Shopify Inc. (SHOP) — Financial statements
Income statement, balance sheet, and cash flow for Shopify Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 11,556↑30.1% | 8,880↑25.8% | 7,060↑26.1% | 5,600↑21.4% | 4,612 | |
| Cost of Revenue | 6,001↑36.1% | 4,408↑24.3% | 3,545↑24.6% | 2,846↑33.6% | 2,131 | |
| Gross Profit | 5,555↑24.2% | 4,472↑27.2% | 3,515↑27.6% | 2,754↑11.0% | 2,481 | |
| Operating Expenses | ||||||
| R&D Expenses | 1,536↑12.4% | 1,367↓21.0% | 1,730↑15.1% | 1,503↑75.9% | 854 | |
| General & Administrative Expenses | 471↑14.9% | 410↓16.5% | 491↓30.6% | 708↑88.9% | 375 | |
| Selling & Marketing Expenses | 1,663↑19.4% | 1,393↑14.2% | 1,220↓0.8% | 1,230↑36.4% | 902 | |
| SG&A Expenses | 2,134↑18.4% | 1,803↑5.4% | 1,711↓11.7% | 1,938↑51.8% | 1,276 | |
| Other Expenses | 417↑83.7% | 227↓84.8% | 1,492↑1005.2% | 135↑65.2% | 82 | |
| Operating Expenses | 4,087↑20.3% | 3,397↓31.1% | 4,933↑37.9% | 3,576↑61.6% | 2,213 | |
| Total Costs & Expenses | 10,088↑29.3% | 7,805↓7.9% | 8,478↑32.0% | 6,422↑47.9% | 4,343 | |
| Operating Results | ||||||
| Operating Income | 1,468↑36.6% | 1,075↑175.8% | -1,418↓72.5% | -822↓406.0% | 269 | |
| Depreciation & Amortization | 31↓13.9% | 36↓48.6% | 70↓24.7% | 93↑40.3% | 66 | |
| EBITDA | 1,499↑12.0% | 1,338↑829.2% | 144↑124.2% | -594↓118.5% | 3,208 | |
| EBIT | 1,468↑12.7% | 1,302↑1659.5% | 74↑110.8% | -687↓121.9% | 3,142 | |
| Interest & Other Income | ||||||
| Net Interest Income | 331↑7.5% | 308↑27.8% | 241↑221.3% | 75↑532.2% | 12 | |
| Interest Income | 331↑7.5% | 308↑27.8% | 241↑217.1% | 76↑395.0% | 15 | |
| Interest Expense | 0.00 | 0.00 | 0.00↓100.0% | 1↓66.8% | 3 | |
| Non-Operating Income | 0.00↑100.0% | -227↑84.8% | -1,492↓1005.2% | -135↑95.3% | -2,873 | |
| Other Income / Expenses | 41↓96.4% | 1,153↓28.1% | 1,603↑157.2% | -2,801↓197.5% | 2,872 | |
| Income Before Tax | 1,509↓32.3% | 2,228↑1104.3% | 185↑105.1% | -3,623↓215.4% | 3,141 | |
| Income Tax Expense | 278↑33.0% | 209↑294.3% | 53↑132.5% | -163↓172.1% | 226 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 1,231↓39.0% | 2,019↑1429.5% | 132↑103.8% | -3,460↓218.7% | 2,915 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 1,231↓39.0% | 2,019↑1429.5% | 132↑103.8% | -3,460↓218.7% | 2,915 | |
| Bottom-Line Net Income | 1,231↓39.0% | 2,019↑1429.5% | 132↑103.8% | -3,460↓218.6% | 2,917 | |
| EPS (Basic) | 0.95↓39.1% | 1.56↑1460.0% | 0.10↑103.7% | -2.73↓217.7% | 2.32 | |
| EPS (Diluted) | 0.94↓39.4% | 1.55↑1450.0% | 0.10↑103.7% | -2.73↓220.3% | 2.27 | |
| Weighted Average Shares | 1,299↑0.3% | 1,295↑1.0% | 1,282↑1.2% | 1,266↑1.6% | 1,247 | |
| Weighted Average Diluted Shares | 1,305↑0.3% | 1,302↑0.5% | 1,296↑2.3% | 1,266↓0.6% | 1,274 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.