SHOP

MKT CAP:$164B

Shopify Inc.

Market Cap

$164B

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$125.82-$31.38 (-19.96%)

Apr 24, 2026

Company Details

Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, m...

CEO

Tobias Lutke

IPO Date

May 20, 2015

Website

www.shopify.com

Key Metrics TTM

Revenue

$11.7B

+42.3% YoY

Net Income

$1.6B

EPS (Diluted)

$1.25

Free Cash Flow

$2.2B

Revenue / Share

$8.96

Gross Margin

48.0%

Operating Margin

14.0%

Net Margin

13.8%

FCF Margin

18.8%

P/S

14.1x

P/E

101.6x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 11, 2026

$11.6B+30.1%EPS $0.94

Q4 2025

Feb 11, 2026

$3.7B+30.6%EPS $0.58

Q3 2025

Nov 4, 2025

$2.8B+31.5%EPS $0.20

Q1 2025

May 8, 2025

$2.4B+26.8%EPS -$0.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.4B	$693M	$14M
Q1 22	$1.2B	$638M	-$98M
Q2 22	$1.3B	$656M	-$190M
Q3 22	$1.4B	$662M	-$346M
Q4 22	$1.7B	$799M	-$189M
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
Q3 25	$2.8B	$1.4B	$343M
Q4 25	$3.7B	$1.7B	$631M

Valuation

Quarter	P/S	P/E
Q4 21	37.2x	58.9x
Q1 22	18.3x	485.2x
Q2 22	9.4x	—
Q3 22	6.7x	—
Q4 22	8.5x	—
Q1 23	10.3x	—
Q2 23	13.2x	—
Q3 23	10.4x	—
Q4 23	14.2x	757.7x
Q1 24	13.6x	—
Q2 24	10.7x	65.5x
Q3 24	12.6x	74.8x
Q4 24	15.6x	68.4x
Q1 25	13.2x	76.8x
Q3 25	19.0x	113.5x
Q4 25	18.7x	134.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$260M	$234M
Q1 22	-$25M	-$41M
Q2 22	-$75M	-$87M
Q3 22	-$134M	-$148M
Q4 22	$255M	$248M
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
Q3 25	$513M	$507M
Q4 25	$725M	$715M

Capital Expenditures

Quarter	CapEx
Q4 21	$26M
Q1 22	$16M
Q2 22	$12M
Q3 22	$14M
Q4 22	$8M
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
Q3 25	$6M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+41.1%	+57.8%
Q1 22	+21.8%	+49.7%
Q2 22	+15.7%	+51.5%
Q3 22	+21.6%	+51.8%
Q4 22	+25.7%	+40.9%
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%
Q3 25	+39.1%	+38.6%
Q4 25	+69.8%	+61.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$98M	7.1%
Q1 22	$118M	9.8%
Q2 22	$139M	10.7%
Q3 22	$150M	11.0%
Q4 22	$142M	8.2%
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%
Q3 25	$107M	3.8%
Q4 25	$115M	3.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$274M	$101M	$275M
Q1 22	$304M	$109M	$303M
Q2 22	$347M	$130M	$327M
Q3 22	$412M	$255M	$302M
Q4 22	$441M	$215M	$298M
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
Q3 25	$375M	$115M	$410M
Q4 25	$390M	$125M	$433M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	41.1%	-33.9%	7.2
Q1 22	21.8%	-6.7%	15.1
Q2 22	15.7%	-13.4%	2.2
Q3 22	21.6%	-23.2%	-1.6
Q4 22	25.7%	-33.7%	-8.0
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
Q3 25	39.1%	11.1%	50.2
Q4 25	69.8%	14.1%	83.9

Rule of 40

Revenue Segments

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

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.5B	$4.8B	$7.2B
Q2 22	$3.4B	$3.6B	$7.0B
Q3 22	$1.4B	$3.6B	$4.9B
Q4 22	$1.6B	$3.4B	$5.1B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	1.26B	-1.5%	+0.2%
Q1 22	1.26B	+0.2%	-0.5%
Q2 22	1.26B	+0.1%	-1.0%
Q3 22	1.27B	+0.6%	-0.5%
Q4 22	1.27B	+0.3%	+1.3%
Q1 23	1.29B	+1.4%	+2.5%
Q2 23	1.28B	-0.9%	+1.5%
Q3 23	1.30B	+1.2%	+2.1%
Q4 23	1.30B	+0.1%	+1.9%
Q1 24	1.29B	-0.8%	-0.3%
Q2 24	1.30B	+1.0%	+1.5%
Q3 24	1.30B	+0.1%	+0.4%
Q4 24	1.29B	-0.5%	-0.2%
Q1 25	1.30B	+0.1%	+0.6%
Q3 25	1.31B	+1.4%	+1.0%
Q4 25	1.30B	-0.6%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$690M	2
Q1 22	$602M	2
Q2 22	$648M	2
Q3 22	$683M	2
Q4 22	$867M	2
Q1 23	$754M	2
Q2 23	$847M	2
Q3 23	$857M	2
Q4 23	$1.1B	2
Q1 24	$931M	2
Q2 24	$1.0B	2
Q3 24	$1.1B	2
Q4 24	$347.2K	8K
Q1 25	$291.4K	8K
Q3 25	$351.1K	8K
Q4 25	$483.2K	8K

Revenue / Employee