Shopify SHOP.TO
Public, TSE, reports in USD. Founded 2006.
Theme: Internet.
eCommerce SaaS.
2025-08-01 — Follow closely, eventually profitable
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 11.6bn USD | 30.1 % | 48.1 % | 13.3 % | 1.5bn USD | 12.7 % | 1.2bn USD | 0.94 | 42.9 | |
| 2024 | 8.9bn USD | 25.8 % | 50.4 % | 15.4 % | 1.3bn USD | 14.7 % | 2.0bn USD | 1.56 | 40.4 | |
| 2023 | 7.1bn USD | 26.1 % | 49.8 % | 24.5 % | -1.4bn USD | -20.1 % | 132m USD | 0.10 | 6.0 | |
| 2022 | 5.6bn USD | – | 49.2 % | 26.8 % | -687m USD | -12.3 % | -3.5bn USD | -2.73 | – | |
| 2026-Q2 | 3.6bn USD | 33.7 % | 47.7 % | 12.4 % | 629m USD | 17.6 % | 1.5bn USD | 1.16 | 51.2 | |
| 2026-Q1 | 3.2bn USD | – | 48.8 % | 13.8 % | 498m USD | 15.7 % | -581m USD | -0.45 | – | |
| 2025-Q4 | 3.7bn USD | – | 46.1 % | 10.6 % | 745m USD | 20.3 % | 743m USD | 0.57 | – | |
| 2025-Q3 | 2.8bn USD | – | 48.9 % | 13.2 % | 491m USD | 17.3 % | 264m USD | – | – | |
| 2025-Q2 | 2.7bn USD | – | 48.6 % | 14.7 % | 371m USD | 13.8 % | 906m USD | 0.69 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 3.6bn USD | 2.7bn USD | +903m (+34 %) |
| Op. margin | 17.6 % | 13.8 % | +3.7 pts |
| FCF | 654m USD | 422m USD | +232m (+55 %) |
| Op. income | 629m USD | ||
| Net income | 1.5bn USD | ||
| EPS (diluted) | 1.16 | 68.1 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.0bn USD | 26m USD | 2.0bn USD | 17.4 % | 165.2 % | 1.2bn USD | 1.1bn USD | – | 32m USD |
| 2024 | 1.6bn USD | 19m USD | 1.6bn USD | 18.0 % | 80.0 % | 1.2bn USD | 1.0bn USD | – | 91m USD |
| 2023 | 944m USD | 39m USD | 905m USD | 12.8 % | 715.2 % | -1.0bn USD | -786m USD | – | -240m USD |
| 2022 | -136m USD | 50m USD | -186m USD | -3.3 % | – | – | – | – | -837m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 180.86 CAD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 232.7bn CAD | 167.2bn USD | 2026-09-15 |
| 52w high | 253.10 CAD | 2026-09-15 | |
| 52w low | 129.01 CAD | 2026-09-15 | |
| Off 52w high % | -28.5 % | ||
| P/S | 14.5 | ||
| Lifetime CAGR | 12.5 % |
Notes
- 2025-08-01 opinion Follow closely, eventually profitable