Shopify Inc. (SHOP) income statement
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
Shopify Inc. (SHOP) reported revenue of $3.58B for Q2 '26 (+33.7% year on year), operating income of $488M (13.6% of revenue) and net income of $1.5B. Over the last four quarters revenue was $13.3B.
Income statement
| Income statement | Trend | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71B | $2.14B | $1.86B | $2.05B | $2.16B | $2.81B | $2.36B | $2.68B | $2.84B | $3.67B | $3.17B | $3.58B | |
| Cost of revenue | $813M | $1.08B | $904M | $1B | $1.04B | $1.46B | $1.19B | $1.38B | $1.45B | $1.98B | $1.62B | $1.88B | |
| Gross profit | $901M | $1.06B | $957M | $1.05B | $1.12B | $1.35B | $1.17B | $1.3B | $1.39B | $1.69B | $1.55B | $1.71B | |
| Research & development | $313M | $311M | $335M | $349M | $332M | $351M | $377M | $394M | $375M | $390M | $437M | $445M | |
| Sales & marketing | $295M | $317M | $361M | $353M | $331M | $348M | $405M | $415M | $410M | $433M | $496M | $498M | |
| General & administrative | $137M | $100M | $124M | $60M | $114M | $112M | $109M | $122M | $115M | $125M | $115M | $136M | |
| Other operating expenses | $34M | $45M | $51M | $42M | $58M | $76M | $75M | $80M | $148M | $114M | $116M | $141M | |
| Operating expenses | $779M | $773M | $871M | $804M | $835M | $887M | $966M | $1.01B | $1.05B | $1.06B | $1.16B | $1.22B | |
| Operating income | $122M | $289M | $86M | $241M | $283M | $465M | $203M | $291M | $343M | $631M | $382M | $488M | |
| Interest income | $63M | $68M | $79M | $80M | $77M | $72M | $65M | $106M | $81M | $79M | $75M | $66M | |
| Other non-operating income (gains on investments, FX ...) | -$606M | -$393M | $342M | -$42M | -$58M | -$76M | -$75M | -$90M | -$151M | -$114M | -$116M | -$141M | |
| Total non-operating income | $606M | $393M | -$342M | -$38M | $577M | $956M | -$973M | $788M | -$35M | $261M | -$1.02B | $1.29B | |
| Income before tax | $728M | $682M | -$256M | $203M | $860M | $1.42B | -$770M | $1.08B | $308M | $892M | -$634M | $1.78B | |
| Income tax | $10M | $25M | $17M | $32M | $32M | $128M | -$88M | $173M | $44M | $149M | -$53M | $273M | |
| Net income | $718M | $657M | -$273M | $171M | $828M | $1.29B | -$682M | $906M | $264M | $743M | -$581M | $1.5B | |
| EPS (basic) | $0.56 | $0.51 | -$0.21 | $0.13 | $0.64 | $1.00 | -$0.53 | $0.70 | $0.20 | $0.58 | -$0.45 | $1.16 | |
| EPS (diluted) | $0.55 | $0.51 | -$0.21 | $0.13 | $0.64 | $1.00 | -$0.53 | $0.69 | $0.20 | $0.58 | -$0.45 | $1.16 | |
| Shares (basic, weighted) | 1.28B | 1.29B | 1.29B | 1.29B | 1.29B | 1.29B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | |
| Shares (diluted, weighted) | 1.3B | 1.3B | 1.29B | 1.3B | 1.3B | 1.29B | 1.3B | 1.31B | 1.31B | 1.3B | 1.3B | 1.3B | |
| Depreciation & amortization | $13M | $10M | $10M | $10M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | |
| EBITDA | $741M | $692M | -$246M | $293M | $349M | $549M | $286M | $389M | $502M | $752M | $505M | $636M |
| Income statement | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $389M | $673M | $1.07B | $1.58B | $2.93B | $4.61B | $5.6B | $7.06B | $8.88B | $11.6B | |
| Cost of revenue | $180M | $293M | $477M | $713M | $1.39B | $2.13B | $2.85B | $3.55B | $4.41B | $6B | |
| Gross profit | $209M | $380M | $596M | $866M | $1.54B | $2.48B | $2.75B | $3.52B | $4.47B | $5.56B | |
| Research & development | $74.3M | $136M | $231M | $355M | $552M | $854M | $1.5B | $1.73B | $1.37B | $1.54B | |
| Sales & marketing | $129M | $226M | $350M | $473M | $602M | $902M | $1.23B | $1.22B | $1.39B | $1.66B | |
| General & administrative | $43.1M | $67.7M | $107M | $154M | $245M | $375M | $708M | $491M | $410M | $471M | |
| Other operating expenses | $0 | -$199K | -$410K | $25.2M | $51.8M | $81.7M | $135M | $1.49B | $227M | $417M | |
| Operating expenses | $247M | $429M | $688M | $1.01B | $1.45B | $2.21B | $3.58B | $4.93B | $3.4B | $4.09B | |
| Operating income | -$37.2M | -$49.2M | -$91.9M | -$141M | $90.2M | $269M | -$822M | -$1.42B | $1.08B | $1.47B | |
| Interest income | $1.54M | $7.85M | $29.4M | $48.2M | $24.7M | $15.4M | $76M | $241M | $308M | $331M | |
| Interest expense | $0 | $0 | $0 | $0 | $9.56M | $3.46M | $1.15M | $0 | $0 | $0 | |
| Other non-operating income (gains on investments, FX ...) | $0 | $0 | $0 | -$45.3M | -$159M | -$2.87B | -$135M | -$1.49B | -$172M | -$430M | |
| Total non-operating income | $1.81M | $9.16M | $27.4M | $45.3M | $150M | $2.87B | -$2.8B | $1.6B | $1.15B | $41M | |
| Income before tax | -$35.4M | -$40M | -$64.6M | -$95.8M | $240M | $3.14B | -$3.62B | $185M | $2.23B | $1.51B | |
| Income tax | $0 | $0 | $0 | $29M | -$79.1M | $226M | -$163M | $53M | $209M | $278M | |
| Net income | -$35.4M | -$40M | -$64.6M | -$125M | $320M | $2.91B | -$3.46B | $132M | $2.02B | $1.23B | |
| EPS (basic) | -$0.04 | -$0.04 | -$0.06 | -$0.11 | $0.27 | $2.32 | -$2.73 | $0.10 | $1.56 | $0.95 | |
| EPS (diluted) | -$0.04 | -$0.04 | -$0.06 | -$0.11 | $0.26 | $2.27 | -$2.73 | $0.10 | $1.55 | $0.94 | |
| Shares (basic, weighted) | 840M | 958M | 1.06B | 1.13B | 1.2B | 1.25B | 1.27B | 1.28B | 1.29B | 1.3B | |
| Shares (diluted, weighted) | 840M | 958M | 1.06B | 1.13B | 1.23B | 1.27B | 1.27B | 1.3B | 1.3B | 1.3B | |
| Depreciation & amortization | $14M | $23.4M | $27.1M | $35.7M | $70.1M | $66.3M | $93M | $70M | $36M | $31M | |
| EBITDA | -$23.2M | -$25.8M | -$64.9M | -$60.2M | $319M | $3.21B | -$594M | $144M | $1.28B | $1.93B |
Standardised by Financial Modeling Prep from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
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