SHOP

Updated: Mar 23, 2026 10:34 PM

Shopify Inc

Market Cap: $152.41B P/S: 42x Ownership — Insider: 0.2% | Institutional: 74.2% | Retail: 25.6% TECHNOLOGY SOFTWARE - APPLICATION

Shopify Inc., a commerce company, offers a commerce and service platform in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company is headquartered in Ottawa, Canada.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        14/14 dates (100%)
  ✅ grossProfit                         14/14 dates (100%)
  ✅ netIncome                           14/14 dates (100%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -11.56B                    -5.78B                      0.00B                      5.78B                     11.56B
               |                          |                          |                          |                          |

  2012-12-31 |                                                      |  0.02B
  2013-12-31 |                                                      |  0.05B
  2014-12-31 |                                                      |  0.11B
  2015-12-31 |                                                      |  0.21B
  2016-12-31 |                                                      |  0.39B
  2017-12-31 |                                                      |  0.67B
  2018-12-31 |                                                      |  1.07B
  2019-12-31 |                                                      |  1.58B
  2020-12-31 |                                                       |  2.93B
  2021-12-31 |                                                       |  4.61B
  2022-12-31 |                                       |  5.60B
  2023-12-31 |                                                       |  7.06B
  2024-12-31 |                                                       |  8.88B
  2025-12-31 |                                                       | 11.56B

               |                          |                          |                          |                          |
               -11.56B                    -5.78B                      0.00B                      5.78B                     11.56B

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              14/14 dates (100%)
  ✅ sellingGeneralAndAdministrative     14/14 dates (100%)
  ✅ costofGoodsAndServicesSold          14/14 dates (100%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                      1.50B                      3.00B                      4.50B                      6.00B
               |                          |                          |                          |                          |

  2012-12-31 |  0.01B
  2013-12-31 |  0.01B
  2014-12-31 |  0.04B
  2015-12-31 |  0.09B
  2016-12-31 |  0.18B
  2017-12-31 |  0.29B
  2018-12-31 |  0.48B
  2019-12-31 |  0.71B
  2020-12-31 |  1.39B
  2021-12-31 |  2.13B
  2022-12-31 |  2.85B
  2023-12-31 |  3.54B
  2024-12-31 |  4.41B
  2025-12-31 |  6.00B

               |                          |                          |                          |                          |
               0.00B                      1.50B                      3.00B                      4.50B                      6.00B

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ⚠️  cashAndShortTermInvestments         13/14 dates (93%)
  ⚠️  shortLongTermDebtTotal              13/14 dates (93%)
  ✅ operatingCashflow                   14/14 dates (100%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -2.70B                     -1.35B                      0.00B                      1.35B                      2.70B
               |                          |                          |                          |                          |

  2012-12-31 |                                                       |  0.00B ⊗⊗
  2013-12-31 |                                                       |  0.08B
  2014-12-31 |                                                      |  0.04B
  2015-12-31 |                                                       |  0.11B
  2016-12-31 |                                                       |  0.08B
  2017-12-31 |                                                       |  0.14B
  2018-12-31 |                                                       |  0.41B
  2019-12-31 |                                                       |  0.65B
  2020-12-31 |                                                       | 2.70B
  2021-12-31 |                                                       |  2.50B
  2022-12-31 |                                                    |  1.65B
  2023-12-31 |                                                       |  1.41B
  2024-12-31 |                                                       |  1.62B
  2025-12-31 |                                                       |  2.03B

               |                          |                          |                          |                          |
               -2.70B                     -1.35B                      0.00B                      1.35B                      2.70B

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   14/14 dates (100%)
  ✅ capitalExpenditures                 14/14 dates (100%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -2.03B                     -1.02B                      0.00B                      1.02B                      2.03B
               |                          |                          |                          |                          |

  2012-12-31 |                                                       |  0.00B
  2013-12-31 |                                                       |  0.00B
  2014-12-31 |                                                      |  0.02B
  2015-12-31 |                                                       |  0.02B
  2016-12-31 |                                                       |  0.03B
  2017-12-31 |                                                       |  0.02B
  2018-12-31 |                                                       |  0.04B
  2019-12-31 |                                                       |  0.07B
  2020-12-31 |                                                       |  0.42B
  2021-12-31 |                                                       |  0.54B
  2022-12-31 |                                                   |  -0.14B
  2023-12-31 |                                                       |  0.94B
  2024-12-31 |                                                       |  1.62B
  2025-12-31 |                                                       | 2.03B

               |                          |                          |                          |                          |
               -2.03B                     -1.02B                      0.00B                      1.02B                      2.03B

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalAssets                         13/14 dates (93%)
  ⚠️  totalLiabilities                    13/14 dates (93%)
  ⚠️  totalShareholderEquity              13/14 dates (93%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                      3.79B                      7.58B                     11.37B                     15.16B
               |                          |                          |                          |                          |

  2013-12-31 |  0.10B
  2014-12-31 |  0.10B
  2015-12-31 |  0.24B
  2016-12-31 |  0.49B
  2017-12-31 |  1.11B
  2018-12-31 |  2.25B
  2019-12-31 |  3.49B
  2020-12-31 |  7.76B
  2021-12-31 |  13.34B
  2022-12-31 |  10.76B
  2023-12-31 |  11.30B
  2024-12-31 |  13.92B
  2025-12-31 |  15.16B

               |                          |                          |                          |                          |
               0.00B                      3.79B                      7.58B                     11.37B                     15.16B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           14/14 dates (100%)
  ⚠️  shortLongTermDebtTotal              13/14 dates (93%)
  ⚠️  totalShareholderEquity              13/14 dates (93%)

Plot for SHOP (in B)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -13.45B                    -6.72B                      0.00B                      6.72B                     13.45B
               |                          |                          |                          |                          |

  2012-12-31 |                                                      | -0.00B ⊗⊗
  2013-12-31 |                                                      |  0.09B
  2014-12-31 |                                                      |  0.07B
  2015-12-31 |                                                      |  0.20B
  2016-12-31 |                                                      |  0.41B
  2017-12-31 |                                                      |  1.00B
  2018-12-31 |                                                      |  2.09B
  2019-12-31 |                                                      |  3.02B
  2020-12-31 |                                                       |  6.40B
  2021-12-31 |                                                       |  11.13B
  2022-12-31 |                                         |  8.24B
  2023-12-31 |                                                       |  9.07B
  2024-12-31 |                                                       |  11.56B
  2025-12-31 |                                                       | 13.45B

               |                          |                          |                          |                          |
               -13.45B                    -6.72B                      0.00B                      6.72B                     13.45B

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        25/25 dates (100%)
  ✅ grossProfit                         25/25 dates (100%)
  ✅ netIncome                           25/25 dates (100%)

Plot for SHOP (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -3.67B                     -1.84B                      0.00B                      1.84B                      3.67B
               |                          |                          |                          |                          |

  2019-12-31 |                                                       |  0.51B
  2020-03-31 |                                                      |  0.47B
  2020-06-30 |                                                       |  0.71B
  2020-09-30 |                                                       |  0.77B
  2020-12-31 |                                                       |  0.98B
  2021-03-31 |                                                       |  1.26B
  2021-06-30 |                                                       |  1.12B
  2021-09-30 |                                                       |  1.15B
  2021-12-31 |                                                  |  1.38B
  2022-03-31 |                                 |  -1.47B
  2022-06-30 |                                     |  1.29B
  2022-09-30 |                                                     |  1.37B
  2022-12-31 |                                              |  1.73B
  2023-03-31 |                                                       |  1.51B
  2023-06-30 |                                    |  1.69B
  2023-09-30 |                                                       |  1.71B
  2023-12-31 |                                                       |  2.14B
  2024-03-31 |                                                   |  1.86B
  2024-06-30 |                                                       |  2.04B
  2024-09-30 |                                                       |  2.16B
  2024-12-31 |                                                       |  2.81B
  2025-03-31 |                                             |  2.36B
  2025-06-30 |                                                       |  2.68B
  2025-09-30 |                                                       |  2.84B
  2025-12-31 |                                                       | 3.67B

               |                          |                          |                          |                          |
               -3.67B                     -1.84B                      0.00B                      1.84B                      3.67B

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              25/25 dates (100%)
  ✅ sellingGeneralAndAdministrative     25/25 dates (100%)
  ✅ costofGoodsAndServicesSold          25/25 dates (100%)

Plot for SHOP (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00B                      0.49B                      0.99B                      1.48B                      1.98B
               |                          |                          |                          |                          |

  2019-12-31 |  0.24B
  2020-03-31 |  0.21B
  2020-06-30 |  0.34B
  2020-09-30 |  0.36B
  2020-12-31 |  0.47B
  2021-03-31 |  0.43B
  2021-06-30 |  0.50B
  2021-09-30 |  0.51B
  2021-12-31 |  0.69B
  2022-03-31 |  0.57B
  2022-06-30 |  0.64B
  2022-09-30 |  0.70B
  2022-12-31 |  0.94B
  2023-03-31 |  0.79B
  2023-06-30 |  0.86B
  2023-09-30 |  0.81B
  2023-12-31 |  1.08B
  2024-03-31 |  0.90B
  2024-06-30 |  1.00B
  2024-09-30 |  1.04B
  2024-12-31 |  1.46B
  2025-03-31 |  1.19B
  2025-06-30 |  1.38B
  2025-09-30 |  1.45B
  2025-12-31 |  1.98B

               |                          |                          |                          |                          |
               0.00B                      0.49B                      0.99B                      1.48B                      1.98B

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for SHOP (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -3.35B                     -1.68B                      0.00B                      1.68B                      3.35B
               |                          |                          |                          |                          |

  2019-12-31 |                                                       |  0.65B
  2020-03-31 |                                                      |  0.97B
  2020-06-30 |                                                       |  1.88B
  2020-09-30 |                                                       |  3.09B
  2020-12-31 |                                                       |  2.70B
  2021-03-31 |                                                       |  2.79B
  2021-06-30 |                                                       |  2.36B
  2021-09-30 |                                                       |  2.19B
  2021-12-31 |                                                       |  2.50B
  2022-03-31 |                                                      |  2.45B
  2022-06-30 |                                                      | 3.35B
  2022-09-30 |                                                     |  1.38B
  2022-12-31 |                                                       |  1.65B
  2023-03-31 |                                                       |  1.74B
  2023-06-30 |                                                       |  1.61B
  2023-09-30 |                                                       |  1.29B
  2023-12-31 |                                                       |  1.41B
  2024-03-31 |                                                       |  1.62B
  2024-06-30 |                                                       |  1.54B
  2024-09-30 |                                                       |  1.51B
  2024-12-31 |                                                       |  1.50B
  2025-03-31 |                                                       |  1.31B
  2025-06-30 |                                                       |  1.55B
  2025-09-30 |                                                       |  2.41B
  2025-12-31 |                                                       |  1.54B

               |                          |                          |                          |                          |
               -3.35B                     -1.68B                      0.00B                      1.68B                      3.35B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for SHOP (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -725.00M                   -362.50M                     0.00M                     362.50M                    725.00M
               |                          |                          |                          |                          |

  2019-12-31 |                                                       |  52.89M
  2020-03-31 |                                                 |  -84.95M
  2020-06-30 |                                                       |  175.19M
  2020-09-30 |                                                       |  89.36M
  2020-12-31 |                                                       |  245.37M
  2021-03-31 |                                                       |  135.68M
  2021-06-30 |                                                       |  66.42M
  2021-09-30 |                                                       |  41.87M
  2021-12-31 |                                                       |  260.46M
  2022-03-31 |                                                     |  -25.00M
  2022-06-30 |                                                 |  -75.00M
  2022-09-30 |                                             |  -134.00M
  2022-12-31 |                                                       |  255.38M
  2023-03-31 |                                                       |  100.00M
  2023-06-30 |                                                       |  118.00M
  2023-09-30 |                                                       |  278.00M
  2023-12-31 |                                                       |  448.00M
  2024-03-31 |                                                       |  238.00M
  2024-06-30 |                                                       |  340.00M
  2024-09-30 |                                                       |  423.00M
  2024-12-31 |                                                       |  615.00M
  2025-03-31 |                                                       |  367.00M
  2025-06-30 |                                                       |  436.08M
  2025-09-30 |                                                       |  513.00M
  2025-12-31 |                                                       | 725.00M

               |                          |                          |                          |                          |
               -725.00M                   -362.50M                     0.00M                     362.50M                    725.00M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         25/25 dates (100%)
  ✅ totalLiabilities                    25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for SHOP (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               0.00B                      3.79B                      7.58B                     11.37B                     15.16B
               |                          |                          |                          |                          |

  2019-12-31 |  3.49B
  2020-03-31 |  3.47B
  2020-06-30 |  5.10B
  2020-09-30 |  7.46B
  2020-12-31 |  7.76B
  2021-03-31 |  10.82B
  2021-06-30 |  11.96B
  2021-09-30 |  13.54B
  2021-12-31 |  13.34B
  2022-03-31 |  11.83B
  2022-06-30 |  10.75B
  2022-09-30 |  11.20B
  2022-12-31 |  10.76B
  2023-03-31 |  10.96B
  2023-06-30 |  9.70B
  2023-09-30 |  10.46B
  2023-12-31 |  11.30B
  2024-03-31 |  11.11B
  2024-06-30 |  11.35B
  2024-09-30 |  12.33B
  2024-12-31 |  13.92B
  2025-03-31 |  13.40B
  2025-06-30 |  14.59B
  2025-09-30 |  15.02B
  2025-12-31 |  15.16B

               |                          |                          |                          |                          |
               0.00B                      3.79B                      7.58B                     11.37B                     15.16B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ✅ shortLongTermDebtTotal              25/25 dates (100%)
  ✅ totalShareholderEquity              25/25 dates (100%)

Plot for SHOP (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -13.45B                    -6.72B                      0.00B                      6.72B                     13.45B
               |                          |                          |                          |                          |

  2019-12-31 |                                                       |  3.02B
  2020-03-31 |                                                      |  3.04B
  2020-06-30 |                                                       |  4.63B
  2020-09-30 |                                                       |  6.18B
  2020-12-31 |                                                       |  6.40B
  2021-03-31 |                                                       |  9.14B
  2021-06-30 |                                                       |  10.12B
  2021-09-30 |                                                       |  11.37B
  2021-12-31 |                                                      |  11.13B
  2022-03-31 |                                                 |  9.79B
  2022-06-30 |                                                  |  8.72B
  2022-09-30 |                                                      |  8.69B
  2022-12-31 |                                                    |  8.24B
  2023-03-31 |                                                       |  8.46B
  2023-06-30 |                                                  |  7.46B
  2023-09-30 |                                                       |  8.28B
  2023-12-31 |                                                       |  9.07B
  2024-03-31 |                                                      |  8.89B
  2024-06-30 |                                                       |  9.17B
  2024-09-30 |                                                       |  10.12B
  2024-12-31 |                                                       |  11.56B
  2025-03-31 |                                                    |  11.05B
  2025-06-30 |                                                       |  12.15B
  2025-09-30 |                                                       |  12.50B
  2025-12-31 |                                                       | 13.45B

               |                          |                          |                          |                          |
               -13.45B                    -6.72B                      0.00B                      6.72B                     13.45B

Price History

Volume

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