Here are the 10-K annual reports from Shopify Inc. (SHOP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SHOP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SHOP filings page.
Shopify Inc. filed Amendment No. 1 to its Annual Report to add Part III information on directors, executive officers, corporate governance and detailed executive compensation.
The company highlights 2025 performance with revenue of $11.5 billion, merchant gross merchandise volume of $378 billion, and free cash flow of $2 billion, a 17% free cash flow margin. A $100 investment in Shopify on January 4, 2021 would have grown to $147.35 by December 31, 2025 based on its Class A share price.
The filing explains Shopify’s equity-heavy pay philosophy, its “boxcar” long-term incentive structure, and the Flex Comp program that lets most executives and employees allocate a $1,000,000 “Wallet Value” between cash, stock options and RSUs. CEO Tobias Lütke continues to take a C$1 salary and received 2025 stock options valued at $35,000,026, aligning almost all of his compensation with long-term share performance. The amendment also describes board committee composition, risk oversight, clawback and insider-trading policies, and change-in-control and severance terms for named executive officers.
Shopify Inc. files its annual report describing how it provides cloud-based commerce infrastructure for millions of merchants across more than 175 countries. The platform combines subscription plans and merchant solutions such as Shopify Payments, lending, shipping, POS hardware and AI-enabled tools.
As of December 31, 2025, Shopify served a geographically diverse base of merchants, with 44% in the United States and 31% in Europe, the Middle East and Africa. The company reported an aggregate public float of $140,315,345,495 and 1,226,037,779 Class A shares outstanding, supported by about 7,600 employees worldwide.