What is Shopify Inc's earnings per share (EPS)?

Shopify Inc (SHOP) reported diluted earnings per share of $0.94 for fiscal year 2025. This represents a -39.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Shopify Inc (SHOP) Financials

SHOP

Trailing 12 months to June 30, 2026

Revenue $13.3B +32.5% YoY

Net Income $1.9B -17.8% YoY

EPS (Diluted) $1.48 -17.3% YoY

Free Cash Flow $2.4B +29.4% YoY

Market Cap $189.3B as of Sep 3, 2026

Price / Sales 14.3x on $13.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 98.2x on $1.9B net income, trailing 12 months to June 30, 2026

Price / Book 14.9x on $12.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SHOP SEC filings page.

Shopify Inc (SHOP) reported $13.3B in revenue over the twelve months to Jun 30, 2026, up 32.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SHOP FY2025 2026-08-29

Shopify’s dominant mechanic is asset-light growth converting scale into cash while reported profitability becomes less representative.

In FY2025, cash conversion strengthened even as reported earnings weakened: operating cash flow rose to $2.0B while net income fell to $1.2B, so cash generation no longer tracks bottom-line profit. That divergence, alongside free cash flow of $2.0B against just $26M of capital expenditures, points to an asset-light model whose cash output does not depend on heavy physical reinvestment.

Operating leverage improved selectively: operating margin widened from 12.1% to 12.7% between FY2024 and FY2025. Gross margin, however, compressed from 50.4% to 48.1%, suggesting scale efficiencies were offsetting weaker gross economics rather than lifting every margin layer.

The balance sheet became more equity-funded: assets rose to $15.2B while liabilities fell to $1.7B. The current ratio increased from 3.7x to 6.0x, while financing cash flow was -$811M, indicating cash deployment occurred alongside declining reported leverage.

Financial Health Signals

Financial Health Score 70/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Shopify Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Shopify Inc has an operating margin of 12.7%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from 12.1% the prior year.

Growth

Shopify Inc's revenue surged 30.1% year-over-year to $11.6B, reflecting rapid business expansion. This strong growth earns a score of 89/100.

Leverage

Shopify Inc carries a low D/E ratio of 0.13, meaning only $0.13 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 5.96, Shopify Inc holds $5.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.

Cash Flow

Shopify Inc converts 17.4% of revenue into free cash flow ($2.0B). This strong cash generation earns a score of 81/100.

Returns

Shopify Inc's ROE of 9.1% shows moderate profitability relative to equity, earning a score of 35/100. This is down from 17.5% the prior year.

Altman Z-Score Safe

68.08

Shopify Inc scores 68.08, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($189.3B) relative to total liabilities ($1.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/7

Shopify Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.65x

For every $1 of reported earnings, Shopify Inc generates $1.65 in operating cash flow ($2.0B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.6B

YoY+33.7%

QoQ+13.0%

Shopify Inc generated $3.6B in revenue in Q2 2026. This represents an increase of 33.7% from the same quarter a year earlier. Against the prior quarter it is up 13.0%.

EBITDA

$495.0M

YoY+65.6%

QoQ+27.2%

Shopify Inc's EBITDA was $495.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 65.6% from the same quarter a year earlier. Against the prior quarter it is up 27.2%.

Net Income

$1.5B

YoY+65.8%

QoQ+358.5%

Shopify Inc reported $1.5B in net income in Q2 2026. This represents an increase of 65.8% from the same quarter a year earlier. Against the prior quarter it is up 358.5%.

EPS (Diluted)

$1.16

YoY+68.1%

QoQ+357.8%

Shopify Inc earned $1.16 per diluted share (EPS) in Q2 2026. This represents an increase of 68.1% from the same quarter a year earlier. Against the prior quarter it is up 357.8%.

Cash & Balance Sheet

Free Cash Flow

$654.0M

YoY+55.0%

QoQ+37.4%

Shopify Inc generated $654.0M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 55.0% from the same quarter a year earlier. Against the prior quarter it is up 37.4%.

Cash & Debt

$1.7B

YoY+7.4%

QoQ-10.4%

Shopify Inc held $1.7B in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

Diluted avg 1.30B

Shopify Inc had a weighted average of 1.30B diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

47.7%

YoY-0.9pp

QoQ-1.1pp

Shopify Inc's gross margin was 47.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.

Operating Margin

13.6%

YoY+2.8pp

QoQ+1.6pp

Shopify Inc's operating margin was 13.6% in Q2 2026, reflecting core business profitability. This is up 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.6 percentage points.

Net Margin

41.9%

YoY+8.1pp

QoQ+60.3pp

Shopify Inc's net profit margin was 41.9% in Q2 2026, showing the share of revenue converted to profit. This is up 8.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 60.3 percentage points.

Return on Equity

11.8%

YoY+4.4pp

QoQ+16.5pp

Shopify Inc's ROE was 11.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 16.5 percentage points.

Capital Allocation

R&D Spending

$445.0M

YoY+12.9%

QoQ+1.8%

Shopify Inc invested $445.0M in research and development in Q2 2026. This represents an increase of 12.9% from the same quarter a year earlier. Against the prior quarter it is up 1.8%.

Share Buybacks

$1.4B

QoQ+189.2%

Shopify Inc spent $1.4B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 189.2%.

Capital Expenditures

$4.0M

YoY-33.3%

QoQ-20.0%

Shopify Inc invested $4.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 33.3% from the same quarter a year earlier. Against the prior quarter it is down 20.0%.

SHOP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SHOP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Revenue	$13.3B	$11.6B+30.1%	$8.9B+25.8%	$7.1B+26.1%	$5.6B+21.4%	$4.6B+57.4%	$2.9B+85.6%	$1.6B+47.0%	$1.1B+59.4%	$673.3M+72.9%	$389.3M+89.7%	$205.2M+95.4%	$105.0M+109.0%	$50.3M
Cost of Revenue	$6.9B	$6.0B+36.1%	$4.4B+24.3%	$3.5B+24.6%	$2.8B+33.6%	$2.1B+53.5%	$1.4B+94.8%	$712.5M+49.4%	$477.0M+62.8%	$293.1M	N/A	N/A	N/A	N/A
Gross Profit	$6.3B	$5.6B+24.2%	$4.5B+27.2%	$3.5B+27.6%	$2.8B+11.0%	$2.5B+61.0%	$1.5B+78.1%	$865.6M+45.2%	$596.3M+56.8%	$380.3M+81.5%	$209.5M+85.0%	$113.3M+83.3%	$61.8M+68.2%	$36.7M
R&D Expenses	$1.6B	$1.5B+12.4%	$1.4B-21.0%	$1.7B+15.1%	$1.5B+75.9%	$854.4M+54.7%	$552.1M+55.5%	$355.0M+53.9%	$230.7M+69.6%	$136.0M+82.9%	$74.3M+87.1%	$39.7M+53.3%	$25.9M+89.4%	$13.7M
SG&A Expenses	$491.0M	$471.0M+14.9%	$410.0M-16.5%	$491.0M-30.6%	$708.0M+88.9%	$374.8M+52.8%	$245.3M+59.6%	$153.8M+43.1%	$107.4M+58.7%	$67.7M+57.1%	$43.1M+106.1%	$20.9M+80.8%	$11.6M+191.0%	$4.0M
Operating Income	$1.8B	$1.5B+36.6%	$1.1B+175.8%	-$1.4B-72.5%	-$822.0M-406.0%	$268.6M+198.0%	$90.2M+163.9%	-$141.1M-53.6%	-$91.9M-87.0%	-$49.2M-32.3%	-$37.2M-109.3%	-$17.8M+17.9%	-$21.6M-406.3%	-$4.3M
EBITDA	N/A	$1.5B+34.9%	$1.1B+182.4%	-$1.3B-84.9%	-$729.0M-317.6%	$335.0M+109.1%	$160.2M+251.9%	-$105.5M-62.6%	-$64.9M-151.7%	-$25.8M-11.1%	-$23.2M-120.5%	-$10.5M+37.9%	-$16.9M-574.8%	-$2.5M
Interest Expense	N/A	N/A	N/A	N/A	$3.5M+0.2%	$3.5M-61.6%	$9.1M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$413.0M	$278.0M+33.0%	$209.0M+294.3%	$53.0M+132.5%	-$163.0M-172.1%	$225.9M+385.5%	-$79.1M-372.7%	$29.0M	$0	$0	$0	$0	$0	$0
Net Income	$1.9B	$1.2B-39.0%	$2.0B+1429.5%	$132.0M+103.8%	-$3.5B-218.7%	$2.9B+812.2%	$319.5M+355.9%	-$124.8M-93.4%	-$64.6M-61.4%	-$40.0M-13.1%	-$35.4M-88.2%	-$18.8M+15.8%	-$22.3M-361.3%	-$4.8M
EPS (Basic)	N/A	$0.95-39.5%	$1.57+1470.0%	$0.10+103.7%	-$2.73-216.7%	$2.34-12.4%	$2.67+342.7%	-$1.10	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	$1.48	$0.94-39.4%	$1.55+1450.0%	$0.10+103.7%	-$2.73-219.2%	$2.29	$2.59+335.5%	-$1.10	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	1.30B+0.3%	1.30B+0.5%	1.30B+2.3%	1.27B-0.6%	1.27B	123M+9.2%	113M	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.6B+33.7%	$3.2B+34.3%	$3.7B+30.6%	$2.8B+31.5%	$2.7B+31.1%	$2.4B+26.8%	$2.8B	$2.2B
Cost of Revenue	$1.9B+36.1%	$1.6B+36.4%	$2.0B+35.5%	$1.5B+39.2%	$1.4B+37.8%	$1.2B+31.7%	$1.5B	$1.0B
Gross Profit	$1.7B+31.2%	$1.5B+32.2%	$1.7B+25.2%	$1.4B+24.4%	$1.3B+24.6%	$1.2B+22.2%	$1.4B	$1.1B
R&D Expenses	$445.0M+12.9%	$437.0M+15.9%	$390.0M+11.1%	$375.0M+13.0%	$394.0M+12.9%	$377.0M+12.5%	$351.0M	$332.0M
SG&A Expenses	$136.0M+11.5%	$115.0M+5.5%	$125.0M+11.6%	$115.0M+0.9%	$122.0M+103.3%	$109.0M-12.1%	$112.0M	$114.0M
Operating Income	$488.0M+67.7%	$382.0M+88.2%	$631.0M+35.7%	$343.0M+21.2%	$291.0M+20.7%	$203.0M+136.0%	$465.0M	$283.0M
EBITDA	$495.0M+65.6%	$389.0M+84.4%	$638.0M+34.9%	$351.0M+20.6%	$299.0M+19.1%	$211.0M+119.8%	$473.0M	$291.0M
Income Tax	$273.0M+57.8%	-$53.0M+39.8%	$149.0M+16.4%	$44.0M+37.5%	$173.0M+440.6%	-$88.0M-617.6%	$128.0M	$32.0M
Net Income	$1.5B+65.8%	-$581.0M+14.8%	$743.0M-42.5%	$264.0M-68.1%	$906.0M+429.8%	-$682.0M-149.8%	$1.3B	$828.0M
EPS (Basic)	$1.16+65.7%	-$0.45+15.1%	$0.57-43.6%	$0.20-68.8%	$0.70+438.5%	-$0.53-152.4%	$1.01	$0.64
EPS (Diluted)	$1.16+68.1%	-$0.45+15.1%	$0.57-42.4%	$0.20-68.8%	$0.69+430.8%	-$0.53-152.4%	$0.99	$0.64
Diluted Shares (Avg)	1.30B-0.8%	1.30B+0.6%	N/A	1.31B+0.9%	1.31B+0.7%	1.30B+0.6%	N/A	1.30B

Not reported in any period shown, so not listed: Interest Expense.

SHOP Balance Sheet

SHOP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Total Assets	$15.2B+9.1%	$13.9B+23.2%	$11.3B+5.0%	$10.8B-19.4%	$13.3B+71.8%	$7.8B+122.5%	$3.5B+54.8%	$2.3B+102.5%	$1.1B+127.0%	$490.6M+101.3%	$243.7M+156.0%	$95.2M	N/A
Current Assets	$8.3B+14.4%	$7.3B+15.6%	$6.3B+3.7%	$6.0B-29.2%	$8.5B+24.2%	$6.9B+150.8%	$2.7B+28.8%	$2.1B+107.6%	$1.0B+142.5%	$422.9M+108.9%	$202.5M+196.1%	$68.4M	N/A
Cash & Equivalents	$1.5B+3.1%	$1.5B+6.0%	$1.4B-14.3%	$1.6B-34.1%	$2.5B-7.4%	$2.7B+316.0%	$649.9M+58.3%	$410.7M+189.9%	$141.7M+68.6%	$84.0M-23.7%	$110.1M+162.4%	$42.0M-49.8%	$83.5M
Short-Term Investments	$4.2B+6.3%	$4.0B+10.7%	$3.6B+5.6%	$3.4B-35.3%	$5.3B+42.9%	$3.7B+104.1%	$1.8B+15.8%	$1.6B+95.8%	$796.4M+158.2%	$308.4M+285.0%	$80.1M+352.3%	$17.7M	$0
Inventory	$21.0M-19.2%	$26.0M+36.8%	$19.0M	N/A	N/A	N/A	N/A	N/A	$1.6M+209.6%	$522K-66.3%	$1.6M+434.5%	$290K	N/A
Long-Term Investments	$975.0M+37.5%	$709.0M+516.5%	$115.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$491.0M+8.6%	$452.0M+5.9%	$427.0M-76.7%	$1.8B+414.3%	$357.0M+14.5%	$311.9M0.0%	$311.9M+720.3%	$38.0M+87.1%	$20.3M+31.0%	$15.5M+553.4%	$2.4M0.0%	$2.4M	N/A
Total Liabilities	$1.7B-27.5%	$2.4B+6.0%	$2.2B-11.3%	$2.5B+14.1%	$2.2B+62.0%	$1.4B+187.5%	$473.7M+188.8%	$164.0M+45.8%	$112.5M+40.4%	$80.1M+65.5%	$48.4M+76.2%	$27.5M	N/A
Current Liabilities	$1.4B-28.8%	$2.0B+117.8%	$898.0M+4.9%	$856.0M+21.8%	$702.7M+60.3%	$438.3M+38.5%	$316.4M+128.1%	$138.7M+46.4%	$94.8M+42.4%	$66.5M+78.7%	$37.2M+88.3%	$19.8M	N/A
Non-Current Liabilities	$324.0M-21.0%	$410.0M-69.3%	$1.3B-19.7%	$1.7B+10.5%	$1.5B+62.8%	$923.9M+487.1%	$157.4M+521.3%	$25.3M+43.0%	$17.7M+30.7%	$13.6M+21.4%	$11.2M+45.2%	$7.7M	N/A
Total Equity	$13.5B+16.6%	$11.6B+27.5%	$9.1B+10.0%	$8.2B-26.0%	$11.1B+73.9%	$6.4B+112.2%	$3.0B+44.2%	$2.1B+108.8%	$1.0B+143.9%	$410.5M+110.2%	$195.3M+188.4%	$67.7M-20.7%	$85.4M
Retained Earnings	$2.9B+75.6%	$1.6B+517.7%	-$390.0M+25.3%	-$522.0M-117.8%	$2.9B+19122.4%	$15.3M+105.0%	-$304.2M-62.0%	-$187.8M-52.4%	-$123.2M-48.1%	-$83.2M-73.9%	-$47.9M-64.7%	-$29.1M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$14.5B-0.6%	$14.1B+5.4%	$15.2B+9.1%	$15.0B	$14.6B	$13.4B	$13.9B+23.2%	N/A
Current Assets	$7.8B-2.3%	$8.5B+14.1%	$8.3B+14.4%	$8.7B	$8.0B	$7.4B	$7.3B+15.6%	N/A
Cash & Equivalents	$1.7B+7.4%	$1.8B+41.2%	$1.5B+3.1%	$2.4B+60.2%	$1.5B+0.1%	$1.3B-19.3%	$1.5B+6.0%	$1.5B
Short-Term Investments	$3.3B-23.1%	$3.9B-7.4%	$4.2B+6.3%	$3.9B	$4.3B	$4.2B	$4.0B+10.7%	$0
Inventory	N/A	N/A	$21.0M-19.2%	N/A	N/A	N/A	$26.0M+36.8%	N/A
Long-Term Investments	$525.0M-36.8%	$708.0M-20.8%	$975.0M+37.5%	$676.0M	$831.0M	$894.0M	$709.0M+516.5%	$0
Goodwill	$491.0M0.0%	$491.0M0.0%	$491.0M+8.6%	$491.0M	$491.0M	$491.0M	$452.0M+5.9%	N/A
Total Liabilities	$1.8B-26.7%	$1.6B-31.0%	$1.7B-27.5%	$2.5B	$2.4B	$2.3B	$2.4B+6.0%	N/A
Current Liabilities	$1.5B-29.7%	$1.4B-31.8%	$1.4B-28.8%	$2.2B	$2.1B	$2.0B	$2.0B+117.8%	N/A
Non-Current Liabilities	$326.0M-9.2%	$249.0M-26.8%	$324.0M-21.0%	$315.0M	$359.0M	$340.0M	$410.0M-69.3%	N/A
Total Equity	$12.7B+4.6%	$12.5B+13.1%	$13.5B+16.6%	$12.5B+23.7%	$12.1B+32.2%	$11.1B+24.3%	$11.6B+27.5%	$10.1B
Retained Earnings	$3.8B+104.0%	$2.3B+140.7%	$2.9B+75.6%	$2.1B	$1.9B	$947.0M	$1.6B+517.7%	N/A

Not reported in any period shown, so not listed: Accounts Receivable, Long-Term Debt.

SHOP Cash Flow Statement

SHOP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Cash Flow	$2.4B	$2.0B+25.8%	$1.6B+71.2%	$944.0M+794.1%	-$136.0M-125.4%	$535.7M+26.1%	$425.0M+501.8%	$70.6M+657.3%	$9.3M+18.0%	$7.9M-43.6%	$14.0M-11.0%	$15.8M+2067.0%	-$801K-157.4%	$1.4M
Depreciation & Amortization	N/A	$31.0M-13.9%	$36.0M-48.6%	$70.0M-24.7%	$93.0M+40.3%	$66.3M-5.4%	$70.1M+96.5%	$35.7M+31.8%	$27.1M+15.7%	$23.4M+67.4%	$14.0M+93.0%	$7.2M+54.9%	$4.7M+165.8%	$1.8M
Stock-Based Compensation	N/A	$449.0M+4.4%	$430.0M-30.1%	$615.0M+12.0%	$549.0M+66.0%	$330.8M+33.9%	$246.9M+55.8%	$158.5M+65.5%	$95.7M+94.7%	$49.2M+112.8%	$23.1M+183.1%	$8.2M+83.6%	$4.4M+151.6%	$1.8M
Capital Expenditures	$25.0M	$26.0M+36.8%	$19.0M-51.3%	$39.0M-22.0%	$50.0M-1.6%	$50.8M+21.7%	$41.7M-26.5%	$56.8M+103.1%	$27.9M+39.5%	$20.0M-15.7%	$23.8M+43.9%	$16.5M-19.7%	$20.6M+494.3%	$3.5M
Free Cash Flow	$2.4B	$2.0B+25.7%	$1.6B+76.5%	$905.0M+586.6%	-$186.0M-138.4%	$484.9M+26.5%	$383.2M+2665.8%	$13.9M+174.4%	-$18.6M-53.4%	-$12.1M-24.5%	-$9.8M-1168.7%	-$769K+96.4%	-$21.4M-934.6%	-$2.1M
Investing Cash Flow	$562.0M	-$1.2B+25.0%	-$1.6B-27.5%	-$1.2B-73.0%	-$719.0M+69.8%	-$2.4B-23.2%	-$1.9B-239.2%	-$569.5M+29.7%	-$810.6M-53.8%	-$527.2M-95.5%	-$269.7M-221.7%	-$83.8M-107.7%	-$40.4M-657.1%	-$5.3M
Financing Cash Flow	-$2.8B	-$811.0M-1429.5%	$61.0M+1.7%	$60.0M+233.3%	$18.0M-98.9%	$1.6B-53.6%	$3.6B+383.1%	$736.4M-31.3%	$1.1B+86.5%	$574.8M+151.5%	$228.6M+65.8%	$137.9M+98367.9%	$140K-99.8%	$70.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$658.0M+53.7%	$481.0M+31.1%	$725.0M+17.9%	$513.0M+21.3%	$428.0M+25.9%	$367.0M+54.2%	$615.0M	$423.0M
Depreciation & Amortization	$7.0M-12.5%	$7.0M-12.5%	$7.0M-12.5%	$8.0M0.0%	$8.0M-20.0%	$8.0M-20.0%	$8.0M	$8.0M
Stock-Based Compensation	$128.0M+13.3%	$132.0M+15.8%	N/A	$107.0M-2.7%	$113.0M+6.6%	$114.0M+8.6%	N/A	$110.0M
Capital Expenditures	$4.0M-33.3%	$5.0M+25.0%	$10.0M+150.0%	$6.0M+200.0%	$6.0M-14.3%	$4.0M-33.3%	$4.0M	$2.0M
Free Cash Flow	$654.0M+55.0%	$476.0M+31.1%	$715.0M+17.0%	$507.0M+20.4%	$422.0M+26.7%	$363.0M+56.5%	$611.0M	$421.0M
Investing Cash Flow	$571.0M+326.6%	$310.0M+150.1%	-$654.0M+1.1%	$335.0M+170.7%	-$252.0M+40.6%	-$619.0M-2192.6%	-$661.0M	-$474.0M
Financing Cash Flow	-$1.4B-3320.5%	-$485.0M-922.0%	-$938.0M-2014.3%	$24.0M+300.0%	$44.0M+1366.7%	$59.0M+1866.7%	$49.0M	$6.0M
Share Buybacks	$1.4B	$491.0M	N/A	N/A	$0	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

SHOP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SHOP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Gross Margin	48.1%-2.3pp	50.4%+0.6pp	49.8%+0.6pp	49.2%-4.6pp	53.8%+1.2pp	52.6%-2.2pp	54.9%-0.7pp	55.6%-0.9pp	56.5%+2.7pp	53.8%-1.4pp	55.2%-3.7pp	58.8%-14.3pp	73.1%
Operating Margin	12.7%+0.6pp	12.1%+32.2pp	-20.1%-5.4pp	-14.7%-20.5pp	5.8%+2.7pp	3.1%+12.0pp	-8.9%-0.4pp	-8.6%-1.3pp	-7.3%+2.3pp	-9.6%-0.9pp	-8.6%+11.9pp	-20.6%-12.1pp	-8.5%
Net Margin	10.7%-12.1pp	22.7%+20.9pp	1.9%+63.7pp	-61.8%-125.0pp	63.2%+52.3pp	10.9%+18.8pp	-7.9%-1.9pp	-6.0%-0.1pp	-5.9%+3.1pp	-9.1%+0.1pp	-9.2%+12.1pp	-21.2%-11.6pp	-9.6%
Return on Equity	9.1%-8.3pp	17.5%+16.0pp	1.5%+43.5pp	-42.0%-68.2pp	26.2%+21.2pp	5.0%+9.1pp	-4.1%-1.0pp	-3.1%+0.9pp	-4.0%+4.6pp	-8.6%+1.0pp	-9.6%+23.3pp	-32.9%-27.3pp	-5.7%
Return on Assets	8.1%-6.4pp	14.5%+13.3pp	1.2%+33.3pp	-32.2%-54.0pp	21.9%+17.7pp	4.1%+7.7pp	-3.6%-0.7pp	-2.9%+0.7pp	-3.6%+3.6pp	-7.2%+0.5pp	-7.7%+15.7pp	-23.4%	N/A
Current Ratio	5.96+2.3x	3.71-3.3x	6.99-0.1x	7.07-5.1x	12.15-3.5x	15.69+7.0x	8.67-6.7x	15.35+4.5x	10.82+4.5x	6.36+0.9x	5.44+2.0x	3.46	N/A
Debt-to-Equity	0.13-0.1x	0.200.0x	0.25-0.1x	0.31+0.1x	0.200.0x	0.21+0.1x	0.16+0.1x	0.080.0x	0.11-0.1x	0.20-0.1x	0.25-0.2x	0.41	N/A
Asset Turnover	0.76+0.1x	0.640.0x	0.62+0.1x	0.52+0.2x	0.350.0x	0.38-0.1x	0.450.0x	0.48-0.1x	0.60-0.2x	0.790.0x	0.84-0.3x	1.10	N/A
FCF Margin	17.4%-0.6pp	18.0%+5.2pp	12.8%+16.1pp	-3.3%-13.8pp	10.5%-2.6pp	13.1%+12.2pp	0.9%+2.6pp	-1.7%+0.1pp	-1.8%+0.7pp	-2.5%-2.1pp	-0.4%+20.0pp	-20.3%-16.2pp	-4.1%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	47.7%-0.9pp	48.8%-0.8pp	46.1%-2.0pp	48.9%-2.8pp	48.6%-2.5pp	49.5%-1.9pp	48.1%	51.7%
Operating Margin	13.6%+2.8pp	12.0%+3.5pp	17.2%+0.6pp	12.1%-1.0pp	10.9%-0.9pp	8.6%+4.0pp	16.5%	13.1%
Net Margin	41.9%+8.1pp	-18.3%+10.6pp	20.2%-25.7pp	9.3%-29.0pp	33.8%+25.4pp	-28.9%-14.2pp	46.0%	38.3%
Return on Equity	11.8%+4.4pp	-4.7%+1.5pp	5.5%-5.7pp	2.1%-6.1pp	7.5%+5.6pp	-6.2%-3.1pp	11.2%	8.2%
Return on Assets	10.4%+4.2pp	-4.1%+1.0pp	4.9%-4.4pp	1.8%	6.2%	-5.1%	9.3%	N/A
Current Ratio	5.35+1.5x	6.20+2.5x	5.96+2.3x	3.93	3.85	3.71	3.71-3.3x	N/A
Debt-to-Equity	0.14-0.1x	0.13-0.1x	0.13-0.1x	0.20	0.20	0.21	0.200.0x	N/A
Asset Turnover	0.25+0.1x	0.220.0x	0.240.0x	0.19	0.18	0.18	0.20	N/A
FCF Margin	18.3%+2.5pp	15.0%-0.4pp	19.5%-2.3pp	17.8%-1.6pp	15.8%-0.5pp	15.4%+2.9pp	21.7%	19.5%

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Shopify Inc SHOP	FY2025	$11.6B	$1.2B	10.7%	$189.3B	70/100
Intuit INTU	FY2025	$18.8B	$3.9B	20.5%	$93.8B	73/100
Uber Technologies UBER	FY2025	$52.0B	$10.1B	19.3%	$156.2B	56/100
Servicenow Inc NOW	FY2025	$13.3B	$1.7B	13.2%	$141.3B	71/100
Adobe Inc ADBE	FY2025	$23.8B	$7.1B	30.0%	$111.2B	76/100
Automatic Data Processing Inc ADP	FY2026	$21.9B	$4.4B	20.1%	$111.7B	22/100

Where Shopify Inc Ranks

Frequently Asked Questions

What is Shopify Inc's annual revenue?

Shopify Inc (SHOP) reported $11.6B in total revenue for fiscal year 2025. This represents a 30.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Shopify Inc's revenue growing?

Shopify Inc (SHOP) revenue grew by 30.1% year-over-year, from $8.9B to $11.6B in fiscal year 2025.

Is Shopify Inc profitable?

Yes, Shopify Inc (SHOP) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 10.7%.

What is Shopify Inc's EBITDA?

Shopify Inc (SHOP) had EBITDA of $1.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Shopify Inc's gross margin?

Shopify Inc (SHOP) had a gross margin of 48.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Shopify Inc's operating margin?

Shopify Inc (SHOP) had an operating margin of 12.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Shopify Inc's net profit margin?

Shopify Inc (SHOP) had a net profit margin of 10.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Shopify Inc's return on equity (ROE)?

Shopify Inc (SHOP) has a return on equity of 9.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Shopify Inc's free cash flow?

Shopify Inc (SHOP) generated $2.0B in free cash flow during fiscal year 2025. This represents a 25.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Shopify Inc's operating cash flow?

Shopify Inc (SHOP) generated $2.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Shopify Inc's total assets?

Shopify Inc (SHOP) had $15.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Shopify Inc's capital expenditures?

Shopify Inc (SHOP) invested $26.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Shopify Inc spend on research and development?

Shopify Inc (SHOP) invested $1.5B in research and development during fiscal year 2025.

What is Shopify Inc's current ratio?

Shopify Inc (SHOP) had a current ratio of 5.96 as of fiscal year 2025, which is generally considered healthy.

What is Shopify Inc's debt-to-equity ratio?

Shopify Inc (SHOP) had a debt-to-equity ratio of 0.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Shopify Inc's return on assets (ROA)?

Shopify Inc (SHOP) had a return on assets of 8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Shopify Inc's P/E ratio?

Shopify Inc (SHOP) trades at 98.2x earnings, its market capitalization divided by net income of $1.9B net income, trailing 12 months to June 30, 2026. The market capitalization is $189.3B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Shopify Inc's price-to-sales ratio?

Shopify Inc (SHOP) trades at 14.3x sales, its market capitalization divided by revenue of $13.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $189.3B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Shopify Inc's Altman Z-Score?

Shopify Inc (SHOP) has an Altman Z-Score of 68.08, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Shopify Inc's Piotroski F-Score?

Shopify Inc (SHOP) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Shopify Inc's earnings high quality?

Shopify Inc (SHOP) has an earnings quality ratio of 1.65x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Shopify Inc?

Shopify Inc (SHOP) scores 70 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.