SHOP FY 2025 Earnings Report — Shopify Inc. Revenue & Financial Results | Market Cap Arena

Shopify Inc.SHOP

FY 2025 Earnings

Reported February 11, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$11.6B	—	$8.9B	—	30.1%
Op. Income	$1.5B	—	$1.1B	—	36.6%
Gross Margin	48.1%	—	50.4%	—	-2.3pp
Net Margin	10.7%	—	22.7%	—	-12.1pp
EPS (Diluted)	$0.94	—	$1.55	—	-39.4%
Free Cash Flow	$2.0B	—	$1.6B	—	25.7%

Revenue Flow

Item	Amount
REVENUE	$11.6B
Cost of Revenue	$6.0B
GROSS PROFIT	$5.6B
R&D Expenses	$1.5B
Selling & Marketing	$1.7B
General & Administrative	$471M
SG&A Expenses	$2.1B
Other Expenses	$417M
Operating Expenses	$4.1B
Cost & Expenses	$10.1B
OPERATING INCOME	$1.5B
Interest Income	$331M
Interest Expense	$0
Other Income/Expenses	$41M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$278M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$31M
EBIT	$1.5B
EBITDA	$1.5B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$11.6B
Cost of Revenue	$6.0B
GROSS PROFIT	$5.6B
R&D Expenses	$1.5B
Selling & Marketing	$1.7B
General & Administrative	$471M
SG&A Expenses	$2.1B
Other Expenses	$417M
Operating Expenses	$4.1B
Cost & Expenses	$10.1B
OPERATING INCOME	$1.5B
Interest Income	$331M
Interest Expense	$0
Other Income/Expenses	$41M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$278M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$31M
EBIT	$1.5B
EBITDA	$1.5B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$1.2B
Depreciation & Amortization	$31M
Stock-Based Compensation	$449M
Deferred Income Tax	-$14M
Other Non-Cash Items	$453M
Change in Working Capital	-$117M
OPERATING CASH FLOW	$2.0B
Capital Expenditure	-$26M
Acquisitions (Net)	-$56M
Purchases of Investments	-$7.1B
Sales/Maturities of Investments	$6.6B
Other Investing Activities	-$521M
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$811M
NET CASH FROM FINANCING	-$811M
FREE CASH FLOW	$2.0B
Net Change in Cash	$47M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.5B
Short-Term Investments	$4.2B
Net Receivables	$2.4B
Inventory	$21M
Other Current Assets	$14M
TOTAL CURRENT ASSETS	$8.3B
PP&E (Net)	$141M
Goodwill	$491M
Intangible Assets	$30M
Long-Term Investments	$6.2B
Tax Assets	$33M
Other Non-Current Assets	$39M
TOTAL NON-CURRENT ASSETS	$6.9B
TOTAL ASSETS	$15.2B
Account Payables	$570M
Short-Term Debt	$0
Deferred Revenue	$300M
Other Current Liabilities	$169M
TOTAL CURRENT LIABILITIES	$1.4B
Long-Term Debt	$0
Deferred Revenue NC	$98M
Deferred Tax Liabilities	$55M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$324M
TOTAL LIABILITIES	$1.7B
Common Stock	$10.4B
Additional Paid-In Capital	$236M
Retained Earnings	$2.9B
Treasury Stock	$0
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.5B
Minority Interest	$0
TOTAL EQUITY	$13.5B
TOTAL LIABILITIES & EQUITY	$15.2B
Total Debt	$188M
Net Debt	-$1.3B