Shopify Inc. income statement & cash flow

Ticker SHOP · SEC CIK 1594805 · Latest fiscal year ended Dec 31, 2025

In the fiscal year ended Dec 31, 2025, Shopify Inc. reported net income of $1.23B on revenue of $11.56B. Operating cash flow was $2.03B and capital expenditures were $26.00M, leaving $2.01B of free cash flow (operating cash flow minus capital expenditures).

Shopify Inc. net income by fiscal year, USD. Hover a bar for the exact figure.

Income statement and cash flow summary

Fiscal year ended	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue (USD)	—	$673.30M	$1.07B	$1.58B	$2.93B	$4.61B	$5.60B	$7.06B	$8.88B	$11.56B
Gross profit (USD)	$209.50M	$380.25M	$596.27M	$865.64M	$1.54B	$2.48B	$2.75B	$3.52B	$4.47B	$5.55B
Operating income (USD)	−$37.16M	−$49.16M	−$91.92M	−$141.15M	$90.15M	$268.64M	−$822.00M	−$1.42B	$1.07B	$1.47B
Net income (USD)	−$35.35M	−$39.99M	−$64.55M	−$124.84M	$319.51M	$2.91B	−$3.46B	$132.00M	$2.02B	$1.23B
Diluted EPS (USD per share)	—	—	—	−$1.10	$2.59	$2.29	−$2.73	$0.10	$1.55	$0.94
Operating cash flow (USD)	$14.02M	$7.90M	$9.32M	$70.61M	$424.96M	$535.71M	−$136.00M	$944.00M	$1.62B	$2.03B
Capital expenditures (USD)	$23.77M	$20.04M	$27.95M	$56.76M	$41.73M	$50.79M	$50.00M	$39.00M	$19.00M	$26.00M
Reported in	40-F 2018	40-F 2019	40-F 2020	40-F 2021	40-F 2022	40-F 2023	10-K 2025	10-K 2026	10-K 2026	10-K 2026

Columns are fiscal years, labeled by the month the year ended; scroll sideways on small screens. — means the company did not report the figure under the XBRL concepts we track.

Margins

Each figure divided by revenue for the same fiscal year.

Fiscal year ended	Gross margin	Operating margin	Net margin
Dec 2025	48.1%	12.7%	10.7%
Dec 2024	50.4%	12.1%	22.7%
Dec 2023	49.8%	-20.1%	1.9%
Dec 2022	49.2%	-14.7%	-61.8%
Dec 2021	53.8%	5.8%	63.2%

Shopify Inc. operating cash flow by fiscal year, USD. Hover a bar for the exact figure.

Source: SEC EDGAR XBRL company facts for CIK 1594805 (raw data). Most recent filing in this dataset: 10-Q filed Nov 3, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.