For the year ending 2025-12-31, SHOP made $11,556M in revenue. $1,242M in net income. Net profit margin of 10.75%.
| Income Statement | 2025-12-31 | 2024-12-31 | ||
|---|---|---|---|---|
| Revenues | 11,556 | 8,880 | ||
| Subscription And Circulation | 520 | 434 | ||
| Service | 5,481 | 3,974 | ||
| Cost of revenues | 6,001 | 4,408 | ||
| Gross profit | 5,555 | 4,472 | ||
| Sales and marketing | 1,663 | 1,393 | ||
| Research and development | 1,536 | 1,367 | ||
| General and administrative | 471 | 410 | ||
| Transaction and loan losses | 417 | 227 | ||
| Impairment on sales of shopify's logistics businesses | 0 | 0 | ||
| Total operating expenses | 4,087 | 3,397 | ||
| Income (loss) from operations | 1,468 | 1,075 | ||
| Interest income | 331 | 308 | ||
| Net realized gain (loss) on equity and other investments | 33 | 3 | ||
| Net unrealized (loss) gain on equity and other investments | -186 | 988 | ||
| Net loss on equity method investment | -40 | -138 | ||
| Realized loss on embedded derivative | 123 | - | ||
| Foreign exchange gain (loss) | 26 | -8 | ||
| Total other income, net | 41 | 1,153 | ||
| Income before income taxes | - | 2,228 | ||
| Expected income tax (expense) recovery at canadian statutory income tax rate of 26.5 | - | 590 | ||
| Domestic taxes on foreign earnings | - | 49 | ||
| Stock-based compensation | - | -15 | ||
| Other permanent differences | - | 9 | ||
| Net unrealized gain (loss) on equity and other investments | - | -121 | ||
| Sales of businesses | - | 0 | ||
| Foreign taxes on net unrealized gain (loss) on equity and other investments | - | 132 | ||
| Income before income taxes | 1,509 | - | ||
| Foreign tax rate differential | - | -112 | ||
| Tax credits recognized during the year | - | 21 | ||
| Pillar two tax | - | 18 | ||
| State taxes | - | 242 | ||
| Change in valuation allowance | - | -557 | ||
| Other items | - | -5 | ||
| Provision for income taxes | 278 | 209 | ||
| Net income | 1,231 | 2,019 | ||
| Unrealized gain (loss) on cash flow hedges | 15 | -19 | ||
| Tax effect on unrealized gain (loss) on cash flow hedges | 4 | -5 | ||
| Total other comprehensive income (loss) | 11 | -14 | ||
| Comprehensive income | 1,242 | 2,005 | ||
| Basic (in dollars per share) | 0.95 | 1.57 | ||
| Basic (in shares) | 1,298,955,860 | 1,289,812,124 | ||
| Diluted (in dollars per share) | 0.94 | 1.55 | ||
| Diluted (in shares) | 1,304,953,255 | 1,301,509,980 | ||
SHOPIFY INC. (SHOP)
SHOPIFY INC. (SHOP)