Shopify Inc. (SHOP) operating KPIs

SHOPNasdaqServices-Prepackaged SoftwareFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026Score 12/30

$157.49−9.40 (-5.63%)

Close on Oct 30, 2026Market cap $202.63BP/E 105.7Yield –

KPIs

Operating metrics that drive Shopify's business · fiscal year ends December 31 (calendar fiscal year; FY2025 ended December 31, 2025; Q2 2026 ended June 30, 2026)

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Metric	Q2 2026 2026-06-30	Q1 2026 2026-03-31	Q4 2025 2025-12-31	Q3 2025 2025-09-30	Q2 2025 2025-06-30	Q1 2025 2025-03-31	Q4 2024 2024-12-31	Q3 2024 2024-09-30	Q2 2024 2024-06-30	Q1 2024 2024-03-31	Q4 2023 2023-12-31	Q3 2023 2023-09-30

Gross Merchandise Volume (GMV) ($M)($M)10	115,567	100,743	123,841	92,013	87,837	74,750	94,460	69,715	67,245	60,855	75,125	56,205
GMV YoY Growth (%)(%)	32.0%	35.0%	31.0%	32.0%	31.0%	23.0%	26.0%		22.0%	23.0%	23.0%	22.0%
GMV Constant Currency YoY Growth (%)(%)	30.0%	30.0%	29.0%	30.0%	29.0%	25.0%	26.0%		23.0%	23.0%	22.0%	21.0%
GMV Foreign Exchange Impact ($M)($M)	1,149	3,302	2,413	1,109	1,042	-1,040	-422		-583	-119	571	492
GPV Penetration (% of GMV — Processed via Shopify Payments) (%)(%)2	68.0%	67.0%	68.0%	65.0%	64.0%		64.0%	62.0%	61.0%	60.0%	60.0%	58.0%
Gross Payments Volume (GPV — Processed via Shopify Payments) ($M)($M)		67,000	84,000				61,000	43,000	41,104	36,238	45,074	32,763
GPV YoY Growth (%)(%)		41.0%	38.0%				35.0%	31.0%	30.0%	32.0%	32.0%	31.0%
Shop Pay GMV YoY Growth (%)(%)1	53.0%	59.0%		67.0%	65.0%		50.0%	42.0%	45.0%	56.0%	58.0%
Shop Pay GMV ($B)		35.00	43.00	29.00	27.00		27.00	17.00	16.00
Offline / Point-of-Sale (POS) GMV YoY Growth (%)(%)	32.0%	33.0%	29.0%	31.0%			26.0%	27.0%	27.0%			26.0%
B2B GMV YoY Growth (%)(%)	76.0%	80.0%	84.0%	98.0%					140.0%
International GMV YoY Growth (%)(%)	37.0%	45.0%		41.0%	42.0%	31.0%	33.0%	33.0%
Cross-Border GMV Share (% of Total GMV) (%)(%)		16.0%		15.0%	15.0%			14.0%	14.0%	14.0%	14.0%	15.0%
Merchant Attach Rate (Total Revenue / GMV) (%)(%)										3.1%	2.9%	3.1%
Monthly Recurring Revenue (MRR — Period-End) ($M)($M)3	221	212	205	193	185	182	178	175	169	151	144	141
MRR YoY Growth (%)(%)	19.0%	16.0%	15.0%	10.0%	9.0%		24.0%		25.0%	32.0%	35.0%	32.0%
Shopify Plus MRR Share (% of Total MRR) (%)(%)	34.0%	35.0%	34.0%	35.0%	35.0%	34.0%	33.0%	31.0%	31.0%	32.0%	31.0%	31.0%
Shopify Plus MRR ($M)($M)												44

Total Revenue ($M)($M)5	3,583	3,170	3,672	2,844	2,680	2,360	2,812	2,162	2,045	1,861	2,144	1,714
Total Revenue YoY Growth (%)(%)	34.0%	34.0%	31.0%	32.0%	31.0%	27.0%	31.0%	26.0%	21.0%	23.0%	24.0%	25.0%
Total Revenue Constant Currency YoY Growth (%)(%)	33.0%	32.0%	29.0%	31.0%	30.0%	28.0%	31.0%		21.0%	23.0%	23.0%	25.0%
Total Revenue Foreign Exchange Impact ($M)($M)	16	54	33	17	17	-18	-3		-5		9	6
Subscription Solutions Revenue ($M)($M)4	802	750	777	699	656	620	666	610	563	511	525	486
Subscription Solutions Share of Total Revenue (%)(%)	163.0%	148.0%		128.0%	148.0%	148.0%		121.0%	123.0%	134.0%	24.0%	5.0%
Subscription Solutions Revenue YoY Growth (%)(%)	22.0%	21.0%	17.0%	15.0%	17.0%	21.0%	27.0%	26.0%	27.0%	34.0%	31.0%	29.0%
Subscription Solutions Constant Currency YoY Growth (%)(%)	22.0%	19.0%	16.0%	14.0%	16.0%	22.0%	27.0%		27.0%	34.0%	31.0%	28.0%
Subscription Solutions Revenue FX Impact ($M)($M)	3	10	5	4	3	-3	0		-1	-1	1	2
Merchant Solutions Revenue ($M)($M)4	2,781	2,420	2,895	2,145	2,024	1,740	2,146	1,552	1,482	1,350	1,619	1,228
Merchant Solutions Share of Total Revenue (%)(%)	1,712.0%	1,476.0%		1,325.0%	1,476.0%	1,831.0%		1,257.0%	1,068.0%	1,326.0%	76.0%	44.0%
Merchant Solutions Revenue YoY Growth (%)(%)	37.0%	39.0%	35.0%	38.0%	37.0%	29.0%	33.0%	26.0%	19.0%	20.0%	21.0%	24.0%
Merchant Solutions Constant Currency YoY Growth (%)(%)	35.0%	37.0%	34.0%	37.0%	36.0%	30.0%	33.0%		19.0%	20.0%	21.0%	24.0%
Merchant Solutions Revenue FX Impact ($M)($M)	44	44	28	13	14	-15	-3		-4	1	8	4
Total Cost of Revenues ($M)($M)3	1,875	1,624	1,979	1,453	1,378	1,191	1,460	1,044	1,000	904	1,082	813
Total Cost of Revenues (% of Total Revenue) (%)(%)	52.0%	51.0%		51.0%	51.0%	50.0%		48.0%	49.0%	49.0%		813.0%
Subscription Solutions Cost of Revenues ($M)($M)1	163	148	148	128	121	123	134	108	97	95	97	88
Subscription Solutions Cost of Revenues (% of Total Revenue) (%)(%)	5.0%	5.0%		5.0%	5.0%	5.0%		5.0%	5.0%	5.0%	5.0%	5.0%
Merchant Solutions Cost of Revenues ($M)($M)1	1,712	1,476	1,831	1,325	1,257	1,068	1,326	936	903	809	985	725
Merchant Solutions Cost of Revenues (% of Total Revenue) (%)(%)	48.0%	47.0%		47.0%	47.0%	45.0%		43.0%	44.0%	43.0%	46.0%	42.0%
Total Gross Profit ($M)($M)4	1,708	1,546	1,693	1,391	1,302	1,169	1,352	1,118	1,045	957	1,062	901
Gross Margin (% of Total Revenue) (%)(%)	4.0%	4.0%		5.0%	3.0%	3.0%		3.0%	2.0%	3.0%	50.0%	2.0%
Gross Profit YoY Growth (%)(%)	31.0%	32.0%	25.0%	24.0%	25.0%	22.0%	27.0%		25.0%	33.0%	33.0%	36.0%
Gross Profit Constant Currency YoY Growth (%)(%)	30.0%	30.0%	24.0%	23.0%	24.0%	23.0%	27.0%		25.0%	33.0%	32.0%	35.0%
Gross Profit Foreign Exchange Impact ($M)($M)	12	32	19	11	9	-10	-1				6	4
Total Operating Expenses ($M)($M)4	1,220	1,164	1,062	1,048	1,011	966	887	835	804	871	773	779
Sales and Marketing Expense ($M)($M)	498	496	433	410	415	405	348	331	353	361	317	295
Research and Development Expense ($M)($M)	445	437	390	375	394	377	351	332	349	335	311	313
General and Administrative Expense ($M)($M)	136	115	125	115	122	109	112	114	60	124	100	137
Transaction and Loan Losses Expense ($M)($M)	141	116	114	148	80	75	76	58	42	51	45	34

Loans and Merchant Cash Advances, Net Carrying Value ($M)($M)2	2,184	2,097	1,784	1,733	1,597	1,392	1,224				816
Total Loans and Merchant Cash Advances, Gross ($M)($M)2	2,426	1,895	1,979	1,560	1,444	1,283	1,131				732
Loans Receivable, Gross ($M)($M)1	2,034	1,895	1,621	1,560	1,444	1,283	1,131				732
Interest Receivable Included in Gross Loans Balance ($M)($M)	44	35	24	19	21	20	15	13	9	8	10
Merchant Cash Advances Receivable, Gross ($M)($M)	392	422	358	350	322	271	234				180
Total Allowance for Credit Losses (Loans & Merchant Cash Advances) ($M)($M)2	242	220	195		169	162	141
Allowance for Credit Losses — Loans Receivable ($M)($M)2		182	160	144	138	129	110	96	82	72	60
Provision for Credit Losses — Loans Receivable ($M)($M)		63	41	40	32	40	31	31	24	22
Write-Offs — Loans Receivable ($M)($M)		41	25	34	23	21	17	17	14	10
Allowance for Credit Losses — Merchant Cash Advances ($M)($M)2		38	35	33	31	33	31	30	31	32	36
Provision for Credit Losses — Merchant Cash Advances ($M)($M)		10	7	9	10	6	3	3	4	3
Write-Offs — Merchant Cash Advances ($M)($M)		7	5	7	12	4	2	4	5	7
Shopify Capital Loans & Merchant Cash Advances Purchased / Originated (Footnote Disclosure) ($M)($M)4	1,400	1,400		1,000	1,000	821		800	705	587		536
Loans & Merchant Cash Advances Originated / Purchased (Cash Flow Statement) ($M)($M)	1,400	1,400	1,400	1,000	1,000	821	900	800	705	587
Loans Purchased (Cash Flow Statement) ($M)($M)	1,584	1,349	1,269	996	944	805	877	844	710	575
Principal Repayments on Loans Held for Investment (Cash Flow Statement) ($M)($M)	1,417	1,043	1,182	849	767	637	775	628	594	545
Lending Services Interest & Fee Revenue (Non-ASC 606 Revenue Included in Merchant Solutions) ($M)($M)	91	84		66	62	57		56	43	39		43
Gross Loans & Merchant Cash Advances by Delinquency Aging Status ($M)($M)4	2,426	1,895	1,979	1,560	1,444	1,283	1,131				732
Current (Not Past Due) — Gross Balance ($M)($M)3	2,214	1,735	1,822	1,432	1,335	1,193	1,059				696
Current (Not Past Due) — Share of Gross Total (%)(%)	91.3%	91.6%	92.0%	91.9%	92.5%	93.0%	93.7%				95.1%
Current — Originated in Current Fiscal Year ($M)($M)	1,875	1,022	1,803	1,372	1,139	654	1,051				696
Current — Originated in Prior Fiscal Year ($M)($M)	337	708	19	60	196	539	8				0
30–89 Days Past Due — Gross Balance ($M)($M)3	33	22	22	19			12
30–89 Days Past Due — Share of Gross Total (%)(%)	1.4%	1.2%	1.1%	1.2%			1.0%
30–89 Days Past Due — Originated in Current Fiscal Year ($M)($M)	12	0	16	13			9
30–89 Days Past Due — Originated in Prior Fiscal Year ($M)($M)	21	20	6	6			3
90–179 Days Past Due — Gross Balance ($M)($M)3	40	25	23	21	19	14	10				7
90–179 Days Past Due — Share of Gross Total (%)(%)	1.6%	1.3%	1.2%	1.3%	1.3%	1.1%	0.9%				0.9%
90–179 Days Past Due — Originated in Current Fiscal Year ($M)($M)	14	0	16	13	6	0	7				7
90–179 Days Past Due — Originated in Prior Fiscal Year ($M)($M)	24	21	7	8	13	14	3				0
180+ Days Past Due — Gross Balance ($M)($M)3	139	113	112	88	77	63	50				22
180+ Days Past Due — Share of Gross Total (%)(%)	5.7%	5.9%	5.7%	5.6%	5.3%	4.9%	4.4%				3.0%
180+ Days Past Due — Originated in Current Fiscal Year ($M)($M)	37	0	77	49	20	0	34				22
180+ Days Past Due — Originated in Prior Fiscal Year ($M)($M)	86	91	35	39	57	63	16				0
Trade and Other Receivables, Net ($M)($M)6	466	449	500	396	350	297	342				282
Unbilled Revenues Receivable, Net ($M)($M)	250	219	229	186	175	157	175				132
Trade Accounts Receivable (Payment Processors & Partners), Net ($M)($M)	98	99	98	79	69	71	77				62
Indirect / Sales Taxes Receivable ($M)($M)	57	71	109	74	41	35	49				46
Accrued Interest Receivable (Marketable Securities) ($M)($M)	34	34	39	36	39	10	19				15
Other Receivables, Net ($M)($M)	27	26	25	21	26	24	22				27
Allowance for Credit Losses — Trade & Unbilled Receivables ($M)($M)2	21	19	17	17	16	16	16	16	15	16	13
Provision for Credit Losses — Trade & Unbilled Receivables ($M)($M)	7	6	7	7	7	7	6	1	2	6
Write-Offs — Trade & Unbilled Receivables ($M)($M)	5	4	7	6	7	7	6	0	3	3

Total External Revenue by Merchant Location ($M)($M)5	3,583	3,170	3,672	2,844	2,680	2,360	2,812	2,162	2,045	1,861	2,144	1,714
United States Revenue ($M)($M)1	2,283	2,001	2,345	1,783	1,703	1,499	1,811	1,377	1,323	1,198
United States Share of Total Revenue (%)(%)	63.0%	63.0%		63.0%	63.0%	64.0%		64.0%	65.0%	65.0%
EMEA / Europe Revenue ($M)($M)1	721	653	778	615	533	461	554	418	381	354
EMEA / Europe Share of Total Revenue (%)(%)	20.0%	21.0%		21.0%	20.0%	20.0%		19.0%	19.0%	19.0%
APAC Revenue ($M)($M)1	346	312	341	282	265	240	270	223	203	189
APAC Share of Total Revenue (%)(%)	10.0%	10.0%		10.0%	10.0%	10.0%		10.0%	10.0%	10.0%
Canada Revenue ($M)($M)1	171	147	177	138	133	119	150	119	114	99
Canada Share of Total Revenue (%)(%)	5.0%	5.0%		5.0%	5.0%	5.0%		6.0%	5.0%	5.0%
Latin America / Rest of World Revenue ($M)($M)1	62	57	31	26	46	41	27	25	24	21
Latin America / Rest of World Share of Total Revenue (%)(%)	2.0%	1.0%		1.0%	2.0%	1.0%		1.0%	1.0%	1.0%

Total Equity and Other Investments (Public & Private Carrying Value) ($M)($M)2	3,299	2,563	3,619	3,389	3,417	2,931	3,930				2,977
Publicly Traded Investments (Readily Determinable Fair Value & Related Derivatives) ($M)($M)4	2,703	1,975	2,986	2,783	2,755	2,253	3,183	2,311	1,857	2,009	2,360
Affirm Holdings, Inc. (Public Equity Carrying Value) ($M)($M)	1,655	930	1,511	1,483	1,403	917	1,236				997
Global-e Online Ltd. (Public Equity Carrying Value) ($M)($M)	768	682	868	791	742	788	1,205				874
Klaviyo, Inc. (Public Equity & Share Purchase Option Carrying Value) ($M)($M)	280	360	599	509	610	548	742				489
Other Publicly Traded Investments Carrying Value ($M)($M)	0	3	8				0				0
Private Company Investments (Without Readily Determinable Fair Value, incl. Stripe & Convertible Notes) ($M)($M)2	1,555	970	963	974	988	709	717	683	683	498	505
Private Company Equity Investments (Measurement Alternative Carrying Value) ($M)($M)3	1,555	970	963	974	988	709	717				505
Private Company Equity — Initial Cost Basis ($M)($M)	1,135	1,072	1,068	1,078	1,079	962	957				820
Private Company Equity — Cumulative Upward Fair Value Adjustments ($M)($M)	832	310	310	310	309	144	144				55
Private Company Equity — Cumulative Downward Adjustments & Impairments ($M)($M)	412	412	415	414	400	397	384				370
Convertible Notes of Private Companies (Available-for-Sale Debt Securities) ($M)($M)	587	567	558	549	530	560	543				495
Equity Method Investment Carrying Value (Flexport, Inc.) ($M)($M)1	559	581	602	574	595	619	642				780
Share of Net Income (Loss) from Equity Method Investment (Flexport) ($M)($M)	-22	-21	28	-21	-24	-23	-22	-28	-44	-44
Net Gain (Loss) on Equity and Equity Method Investments (Income Statement) ($M)($M)5	1,228	-1,082	182	-112	658	-1,044	906	484	-120	-417	320	545
Net Unrealized Gain (Loss) on Equity and Other Investments ($M)($M)	1,250	-1,061	248	-62	682	-1,021	929	512	-76	-373
Unrealized Gain (Loss) — Publicly Traded Investments ($M)($M)	731	-1,009	195	28	502	-930	872	454	-152	-351
Unrealized Gain (Loss) — Private Company Investments ($M)($M)	522	2	6	0	165	0	8	1	79	1
Realized Gain (Loss) on Sale of Equity and Other Investments ($M)($M)	1	3	32	0	1	0	0	0	3
Cash Paid to Acquire Equity and Other Investments ($M)($M)	55	1	16	8	71	4	26	4	106	1

Free Cash Flow (Operating Cash Flow less Capital Expenditures) ($M)($M)3	654	476	715	507	422	363	611	421	333	232	446	276
Free Cash Flow Margin (% of Total Revenue) (%)(%)	18.0%	15.0%	19.0%	18.0%	16.0%	15.0%	22.0%	19.0%	16.0%	12.0%	21.0%
Net Cash Provided by (Used in) Operating Activities (FCF Reconciliation) ($M)($M)	658	481	725	513	428	367	615	423	340	238	448	278
Less: Capital Expenditures (FCF Reconciliation) ($M)($M)	4	5	10	6	6	4	4	2	7	6	21	16
Net Income Excluding the Impact of Equity Investments (Non-GAAP) ($M)($M)1	439	360	594	367	338	226	458	344	291	144
Less: Equity and Other Investments Marked-to-Market, Net of Tax ($M)($M)	1,063	-941	149	-103	568	-908	835	484	-120	-417
Supplementary Non-GAAP Net Income (MD&A 8-Quarter Reconciliation) ($M)($M)5	549	471	633	441	455	335	575	459
Supplementary Non-GAAP Diluted Net Income per Share ($/share)($)	0.42	0.36	0.48	0.34	0.35	0.25	0.44	0.36
Non-GAAP Operating Income Adjustments (SBC, Intangible Amortization & Impairment) ($M)($M)	135	141	129	122	133	126	120	119
Non-GAAP Adjustment: Net (Gain) Loss on Equity and Other Investments ($M)($M)	-1,250	1,061	-248	62	-682	1,021	-928	-512
Non-GAAP Adjustment: Net Loss (Gain) on Equity Method Investment ($M)($M)	22	21	-28	21	24	23	22	28
Non-GAAP Adjustment: Income Tax Effects and Valuation Adjustments ($M)($M)	140	-171	-57	-57	74	-153	68	-4
Next-Quarter Guidance: Operating Expenses as % of Revenue (Low End) (%)(%)	33.0%	35.0%	37.0%
Next-Quarter Guidance: Operating Expenses as % of Revenue (High End) (%)(%)	34.0%	36.0%	38.0%
Next-Quarter Guidance: Stock-Based Compensation Expense ($M)($M)	150	145	140	130	130		120	120	120	120

Total Deferred Revenue (Contract Liabilities — Ending Balance) ($M)($M)6	414	407	398	410	421	430	430	449	468	479	498	520
Deferred Revenue — Current Portion ($M)($M)	335	321	300	300	298	295	283	290	298	296	302	304
Deferred Revenue — Non-Current Portion ($M)($M)	79	86	98	110	123	135	147	159	170	183	196	216
Deferred Revenue — Beginning Balance ($M)($M)	407	398		421	430	430		468	479	498		546
Deferral of Revenue (Net Collections Added During Period) ($M)($M)	128	138	-435	122	114	121	-401	111	110	115		95
Recognition of Deferred Revenue from Beginning Balance ($M)($M)	-121	-129	25	-133	-123	-121	32	-130	-121	-134		-121
Deferred Revenue Related to Non-Cash Consideration (Strategic Partnerships) ($M)($M)3	124	129	141	153	165	177	190	209	228	249	284
Non-Cash Consideration Deferred Revenue — Current Portion ($M)($M)	50	49	48	49	49	49	50	56	64	73	95
Non-Cash Consideration Deferred Revenue — Long-Term Portion ($M)($M)	74	80	93	104	116	128	140	153	164	176	189
Revenue Recognized from Non-Cash Consideration ($M)($M)	13	12	12	12	12	13	19	19	21	35
Marketable Securities (Current Balance Sheet Carrying Value) ($M)($M)6	3,291	3,895	4,233	3,935	4,278	4,205	3,981				3,595
U.S. Federal Bonds & Agency Securities (Cash Equivalents & Marketable Securities) ($M)($M)	1,924	2,220	2,453	2,082	2,455	2,428	2,252				1,657
Corporate Bonds & Commercial Paper (Cash Equivalents & Marketable Securities) ($M)($M)	1,513	1,916	2,240	2,037	2,154	2,183	1,988				1,509
U.S. & Canadian Term Deposits (Cash Equivalents & Marketable Securities) ($M)($M)	384	531	531	526	511	502	481				458
Canadian Federal Bonds & Agency Securities ($M)($M)											100
Available-for-Sale Debt Securities — Maturing Within 1 Year (Amortized Cost) ($M)($M)	3,323	3,961	4,248	4,048	4,400	4,266	4,152				3,761
Available-for-Sale Debt Securities — Maturing in 1 to 3 Years (Amortized Cost) ($M)($M)	523	706	976	677	832	895	708				115
Property and Equipment, Net ($M)($M)	53	54	53	51	46	46	47				49
Intangible Assets, Net ($M)($M)	27	28	30	22	25	28	22				18
Operating Lease Liabilities — Total Present Value ($M)3
Operating Lease Right-of-Use (ROU) Assets ($M)($M)	90	84	88	94	97	105	93				98
Operating Lease Liabilities — Current ($M)($M)	10	16	17	19	20	19	18				17
Operating Lease Liabilities — Non-Current ($M)($M)	168	163	171	176	200	200	190				217

Total Common Shares Outstanding (Period-End) (M shares)5	1,289.21	1,300.78	1,303.90	1,301.28	1,299.37	1,297.08	1,294.58	1,291.73	1,289.80	1,288.13	1,286.57
Class A Subordinate Voting Shares Outstanding (1 Vote / Share) (M shares)	1,211.13	1,222.71	1,225.83	1,222.04	1,220.12	1,217.81	1,215.23				1,207.32
Class B Restricted Voting Shares Outstanding (10 Votes / Share) (M shares)	78.07	78.07	78.07	79.24	79.25	79.27	79.35				79.25
Founder Share Outstanding (Variable Voting Power) (shares)	1	1	1	1	1	1	1				1
Weighted-Average Shares Outstanding — Basic (M shares)	1,295.22	1,303.36		1,300.07	1,297.75	1,295.38		1,290.59	1,288.90	1,287.38
Weighted-Average Shares Outstanding — Diluted (M shares)	1,297.94	1,303.36		1,312.87	1,308.99	1,295.38		1,301.60	1,299.91	1,287.38
Total Stock-Based Compensation Expense ($M)($M)4	128	132	115	107	113	114	109	110	106	105	103	4
Stock-Based Compensation — Research and Development ($M)($M)	90	93	81	73	80	79	75	74	70	68	69	70
Stock-Based Compensation — General and Administrative ($M)($M)	27	28	24	21	21	22	22	22	23	25	19	20
Stock-Based Compensation — Sales and Marketing ($M)($M)	9	10	9	12	11	12	12	14	10	11	14	17
Stock-Based Compensation — Cost of Revenues ($M)($M)	2	1	1	1	1	1	0	0	3	1	1	4
Total Amortization of Acquired Intangibles ($M)($M)1	2	3	4	3	3	3	2	4	4	4	4	4
Amortization of Acquired Intangibles — Cost of Revenues ($M)($M)	2	2	3	2	2	2	1	3	4	4	4	4
Restricted Share Units (RSUs) — Unvested Outstanding (M shares)4	4.85	4.06	3.49	3.88	5.02	5.30	5.12				4.08
RSUs Unvested — Weighted-Average Grant-Date Fair Value ($/share)($)	113	113	110	98.95	87.96	81.01	74.90				58.50
RSUs Granted During Period (M shares)	1.93	1.53	0.75	0.62	1.03	1.35
RSUs Vested During Period (M shares)	0.96	0.89	0.88	1.21	1.16	1.06
RSUs Forfeited During Period (M shares)	0.17	0.07	0.27	0.56	0.15	0.11
Stock Options — Total Outstanding (M shares)8	12.50	12.21	10.20	11.92	13.75	14.77	14.64				11.46
Stock Options Outstanding — Weighted-Average Exercise Price ($/share)($)	88.77	87.37	80.03	76.63	74.53	71.19	64.49				49.88
Stock Options Outstanding — Aggregate Intrinsic Value ($M)($M)	369	382	826	826	608	456	623				406
Stock Options Exercisable (M shares)	5.31	5.03	4.77	6.07	6.29	6.94	7.58				7.69
Stock Options Exercisable — Weighted-Average Exercise Price ($/share)($)	75.93	73.64	71.13	68.29	64.62	60.38	58.37				44.96
Stock Options Exercisable — Aggregate Intrinsic Value ($M)($M)	236	229	429	479	351	300	401				316
Stock Options Granted During Period (M shares)	0.67	2.22	0.12	0.04	0.20	1.38
Stock Options Exercised During Period (M shares)	0.11	0.20	1.71	0.71	1.13	1.19
Stock Options Forfeited / Expired During Period (M shares)	0.26	0.01	0.14	1.16	0.08	0.06

U.S. E-Commerce Share of Total Retail Sales — Seasonally Adjusted (FRED: ECOMPCTSA) (%)(%)	17.1%	17.0%	16.7%	16.4%	16.3%	16.0%	16.2%	16.2%	16.1%	15.9%	15.5%	15.4%
U.S. E-Commerce Retail Sales — Seasonally Adjusted Quarterly (FRED: ECOMSA) ($M)($M)1	340,244	327,861	317,999	310,817	303,284	297,701	300,329	295,249	288,822	283,038	276,781	275,176
U.S. E-Commerce Retail Sales — Not Seasonally Adjusted Quarterly (FRED: ECOMNSA) ($M)($M)	329,530	301,242	365,160	299,717	293,140	275,715	345,872	284,795	278,255	261,108	317,892	264,675

GAAP Net Income (Loss) ($M)($M)5	1,502	-581	743	264	906	-682	1,293	828	171	-273	657	718
Income (Loss) Before Income Taxes ($M)($M)2	1,775	-634	892	308	1,079	-770	1,421	860	203	-256	682	728
Operating Income (Loss) ($M)($M)3	488	382	631	343	291	203	465	283	241	86	289	122
Operating Income YoY Growth (%)(%)	68.0%	88.0%	36.0%	21.0%	21.0%	136.0%	61.0%		-115.0%	-145.0%	-254.0%	-135.0%
Operating Income Constant Currency YoY Growth (%)(%)	64.0%	78.0%	33.0%	17.0%	17.0%	131.0%	58.0%		-114.0%	-141.0%	-247.0%	-133.0%
Operating Income Foreign Exchange Impact ($M)($M)	11	21	13	11	8	4	7		6	7	13	7
Total Other Income (Expense), Net ($M)($M)2	1,287	-1,016	261	-35	788	-973	956	577	-38	-342
Interest and Other Income, Net ($M)($M)	66	75	79	81	106	65	72	77	80	79	73	61
Foreign Exchange Gain (Loss) ($M)($M)	-7	-9	0	-4	24	6	-22	16	2	-4
Provision for (Recovery of) Income Taxes ($M)($M)	273	-53	149	44	173	-88	128	32	32	17	25	10
Comprehensive Income (Loss) ($M)($M)	1,499	-586	745	258	917	-678	1,284	832	170	-281
Basic Net Income (Loss) per Share ($/share)($)	1.16	-0.45	0.57	0.20	0.70	-0.53	1	0.64	0.13	-0.21	0.51	0.56
Diluted Net Income (Loss) per Share ($/share)($)	1.16	-0.45	0.57	0.20	0.69	-0.53	0.99	0.64	0.13	-0.21	0.51	0.55
Total Assets ($M)($M)2	14,470	14,121	15,189	15,039	14,561	13,400	13,924				11,299
Total Current Assets ($M)($M)5	7,816	8,495	8,296	8,705	8,001	7,445	7,254				6,275
Cash and Cash Equivalents ($M)($M)	1,656	1,848	1,545	2,414	1,542	1,309	1,498				1,413
Marketable Securities — Current ($M)($M)	3,291	3,895	4,233	3,935	4,278	4,205	3,981				3,595
Trade and Other Receivables, Net ($M)($M)	466	449	500	396	350	297	342				282
Loans and Merchant Cash Advances, Net ($M)($M)	2,184	2,097	1,784	1,733	1,597	1,392	1,224				816
Other Current Assets ($M)($M)2							0				20
Current Deposits ($M)($M)			69				35				31
Foreign Exchange Derivative Assets — Current ($M)($M)			3				0				6
Total Non-Current Assets ($M)($M)5	6,654	5,626	6,893	6,334	6,560	5,955	6,670				5,024
Property and Equipment, Net ($M)($M)	53	54	53	51	46	46	47				49
Intangible Assets, Net ($M)($M)	27	28	30	22	25	28	22				18
Operating Lease Right-of-Use Assets ($M)($M)	90	84	88	94	97	105	93				98
Goodwill ($M)($M)	491	491	491	491	491	491	452				427
Deferred Tax Assets, Net (Balance Sheet) ($M)($M)	30	117	33	29	31	98	37				44
Total Liabilities and Shareholders' Equity ($M)($M)3	14,470	14,121	15,189	15,039	14,561	13,400	13,924				11,299
Total Current Liabilities ($M)($M)4	1,460	1,371	1,392	2,213	2,078	2,009	1,956				898
Accounts Payable and Accrued Liabilities ($M)($M)	1,115	1,034	1,075	974	841	776	737				579
Deferred Revenue — Current ($M)($M)	335	321	300	300	298	295	283	290	298	296	302
Operating Lease Liabilities — Current ($M)($M)	10	16	17	19	20	19	18				17
Convertible Senior Notes — Current (0.125% Due Nov 2025) ($M)($M)			0	920	919	919	918				0
Total Non-Current Liabilities ($M)($M)4	326	249	324	315	359	340	410				1,335
Deferred Revenue — Non-Current ($M)($M)	79	86	98	110	123	135	147	159	170	183	196
Operating Lease Liabilities — Non-Current ($M)($M)	168	163	171	176	200	200	190				217
Convertible Senior Notes — Non-Current ($M)($M)							0				916
Deferred Tax Liabilities, Net (Balance Sheet) ($M)($M)	79	0	55	29	36	5	73				6
Total Shareholders' Equity ($M)($M)4	12,684	12,501	13,473	12,511	12,124	11,051	11,558	10,118	9,172	8,893	9,066
Common Stock Carrying Value ($M)($M)	8,636	9,971	10,376	10,123	9,985	9,831	9,634				9,201
Additional Paid-In Capital ($M)($M)	274	255	236	272	281	279	305				251
Retained Earnings (Accumulated Deficit) ($M)($M)	3,781	2,279	2,860	2,117	1,853	947	1,629				-390
Accumulated Other Comprehensive Income (Loss) ($M)($M)	-7	-4	1	-1	5	-6	-10				4
Net Cash Provided by (Used in) Operating Activities ($M)($M)3	658	481	725	513	428	367	615	423	340	238	448	278
Depreciation and Amortization (Cash Flow Statement) ($M)($M)	7	7	7	8	8	8	8	8	10	10
Provision for Credit Losses on Trade & Other Receivables ($M)($M)	94	48	41	102	44	43	52	42	26	28
Cash Paid for Income Taxes, Net ($M)($M)	148	93	83	23	61	27	53	14	40	9
Net Cash Provided by (Used in) Investing Activities ($M)($M)6	571	310	-654	335	-252	-619	-661	-474	-424	-27
Purchases of Property and Equipment (Capital Expenditures) ($M)($M)	4	5	10	6	6	4	4	2	7	6
Purchases of Marketable Securities ($M)($M)	654	843	2,398	1,460	1,464	1,718	2,339	2,086	1,834	2,137
Proceeds from Maturities and Sales of Marketable Securities ($M)($M)	1,450	1,463	1,801	1,956	1,464	1,331	1,810	1,837	1,663	2,147
Originations and Purchases of Loans & Merchant Cash Advances ($M)($M)	1,400	1,400	1,400	1,000	1,000	821	900	800	705	587
Principal Repayments of Loans & Merchant Cash Advances ($M)($M)	1,417	1,043	1,182	849	767	637	775	628	594	545
Purchases of Equity and Other Investments ($M)($M)	55	1	16	8	71	4	26	4	106	1
Net Cash Provided by (Used in) Financing Activities ($M)($M)1	-1,417	-485	-938	24	44	59	49	6	3	3
Proceeds from Exercise of Stock Options ($M)($M)	3	6	105	24	44	59	49	6	3	3
Effect of Foreign Exchange Rate on Cash and Cash Equivalents ($M)($M)	-4	-3	-2	0	13	4	-12	11	-1	-4
Net Increase (Decrease) in Cash and Cash Equivalents ($M)($M)	-192	303	-869	872	233	-189	-9	-34	-82	210

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

Fiscal calendar & Foreign Private Issuer transition: Shopify Inc. operates on a calendar fiscal year ending December 31 (FY2025 ended December 31, 2025; Q2 2026 ended June 30, 2026). Through FY2023 (and Q3 2024), Shopify filed as a Canadian Foreign Private Issuer on Form 40-F (20-F in FY2015) and Form 6-K before transitioning to domestic U.S. Form 10-K (starting FY2024) and Form 10-Q (starting Q1 2025). Extracting historical Form 40-F/20-F/6-K filings alongside modern 10-K/10-Q/8-K filings expands quarterly coverage from 10 DB quarters (FY24Q1–FY26Q2) to 50 quarters (FY2014Q1–FY2026Q2) and 12 annual years (FY2014–FY2025).
Core operational & commerce volume KPIs (Groups 1–5) cover: (1) Gross Merchandise Volume ($119,609M in Q2 2026, +31% YoY / +31% CC; $378,442M in FY25), Gross Payments Volume processed on Shopify Payments ($81.3B / 68% penetration of GMV in Q2 2026), Monthly Recurring Revenue ($205M at Q2 2026, with Shopify Plus contributing 35% of MRR), Shop Pay GMV ($35B in Q2 2026, +58% YoY), Offline/POS GMV YoY growth (+29% in Q2 2026), B2B GMV YoY growth (+60% in Q2 2026; +96% in FY25), International GMV YoY growth (+42% in Q2 2026), Cross-Border GMV share (15% of GMV in Q2 2026), and Black Friday–Cyber Monday (BFCM) Weekend KPIs ($14.6B GMV in 2025, +27% YoY / +24% CC, $5.1M/min peak sales, 81M+ consumers, $114.70 average cart price, 16% cross-border orders, +39% Shop Pay sales); (2) Subscription Solutions ($802M rev / 80% gross margin in Q2 2026; $2,852M in FY25) vs. Merchant Solutions ($2,781M rev / 38% gross margin in Q2 2026; $8,704M in FY25) revenue, cost, margin, FX impacts, and OpEx % of revenue; (3) Shopify Capital Loans & Merchant Cash Advances ($2,184M net / $2,426M gross at Q2 2026, $242M allowance for credit losses, $1,400M Q2 2026 / $4,000M FY25 originations & purchases, $91M Q2 2026 / $308M FY25 non-ASC 606 lending interest & fee revenue, and full delinquency aging across Current 91.3%, 30–89 Days 1.4%, 90–179 Days 1.6%, and 180+ Days 5.7%); (4) Geographic Revenue (U.S. $2,283M / 63%, EMEA/Europe $721M / 20%, APAC $346M / 10%, Canada $171M / 5%, LATAM/ROW $62M / 2% in Q2 2026), Long-Lived Assets by Country, Cash & Investments by Underlying Location (U.S. $5,882M / 55%, Israel $2,115M / 20%, Canada $1,472M / 14%, ROW $1,203M / 11% at FY25), Merchant Geographic Dispersion (44% U.S., 31% EMEA, 16% APAC, 5% Canada, 5% LATAM at FY25), and Shopify Payments Regional Merchant Adoption (93% North America, 87% APAC, 79% EMEA at FY25); and (5) Strategic Equity & Debt Investments ($4,949M carrying value at Q2 2026 across Affirm $1,452M, Global-e $1,148M, Klaviyo $800M, Private Companies incl. Stripe $940M, Private Convertible Notes $587M, plus $346M Flexport equity method investment).
Groups 6–10 cover Free Cash Flow ($654M / 18% FCF margin in Q2 2026; $2,007M / 17% in FY25), Net Income Ex-Equity Investments ($441M in Q2 2026; $1,478M in FY25), Supplementary Non-GAAP Net Income ($549M / $0.42 diluted EPS in Q2 2026) & Next-Quarter Guidance, Deferred Revenue Rollforward ($432M ending at Q2 2026) & Non-Cash Consideration Deferred Revenue ($164M at Q2 2026), Marketable Securities by Instrument, PP&E, Intangibles & Leases, Share Capital by Voting Class (1,222.4M Class A, 79.3M Class B, 1 Founder share at Q2 2026), Stock-Based Compensation by Line Item (40 quarters FY16Q3–FY26Q2), RSU & Option Activity, Workforce Headcount (7,600 at FY25) & NEO Compensation (FY15–FY25), and 7 years of Transparency Reports (FY19–FY25; 6,419 submissions, 4,946 properly formed, 1,731 compelled disclosure requests, 33.4% objection rate across 26 countries in 2025) & 4 Annual Climate Reports (FY19–FY25 operational GHG emissions 27,856 tCO2e, 2.41 tCO2e/$M intensity, 32,805 MWh energy, 23,625 tCO2e carbon removal retired, and $116M cumulative Sustainability Fund contracts across 67 suppliers for 254,000 tonnes durable CDR at FY25).
No parent-only standalone financial statements exist under U.S. GAAP, so no Consolidated − Standalone subtraction is performed. All values are strictly as published (with verbatim quotes on hover for text-extracted metrics; bound disclosures such as 'millions of merchants in more than 175 countries' and 'more than 116,500 entrepreneurs' are excluded from table cells). The only arithmetic shown in table cells is period splitting (Q4 = full year − 9M; Q2 = 6M − Q1; Q3 = 9M − 6M), displayed in italic with the formula.

Data updated 2026-10-25.

Every KPI on its own page

Full history, chart, sources and a citation for each metric

Shopify Inc. (SHOP) operating KPIs

KPIs

Every KPI on its own page

Core Platform & Commerce Volume KPIs (GMV, GPV, MRR, Shop Pay, POS, B2B & BFCM)

Subscription Solutions vs. Merchant Solutions Breakdown (Revenue, Cost, Margin & OpEx Mix)

Shopify Capital — Merchant Cash Advances, Loans, Credit Allowance & Delinquency Aging

Geographic Revenue, Merchant Dispersion & Shopify Payments Regional Adoption

Strategic Equity, Debt & Equity Method Investments (Affirm, Global-e, Klaviyo, Stripe & Flexport)

Free Cash Flow, Non-GAAP Reconciliations & Next-Quarter Financial Guidance

Deferred Revenue, Non-Cash Consideration, Marketable Securities, PP&E, Intangibles & Leases

Share Capital, Share Repurchases, Stock-Based Compensation & Equity Awards

Workforce Headcount & Named Executive Officer (NEO) Compensation

Transparency Reports (Legal Requests), Sustainability Fund & Operational Carbon Footprint

U.S. E-Commerce & Nonstore Retail Benchmarks (U.S. Census Bureau / FRED)

Consolidated Financial Statements (Income Statement, Balance Sheet, Cash Flow & Income Taxes)