Growth & profitability
- Revenue has grown 27.3% per year over the past 5 years.
- Net income has grown faster than revenue (31.0% vs 27.3% per year).
- Free cash flow has grown 39.3% per year over the past 5 years.
SHOP Financials Shopify
13 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $11.6B | $1.2B | 48.1% | 12.7% | $2.0B | — | $1.5B |
| 2024 | $8.9B | $2.0B | 50.4% | 12.1% | $1.6B | — | $1.5B |
| 2023 | $7.1B | $132M | 49.8% | -20.1% | $905M | — | $1.4B |
| 2022 | $5.6B | -$3.5B | 49.2% | -14.7% | -$186M | — | $1.6B |
| 2021 | — | $2.9B | — | — | $485M | — | $2.5B |
| 2020 | — | $320M | — | — | $383M | — | $2.7B |
| 2019 | — | -$125M | — | — | $14M | — | $650M |
| 2018 | — | -$65M | — | — | -$19M | — | $411M |
| 2017 | — | -$40M | — | — | -$12M | — | $142M |
| 2016 | — | -$35M | — | — | -$10M | — | $84M |
| 2015 | — | -$19M | — | — | -$769000 | — | $110M |
| 2014 | — | -$22M | — | — | -$21M | — | $42M |
| 2013 | — | -$5M | — | — | -$2M | — | $84M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $3.2B | -$581M | 48.8% | 12.1% | $476M | — | $1.8B |
| Dec '25 | $3.7B | $743M | 46.1% | 17.2% | $715M | — | $1.5B |
| Sep '25 | $2.8B | $264M | 48.9% | 12.1% | $507M | — | $2.4B |
| Jun '25 | $2.7B | $906M | 48.6% | 10.9% | $422M | — | $1.5B |
| Mar '25 | $2.4B | -$682M | 49.5% | 8.6% | $363M | — | $1.3B |
| Dec '24 | $2.8B | $1.3B | 48.1% | 16.5% | $611M | — | $1.5B |
| Sep '24 | $2.2B | $828M | 51.7% | 13.1% | $421M | — | — |
| Jun '24 | $2.0B | $171M | 51.1% | 11.8% | $333M | — | — |
| Mar '24 | $1.9B | -$273M | 51.4% | 4.6% | $232M | — | — |
Valuation over time
How the market has priced SHOP against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 789.4× (Jan '24) to 118.7× (Jun '26).
- The price-to-sales ratio has risen from 11.2× (Mar '23) to 12.6× (Jun '26).
P/E
P/S
Frequently asked questions
Is SHOP growing its revenue and profit?
Over the past 5 years, Shopify's revenue has grown 27.3% per year, and net income grown 31.0% per year. These are computed facts, not advice.
How much debt does SHOP have?
As of FY2025, Shopify reported — of total debt against $1.5B of cash.
What is SHOP's profit margin?
In FY2025, gross margin was 48.1%, operating margin 12.7%, and net margin 10.7%.
What is SHOP's P/E ratio?
As of Jun '26, Shopify traded at a price-to-earnings ratio of about 118.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.