Shopify vs Webflow: Revenue, Profit and Business Model
Shopify reported $11.6B of revenue in FY2025 and $1.2B of net income. Webflow does not publish annual revenue.
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).
Webflow
Webflow is private and does not report revenue or profit. It raised $1.5 million in seed funding in 2014 from investors including Khosla Ventures and Tim Draper, a $72 million Series A led by Accel in 2019, a $140 million Series B at a $2.1 billion valuation in January 2021, and a $120 million Series C at a $4 billion valuation in March 2022, bringing total funding above $330 million. At the time of the Series C, Forbes reported the company was nearing $100 million in annual recurring revenue with more than 200,000 customers. No newer funding round or valuation has been announced.
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 |
Webflow
Webflow does not publish annual revenue. What is known about its finances is in the summary above.
Full Webflow financialsWhere 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.
Webflow
- Site plans
Not disclosed
Per-site subscriptions covering hosting, CMS capacity and traffic.
- Workspace plans
Not disclosed
Per-seat subscriptions for designing and collaborating on sites.
- Enterprise contracts and add-ons
Not disclosed
Custom enterprise agreements plus add-ons such as Localization and optimization tools.
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.
Webflow
How it makes money
Webflow earns subscription revenue. Customers pay for Workspace plans, priced per seat, to design and collaborate on sites, and for Site plans, priced per site, that cover hosting, CMS capacity and traffic. Larger organizations buy Enterprise contracts with custom pricing, security controls and support.
Growth strategy
Webflow is moving upmarket and toward marketing teams rather than only individual designers. Its acquisitions follow that path: Intellimize (April 2024) for AI personalization and testing, GreenSock (October 2024) for web animation, and Vidoso.ai (March 2026) for brand-aligned AI image and video assets.
Competitive advantage
Webflow's editor maps directly to real web layout concepts (boxes, flexbox, grid, classes), so the sites it produces are standard code that professional designers can control in detail. That has built a large base of freelancers and agencies who bring client sites onto the platform. Hosting, CMS, localization and, since the 2024 GreenSock deal, the GSAP animation library are bundled in one product.
Questions about Shopify vs Webflow
Which company has higher revenue — Shopify Inc. or Webflow, Inc.?
Shopify Inc. reported $11.6B (FY2025). A verified revenue figure for Webflow, Inc. was not available at the time of this comparison.
What is the market cap of Shopify Inc. vs Webflow, Inc.?
Shopify Inc. has a market capitalisation of $183.0B. A public market cap figure for Webflow, Inc. was not available (it may be privately held).
Which is more financially efficient — Shopify Inc. or Webflow, Inc.?
Shopify Inc. generates $1.52M / employee in revenue per employee. A comparable figure for Webflow, Inc. requires matching employee and revenue data from the same reporting period.
How do Shopify Inc. and Webflow, Inc. make money?
Shopify Inc. and Webflow, Inc. generate revenue in fundamentally different ways. Shopify Inc.: Shopify earns money in two ways. Webflow, Inc.: Webflow earns subscription revenue.
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 Webflow overview