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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | 14,470 | 14,121 | 15,189 | 15,039 | 14,561 | 13,400 | 13,924 | 12,329 | 11,346 | 11,112 | 11,299 | 10,464 |
| Current assets | 7,816 | 8,495 | 8,296 | 8,705 | 8,001 | 7,445 | 7,254 | 6,541 | 6,402 | 6,440 | 6,275 | 6,161 |
| Cash and equivalents | 1,656 | 1,848 | 1,545 | 2,414 | 1,542 | 1,309 | 1,498 | 1,507 | 1,541 | 1,623 | 1,413 | 1,287 |
| Short-term investments | 3,291 | 3,895 | 4,302 | 3,935 | 4,278 | 4,205 | 4,016 | 3,388 | 3,480 | 3,554 | 3,626 | 3,631 |
| Receivables | 2,274 | 2,178 | 1,995 | 1,833 | 1,676 | 1,451 | 1,395 | 1,242 | 1,043 | 940 | 964 | 927 |
| Inventory | — | — | 21.0 | — | — | — | 26.0 | — | — | — | 19.0 | — |
| Net property, plant and equipment | 143 | 138 | 141 | 145 | 143 | 151 | 140 | 143 | 144 | 148 | 147 | 124 |
| Goodwill | 491 | 491 | 491 | 491 | 491 | 491 | 452 | 452 | 449 | 427 | 427 | 427 |
| Other intangible assets | 27.0 | 28.0 | 30.0 | 33.0 | 36.0 | 39.0 | 22.0 | 24.0 | 26.0 | 25.0 | 29.0 | 33.0 |
| Long-term investments | 5,938 | 4,822 | 6,159 | 5,613 | 5,831 | 5,153 | 5,998 | 5,130 | 4,182 | 4,029 | 4,377 | 3,680 |
| Current liabilities | 1,460 | 1,371 | 1,392 | 2,213 | 2,078 | 2,009 | 1,956 | 921 | 874 | 902 | 898 | 852 |
| Accounts payable | 1,104 | 1,028 | 570 | 941 | 839 | 768 | 360 | 612 | 556 | 587 | 364 | 533 |
| Long-term debt | — | — | — | — | — | — | — | 917 | 917 | 916 | 916 | 915 |
| Total debt | 178 | 179 | 188 | 1,115 | 1,139 | — | — | — | — | — | — | — |
| Total liabilities | 1,786 | 1,620 | 1,716 | 2,528 | 2,437 | 2,349 | 2,366 | 2,211 | 2,174 | 2,219 | 2,233 | 2,180 |
| Total equity (incl. minority) | 12,684 | 12,501 | 13,473 | 12,511 | 12,124 | 11,051 | 11,558 | 10,118 | 9,172 | 8,893 | 9,066 | 8,284 |
| Retained earnings | 3,781 | 2,279 | 2,860 | 2,117 | 1,853 | 947 | 1,629 | 336 | -492 | -663 | -390 | -1,047 |