Companies / SHOP
Shopify Inc. reported revenue of $11.56B for fiscal 2025, up 30.1% from fiscal 2024. Net income was $1.23B and free cash flow was $2.01B.
| Fiscal quarter | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Revenue | $2.68B | $2.84B | $3.67B | $3.17B | $3.58B |
| Gross Margin % | 48.6 | 48.9 | 46.1 | 48.8 | 47.7 |
| Operating Income | $291.00M | $343.00M | $631.00M | $382.00M | $488.00M |
| Operating Margin % | 10.9 | 12.1 | 17.2 | 12.1 | 13.6 |
| Net Income | $906.00M | $264.00M | $743.00M | -$581.00M | $1.50B |
| Earnings Per Share | $0.69 | $0.20 | $0.58 | -$0.45 | $1.16 |
| Dividends | — | — | — | — | — |
| Payout Ratio % | — | — | — | — | — |
| Shares | 1.31B | 1.31B | 1.29B | 1.30B | 1.30B |
| Book Value Per Share | $9.26 | $9.53 | $10.45 | $9.59 | $9.77 |
| Operating Cash Flow | $428.00M | $513.00M | $725.00M | $481.00M | $658.00M |
| Cap Spending | -$6.00M | -$6.00M | -$10.00M | -$5.00M | -$4.00M |
| Free Cash Flow | $422.00M | $507.00M | $715.00M | $476.00M | $654.00M |
| Free Cash Flow Per Share | $0.32 | $0.39 | $0.55 | $0.37 | $0.50 |
| Working Capital | $5.92B | $6.49B | $6.90B | $7.12B | $6.36B |
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $7.06B | $8.88B | $11.56B |
| Gross Margin % | 49.8 | 50.4 | 48.1 |
| Operating Income | -$1.42B | $1.07B | $1.47B |
| Operating Margin % | -20.1 | 12.1 | 12.7 |
| Net Income | $132.00M | $2.02B | $1.23B |
| Earnings Per Share | $0.10 | $1.55 | $0.94 |
| Dividends | — | — | — |
| Payout Ratio % | — | — | — |
| Shares | 1.30B | 1.30B | 1.30B |
| Book Value Per Share | $7.00 | $8.88 | $10.32 |
| Operating Cash Flow | $944.00M | $1.62B | $2.03B |
| Cap Spending | -$39.00M | -$19.00M | -$26.00M |
| Free Cash Flow | $905.00M | $1.60B | $2.01B |
| Free Cash Flow Per Share | $0.70 | $1.23 | $1.54 |
| Working Capital | $5.38B | $5.30B | $6.90B |
As Shopify Inc. reports them, quarter by quarter.
| Fiscal quarter | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross Merchandise Volume (GMV) | — | $94.46B | $74.75B | $87.84B | $92.01B | $123.84B | $100.74B | $115.57B |
Figures come from Shopify Inc.'s SEC filings, by fiscal year and fiscal quarter as the company defines them. A dash means we hold no figure for that period that passed our checks. Earnings per share, dividends and share counts are restated for stock splits, so they sit on today's share count. Shares are the diluted weighted average, and a quarter the company does not report separately is worked out from its year-to-date figures. Earnings per share in such a quarter can differ by a few cents from a figure the company states elsewhere. Gross margin appears only where the company reports gross profit. Payout ratio is dividends over earnings per share. Book value per share is shareholders' equity over those diluted shares, and free cash flow per share uses the same count. Free cash flow is operating cash flow less capital expenditures. Data as of 31 October 2026. This is not investment advice.
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