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Shopify Inc.Stock · Technology · Nasdaq-100 0.8%
$158.61+$8.20 (+5.45%)as of market close, Aug 13, 2026
☾ After hours:$158.53+0.00%3:59 PM ET
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How Shopify makes money

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How does Shopify make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Shopify Inc. · FY2025 · year ended 2025-12-31
Revenue$11.6BGross profit$5.6B · 48%Cost of revenue$6.0B · 52%Operating income$1.5B · 13%Operating expenses$4.1B · 35%R&D$1.5B · 13%SG&A$471M · 4%Selling & marketing$1.7B · 14%Other opex$417M · 4%Net income$1.2B · 11%Income tax$278M · 2%Service$8.8B · 76%Subscription & Circulation$2.8B · 24%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.