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

	SHOPIFY INC. (SHOP)
	Q1-CY2026	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
Balance Sheet Date		2025-Dec-31	2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31
Fiscal Period		Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024
Close Price of Common Stock	120.68$	160.95$	148.61$	115.33$	95.41$	106.38$	80.13$	66.08$	77.16$	77.93$
Market Cap of Common Stock	157,355,171,045$	209,441,185,319$	193,099,105,824$	149,592,098,581$	123,515,891,157$
QoQ%	(24.87%)	8.46%	29.08%	21.11%
YoY%	27.40%
Common Shares Outstanding		1,303,904,301	1,301,281,052	1,299,368,184	1,297,078,805	1,294,580,140	1,291,732,343	1,289,799,290	1,288,127,993	1,286,570,294
QoQ%		.20%	.15%	.18%	.19%	.22%	.15%	.13%	.12%
YoY%		.72%	.74%	.74%	.70%	.62%
Price to Sales	13.62x	18.12x	18.05x	14.94x	13.17x
Price to Earnings	127.83x	170.14x	108.42x	63.79x	76.72x
Price to Book	11.68x	15.55x	15.43x	12.34x	11.18x
Total Revenue		3,672,000,000$	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%		29.11%	6.12%	13.56%	(16.07%)	30.07%	5.72%	9.89%
YoY%		30.58%	31.55%	31.05%	26.81%
TTM		11,556,000,000$	10,696,000,000$	10,014,000,000$	9,379,000,000$	8,880,000,000$
TTM_QoQ%		8.04%	6.81%	6.77%	5.62%
TTM_YoY%		30.14%
Gross Margin		46.11%	48.91%	48.58%	49.53%	48.08%	51.71%	51.10%	51.42%
QoQ		(2.80%)	.33%	(.95%)	1.45%	(3.63%)	.61%	(.32%)
YoY		(1.97%)	(2.80%)	(2.52%)	(1.89%)
Operating Income		631,000,000$	343,000,000$	291,000,000$	203,000,000$	465,000,000$	283,000,000$	241,000,000$	86,000,000$
QoQ%		83.97%	17.87%	43.35%	(56.34%)	64.31%	17.43%	180.23%
YoY%		35.70%	21.20%	20.75%	136.05%
TTM		1,468,000,000$	1,302,000,000$	1,242,000,000$	1,192,000,000$	1,075,000,000$
TTM_QoQ%		12.75%	4.83%	4.20%	10.88%
TTM_YoY%		36.56%
Operating Margin		17.18%	12.06%	10.86%	8.60%	16.54%	13.09%	11.79%	4.62%
QoQ		5.12%	1.20%	2.26%	(7.93%)	3.45%	1.31%	7.16%
YoY		.65%	(1.03%)	(.93%)	3.98%
Net Income		743,000,000$	264,000,000$	906,000,000$	(682,000,000$)	1,293,000,000$	828,000,000$	171,000,000$	(273,000,000$)
QoQ%		181.44%	(70.86%)	232.85%	(152.75%)	56.16%	384.21%	162.64%
YoY%		(42.54%)	(68.12%)	429.83%	(149.82%)
TTM		1,231,000,000$	1,781,000,000$	2,345,000,000$	1,610,000,000$	2,019,000,000$
TTM_QoQ%		(30.88%)	(24.05%)	45.65%	(20.26%)
TTM_YoY%		(39.03%)
Profit Margin		20.23%	9.28%	33.81%	(28.90%)	45.98%	38.30%	8.36%	(14.67%)
QoQ		10.95%	(24.52%)	62.70%	(74.88%)	7.68%	29.94%	23.03%
YoY		(25.75%)	(29.02%)	25.44%	(14.23%)
Equity to Common Shareholders		13,473,000,000$	12,511,000,000$	12,124,000,000$	11,051,000,000$	11,558,000,000$	10,118,000,000$	9,172,000,000$	8,893,000,000$	9,066,000,000$
QoQ		962,000,000$	387,000,000$	1,073,000,000$	(507,000,000$)	1,440,000,000$	946,000,000$	279,000,000$	(173,000,000$)
QoQ%		7.69%	3.19%	9.71%	(4.39%)	14.23%	10.31%	3.14%	(1.91%)
YoY		1,915,000,000$	2,393,000,000$	2,952,000,000$	2,158,000,000$	2,492,000,000$
YoY%		16.57%	23.65%	32.19%	24.27%	27.49%
Dividends Paid
Additional Paid-In Capital QoQ		(36,000,000$)	(9,000,000$)	2,000,000$	(26,000,000$)
Treasury Stock
QoQ
Goodwill		491,000,000$	491,000,000$	491,000,000$	491,000,000$	452,000,000$				427,000,000$
QoQ%		.00%	.00%	.00%	8.63%
YoY%		8.63%				5.86%
Other Intangible Assets		30,000,000$	33,000,000$	36,000,000$	39,000,000$	22,000,000$				29,000,000$
QoQ		(3,000,000$)	(3,000,000$)	(3,000,000$)	17,000,000$
Amortization of Intangible Assets		4,000,000$	3,000,000$	3,000,000$	3,000,000$	2,000,000$	4,000,000$	4,000,000$	4,000,000$
Total Assets		15,189,000,000$	15,039,000,000$	14,561,000,000$	13,400,000,000$	13,924,000,000$				11,299,000,000$
QoQ		150,000,000$	478,000,000$	1,161,000,000$	(524,000,000$)
YoY		1,265,000,000$				2,625,000,000$
Total Liabilities		1,716,000,000$	2,528,000,000$	2,437,000,000$	2,349,000,000$	2,366,000,000$				2,233,000,000$
QoQ		(812,000,000$)	91,000,000$	88,000,000$	(17,000,000$)
YoY		(650,000,000$)				133,000,000$
Current Ratio		5.96x	3.93x	3.85x	3.71x	3.71x				6.99x
Total Current Assets		8,296,000,000$	8,705,000,000$	8,001,000,000$	7,445,000,000$	7,254,000,000$				6,275,000,000$
QoQ		(409,000,000$)	704,000,000$	556,000,000$	191,000,000$
Total Current Liabilities		1,392,000,000$	2,213,000,000$	2,078,000,000$	2,009,000,000$	1,956,000,000$				898,000,000$
QoQ		(821,000,000$)	135,000,000$	69,000,000$	53,000,000$
Debt to Asset Ratio		.11x	.17x	.17x	.18x	.17x				.20x
Long Term Debt
QoQ
YoY
Capital Lease Obligations
Cash and Cash Equivalents		1,545,000,000$	2,414,000,000$	1,542,000,000$	1,309,000,000$	1,498,000,000$				1,413,000,000$
QoQ		(869,000,000$)	872,000,000$	233,000,000$	(189,000,000$)
YoY		47,000,000$				85,000,000$
Interest Expenses		0$	0$	0$	0$	0$	0$	0$	0$
Interest Income		79,000,000$	81,000,000$	106,000,000$	65,000,000$	72,000,000$	77,000,000$	80,000,000$	79,000,000$

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