• Income Statement
• Balance Sheet
• Cash Flow
• Ratios
• Market Data
• Valuation

	SHOPIFY INC. (SHOP)
	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014	Q1-CY2014	Q4-CY2013
Balance Sheet Date		2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31
Fiscal Period		Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024
Total Revenue		2,844,000,000$	2,680,000,000$	2,360,000,000$	2,812,000,000$	2,162,000,000$	2,045,000,000$	1,861,000,000$
QoQ%		6.12%	13.56%	(16.07%)	30.07%	5.72%	9.89%
YoY%		31.55%	31.05%	26.81%
Cost Of Revenue		1,453,000,000$	1,378,000,000$	1,191,000,000$	1,460,000,000$	1,044,000,000$	1,000,000,000$	904,000,000$
Gross Profit		1,391,000,000$	1,302,000,000$	1,169,000,000$	1,352,000,000$	1,118,000,000$	1,045,000,000$	957,000,000$
Gross Margin		48.91%	48.58%	49.53%	48.08%	51.71%	51.10%	51.42%
Operating Expenses		1,048,000,000$	1,011,000,000$	966,000,000$	887,000,000$	835,000,000$	804,000,000$	871,000,000$
Operating Income		343,000,000$	291,000,000$	203,000,000$	465,000,000$	283,000,000$	241,000,000$	86,000,000$
Operating Margin		12.06%	10.86%	8.60%	16.54%	13.09%	11.79%	4.62%
Interest Income		81,000,000$	106,000,000$	65,000,000$	72,000,000$	77,000,000$	80,000,000$	79,000,000$
Interest Expenses		0$	0$	0$	0$	0$	0$	0$
Income Before Tax		308,000,000$	1,079,000,000$	(770,000,000$)	1,421,000,000$	860,000,000$	203,000,000$	(256,000,000$)
Tax Expenses		44,000,000$	173,000,000$	(88,000,000$)	128,000,000$	32,000,000$	32,000,000$	17,000,000$
Net Income		264,000,000$	906,000,000$	(682,000,000$)	1,293,000,000$	828,000,000$	171,000,000$	(273,000,000$)
Profit Margin		9.28%	33.81%	(28.90%)	45.98%	38.30%	8.36%	(14.67%)
TTM		16.65%	23.42%	17.17%	22.74%
Earnings to Minority
Earnings to Common Shareholders		264,000,000$	906,000,000$	(682,000,000$)	1,293,000,000$	828,000,000$	171,000,000$	(273,000,000$)
QoQ%		(70.86%)	232.85%	(152.75%)	56.16%	384.21%	162.64%
YoY%		(68.12%)	429.83%	(149.82%)
Earnings Per Share, Basic		0.20$	0.70$	(0.53$)	1.00$	0.64$	0.13$	(0.21$)
Earnings Per Share, Diluted		0.20$	0.69$	(0.53$)	0.98$	0.64$	0.13$	(0.21$)
Unlevered FCF Per Share, Basic		0.39$	0.33$	0.28$	0.47$	0.33$	0.26$	0.18$
Unlevered FCF Per Share, Diluted		0.39$	0.32$	0.28$	0.46$	0.32$	0.26$	0.18$
Average Shares, Basic		1,300,069,685	1,297,746,050	1,295,377,376	1,292,386,168	1,290,585,426	1,288,900,183	1,287,376,719
Average Shares, Diluted		1,312,872,709	1,308,993,838	1,295,377,376	1,317,149,466	1,301,600,656	1,299,913,079	1,287,376,719
EBIT		308,000,000$	1,079,000,000$	(770,000,000$)	1,421,000,000$	860,000,000$	203,000,000$	(256,000,000$)
EBITDA		316,000,000$	1,087,000,000$	(762,000,000$)	1,429,000,000$	868,000,000$	213,000,000$	(246,000,000$)

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