Is Shopify financially healthy?

On 30 September 2026 Shopify held 4.73B USD in cash and short-term investments against total debt of 188.00M USD. Its current ratio is 4.86: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 2.66B USD of free cash flow.

Shopify's revenue grew 31.6% a year over its last five fiscal years, from 2.93B USD in fiscal year 2020 to 11.56B USD in fiscal year 2025. Over the last twelve months it was up 32.5% on the twelve months before.

Where can I find Shopify's annual report (10-K)?

Shopify files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Shopify
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Arincen ScoreBeta77/100

77/100B

142.650

USD

-13.72

(-8.77%)

Post Trading·141.760USD-0.890(-0.62%)

Last updated: 3 Nov, 16:54 GMT-5 · Delayed 15 min

Q3 FY2026 results

EPS0.49+6.2%Revenue3.68B-0.6%

Q3 FY2026 results

Reported Tuesday 3 November

EPS0.49Beat +6.2%(est. 0.46)Revenue3.68BMissed -0.6%(est. 3.70B)

Q3 FY2026 results

EPS0.49+6.2%Revenue3.68B-0.6%

Q3 FY2026 results

Reported Tuesday 3 November

EPS0.49Beat +6.2%(est. 0.46)Revenue3.68BMissed -0.6%(est. 3.70B)

Overview Financials Signals Forecast Earnings Company

Shopify financials

Yes. Shopify earned 2.13B USD of net income over the last twelve months, 15.0% of its revenue. It made a profit in 5 of its 14 fiscal years since 2012. Its last loss was in fiscal year 2022.

Revenue (TTM): 14.17B USD
Net income (TTM): 2.13B USD
Free cash flow (TTM): 2.66B USD
Cash and short-term investments: 4.73B USD
Total debt: 188.00M USD
Shareholders' equity: 12.75B USD

Cash, debt and equity as of 30 Sept 2026.

Shopify earnings

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q4 FY2026	10 Feb 2027	0.66	—	—	+43.48%	4.79B	—	—	+31.70%
Q3 FY2026	3 Nov 2026	0.46	0.49	+6.22%	+44.12%	3.70B	3.68B	-0.61%	+29.31%
Q2 FY2026	5 Aug 2026	0.40	0.42	+5.71%	+20.00%	3.40B	3.54B	+4.16%	+31.95%
Q1 FY2026	5 May 2026	0.33	0.36	+10.36%	+44.00%	3.06B	3.11B	+1.43%	+31.60%
Q4 FY2025	11 Feb 2026	0.51	0.46	-9.09%	+4.55%	3.60B	3.64B	+0.96%	+29.39%
Q3 FY2025	4 Nov 2025	0.34	0.34	+0.98%	-5.56%	2.75B	2.84B	+3.35%	+31.54%
Q2 FY2025	6 Aug 2025	0.29	0.35	+20.23%	+34.62%	2.58B	2.68B	+3.92%	+31.05%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	3.40	—	—	+36.47%	24.32B	—	—	+25.83%
FY2027	2.49	—	—	+29.57%	19.33B	—	—	+26.05%
FY2026	1.92	—	—	+37.39%	15.34B	—	—	+33.11%
FY2025	1.46	1.40	-4.43%	+11.11%	11.55B	11.52B	-0.25%	+29.76%
FY2024	1.29	1.26	-2.11%	+72.60%	8.72B	8.88B	+1.86%	+25.78%
FY2023	0.70	0.73	+3.67%	+1,725.00%	7.13B	7.06B	-1.01%	+26.07%
FY2022	-0.04	0.04	+212.77%	-93.75%	5.47B	5.60B	+2.41%	+21.43%

Shopify growth and profitability

Full income statement

Revenue (TTM): 14.17B USD
Net income (TTM): 2.13B USD
Gross margin: 47.49%
Operating margin: 14.60%
Net margin: 15.01%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	11.56B	+30.14%	1.23B	-39.03%	48.07%	12.70%	10.65%	1.93B	+50.35%
FY2024	8.88B	+25.78%	2.02B	+1,429.55%	50.36%	12.11%	22.74%	1.28B	+790.97%
FY2023	7.06B	+26.07%	132.00M	—	49.79%	-20.08%	1.87%	144.00M	—
FY2022	5.60B	+21.43%	-3.46B	-218.71%	49.18%	-14.68%	-61.79%	-594.00M	-118.52%
FY2021	4.61B	+57.43%	2.91B	+812.23%	53.80%	5.83%	63.20%	3.21B	+905.66%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	3.74B	462.00M	47.59%	15.18%	12.35%
Q2 FY2026	3.58B	1.50B	47.67%	13.62%	41.92%
Q1 FY2026	3.17B	-581.00M	48.77%	12.05%	-18.33%
Q4 FY2025	3.67B	743.00M	46.11%	17.18%	20.23%
Q3 FY2025	2.84B	264.00M	48.91%	12.06%	9.28%

How Shopify makes its money

Service8.80B 76.2%

Subscription and Circulation2.75B 23.8%

Revenue11.56B 100.0%

Cost of revenue6.00B 51.9%

Gross profit5.56B 48.1%

Research and development1.54B 13.3%

Selling and administration2.13B 18.5%

Other operating expenses417.00M 3.6%

Operating income1.47B 12.7%

Tax278.00M 2.4%

Net income1.23B 10.7%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Shopify revenue breakdown

By product

FY2025

76.2%Service23.8%Subscription and Circulation

Segment	Revenue	Share of revenue	Change on the year
Service	8.80B	76.2%	+34.8%
Subscription and Circulation	2.75B	23.8%	+17.1%

By region

FY2024

64.3%United States19.2%EMEA10.0%APAC5.4%Canada1.1%Latin America

Region	Revenue	Share of revenue	Change on the year
United States	5.43B	64.3%	+14.8%
EMEA	1.63B	19.2%	+27.2%
APAC	842.51M	10.0%	+18.4%
Canada	459.81M	5.4%	+16.4%
Latin America	92.34M	1.1%	+31.4%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	2.03B	2.01B
FY2024	1.62B	1.60B
FY2023	944.00M	905.00M
FY2022	-136.00M	-186.00M
FY2021	535.71M	484.92M
FY2020	424.96M	382.96M
FY2019	70.62M	8.22M
FY2018	9.32M	-32.22M
FY2017	7.90M	-16.36M
FY2016	14.02M	-12.22M

Shopify financial health

Full balance sheet

Cash and short-term investments: 4.73B USD
Total debt: 188.00M USD
Net cash: 4.54B USD
Free cash flow (TTM): 2.66B USD
Current ratio: 4.86
Debt to equity: 0.01
Piotroski score: 7 / 9
Altman Z-score: 61.95

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	5.77B	188.00M	2.01B
FY2024	5.48B	1.13B	1.60B
FY2023	5.01B	1.15B	905.00M
FY2022	5.05B	1.40B	-186.00M
FY2021	7.77B	1.17B	484.92M

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	15.19B	1.72B	13.47B
FY2024	13.92B	2.37B	11.56B
FY2023	11.30B	2.23B	9.07B
FY2022	10.76B	2.52B	8.24B
FY2021	13.34B	2.21B	11.13B
FY2020	7.76B	1.36B	6.40B
FY2019	3.49B	473.75M	3.02B
FY2018	2.25B	164.02M	2.09B
FY2017	1.11B	112.46M	1.00B
FY2016	490.56M	80.08M	410.48M

Shopify valuation

Price to earnings ratio (TTM): 86.45
Forward P/E (FY2026): 74.16
Price to sales (TTM): 13.07
Price to book: 14.52
EV / EBITDA (TTM): 75.27

Capital structure

Market capitalization

185.11B USD

Total debt

188.00M USD

−

Cash and short-term investments

4.73B USD

Enterprise value

180.57B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	41.94	—	—	—	—
FY2027 (est.)	57.24	41.94	—	—	—
FY2026 (est.)	74.16	57.24	—	—	—
Now (TTM)	86.45	59.39	13.07	14.52	75.27
FY2025	169.44	83.69	18.09	15.52	107.70
FY2024	68.16	72.61	15.50	11.91	107.00
FY2023	779.00	60.66	14.14	11.01	691.46
FY2022	-12.71	49.45	7.85	5.33	-73.57
FY2021	59.37	49,573.88	37.23	15.42	53.11

Shopify ownership

Institutions: 64.35%
Institutional holders: 1,828 (-13)
Free float: 92.94%

InstitutionsOthers

As of 30 Jun 2026

Insider trading

Quarter	Shares acquired	Shares disposed of
Q4 2023	344.38K	344.38K
Q3 2023	3.94M	22.63M
Q3 2022	0.00	15.74M

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	1.30B	1.30B	+0.26%
FY2024	1.29B	1.30B	+0.46%
FY2023	1.28B	1.30B	+2.31%
FY2022	1.27B	1.27B	-0.58%
FY2021	1.25B	1.27B	+3.16%

Common questions about Shopify's financials

Source: Financial Modeling Prep

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Shopify financials

Shopify earnings

Revenue

EPS

Shopify growth and profitability

Revenue / Net income

How Shopify makes its money

Shopify revenue breakdown

By product

By region

Operating and free cash flow

Shopify financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Shopify valuation

Capital structure

Valuation over time

Shopify ownership

Insider trading

Shares outstanding

Common questions about Shopify's financials

Is Shopify profitable?

Is Shopify financially healthy?

Is Shopify growing?

Where can I find Shopify's annual report (10-K)?

Need help?

Shopify DQuotes are delayed by 15 minutes

SHOP

Shopify financials

Shopify earnings

Revenue

EPS

Shopify growth and profitability

Revenue / Net income

How Shopify makes its money

Shopify revenue breakdown

By product

By region

Operating and free cash flow

Shopify financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Shopify valuation

Capital structure

Valuation over time

Shopify ownership

Insider trading

Shares outstanding

Common questions about Shopify's financials

Is Shopify profitable?

Is Shopify financially healthy?

Is Shopify growing?

Where can I find Shopify's annual report (10-K)?

Need help?

Shopify
D
Quotes are delayed by 15 minutes