Loading company financials…
NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0001594805
$168.81
-3.14% · delayed ~15 min
Last price from Oct 22, 2026
$219.28B market value
From SHOPIFY INC.'s FY2025 10-K, filed Feb 11, 2026 · read the filing
SHOPIFY makes and sells software and computing services. It took in $11.56B last year, which makes it a large company. Of every dollar it sells, about 11 cents is left as profit.
The financial picture is led by profitability, growth and debt.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From SHOPIFY INC.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit margin
22.7% → 10.7%
Revenue
$8.88B → $11.56B
Gross profit
$4.47B → $5.55B
Operating income
$1.07B → $1.47B
Measured against FY2024, from the 10-K filed Feb 11, 2026
Deteriorated: −12.1 pts
22.7% to 10.7%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
How the latest move compares (quote delayed ~15 min), and what was published around it
SHOP fell 3.14% on the latest quote. The average Technology company tracked here moved −1.25%, and the S&P 500 −1.04%. That is 1.9 points below its sector and 2.1 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 28% a year for the next 10 years. Over the last 6 years it grew by about 129% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 11 cents of every dollar of sales as profit, earning $1.23B last year.
Yes, quickly. Sales grew 30.1% last year.
It does not appear so. For every $1 it owes, it owns $8.85 in assets.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $1.23B and generated $2.03B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 11, 2026Filing for FY2025 | FY202410-K · Feb 11, 2026Filing for FY2024 | FY202310-K · Feb 11, 2026Filing for FY2023 | FY202240-F · Feb 13, 2024Filing for FY2022 | FY202140-F · Feb 13, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $11.56B | $8.88B | $7.06B | $5.60B | $4.61B | +30.1% |
| Cost of revenue | $6.00B | $4.41B | $3.54B | $2.85B | $2.13B | +36.1% |
| Gross profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B | +24.2% |
| Gross marginGross profit ÷ revenueWhat is this? | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | −2.3 pts |
| Selling, general and administrative | $471.0M | $410.0M | $491.0M | $708.0M | $374.8M | +14.9% |
| Operating income | $1.47B | $1.07B | -$1.42B | -$822.0M | $268.6M | +36.6% |
| Operating marginOperating income ÷ revenueWhat is this? | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | +0.6 pts |
| Interest expense | — | — | — | $3.5M | $3.5M | — |
| Income before tax | $1.51B | $2.23B | $185.0M | — | — | −32.3% |
| Net income | $1.23B | $2.02B | $132.0M | -$3.46B | $2.91B | −39.0% |
| Net marginNet income ÷ revenueWhat is this? | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | −12.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $0.9477 | $1.57 | $0.103 | $-2.73 | $2.34 | −39.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 6,152 shares ($893.1K) on or after .
Shares originally obtained via Vesting of RSUs.
Filed notice to sell 11,171 shares ($1.4M) on or after .
Shares originally obtained via Vesting of RSUs.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +33.7% · Operating margin +2.8 pts · Operating income +67.7% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following SHOPIFY INC., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
Shopify (SHOP) Could Be 17% Undervalued Following Its AI Checkout Push
Yahoo ·
e.l.f. Beauty (ELF) As Shopify App News Meets A Fully Valued Narrative
Yahoo ·
Shopify Down 3% as ATB Cormark Downgrades the Stock After a 56% Three-Month Run
Yahoo ·
Shopify-Like IPO Successes Becoming Rare in Canada, Nowlan Says
Yahoo ·
Shopify (SHOP) is an Incredible Growth Stock: 3 Reasons Why
Yahoo ·
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from SHOP's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 11, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 10.0 | 6/8 | 10-K, filed Feb 11, 2026 |
| FY2024 | 10.0 | 6/8 | 10-K, filed Feb 11, 2025 |
| FY2023 | 8.7 | 7/8 | 40-F, filed Feb 13, 2024 |
| FY2022 | 4.7 | 3/8 | 40-F, filed Feb 13, 2024 |
| FY2021 | 10.0 | 4/8 | 40-F, filed Feb 16, 2022 |
| FY2020 | 10.0 | 5/8 | 40-F, filed Feb 17, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
12.49
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +30.1%
$8.88B to $11.56BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +24.2%
$4.47B to $5.55BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +36.6%
$1.07B to $1.47BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -39.0%
$2.02B to $1.23BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +25.7%
$1.60B to $2.01BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: -39.5%
$1.57 to $0.95Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Changed: +36.8%
$19.0M to $26.0MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: −2.3 pts
50.4% to 48.1%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +67.7%
$291.0M to $488.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +65.8%
$906.0M to $1.50BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +8.1 pts
33.8% to 41.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +55.0%
$422.0M to $654.0MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +66.1%
$0.70 to $1.16Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +33.7%
$2.68B to $3.58BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +31.2%
$1.30B to $1.71BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Changed: -33.3%
$6.0M to $4.0MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +2.8 pts
10.9% to 13.6%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +7.4%
$1.54B to $1.66BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: turned positive
-$581.0M to $1.50BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +60.3 pts
-18.3% to 41.9%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$0.45 to $1.16Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +27.7%
$382.0M to $488.0MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +37.4%
$476.0M to $654.0MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Changed: -20.0%
$5.0M to $4.0MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +13.0%
$3.17B to $3.58BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +10.5%
$1.55B to $1.71BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: −1.1 pts
48.8% to 47.7%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +1.6 pts
12.1% to 13.6%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -10.4%
$1.85B to $1.66BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
3 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 25% and 31%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 57 analysts covering this company, as of . Their views, not this site's.
Of 57 analysts publishing on this company, 12 say strong buy, 32 say buy, 12 say hold and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.6% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 104.9x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
Filed notice to sell 5,268 shares ($678.5K) on or after .
Shares originally obtained via Vesting of RSUs.
Filed notice to sell 1,537 shares ($198.0K) on or after .
Shares originally obtained via Vesting of RSUs.
Filed notice to sell 11,647 shares ($1.5M) on or after .
Shares originally obtained via Vesting of RSUs.
Filed notice to sell 24,000 shares ($3.5M) on or after .
Shares originally obtained via Vesting of RSUs.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join
Held a shareholder vote · Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingReported another event
Read the filingQuarterly report for Q1 FY2026
Revenue +34.3% · Operating margin +3.5 pts · Operating income +88.2% — against Q1 FY2025
Read the filingPublished results
Read the filingAnnual report for FY2025
Revenue +30.1% · Profit margin −12.1 pts · Gross profit +24.2% — against FY2024
Read the filingAnnual report for FY2025
Revenue +30.1% · Profit margin −12.1 pts · Gross profit +24.2% — against FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingReported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +31.5% · Operating margin −1.0 pts · Profit -68.1% — against Q3 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2025
Revenue +31.1% · Profit margin +25.4 pts · Profit +429.8% — against Q2 FY2025
Read the filingPublished results
Read the filingHeld a shareholder vote · Reported another event
Read the filingQuarterly report for Q1 FY2025
Revenue +26.8% · Operating margin +4.0 pts · Operating income +136.0% — against Q1 FY2025
Read the filingPrimary sources and further research