Shopify Inc.
Financial Performance
Shopify Revenue & Financials
Revenue
$11.6B (FY2025)
Market Cap
$183B
Net Income
$1.2B
Employees
7,600
What is Shopify's revenue?
Shopify had $11.6B in revenue for fiscal year 2025, up 30.1% from 2024. Net income was $1.2B.
- Latest revenue
- $11.6B (FY2025)
- Year-over-year
- +30.1%
- Growth rate (CAGR)
- 45.8% over 9 years
- Peak revenue
- $11.6B (FY2025)
- Years of data
- 10
- Employees
- 7,600
Financial Analysis
Shopify's numbers tell a story of pandemic boom, 2022 overreach and a disciplined reset. Revenue jumped 86% in 2020, but a costly push into logistics (including the $2.1 billion Deliverr deal) and a 2022 slowdown led to a $3.46 billion net loss that year. In 2023 Shopify sold its logistics business to Flexport and cut about 20% of staff. Since then revenue has grown 26% (2023), 26% (2024) and 30% (2025) to $11.56 billion, with 2025 free cash flow above $2 billion. GAAP net income swings with the value of equity investments such as Affirm, Global-E and Klaviyo, which is why 2024 net income ($2.02 billion) exceeded 2025 ($1.23 billion).
Revenue Trend Analysis
YoY Change
+30.1%
9-Year CAGR
+45.8%
Peak Year
2025
Trend
Consistent Growth
Shopify Inc. has 10 full fiscal year figures on this page, compounding at +45.8% annually over 9 years. The most recent year saw a 30.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $11.6B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $1.5B | $1.2B | +30.1% | Shopify Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-11) Fiscal year ended 2025-12-31. |
| FY2024 | $8.9B | $1.1B | $2B | +25.8% | Shopify annual financial statements (investor relations) Fiscal year ended 2024-12-31. |
| FY2023 | $7.1B | -$1.4Bfiling | $132M | +26.1% | Shopify annual financial statements (investor relations) Fiscal year ended 2023-12-31. |
| FY2022 | $5.6B | -$822Mfiling | -$3.5B | +21.4% | Shopify annual financial statements (investor relations) Fiscal year ended 2022-12-31. |
| FY2021 | $4.6B | — | $2.9B | +57.4% | Shopify annual financial statements (investor relations) Fiscal year ended 2021-12-31. |
| FY2020 | $2.9B | — | $319.5M | +85.6% | Shopify annual financial statements (investor relations) Fiscal year ended 2020-12-31. |
| FY2019 | $1.6B | — | -$124.8M | +47.0% | Shopify annual financial statements (investor relations) Fiscal year ended 2019-12-31. |
| FY2018 | $1.1B | — | -$64.6M | +59.4% | Shopify annual financial statements (investor relations) Fiscal year ended 2018-12-31. |
| FY2017 | $673.3M | — | -$40M | +72.9% | Shopify annual financial statements (investor relations) Fiscal year ended 2017-12-31. |
| FY2016 | $389.3M | — | -$35.4M | — | Shopify Inc. annual report (SEC EDGAR, filed 2018-02-15) Fiscal year ended 2016-12-31. Figure as presented in the annual report filed 2018-02-15. |
Click any row to see year details.
Shopify Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K or 40-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2B | $26M | $15.2B | $13.5B | $2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.6B | $19M | $13.9B | $11.6B | $1.6B | Form 10-K |
| FY2023ended Dec 31, 2023 | $944M | $39M | $11.3B | $9.1B | $905M | Form 10-K |
| FY2022ended Dec 31, 2022 | -$136M | $50M | $10.8B | $8.2B | -$186M | Form 40-F |
| FY2021ended Dec 31, 2021 | $535.7M | $50.8M | $13.3B | $11.1B | $484.9M | Form 40-F |
| FY2020ended Dec 31, 2020 | $425M | $41.7M | $7.8B | $6.4B | $383.2M | Form 40-F |
| FY2019ended Dec 31, 2019 | $70.6M | $56.8M | $3.5B | $3B | $13.9M | Form 40-F |
| FY2018ended Dec 31, 2018 | $9.3M | $27.9M | $2.3B | $2.1B | -$18.6M | Form 40-F |
| FY2017ended Dec 31, 2017 | $7.9M | $20M | $1.1B | $1B | -$12.1M | Form 40-F |
| FY2016ended Dec 31, 2016 | $14M | $23.8M | $490.6M | $410.5M | -$9.8M | Form 40-F |
Keep researching Shopify
Shopify Revenue and Financial FAQ
What is Shopify's stock ticker symbol and exchange listings?
Shopify Inc. is dual-listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol "SHOP".
What is Shopify's annual revenue scale?
Shopify generated $7.06 billion in total revenue in 2023, growing over 20% to 25% year-over-year toward $8.5 billion to $10 billion in 2024-2025, powered by sustained merchant GMV expansion.
How much Gross Merchandise Volume (GMV) flows through Shopify annually?
Shopify merchants processed $235.9 billion in total GMV in 2023, scaling past $270 billion to $300 billion annually, making Shopify the second-largest e-commerce transaction platform in the Western world behind Amazon.
What is Shopify's free cash flow margin following its logistics exit?
Following the sale of its logistics operations in mid-2023, Shopify's free cash flow margin rebounded to double digits, consistently delivering 15% to 20% in quarterly free cash flow and generating over $1 billion in annual free cash flow.
What is Shopify's balance sheet cash and debt position?
Shopify maintains an exceptionally strong balance sheet with over $5.0 billion in cash, cash equivalents, and marketable securities, balanced by low long-term convertible debt maturities.
What percentage of Shopify's total revenue comes from Merchant Solutions?
Merchant Solutions accounts for approximately 73% to 75% of total company revenue, while Subscription Solutions represents approximately 25% to 27%, aligning Shopify's financial growth directly with its merchants' business success.
What is Shopify's gross margin profile?
Shopify delivers subscription gross margins above 80%, while its overall blended gross margin hovers between 49% and 52% due to bank card network processing costs in Merchant Solutions.
What was the financial impact of the 2023 logistics sale to Flexport?
Selling Deliverr and SFN to Flexport in May 2023 resulted in a one-time non-cash impairment charge of approximately $1.3 billion, but permanently eliminated hundreds of millions of dollars in annual warehouse operating cash burn.
How much funding does Shopify Capital deploy to merchants?
Shopify Capital regularly advances hundreds of millions of dollars per quarter to small and mid-sized merchants, with cumulative funding since inception surpassing $5 billion to $6 billion.
Does Shopify pay a dividend or repurchase shares?
Shopify does not pay a cash dividend, reinvesting capital into AI product engineering, international merchant acquisition, and corporate equity preservation.
What is the penetration rate of Shopify Payments across GMV?
Shopify Payments penetration exceeds 58% to 60% of total GMV, expanding steadily as Shop Pay and local payment gateways roll out across international markets.
What is Shopify's market capitalization valuation?
Shopify regularly trades with a market capitalization between $80 billion and $120 billion+, ranking as one of the premier global technology growth companies.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Shopify Revenue & Financials." CorpDigest, https://corpdigest.com/company/shopify/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Shopify reported $11.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/shopify/financials" target="_blank" rel="noopener">CorpDigest — Shopify financials</a></div>Related Financial Audits
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