Shopify Inc. (SHOP) Income Statement
SHOP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSHOP revenue and net income
Where SHOP's revenue goes
2025Each bar shows an amount and its share of revenue. SHOP kept 10.7% of revenue as net income.
SHOP profit margins
SHOP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +30.1% | +27.3% | +31.6% | +49.6% |
| Gross profit | +24.2% | +26.3% | +29.2% | +47.9% |
| Operating income | +36.6% | — | +74.7% | — |
| Net income | −39.0% | — | +31.0% | — |
| EPS (diluted) | −7.8% | +228.7% | +28.8% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SHOP quarterly EPS vs estimates
Shopify beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.33).
SHOP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.56B | $8.88B | $7.06B | $5.60B | $4.61B | $2.93B | $1.58B | $1.07B | $673.3M | $389.3M |
| Cost of revenue | $6.00B | $4.41B | $3.54B | $2.85B | $2.13B | $1.39B | $712.5M | $477.0M | $293.1M | $179.8M |
| Gross profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B | $1.54B | $865.6M | $596.3M | $380.3M | $209.5M |
| Research & development | $1.54B | $1.37B | $1.73B | $1.50B | $854.4M | $552.1M | $355.0M | $230.7M | $136.0M | $74.3M |
| Sales, general & admin | $2.13B | $1.80B | $1.71B | $1.94B | $1.28B | $847.4M | $626.6M | $457.5M | $293.4M | $172.3M |
| Total operating expenses | $4.09B | $3.40B | $4.93B | $3.58B | $2.21B | $1.45B | $1.01B | $688.2M | $429.4M | $246.7M |
| Operating income | $1.47B | $1.07B | −$1.42B | −$822.0M | $268.6M | $90.2M | −$141.1M | −$91.9M | −$49.2M | −$37.2M |
| Interest income | $331.0M | $308.0M | $241.0M | $2.80B | $15.4M | $23.4M | $48.2M | $29.4M | $7.8M | $1.5M |
| Interest expense | — | — | — | $1.1M | $3.5M | $9.6M | $45.3M | $0 | $0 | $0 |
| Income before taxes | $1.51B | $2.23B | $185.0M | −$3.62B | $3.14B | $240.4M | −$95.8M | −$64.6M | −$40.0M | −$35.4M |
| Income taxes | $278.0M | $209.0M | $53.0M | −$163.0M | $225.9M | −$79.1M | $29.0M | $27.4M | −$841,000 | $167,974 |
| Net income | $1.23B | $2.02B | $132.0M | −$3.46B | $2.91B | $319.5M | −$124.8M | −$64.6M | −$40.0M | −$35.4M |
| EBITDA | $1.93B | $1.28B | $144.0M | −$594.0M | $3.21B | $319.0M | −$60.2M | −$64.9M | −$25.8M | −$23.2M |
| EPS (diluted) | $1.42 | $1.54 | $0.73 | $0.04 | $0.64 | $0.40 | $0.03 | $0.13 | −$0.02 | −$0.17 |
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | 53.8% |
| Operating margin | 12.7% | 12.1% | −20.1% | −14.7% | 5.8% | 3.1% | −8.9% | −8.6% | −7.3% | −9.5% |
| Net margin | 10.7% | 22.7% | 1.9% | −61.8% | 63.2% | 10.9% | −7.9% | −6.0% | −5.9% | −9.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.58B | $3.17B | $3.67B | $2.84B | $2.68B | $2.36B | $2.81B | $2.16B | $2.04B | $1.86B | $2.14B | $1.71B |
| Cost of revenue | $1.88B | $1.62B | $1.98B | $1.45B | $1.38B | $1.19B | $1.46B | $1.04B | $1.00B | $904.0M | $1.08B | $813.0M |
| Gross profit | $1.71B | $1.55B | $1.69B | $1.39B | $1.30B | $1.17B | $1.35B | $1.12B | $1.04B | $957.0M | $1.06B | $901.0M |
| Research & development | $445.0M | $437.0M | $390.0M | $375.0M | $394.0M | $377.0M | $351.0M | $332.0M | $349.0M | $335.0M | $311.0M | $313.0M |
| Sales, general & admin | $634.0M | $611.0M | $558.0M | $525.0M | $537.0M | $514.0M | $460.0M | $445.0M | $413.0M | $485.0M | $417.0M | $432.0M |
| Total operating expenses | $1.22B | $1.16B | $1.06B | $1.05B | $1.01B | $966.0M | $887.0M | $835.0M | $804.0M | $871.0M | $773.0M | $779.0M |
| Operating income | $488.0M | $382.0M | $631.0M | $343.0M | $291.0M | $203.0M | $465.0M | $283.0M | $241.0M | $86.0M | $289.0M | $122.0M |
| Interest income | $66.0M | $75.0M | $79.0M | $81.0M | $106.0M | $65.0M | $72.0M | $77.0M | $80.0M | $79.0M | $68.0M | $606.0M |
| Income before taxes | $1.77B | −$634.0M | $892.0M | $308.0M | $1.08B | −$770.0M | $1.42B | $860.0M | $203.0M | −$256.0M | $682.0M | $728.0M |
| Income taxes | $273.0M | −$53.0M | $149.0M | $44.0M | $173.0M | −$88.0M | $128.0M | $32.0M | $32.0M | $17.0M | $25.0M | $10.0M |
| Net income | $1.50B | −$581.0M | $743.0M | $264.0M | $906.0M | −$682.0M | $1.29B | $828.0M | $171.0M | −$273.0M | $657.0M | $718.0M |
| EBITDA | $636.0M | $505.0M | $752.0M | $502.0M | $389.0M | $286.0M | $473.0M | $349.0M | $293.0M | −$246.0M | $692.0M | $741.0M |
| EPS (diluted) | $0.32 | $0.36 | $0.48 | $0.34 | $0.35 | $0.25 | $0.44 | $0.64 | $0.26 | $0.20 | $0.34 | $0.24 |
| Gross margin | 47.7% | 48.8% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% | 51.1% | 51.4% | 49.5% | 52.6% |
| Operating margin | 13.6% | 12.1% | 17.2% | 12.1% | 10.9% | 8.6% | 16.5% | 13.1% | 11.8% | 4.6% | 13.5% | 7.1% |
| Net margin | 41.9% | −18.3% | 20.2% | 9.3% | 33.8% | −28.9% | 46.0% | 38.3% | 8.4% | −14.7% | 30.6% | 41.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SHOP's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SHOP financial results
In fiscal year 2025 (ended December 31, 2025), Shopify reported revenue of $11.6 billion, up 30.1% from the year before. It had net income of $1.2 billion (down 39.0%), a net profit margin of 10.7%. Diluted earnings per share came to $1.42. Over five years revenue grew at an average rate of 31.6% a year.
See the SHOP stock overview for the latest quote and news, or the SHOP chart for price history and technical indicators.
SHOP income statement FAQ
What is Shopify's annual revenue?
Shopify reported total revenue of $11.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 30.1% from $8.9 billion the previous year.
Is Shopify profitable?
Yes. Shopify reported net income of $1.2 billion in fiscal 2025, a net profit margin of 10.7%; its operating margin was 12.7%.
What is Shopify's gross margin?
Shopify's gross margin was 48.1% in fiscal 2025: for every $100 of revenue, Shopify kept $48 after the direct cost of its products and services.
How much does Shopify spend on research and development?
Shopify spent $1.5 billion on research and development in fiscal 2025, 13.3% of revenue.
How fast is Shopify growing?
Revenue grew 31.6% a year on average over the last five fiscal years, from $2.9 billion to $11.6 billion.
What are Shopify's earnings per share?
Shopify earned $1.42 per diluted share in fiscal 2025, compared with $1.54 a year earlier.
When will Shopify report its next earnings?
Shopify is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Shopify's fiscal year end?
Shopify's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.