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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 658 | 481 | 725 | 513 | 428 | 367 | 615 | 423 | 340 | 238 | 448 | 278 |
| Depreciation and amortization | 7.0 | 7.0 | 7.0 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 | 10.0 | 10.0 | 10.0 | 13.0 |
| Capital expenditure | -4.0 | -5.0 | -10.0 | -6.0 | -6.0 | -4.0 | -4.0 | -2.0 | -7.0 | -6.0 | -2.0 | -2.0 |
| Investing cash flow | 571 | 310 | -654 | 335 | -252 | -619 | -661 | -474 | -424 | -27.0 | -346 | -606 |
| Financing cash flow | -1,417 | -485 | -938 | 24.0 | 44.0 | 59.0 | 49.0 | 6.0 | 3.0 | 3.0 | 17.0 | 11.0 |
| Share repurchases | -1,420 | -491 | — | — | 0.0 | 0.0 | — | — | — | — | — | — |
| Debt repaid | — | — | -1,043 | — | — | — | — | — | — | — | — | — |
| Effect of exchange rates | -4.0 | -3.0 | -2.0 | 0.0 | 13.0 | 4.0 | -12.0 | 11.0 | -1.0 | -4.0 | 7.0 | -7.0 |
| Net change in cash | -192 | 303 | -869 | 872 | 233 | -189 | -9.0 | -34.0 | -82.0 | 210 | 126 | -324 |
| Free cash flow | 654 | 476 | 715 | 507 | 422 | 363 | 611 | 421 | 333 | 232 | 446 | 276 |
| Levered free cash flow | 502 | 122 | 586 | 378 | 171 | 152 | 474 | 110 | 106 | 172 | 255 | 93.3 |