Shopify Inc. (SHOP)财务
NASDAQ · Technology · Software - Application · 员工7,600人 · CEO Tobias Lutke
- 股价
- $157.49 -5.63%
- 市值
- $2040亿
- 企业价值
- $2030亿
- 最近财报
- Q2 '26 2026-08-05提交
- 下次财报
- 2026-11-03 EPS预期 $0.46
营收(TTM)$133亿+32.5% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)13.9%+1.5 百分点 对比去年同期营业利润 $18.4亿
净利润(TTM)$19.3亿-17.8% 对比去年同期税后,含营业外收益
自由现金流(TTM)$23.5亿+28.9% 对比去年同期资本支出 $2500万
稀释EPS(TTM)$1.49-17.2% 对比去年同期最近4个季度之和
净现金$47.7亿+1.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2040亿 EV $2030亿
- 营收
- $133亿 过去12个月
- 营收增速
- +33% FY2026年一致预期
- 净利润率
- 14.5% 净利润 / 营收,TTM
- P/E
- 105.7× 预期 81.9×(FY2026)
- P/S
- 15.4× 股价 / 营收,TTM
- EV / EBITDA
- 84.7× TTM
- 自由现金流
- $23.5亿 过去12个月
- 净利润
- $19.3亿 过去12个月
- 营收预期
- $153亿 FY2026年一致预期
- 盈利
- 2026-11-03 营收预期 $37亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-05):营收超预期4.2%,EPS 超预期5.7%营收$35.4亿,预期$34亿(+4.2%);EPS $0.42,预期$0.40(+5.7%)。
- 营收增长加速:同比33.7%Q2 '26营收$35.8亿,此前四个季度的平均值为31.9%。
- 营业利润率13.9%(TTM),较去年同期+1.5 百分点营收增长32.5%,营业利润增长48.5%。
- 税前利润的21.2%来自营业外收益税前利润$23.4亿,营业利润$18.4亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.2%(去年为0.2%)最近4个季度投入$2500万(同比+54.9%)。自由现金流$23.5亿,相当于净利润的122.0%。
- 股东回报$19.1亿 = 自由现金流的81.3%回购$19.1亿(去年为$0),股息$0,股权激励$4.82亿(TTM)。
- 稀释股数一年内减少0.8%Q2 '26稀释股数13亿,一年前为13.1亿。
- 净现金 $47.7亿现金 + 短期投资 $49.5亿,含租赁债务 $1.78亿;一年前净现金 $46.9亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $35.8亿 | $26.8亿 | +33.7% |
| 毛利率 | 47.7% | 48.6% | -0.9 百分点 |
| 营业利润 | $4.88亿 | $2.91亿 | +67.7% |
| 营业利润率 | 13.6% | 10.9% | +2.8 百分点 |
| 净利润 | $15亿 | $9.06亿 | +65.8% |
| 稀释EPS | $1.16 | $0.69 | +68.1% |
| 经营现金流 | $6.58亿 | $4.36亿 | +50.9% |
| 资本支出 | $400万 | $613万 | -34.8% |
| 自由现金流 | $6.54亿 | $4.3亿 | +52.1% |
| R&D | $4.45亿 | $3.94亿 | +12.9% |
| 股权激励费用 | $1.28亿 | -$700万 | +1,928.6% |
实际 vs 一致预期
2026-08-05| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $35.4亿 | $34亿 | +4.2% |
| EPS(一致预期口径) | $0.42 | $0.40 | +5.7% |
来自2026-08-05发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Service | $27.8亿 | +37.4% | 77.6% | $102亿 | – | |
| Subscription and Circulation | $8.02亿 | +22.3% | 22.4% | $30.3亿 | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $23.8亿
- 资本支出
- -$2500万
- 股票回购
- -$19.1亿
- 股息
- $0
- 收购
- -$2500万
- 债务净发行
- $0
- 股权激励费用
- $4.82亿
- 自由现金流
- $23.5亿
- 股东回报 / FCF
- 81.3%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 105.7× | 269.0× 5年中的4年 | 59.4× – 779.0× |
| EV / EBITDA | 84.7× | 239.8× 5年中的4年 | 53.1× – 691.5× |
| EV / 营收 | 15.3× | 18.5× | 7.8× – 36.9× |
| 股价 / FCF | 86.9× | 163.7× 5年中的4年 | 86.2× – 354.1× |
| 股价 / 净资产 | 16.1× | 11.8× | 5.3× – 15.5× |
| FCF收益率 | 1.2% | 0.6% | -0.4% – 1.2% |
| 投入资本回报率 | 11.7% | 0.1% | -9.7% – 8.7% |
| 净资产收益率 | 15.1% | 2.4% | -42.0% – 26.2% |
分析师
一致目标价 $176.16 (+11.9%)
区间 $130.00 – $210.00 · 评级 Buy
强烈买入0
买入43
持有18
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $153亿 | +32.7% | $1.92 | +104.6% | 81.9× | 26 |
| FY2027 | $193亿 | +26.0% | $2.49 | +29.6% | 63.2× | 27 |
| FY2028 | $243亿 | +25.8% | $3.40 | +36.4% | 46.3× | 14 |
| FY2029 | $291亿 | +19.6% | $4.41 | +29.8% | 35.7× | 7 |
| FY2030 | $343亿 | +18.2% | $5.35 | +21.3% | 29.4× | 11 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Shopify Inc.在近期10-Q / 10-K文件中标记的全部220项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $50亿 | – | – | – | – | – | |
| Accounts and Other Receivables, Net, Current | $4.66亿 | $3.5亿 | +33.1% | $5亿 | $3.42亿 | +46.2% |
| Accounts Payable and Accrued Liabilities, Current | $11.2亿 | $8.41亿 | +32.6% | $10.8亿 | $7.37亿 | +45.9% |
| Accounts Payable, Trade, Current | $5.7亿2025-12-31 | $3.6亿 | +58.3% | $5.7亿 | $3.6亿 | +58.3% |
| Accounts Receivable, Allowance for Credit Loss, Current | $6600万2025-12-31 | $4800万 | +37.5% | $6600万 | $4800万 | +37.5% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $9400万 | $4400万 | +113.6% | $2.3亿 | $1.48亿 | +55.4% |
| Accrued Income Taxes, Current | $1.56亿2025-12-31 | $5800万 | +169.0% | $1.56亿 | $5800万 | +169.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.75亿2025-12-31 | $1.7亿 | +2.9% | $1.75亿 | $1.7亿 | +2.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$700万 | $500万 | -240.0% | $100万 | -$1000万 | +110.0% |
| Additional Paid in Capital | $2.74亿 | $2.81亿 | -2.5% | $2.36亿 | $3.05亿 | -22.6% |
| Advertising Expense | – | – | – | $7.53亿 | $5.46亿 | +37.9% |
| Amortization of Intangible Assets | $400万2025-12-31 | $200万 | +100.0% | $1300万 | $1400万 | -7.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 117万 | 82.1万 | +42.2% | 31.6万 | 132万 | -76.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.28亿 | $1.13亿 | +13.3% | $4.49亿 | $4.3亿 | +4.4% |
| Assets | $145亿 | $146亿 | -0.6% | $152亿 | $139亿 | +9.1% |
| Assets, Current | $78.2亿 | $80亿 | -2.3% | $83亿 | $72.5亿 | +14.4% |
| Assets, Noncurrent | $66.5亿 | $65.6亿 | +1.4% | $68.9亿 | $66.7亿 | +3.3% |
| Capitalized Contract Cost, Net, Current | $5200万2025-12-31 | $5700万 | -8.8% | $5200万 | $5700万 | -8.8% |
| Cash and Cash Equivalents, at Carrying Value | $16.6亿 | $15.4亿 | +7.4% | $15.5亿 | $15亿 | +3.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $16.6亿 | $15.4亿 | +7.4% | $15.5亿 | $15亿 | +3.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.92亿 | $2.33亿 | -182.4% | $4700万 | $8500万 | -44.7% |
| Common Stock, Value, Issued | $86.4亿 | $99.9亿 | -13.5% | $104亿 | $96.3亿 | +7.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $15亿 | $9.17亿 | +63.5% | $12.4亿 | $20.1亿 | -38.1% |
| Contract with Customer, Liability | $4.14亿 | $4.21亿 | -1.7% | $3.98亿 | $4.3亿 | -7.4% |
| Contract with Customer, Liability, Current | $3.35亿 | $2.98亿 | +12.4% | $3亿 | $2.83亿 | +6.0% |
| Contract with Customer, Liability, Noncurrent | $7900万 | $1.23亿 | -35.8% | $9800万 | $1.47亿 | -33.3% |
| Contract with Customer, Liability, Revenue Recognized | $1.21亿 | $1.23亿 | -1.6% | $2.56亿 | $2.75亿 | -6.9% |
| Convertible Debt, Current | $02025-12-31 | $9.18亿 | -100.0% | $0 | $9.18亿 | -100.0% |
| Cost of Goods and Services Sold | $18.8亿 | $13.8亿 | +36.1% | $60亿 | $44.1亿 | +36.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3500万 | $1400万 | +150.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.93亿 | $9900万 | +94.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.92亿 | $1.31亿 | +122.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $6400万 | $1800万 | +255.6% |
| Debt Securities, Available-for-sale, Amortized Cost | $38.5亿 | $52.3亿 | -26.5% | $52.2亿 | $48.6亿 | +7.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $33.2亿 | $44亿 | -24.5% | $42.5亿 | $41.5亿 | +2.3% |
| Debt Securities, Available-for-sale, Change in Present Value, Interest Income | $1300万 | $1100万 | +18.2% | $1.05亿 | $6200万 | +69.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$100万 | $4100万 | -102.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $400万 | $600万 | -33.3% |
| Deferred Income Tax Assets, Net | $3000万 | $3100万 | -3.2% | $3300万 | $3700万 | -10.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1400万 | $7800万 | -117.9% |
| Deferred Income Tax Liabilities, Net | $7900万 | $3600万 | +119.4% | $5500万 | $7300万 | -24.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1700万 | $3100万 | -154.8% |
| Deferred Tax Assets, Gross | $8.37亿2025-12-31 | $8.95亿 | -6.5% | $8.37亿 | $8.95亿 | -6.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $3.48亿2025-12-31 | $4.13亿 | -15.7% | $3.48亿 | $4.13亿 | -15.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $5.78亿2025-12-31 | $6.08亿 | -4.9% | $5.78亿 | $6.08亿 | -4.9% |
| Deferred Tax Assets, Other | $100万2025-12-31 | $0 | – | $100万 | $0 | – |
| Deferred Tax Assets, Tax Credit Carryforwards | $02025-12-31 | $1500万 | -100.0% | $0 | $1500万 | -100.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3300万2025-12-31 | $3700万 | -10.8% | $3300万 | $3700万 | -10.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $1.24亿2025-12-31 | $1.07亿 | +15.9% | $1.24亿 | $1.07亿 | +15.9% |
| Deferred Tax Assets, Valuation Allowance | $4.89亿2025-12-31 | $4.82亿 | +1.5% | $4.89亿 | $4.82亿 | +1.5% |
| Deferred Tax Liabilities, Deferred Expense, Capitalized Software | $400万2025-12-31 | $0 | – | $400万 | $0 | – |
| Deferred Tax Liabilities, Gross | $3.7亿2025-12-31 | $4.49亿 | -17.6% | $3.7亿 | $4.49亿 | -17.6% |
| Deferred Tax Liabilities, Investments | $2.55亿2025-12-31 | $2.94亿 | -13.3% | $2.55亿 | $2.94亿 | -13.3% |
| Deferred Tax Liabilities, Leasing Arrangements | $2300万2025-12-31 | $2500万 | -8.0% | $2300万 | $2500万 | -8.0% |
| Deferred Tax Liabilities, Net | $2200万2025-12-31 | $3600万 | -38.9% | $2200万 | $3600万 | -38.9% |
| Deferred Tax Liabilities, Other | $800万2025-12-31 | $500万 | +60.0% | $800万 | $500万 | +60.0% |
| Deposits Assets, Current | $6900万2025-12-31 | $3500万 | +97.1% | $6900万 | $3500万 | +97.1% |
| Depreciation | – | – | – | $1800万 | $2200万 | -18.2% |
| Depreciation, Depletion and Amortization | $700万 | $800万 | -12.5% | $3100万 | $3600万 | -13.9% |
| Derivative Asset, Current | $300万2025-12-31 | $0 | – | $300万 | $0 | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01