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SHOP

Shopify Inc.

SHOP

Shopify Inc. • NASDAQ
$158.86 ▼ -0.30% (-0.48)
Market Cap $206.81 B
52w High $182.19
52w Low $69.84
Dividend Yield 0%
P/E 117.67
Volume 3.73M
Outstanding Shares 1.30B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.844B ▲ $1.048B ▲ $264M ▼ 9.283% ▼ $0.2 ▼ $316M ▼
Q2-2025 $2.68B ▲ $1.011B ▲ $906M ▲ 33.806% ▲ $0.7 ▲ $379M ▲
Q1-2025 $2.36B ▼ $966M ▲ $-682M ▼ -28.898% ▼ $-0.53 ▼ $286M ▼
Q4-2024 $2.812B ▲ $887M ▲ $1.293B ▲ 45.982% ▲ $1 ▲ $549M ▲
Q3-2024 $2.162B $835M $828M 38.298% $0.64 $349M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.343B ▲ $15.024B ▲ $2.528B ▲ $12.499B ▲
Q2-2025 $5.833B ▲ $14.593B ▲ $2.442B ▲ $12.151B ▲
Q1-2025 $5.514B ▲ $13.4B ▼ $2.349B ▼ $11.051B ▼
Q4-2024 $5.479B ▲ $13.924B ▲ $2.366B ▲ $11.558B ▲
Q3-2024 $4.895B $12.329B $2.211B $10.118B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $264M ▼ $513M ▲ $335M ▲ $24M ▼ $872M ▲ $507M ▲
Q2-2025 $920.929M ▲ $436.076M ▲ $-249.16M ▲ $44.429M ▼ $236.368M ▲ $429.941M ▲
Q1-2025 $-682M ▼ $367M ▼ $-619M ▲ $59M ▲ $-189M ▼ $363M ▼
Q4-2024 $1.293B ▲ $615M ▲ $-661M ▼ $49M ▲ $-9M ▲ $611M ▲
Q3-2024 $828M $423M $-474M $6M $-34M $421M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Service
Service
 $1.74Bn ▲$2.02Bn ▲$2.15Bn ▲
Subscription and Circulation
Subscription and Circulation
 $620.00M ▲$660.00M ▲$700.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past five years, more than doubling as more merchants join the platform and existing customers sell more through Shopify. Profitability has also improved meaningfully: after a period of losses driven by heavy investment and one-off hits, the company has returned to healthy operating and net profits. Margins are moving in the right direction as management reins in costs and focuses on higher‑quality revenue, though earnings have been quite volatile from year to year, which is worth keeping in mind.

Balance Sheet

Balance Sheet The balance sheet looks generally solid for a software platform business. Total assets and shareholder equity have grown over time, reflecting reinvestment and retained profits. Cash levels remain sizable relative to the company’s needs, giving flexibility to keep investing in product and partnerships. Debt exists but is moderate compared with the overall size of the business, suggesting leverage is not a central risk at this stage. Overall, Shopify appears to have a robust financial foundation to support continued growth and innovation.

Cash Flow

Cash Flow Cash generation has improved significantly. A few years ago, operating cash flow was roughly breakeven; it has since become comfortably positive and has grown at a good pace. Free cash flow follows a similar pattern, helped by Shopify’s asset‑light model and modest spending on physical assets. This means a larger share of the company’s growth is now funded by internally generated cash instead of relying heavily on external financing. The trend points to a business that is becoming both larger and structurally more cash‑efficient over time.

Competitive Edge

Competitive Edge Shopify holds a strong position as one of the leading global commerce platforms for small, medium, and increasingly larger brands. Its key strengths are its enormous merchant base, rich partner and app ecosystem, and the high switching costs once a business is fully set up on the platform. The brand is well known and trusted, and the all‑in‑one nature of the offering—storefront, payments, checkout, analytics, and point‑of‑sale—creates a sticky relationship with customers. Against this, Shopify operates in a fiercely competitive market, facing both specialized e‑commerce rivals and large ecosystems like marketplaces and cloud providers, so it must keep innovating to defend its share.

Innovation and R&D

Innovation and R&D Innovation is a clear priority. Shopify is weaving artificial intelligence into many parts of the product, from content creation and customer support to search, recommendations, and store management via tools like Shopify Magic and Sidekick. It continues to deepen its analytics, omnichannel capabilities, and global commerce tools, making it easier for merchants to sell across countries and channels. The company is also pushing into B2B commerce and refining the checkout and payments experience, which are critical levers for merchants’ sales conversion. While some earlier logistics bets have been reshaped, Shopify is still investing through partnerships and technology to improve fulfillment and delivery for merchants, aiming to extend its role beyond just the online storefront.

Summary

Shopify has transitioned from a pure growth story into a business that is pairing strong top‑line expansion with improving profitability and cash generation. Its financial profile is healthier and more balanced than it was a few years ago, and the balance sheet gives it room to maneuver. Strategically, the company benefits from powerful network effects, high switching costs, and a well‑known brand, but it operates in a dynamic and competitive landscape that requires continuous innovation. The heavy focus on AI, better checkout, B2B features, and international expansion suggests a long runway of potential growth, but also introduces execution risk as Shopify stretches its platform to serve more complex use cases and larger customers.

NEWS

November 13, 2025 · 10:00 AM UTC

Liquid AI Announces Multi‑Year Partnership with Shopify to Bring Sub‑20ms Foundation Models to Core Commerce Experiences

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November 11, 2025 · 11:30 AM UTC

ONNIT Migrates to Ordergroove and Shopify to Accelerate Growth and Elevate the Wellness Subscriber Journey

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November 10, 2025 · 8:00 AM UTC

LongPoint Adds Double Leveraged Inverse ETF on Shopify

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November 5, 2025 · 8:00 AM UTC

Commerce Launches New Feedonomics Apps for Shopify Merchants to Optimize Product Listings and Streamline Order Fulfillment Across Channels

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November 4, 2025 · 7:00 AM UTC

Shopify Beats Across the Board: Q3 Shows Growth, Efficiency, Brand Wins

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