Income StatementBalance SheetCash FlowSegments
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Shopify Income Statement

Revenue, expenses, and profitability over time

Shopify generated $12.4B in trailing twelve-month revenue, up 0.3% year-over-year. Net income was $1.3B with a 10.77% net margin. Gross margin stands at 47.97% and operating margin at 13.32%. Diluted EPS is $1.02, which declined 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$12.4BGross Profit (TTM)$5.9BOperating Income (TTM)$1.6BNet Income (TTM)$1.3BEps Diluted (TTM)$1.02
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$132.87B
P/E Ratio99.75
ROE11.31%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Transaction Gain (Loss)—$6.0M———-$9.0M
Income from equity method investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Sublease Income$1.5M$1.8M$1.8M$1.8M$1.8M—
Net realized gain (loss) on equity and other investments—$0.0$1.0M$0.0$32.0M$3.0M
Net unrealized (loss) gain on equity and other investments$928.0M-$1.0B$681.0M-$62.0M—-$1.1B
Interest Income (Expense), Nonoperating—$65.0M———$75.0M
Other income (expense), net-$19.0M-$973.0M$788.0M-$35.0M$261.0M-$1.0B

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Unrecognized Tax Benefits Current Period Increases$1.3M$1.3M$1.3M$1.3M$1.3M—
Income Tax at U.S. Statutory Rate147500000.000.040.040.040.04—
Tax Reconciliation, Tax Credits0.000.010.010.010.01—
Income tax expense—$27.0M$61.0M$23.0M—-$53.0M
Current Federal Tax Expense$3.5M$8.8M$8.8M$8.8M$8.8M—
Current Foreign Tax Expense$24.8M$48.3M$48.3M$48.3M$48.3M—
Current State and Local Tax Expense$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Federal Tax Expense$10.3M-$250.0K-$250.0K-$250.0K-$250.0K—
Deferred Foreign Tax Expense$1.5M$1.0M$1.0M$1.0M$1.0M—
Deferred Income Tax Expense (Benefit)$19.5M-$3.5M-$3.5M-$3.5M-$3.5M—
Deferred State and Local Tax Expense$7.8M-$4.3M-$4.3M-$4.3M-$4.3M—

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising$136.5M$188.3M$188.3M$188.3M$188.3M—
Total Lease Cost$10.3M$9.5M$9.5M$9.5M$9.5M—
General and administrative$112.0M$109.0M$122.0M$115.0M$125.0M$115.0M
Goodwill impairment$0.0$0.0$0.0$0.0$0.0—
Occupancy and equipment$4.0M$5.8M$5.8M$5.8M$5.8M—
Impairment on sales of Shopify's logistics businesses$0.0$0.0$0.0$0.0$0.0—
Transaction and loan losses$76.0M$75.0M$80.0M$148.0M$114.0M$116.0M
Other operating expenses2250000.00-0.00-0.00-0.00-0.00—
Research and development$351.0M$377.0M$394.0M$375.0M$390.0M$437.0M
Selling and marketing$348.0M$405.0M$415.0M$410.0M$433.0M$496.0M
Total operating expenses$887.0M$966.0M$1.0B$1.0B$1.1B$1.2B
Variable Lease Cost$6.3M$3.8M$3.8M$3.8M$3.8M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Deferred Revenue$6.5M$4.8M$4.8M$4.8M$4.8M—
Change in Accounts Payable and Accrued Liabilities$27.5M$65.5M$65.5M$65.5M$65.5M—
Operating Lease Payments$8.8M$8.5M$8.5M$8.5M$8.5M—
ROU Asset Obtained - Operating Lease$1.8M$250.0K$250.0K$250.0K$250.0K—
OCI Cash Flow Hedge After Reclassification Before Tax—$5.0M———-$7.0M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—-$678.0M———-$586.0M
Impairment on sales of Shopify's logistics businesses$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation, Cross-Border, Domestic Taxes On Foreign Earnings, Amount$15.0M$16.5M$16.5M$16.5M$16.5M—
Other0.000.000.000.000.00—
Domestic taxes on unrealized investment gains0.01-0.01-0.01-0.01-0.01—
Effective Income Tax Rate Reconciliation, Cross-Border, Unrealized Investment Gains, Amount$15.5M-$11.5M-$11.5M-$11.5M-$11.5M—
Domestic taxes on foreign earnings0.010.010.010.010.01—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Percent-0.00-0.01-0.01-0.01-0.01—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Amount$0.0$4.8M$4.8M$4.8M$4.8M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Percent0.000.000.000.000.00—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Amount-$30.3M-$8.5M-$8.5M-$8.5M-$8.5M—
Impairment charge on leasehold improvements—$1.3M$1.3M$1.3M$1.3M—
Federal taxes$1.0M$250.0K$250.0K$250.0K$250.0K—
State taxes$500.0K$10.8M$10.8M$10.8M$10.8M—
Increase (Decrease) in Accounts and Other Receivables$37.0M$54.8M$54.8M$54.8M$54.8M—
Increase (Decrease) in Finance Receivables$20.5M$35.3M$35.3M$35.3M$35.3M—
Increase (Decrease) in Other Operating Assets$18.0M$9.5M$9.5M$9.5M$9.5M—
Loss Contingency Accrual, Period Increase (Decrease)-$13.8M—————
Infringed web technology patents, number0.75—————
Maturities of convertible senior notes$0.0-$260.8M-$260.8M-$260.8M-$260.8M—
Intrinsic value of stock options exercised$152.3M$239.0M$239.0M$239.0M$239.0M—
Additions for tax positions of prior years$0.0$1.3M$1.3M$1.3M$1.3M—
OCI Cash Flow Hedge Gain (Loss), After Tax, Parent-$5.0M$1.0M$5.0M-$3.0M$1.0M-$2.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.01$-0.53$0.70$0.20$0.58$-0.45
Diluted earnings per share$0.99$-0.53$0.69$0.20$0.58$-0.45
Weighted-average shares, basic—1.3B1.3B1.3B—1.3B
Weighted-average shares, diluted—1.3B1.3B1.3B—1.3B

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.4B$1.2B$1.3B$1.4B$1.7B$1.5B
Operating income$465.0M$203.0M$291.0M$343.0M$631.0M$382.0M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$557.0M$377.3M$377.3M$377.3M$377.3M—
Income Before Tax, Domestic$134.3M$112.5M$112.5M$112.5M$112.5M—
Income Before Tax, Foreign$422.8M$264.8M$264.8M$264.8M$264.8M—

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$1.3B-$682.0M$906.0M$264.0M$743.0M-$581.0M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$1.5B$1.2B$1.4B$1.5B$2.0B$1.6B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.8B$2.4B$2.7B$2.8B$3.7B$3.2B