5B	2
FY 24	$1M	8K
FY 25	$2M	8K