SHOPNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
SHOPIFY INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$171.06+1.54 (+0.91%)
Close on Oct 19, 2026
- Market cap
- $222.03B
- P/E (TTM)
- 114.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
48.1%−4.6 pts over 5 years
Operating margin
12.7%+9.6 pts over 5 years
Net margin
10.7%−0.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +30.1% | +27.3% | +31.6% | +49.6% | |
| Gross profit | +24.2% | +26.3% | +29.2% | +47.6% | |
| Operating income | +36.6% | – | +74.7% | – | |
| Net income | -39.0% | – | +31.0% | – | |
| EPS, diluted | -39.4% | – | +29.4% | – | |
| Free cash flow | +25.7% | – | +39.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -11.7% | 6.8% | 9.8% | |
| Return on assets | -9.6% | 5.7% | 8.5% | |
| Current ratio | 6.36 | 15.69 | 5.96 | |
| Interest coverage | – | 9.9× | – | |
| Inventory turnover | 173.6× | – | 255.4× | |
| Capex to revenue | 6.1% | 1.4% | 0.2% | |
| Diluted shares | 840M | 1.23B | 1.30B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Shopify generated $5.26B from operations and spent $184.79M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$5.26B
Used
$184.79M
Capital expenditure$184.79M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.7%
×Asset turnover0.79×
×Equity multiplier1.16×
=Return on equity, FY20259.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.7% | 0.79× | 1.16× | 9.8% |
| FY2024 | 22.7% | 0.70× | 1.22× | 19.6% |
| FY2023 | 1.9% | 0.64× | 1.27× | 1.5% |
| FY2022 | -61.8% | 0.46× | 1.24× | -35.7% |
| FY2021 | 63.2% | 0.44× | 1.20× | 33.2% |
| FY2020 | 10.9% | 0.52× | 1.19× | 6.8% |
| FY2019 | -7.9% | 0.55× | 1.12× | -4.9% |
| FY2018 | -6.0% | 0.64× | 1.09× | -4.2% |
| FY2017 | -5.9% | 0.84× | 1.14× | -5.7% |
| FY2016 | -9.1% | 1.06× | 1.21× | -11.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.23B
- Cash generatingOperating cash flow above zero$2.03B
- Return on assets improvedROA up on the prior year17.9% → 8.8%
- Earnings backed by cashOperating cash flow above net income$2.03B vs $1.23B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.71 → 5.96
- No dilutionShare count did not rise1.30B → 1.30B
- Gross margin improvedGross margin up on the prior year50.36% → 48.07%
- More efficientAsset turnover rose0.79 → 0.83