SHOP
$148.30+0.03%
as of close, Sep 30, 2026
☾ AH $148.30 +0.03%
SHOP financial statements
The full income statement, balance sheet, and cash-flow statement for Shopify Inc. (SHOP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 1.29B2024-09 1.29B2024-12 1.29B2025-03 1.30B2025-06 1.30B2025-09 1.30B2025-12 1.30B2026-03 1.30B2026-06 1.30B+0.6% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 11.6B+30.1% | 8.88B+25.8% | 7.06B+26.1% | 5.60B+21.4% | 4.61B+57.4% | |
| 5.55B+24.2% | 4.47B+27.2% | 3.52B+27.6% | 2.75B+11.0% | 2.48B+61.0% | ||
| Cost of revenue | 6.00B+36.1% | 4.41B+24.3% | 3.54B+24.6% | 2.85B+33.6% | 2.13B+53.5% | |
| 4.09B+20.3% | 3.40B-31.1% | 4.93B+37.9% | 3.58B+61.6% | 2.21B+52.4% | ||
| Research & development | 1.54B+12.4% | 1.37B-21.0% | 1.73B+15.1% | 1.50B+75.9% | 854M+54.7% | |
| Selling, general & administrative | 471M+14.9% | 410M-16.5% | 491M-30.6% | 708M+88.9% | 375M+52.8% | |
| General & administrative | 471M+14.9% | 410M-16.5% | 491M-30.6% | 708M+88.9% | 375M+52.8% | |
| Selling & marketing | 1.66B+19.4% | 1.39B+14.2% | 1.22B-0.8% | 1.23B+36.4% | 902M+49.7% | |
| Amortization of intangibles | 13.0M-7.1% | 14.0M-63.2% | 38.0M-29.6% | 54.0M+120.6% | 24.5M-23.2% | |
| Provision for credit losses | 230M+55.4% | 148M+85.0% | 80.0M+8.1% | 74.0M+69.0% | 43.8M+60.5% | |
| Operating income | 1.47B+36.6% | 1.07B+175.8% | -1.42B-72.5% | -822M-406.0% | 269M+198.0% | |
| Interest expense | — | — | — | 3.50M+0.2% | 3.49M-61.6% | |
| Other non-operating income | 41.0M-96.4% | 1.15B-28.1% | 1.60B+157.2% | -2.80B-197.5% | 2.87B+1811.9% | |
| Equity-method income | -40.0M+71.0% | -138M-137.9% | -58.0M | 0.00 | — | |
| Pre-tax income | 1.51B-32.3% | 2.23B+1104.3% | 185M | — | — | |
| Income tax | 278M+33.0% | 209M+294.3% | 53.0M+132.5% | -163M-172.1% | 226M+385.5% | |
| Net income | 1.23B-39.0% | 2.02B+1429.5% | 132M+103.8% | -3.46B-218.7% | 2.91B+812.2% | |
| $0.94-39.4% | $1.55+1450.0% | $0.10+103.7% | -$2.73-219.2% | $2.29+784.2% | ||
| EPS (basic) | $0.95-39.5% | $1.57+1470.0% | $0.10+103.7% | -$2.73-216.7% | $2.34+776.4% | |
| Weighted-avg shares (basic) | 1.30B+0.7% | 1.29B+0.6% | 1.28B+1.2% | 1.27B+1.6% | 1.25B+4.3% | |
| Weighted-avg shares (diluted) | 1.30B+0.3% | 1.30B+0.5% | 1.30B+2.3% | 1.27B-0.6% | 1.27B+3.2% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 8.30B+14.4% | 7.25B+15.6% | 6.28B+3.7% | 6.05B-29.2% | 8.54B+24.2% | ||
| Cash & equivalents | 1.54B+3.1% | 1.50B+6.0% | 1.41B-14.3% | 1.65B-34.1% | 2.50B-7.4% | |
| Short-term investments | 4.23B+6.3% | 3.98B+10.7% | 3.60B+5.6% | 3.40B-35.3% | 5.27B+42.9% | |
| Accounts receivable | 500M+46.2% | 342M+21.3% | 282M+3.3% | 273M+42.0% | 192M+59.2% | |
| Inventory | 21.0M-19.2% | 26.0M+36.8% | 19.0M | — | — | |
| Prepaid expenses | 234M+12.0% | 209M+23.7% | 169M+17.4% | 144M+39.4% | 103M+51.3% | |
| Other current assets | — | 0.00-100.0% | 1.00M-96.6% | 29.0M+171.6% | 10.7M-38.9% | |
| 15.2B+9.1% | 13.9B+23.2% | 11.3B+5.0% | 10.8B-19.4% | 13.3B+71.8% | ||
| Property, plant & equipment | 53.0M+12.8% | 47.0M-4.1% | 49.0M-62.6% | 131M+24.1% | 106M+14.6% | |
| Operating lease right-of-use | 88.0M-5.4% | 93.0M-5.1% | 98.0M-72.4% | 355M+80.8% | 196M+64.5% | |
| Goodwill | 491M+8.6% | 452M+5.9% | 427M-76.7% | 1.84B+414.3% | 357M+14.5% | |
| Intangible assets | 30.0M+36.4% | 22.0M-24.1% | 29.0M-92.6% | 390M+181.6% | 138M+2.1% | |
| Long-term investments | 975M+37.5% | 709M+516.5% | 115M | — | — | |
| Deferred tax assets | 33.0M-10.8% | 37.0M-15.9% | 44.0M+7.3% | 41.0M-15.2% | 48.4M-8.2% | |
| Other non-current assets | 39.0M+85.7% | 21.0M | 0.00 | — | — | |
| Total non-current assets | 6.89B+3.3% | 6.67B+32.8% | 5.02B+6.7% | 4.71B-2.0% | 4.80B+442.4% | |
| 1.39B-28.8% | 1.96B+117.8% | 898M+4.9% | 856M+21.8% | 703M+60.3% | ||
| Accounts payable | 570M+58.3% | 360M-1.1% | 364M+0.0% | 364M+28.2% | 284M+68.3% | |
| Accrued liabilities | 1.07B+45.9% | 737M+27.3% | 579M+6.8% | 542M+18.7% | 457M+51.8% | |
| Deferred revenue | 300M+6.0% | 283M-6.3% | 302M+2.0% | 296M+36.4% | 217M+101.3% | |
| Current lease liability | 17.0M-5.6% | 18.0M+5.9% | 17.0M-5.6% | 18.0M+14.3% | 15.7M+56.7% | |
| Deferred revenue (non-current) | 98.0M-33.3% | 147M-25.0% | 196M-26.9% | 268M+64.4% | 163M+676.0% | |
| Non-current lease liability | 171M-10.0% | 190M-12.4% | 217M-53.3% | 465M+88.4% | 247M+70.4% | |
| Operating lease liability (total) | — | — | — | 483M+84.1% | 263M+69.5% | |
| Deferred tax liabilities | 55.0M-24.7% | 73.0M+1116.7% | 6.00M-62.5% | 16.0M-91.3% | 183M | |
| Total non-current liabilities | 324M-21.0% | 410M-69.3% | 1.33B-19.7% | 1.66B+10.5% | 1.50B+62.8% | |
| 13.5B+16.6% | 11.6B+27.5% | 9.07B+10.0% | 8.24B-26.0% | 11.1B+73.9% | ||
| Common stock | 10.4B+7.7% | 9.63B+4.7% | 9.20B+5.2% | 8.75B+8.8% | 8.04B+31.5% | |
| Additional paid-in capital | 236M-22.6% | 305M+21.5% | 251M+736.7% | 30.0M-81.4% | 161M-38.4% | |
| Retained earnings | 2.86B+75.6% | 1.63B+517.7% | -390M+25.3% | -522M-117.8% | 2.94B+19122.4% | |
| Accumulated other comprehensive income | 1.00M+110.0% | -10.0M-350.0% | 4.00M+125.0% | -16.0M-167.8% | -5.97M-168.1% | |
| Total liabilities & equity | 15.2B+9.1% | 13.9B+23.2% | 11.3B+5.0% | 10.8B-19.4% | 13.3B+71.8% | |
| Common shares outstanding | 1.30B+0.7% | 1.29B+0.6% | 1.29B+0.9% | 1.28B+1.3% | 1.26B+2.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.03B+25.8% | 1.62B+71.2% | 944M+794.1% | -136M-125.4% | 536M+26.1% | ||
| Depreciation & amortization | 31.0M-13.9% | 36.0M-48.6% | 70.0M-24.7% | 93.0M+40.3% | 66.3M-5.4% | |
| Intangible amortization | 13.0M-7.1% | 14.0M-63.2% | 38.0M-29.6% | 54.0M+120.6% | 24.5M-23.2% | |
| Deferred income taxes | -14.0M-117.9% | 78.0M+7900.0% | -1.00M+99.5% | -187M-197.9% | 191M+526.2% | |
| -1.19B+25.0% | -1.59B-27.5% | -1.24B-73.0% | -719M+69.8% | -2.38B-23.2% | ||
| Capital expenditure | 26.0M+36.8% | 19.0M-51.3% | 39.0M-22.0% | 50.0M-1.6% | 50.8M+21.7% | |
| Free cash flow | 2.01B+25.7% | 1.60B+76.5% | 905M+586.6% | -186M-138.4% | 485M+26.5% | |
| Acquisitions | 56.0M+86.7% | 30.0M-3.2% | 31.0M-98.2% | 1.75B+2841.6% | 59.6M | |
| Other investing activities | -58.0M-1833.3% | -3.00M-108.3% | 36.0M | 0.00 | — | |
| -811M-1429.5% | 61.0M+1.7% | 60.0M+233.3% | 18.0M-98.9% | 1.65B-53.6% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 15.0M+350.0% | -6.00M-250.0% | 4.00M+123.5% | -17.0M-142.7% | -7.00M-317.5% | |
| Net change in cash | 47.0M-44.7% | 85.0M+136.0% | -236M+72.4% | -854M-325.7% | -201M-109.8% | |
| Interest paid | 1.00M+0.0% | 1.00M+0.0% | 1.00M+0.0% | 1.00M-22.3% | 1.29M | |
| Income taxes paid | 194M+67.2% | 116M+132.0% | 50.0M+85.2% | 27.0M+358.0% | -10.5M-115.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 210B+52.5% | 138B+38.6% | 99.3B+127.3% | 43.7B-74.8% | 173B+25.0% | |
| P/E | 170.5×+150.1% | 68.2× | — | 15.0×-74.8% | 59.5×-86.3% | |
| P/S | 18.2×+17.2% | 15.5×-12.6% | 17.7×+87.2% | 9.5×-74.8% | 37.6×-20.6% | |
| P/B | 15.6×+30.8% | 11.9×-1.2% | 12.1×+207.2% | 3.9×-74.8% | 15.6×-28.1% | |
| P/FCF | 104.6×+21.3% | 86.2× | — | 90.1×-74.8% | 357.6×-1.2% | |
| Earnings yield | 0.59%-60.0% | 1.5% | — | 6.7%+296.8% | 1.7%+629.6% | |
| FCF yield | 0.96%-17.6% | 1.2% | — | 1.1%+296.8% | 0.28%+1.2% | |
| Source filing | 10-K | 10-K | 40-F | 40-F | 40-F |
About this data
Source: SHOP’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SHOP filings on SEC EDGAR → Not investment advice.