Shopify Subordinate Voting revenue and financials
$233.73Change from previous close: +2.44%Absolute change: +$5.56
In the fiscal year ended December 2025, Shopify Subordinate Voting reported revenue of $11.56B (+30.14% year over year). Net income was $1.23B, a net margin of 10.7%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +30.14%
- 2025 vs 2024
- Net income growth
- −39.03%
- 2025 vs 2024
- Net margin
- 10.7%
- 2024: 22.7%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 15,189 | 13,924 | 11,299 | 10,757 | 13,340 |
| Current assets | 8,296 | 7,254 | 6,275 | 6,050 | 8,539 |
| Cash and equivalents | 1,545 | 1,498 | 1,413 | 1,649 | 2,503 |
| Short-term investments | 4,302 | 4,016 | 3,626 | 3,438 | 5,287 |
| Receivables | 1,995 | 1,395 | 964 | 487 | 267 |
| Inventory | 21.0 | 26.0 | 19.0 | — | — |
| Net property, plant and equipment | 141 | 140 | 147 | 486 | 302 |
| Goodwill | 491 | 452 | 427 | 1,836 | 357 |
| Other intangible assets | 30.0 | 22.0 | 29.0 | 390 | 138 |
| Long-term investments | 6,159 | 5,998 | 4,377 | 1,954 | 3,956 |
| Current liabilities | 1,392 | 1,956 | 898 | 856 | 703 |
| Accounts payable | 570 | 360 | 364 | 364 | 284 |
| Long-term debt | — | — | 916 | 913 | 911 |
| Total debt | 188 | 1,126 | 1,150 | 1,396 | — |
| Total liabilities | 1,716 | 2,366 | 2,233 | 2,518 | 2,207 |
| Total equity (incl. minority) | 13,473 | 11,558 | 9,066 | 8,239 | 11,133 |
| Retained earnings | 2,860 | 1,629 | -390 | -522 | 2,938 |