Shopify vs Teespring: Revenue, Profit and Business Model
Shopify reported $11.6B of revenue in FY2025 and $1.2B of net income. Teespring reported $2M of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
Shopify
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).
Teespring
Teespring raised venture capital in its early years, including a 2014 Series A led by Andreessen Horowitz and a $35 million Series B led by Khosla Ventures. Teespring never published audited revenue as a private company. Its financials first became public after Fresh Vine Wine (NYSE American: VINE) completed its acquisition of Amaze Software, the owner of Spring and the Teespring Marketplace, in March 2025 and renamed itself Amaze Holdings (AMZE). Amaze reported full-year 2025 revenue of about $1.97 million. In Q2 2026, revenue was about $0.6 million, up roughly 32% from Q1, and the net loss narrowed to about $4.4 million from $5.6 million. Cash rose to about $2.4 million, and the company retired its Series A preferred stock.
Revenue and profit by year
Shopify
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $1.2B | 10.7% | +30.1% | Source |
| FY2024 | $8.9B | $2B | 22.7% | +25.8% | Source |
| FY2023 | $7.1B | $132M | 1.9% | +26.1% | Source |
| FY2022 | $5.6B | -$3.5B | -61.8% | +21.4% | Source |
| FY2021 | $4.6B | $2.9B | 63.2% | +57.4% | Source |
| FY2020 | $2.9B | $319.5M | 10.9% | +85.6% | Source |
| FY2019 | $1.6B | -$124.8M | -7.9% | +47.0% | Source |
| FY2018 | $1.1B | -$64.6M | -6.0% | +59.4% | Source |
| FY2017 | $673.3M | -$40M | -5.9% | — | Source |
Teespring
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2M | — | 0.0% | — | Source |
Where the revenue comes from
Shopify
- Subscription Solutions
Recurring software subscriptions, Shopify Plus, POS subscriptions, themes, and apps.
- Merchant Solutions
Payments, transaction services, shipping, capital, and other merchant services.
- Ecosystem
Developer, partner, and app ecosystem that extends merchant capabilities.
Teespring
No segment breakdown is published.
Business model and strategy
Shopify
How it makes money
Shopify earns money in two ways. Subscription Solutions (about $2.75 billion in 2025) covers monthly plans from Basic to Shopify Plus, POS Pro, apps and themes. Merchant Solutions (about $8.8 billion in 2025, roughly three-quarters of revenue) is tied to merchant sales: Shopify Payments and Shop Pay processing fees, Shopify Capital, shipping labels, currency conversion, POS hardware and partner revenue shares.
Growth strategy
Shopify is growing beyond small online stores. It is winning enterprise brands on Shopify Plus and Commerce Components, building B2B wholesale (B2B GMV rose 84% in Q4 2025), expanding Shopify POS for physical retail (offline GMV up 29% in Q4 2025) and pushing internationally (international GMV up 50% in Q4 2025).
Competitive advantage
Shopify's edge is the combination of a hosted platform, an integrated checkout (Shop Pay) and a large app and developer ecosystem. Merchants that rely on dozens of integrated apps, Shopify Payments and Shopify POS face real switching costs, while Shop Pay's stored buyer credentials across the network help checkout conversion. Shop Pay GMV grew 62% to about $43 billion in Q4 2025.
Teespring
How it makes money
Spring earns money on the difference between what a product sells for and what it costs to make. Spring sets a base cost for each item, covering the blank, printing, packaging and fulfillment. The creator sets the retail price and keeps the margin above that base cost. Spring handles payment, production, shipping and customer service, so creators carry no inventory.
Growth strategy
Amaze is pursuing growth on three fronts. The first is Amaze Commerce, with storefronts, product design, manufacturing and fulfillment, plus paid advanced services. The second is distribution through media and vertical communities, starting with Food Channel.
Competitive advantage
Spring has three main advantages. First, it has a long-standing integration with the YouTube merch shelf, where it was a launch partner in 2018, plus storefront links for TikTok, Twitch and Discord. Second, creators can start with no inventory, no minimum order and no upfront cost. Third, the Teespring name is widely recognized in creator merch.
Questions about Shopify vs Teespring
Which company has higher revenue — Shopify Inc. or Teespring (Spring by Amaze)?
Shopify Inc. reported $11.6B (FY2025), while Teespring (Spring by Amaze) reported $2.0M (FY2025). By last reported revenue, Shopify Inc. is the larger business, with Teespring (Spring by Amaze) reporting a smaller revenue base.
What is the market cap of Shopify Inc. vs Teespring (Spring by Amaze)?
Shopify Inc. has a market capitalisation of $183.0B. A public market cap figure for Teespring (Spring by Amaze) was not available (it may be privately held).
Which is more financially efficient — Shopify Inc. or Teespring (Spring by Amaze)?
Shopify Inc. generates $1.52M / employee in revenue per employee. A comparable figure for Teespring (Spring by Amaze) requires matching employee and revenue data from the same reporting period.
How do Shopify Inc. and Teespring (Spring by Amaze) make money?
Shopify Inc. and Teespring (Spring by Amaze) generate revenue in fundamentally different ways. Shopify Inc.: Shopify earns money in two ways. Teespring (Spring by Amaze): Spring earns money on the difference between what a product sells for and what it costs to make.
Is Shopify Inc. bigger than Teespring (Spring by Amaze)?
By last reported revenue, Shopify Inc. ($11.6B (FY2025)) is the larger company compared to Teespring (Spring by Amaze) ($2.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Shopify vs Teespring overview