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SHOPIFY INC.

SHOP· Nasdaq· Services-Prepackaged Software

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
17.4%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
–
We record prices for the companies we cover; SHOP is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
1.30B
Revenue
$11.6B
Free cash flow
$2.0B
Owner earnings
$1.6B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
48.1%
Operating
12.7%
Net
10.7%
Free cash flow
17.4%
Owner earnings
13.5%
Stock pay
3.9%

Returns

ROIC, FY2025
15.6%
ROIC, 5 yr avg
–
ROE, FY2025
9.1%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
27.3%
Revenue, 5 yr
–
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
–
Free cash flow, 3 yr
–
Free cash flow, 5 yr
–

Financial health · FY2025

Cash and investments
$5.8B
Total debt
$0
Net cash
$5.8B
Debt/Equity
0.0x
Debt/FCF
0.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
–

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$11.6B

+27.3% a year over 3 years

FY2022: Revenue $5.6BFY2023: Revenue $7.1BFY2024: Revenue $8.9BFY2025: Revenue $11.6B
FY2022FY2025

Margins

Gross48.1%Operating12.7%Net10.7%

FY2025

FY2022: Gross 49.2%, Operating -14.7%, Net -61.8%FY2023: Gross 49.8%, Operating -20.1%, Net 1.9%FY2024: Gross 50.4%, Operating 12.1%, Net 22.7%FY2025: Gross 48.1%, Operating 12.7%, Net 10.7%
FY2022FY2025

Free cash flow and owner earnings

Free cash flow$2.0BOwner earnings$1.6B

FY2025

FY2022: Free cash flow -$186.0M, Owner earnings -$735.0MFY2023: Free cash flow $905.0M, Owner earnings $290.0MFY2024: Free cash flow $1.6B, Owner earnings $1.2BFY2025: Free cash flow $2.0B, Owner earnings $1.6B
FY2022FY2025

Diluted shares

1.30B

+3.1% over 3 years, net dilution

FY2022: Diluted shares 1.27BFY2023: Diluted shares 1.30BFY2024: Diluted shares 1.30BFY2025: Diluted shares 1.30B
FY2022FY2025

Return on invested capital

15.6%

FY2025

FY2022: ROIC –FY2023: ROIC -20.3%FY2024: ROIC 13.9%FY2025: ROIC 15.6%
FY2022FY2025

Net cash

$5.8B

$5.8B more cash than debt

FY2022: Net cash –FY2023: Net cash $4.1BFY2024: Net cash $4.6BFY2025: Net cash $5.8B
FY2022FY2025

Every figure, year by year

Fiscal yearFY2022FY2023FY2024FY2025
The business
Revenue$5.6B$7.1B$8.9B$11.6B
Revenue growth–26.1%25.8%30.1%
Gross margin49.2%49.8%50.4%48.1%
Operating margin-14.7%-20.1%12.1%12.7%
Net income-$3.5B$132.0M$2.0B$1.2B
Net margin-61.8%1.9%22.7%10.7%
Diluted EPS$-2.73$0.10$1.55$0.94
Return on invested capital?–-20.3%13.9%15.6%
Cash
Operating cash flow-$136.0M$944.0M$1.6B$2.0B
Capital expenditure$50.0M$39.0M$19.0M$26.0M
Free cash flow-$186.0M$905.0M$1.6B$2.0B
Stock-based compensation$549.0M$615.0M$430.0M$449.0M
Owner earnings?-$735.0M$290.0M$1.2B$1.6B
Free cash flow per share$-0.15$0.70$1.23$1.54
Capital allocation
Dividends paid––––
Share repurchases––––
Diluted shares1.27B1.30B1.30B1.30B
Share count change?–2.3%0.5%0.3%
Balance sheet
Cash and equivalents$1.6B$1.4B$1.5B$1.5B
Short-term investments–$3.6B$4.0B$4.2B
Total debt–$916.0M$918.0M$0
Net debt–-$4.1B-$4.6B-$5.8B
Shareholders' equity$8.2B$9.1B$11.6B$13.5B

Latest filings

All on EDGAR
2026-08-0510-QQuarterly report
2026-08-058-KEarnings release
2026-05-0510-QQuarterly report
2026-05-058-KEarnings release
2026-02-1110-KAnnual report
2026-02-118-KEarnings release
2025-11-0410-QQuarterly report
2025-11-048-KEarnings release
2025-08-0610-QQuarterly report
2025-08-068-KEarnings release

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