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 revenue | 11,556 | 8,880 | 7,060 | 5,600 | 4,612 |
| Cost of revenue | 6,001 | 4,408 | 3,545 | 2,846 | 2,131 |
| Gross profit | 5,555 | 4,472 | 3,515 | 2,754 | 2,481 |
| Selling, general and administrative | 2,107 | 1,851 | 1,622 | 1,731 | 1,217 |
| Research and development | 1,515 | 1,351 | 1,612 | 1,485 | 819 |
| Operating income | 1,898 | 1,247 | 260 | -476 | 381 |
| EBIT | 1,898 | 1,247 | 260 | -476 | 381 |
| EBITDA | 1,929 | 1,283 | 330 | -383 | 447 |
| Interest expense | — | — | — | 1.2 | 3.5 |
| Pre-tax income | 1,509 | 2,228 | 185 | -3,623 | 3,141 |
| Income tax | 278 | 209 | 53.0 | -163 | 226 |
| Net income | 1,231 | 2,019 | 132 | -3,460 | 2,915 |
| Net income to common shareholders | 1,231 | 2,019 | 132 | -3,460 | 2,915 |
| Basic EPS | 0.95 | 1.57 | 0.10 | -2.73 | 2.34 |
| Diluted EPS | 0.94 | 1.55 | 0.10 | -2.73 | 2.29 |
| Average shares (basic) | 1,299 | 1,290 | 1,282 | 1,266 | 1,247 |
| Average shares (diluted) | 1,305 | 1,302 | 1,296 | 1,266 | 1,274 |