Shopify Inc. (SHOP) financials
NASDAQ · Technology · Software - Application · 7,600 employees · CEO Tobias Lutke
- Price
- $157.49 -5.63%
- Market cap
- $204B
- Enterprise value
- $203B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-03 EPS est. $0.46
Revenue (TTM)$13.3B+32.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)13.9%+1.5 pp vs a year agoOperating income $1.84B
Net income (TTM)$1.93B-17.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.35B+28.9% vs a year agoCapex $25M
Diluted EPS (TTM)$1.49-17.2% vs a year agoSum of the last 4 quarters
Net cash$4.77B+1.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $204B EV $203B
- Revenue
- $13.3B Trailing 12 months
- Revenue growth
- +33% FY2026 consensus
- Profit margin
- 14.5% Net income / revenue, TTM
- P/E
- 105.7× Forward 81.9× (FY2026)
- P/S
- 15.4× Price / sales, TTM
- EV / EBITDA
- 84.7× TTM
- Free cash flow
- $2.35B Trailing 12 months
- Net income
- $1.93B Trailing 12 months
- Revenue estimate
- $15.3B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $3.7B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 4.2%, EPS beat by 5.7%Revenue $3.54B vs $3.4B expected (+4.2%); EPS $0.42 vs $0.40 (+5.7%).
- Revenue growth accelerating: 33.7% year on yearQ2 '26 revenue $3.58B, against an average of 31.9% over the four quarters before.
- Operating margin 13.9% (TTM), +1.5 pp on a year agoOperating income grew 48.5% while revenue grew 32.5%.
- 21.2% of pre-tax profit is non-operatingPre-tax income $2.34B vs operating income $1.84B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.2% of revenue (a year ago 0.2%)$25M invested in the last 4 quarters (+54.9% on a year earlier). Free cash flow $2.35B = 122.0% of net income.
- Returned $1.91B to shareholders = 81.3% of free cash flowBuybacks $1.91B (a year earlier $0), dividends $0, stock-based pay $482M (TTM).
- Diluted share count down 0.8% in a year1.3B diluted shares in Q2 '26, 1.31B a year earlier.
- Net cash $4.77BCash + short-term investments $4.95B, debt incl. leases $178M; a year ago net cash $4.69B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.58B | $2.68B | +33.7% |
| Gross margin | 47.7% | 48.6% | -0.9 pp |
| Operating income | $488M | $291M | +67.7% |
| Operating margin | 13.6% | 10.9% | +2.8 pp |
| Net income | $1.5B | $906M | +65.8% |
| Diluted EPS | $1.16 | $0.69 | +68.1% |
| Operating cash flow | $658M | $436M | +50.9% |
| Capex | $4M | $6.13M | -34.8% |
| Free cash flow | $654M | $430M | +52.1% |
| R&D | $445M | $394M | +12.9% |
| Stock-based compensation | $128M | -$7M | +1,928.6% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.54B | $3.4B | +4.2% |
| EPS (as estimated) | $0.42 | $0.40 | +5.7% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Service | $2.78B | +37.4% | 77.6% | $10.2B | – | |
| Subscription and Circulation | $802M | +22.3% | 22.4% | $3.03B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.38B
- Capex
- -$25M
- Buybacks
- -$1.91B
- Dividends
- $0
- Acquisitions
- -$25M
- Net debt issued
- $0
- Stock-based compensation
- $482M
- Free cash flow
- $2.35B
- Returned to shareholders / FCF
- 81.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 105.7× | 269.0× 4 of 5 years | 59.4× – 779.0× |
| EV / EBITDA | 84.7× | 239.8× 4 of 5 years | 53.1× – 691.5× |
| EV / Sales | 15.3× | 18.5× | 7.8× – 36.9× |
| Price / FCF | 86.9× | 163.7× 4 of 5 years | 86.2× – 354.1× |
| Price / Book | 16.1× | 11.8× | 5.3× – 15.5× |
| FCF yield | 1.2% | 0.6% | -0.4% – 1.2% |
| Return on invested capital | 11.7% | 0.1% | -9.7% – 8.7% |
| Return on equity | 15.1% | 2.4% | -42.0% – 26.2% |
Analysts
Consensus target $176.16 (+11.9%)
range $130.00 – $210.00 · rating Buy
Strong buy0
Buy43
Hold18
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $15.3B | +32.7% | $1.92 | +104.6% | 81.9× | 26 |
| FY2027 | $19.3B | +26.0% | $2.49 | +29.6% | 63.2× | 27 |
| FY2028 | $24.3B | +25.8% | $3.40 | +36.4% | 46.3× | 14 |
| FY2029 | $29.1B | +19.6% | $4.41 | +29.8% | 35.7× | 7 |
| FY2030 | $34.3B | +18.2% | $5.35 | +21.3% | 29.4× | 11 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 220 figures Shopify Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $5B | – | – | – | – | – | |
| Accounts and Other Receivables, Net, Current | $466M | $350M | +33.1% | $500M | $342M | +46.2% |
| Accounts Payable and Accrued Liabilities, Current | $1.12B | $841M | +32.6% | $1.08B | $737M | +45.9% |
| Accounts Payable, Trade, Current | $570M2025-12-31 | $360M | +58.3% | $570M | $360M | +58.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $66M2025-12-31 | $48M | +37.5% | $66M | $48M | +37.5% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $94M | $44M | +113.6% | $230M | $148M | +55.4% |
| Accrued Income Taxes, Current | $156M2025-12-31 | $58M | +169.0% | $156M | $58M | +169.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $175M2025-12-31 | $170M | +2.9% | $175M | $170M | +2.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7M | $5M | -240.0% | $1M | -$10M | +110.0% |
| Additional Paid in Capital | $274M | $281M | -2.5% | $236M | $305M | -22.6% |
| Advertising Expense | – | – | – | $753M | $546M | +37.9% |
| Amortization of Intangible Assets | $4M2025-12-31 | $2M | +100.0% | $13M | $14M | -7.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.17M | 821K | +42.2% | 316K | 1.32M | -76.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $128M | $113M | +13.3% | $449M | $430M | +4.4% |
| Assets | $14.5B | $14.6B | -0.6% | $15.2B | $13.9B | +9.1% |
| Assets, Current | $7.82B | $8B | -2.3% | $8.3B | $7.25B | +14.4% |
| Assets, Noncurrent | $6.65B | $6.56B | +1.4% | $6.89B | $6.67B | +3.3% |
| Capitalized Contract Cost, Net, Current | $52M2025-12-31 | $57M | -8.8% | $52M | $57M | -8.8% |
| Cash and Cash Equivalents, at Carrying Value | $1.66B | $1.54B | +7.4% | $1.55B | $1.5B | +3.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.66B | $1.54B | +7.4% | $1.55B | $1.5B | +3.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$192M | $233M | -182.4% | $47M | $85M | -44.7% |
| Common Stock, Value, Issued | $8.64B | $9.99B | -13.5% | $10.4B | $9.63B | +7.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.5B | $917M | +63.5% | $1.24B | $2.01B | -38.1% |
| Contract with Customer, Liability | $414M | $421M | -1.7% | $398M | $430M | -7.4% |
| Contract with Customer, Liability, Current | $335M | $298M | +12.4% | $300M | $283M | +6.0% |
| Contract with Customer, Liability, Noncurrent | $79M | $123M | -35.8% | $98M | $147M | -33.3% |
| Contract with Customer, Liability, Revenue Recognized | $121M | $123M | -1.6% | $256M | $275M | -6.9% |
| Convertible Debt, Current | $02025-12-31 | $918M | -100.0% | $0 | $918M | -100.0% |
| Cost of Goods and Services Sold | $1.88B | $1.38B | +36.1% | $6B | $4.41B | +36.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $35M | $14M | +150.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $193M | $99M | +94.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $292M | $131M | +122.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $64M | $18M | +255.6% |
| Debt Securities, Available-for-sale, Amortized Cost | $3.85B | $5.23B | -26.5% | $5.22B | $4.86B | +7.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $3.32B | $4.4B | -24.5% | $4.25B | $4.15B | +2.3% |
| Debt Securities, Available-for-sale, Change in Present Value, Interest Income | $13M | $11M | +18.2% | $105M | $62M | +69.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1M | $41M | -102.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4M | $6M | -33.3% |
| Deferred Income Tax Assets, Net | $30M | $31M | -3.2% | $33M | $37M | -10.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$14M | $78M | -117.9% |
| Deferred Income Tax Liabilities, Net | $79M | $36M | +119.4% | $55M | $73M | -24.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$17M | $31M | -154.8% |
| Deferred Tax Assets, Gross | $837M2025-12-31 | $895M | -6.5% | $837M | $895M | -6.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $348M2025-12-31 | $413M | -15.7% | $348M | $413M | -15.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $578M2025-12-31 | $608M | -4.9% | $578M | $608M | -4.9% |
| Deferred Tax Assets, Other | $1M2025-12-31 | $0 | – | $1M | $0 | – |
| Deferred Tax Assets, Tax Credit Carryforwards | $02025-12-31 | $15M | -100.0% | $0 | $15M | -100.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $33M2025-12-31 | $37M | -10.8% | $33M | $37M | -10.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $124M2025-12-31 | $107M | +15.9% | $124M | $107M | +15.9% |
| Deferred Tax Assets, Valuation Allowance | $489M2025-12-31 | $482M | +1.5% | $489M | $482M | +1.5% |
| Deferred Tax Liabilities, Deferred Expense, Capitalized Software | $4M2025-12-31 | $0 | – | $4M | $0 | – |
| Deferred Tax Liabilities, Gross | $370M2025-12-31 | $449M | -17.6% | $370M | $449M | -17.6% |
| Deferred Tax Liabilities, Investments | $255M2025-12-31 | $294M | -13.3% | $255M | $294M | -13.3% |
| Deferred Tax Liabilities, Leasing Arrangements | $23M2025-12-31 | $25M | -8.0% | $23M | $25M | -8.0% |
| Deferred Tax Liabilities, Net | $22M2025-12-31 | $36M | -38.9% | $22M | $36M | -38.9% |
| Deferred Tax Liabilities, Other | $8M2025-12-31 | $5M | +60.0% | $8M | $5M | +60.0% |
| Deposits Assets, Current | $69M2025-12-31 | $35M | +97.1% | $69M | $35M | +97.1% |
| Depreciation | – | – | – | $18M | $22M | -18.2% |
| Depreciation, Depletion and Amortization | $7M | $8M | -12.5% | $31M | $36M | -13.9% |
| Derivative Asset, Current | $3M2025-12-31 | $0 | – | $3M | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31
Data as of 2026-11-01