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 |
|---|---|---|---|---|---|
| Operating cash flow | 2,033 | 1,616 | 944 | -136 | 536 |
| Depreciation and amortization | 31.0 | 36.0 | 70.0 | 93.0 | 66.3 |
| Capital expenditure | -26.0 | -19.0 | -39.0 | -50.0 | -50.8 |
| Investing cash flow | -1,190 | -1,586 | -1,244 | -719 | -2,379 |
| Financing cash flow | -811 | 61.0 | 60.0 | 18.0 | 1,650 |
| Debt issued | — | — | — | — | 0.0 |
| Effect of exchange rates | 15.0 | -6.0 | 4.0 | -17.0 | -7.0 |
| Net change in cash | 47.0 | 85.0 | -236 | -854 | -201 |
| Free cash flow | 2,007 | 1,597 | 905 | -186 | 485 |
| Levered free cash flow | 1,286 | 861 | 579 | 232 | 574 |