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)$1.01
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$133.66B
P/E Ratio100.34
ROE11.31%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Derivative Gain (Loss) Excluded from Effectiveness$72.0M$65.0M$106.0M$81.0M$79.0M$75.0M
Foreign Currency Transaction Gain (Loss)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Interest Income (Expense), Non-operating$72.0M$65.0M$106.0M$81.0M$79.0M$75.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Foreign Currency Transaction Gain (Loss)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Unrealized Gain (Loss) on Investments$929.0M-$1.0B$682.0M-$62.0M—-$1.1B
Unrealized Gain (Loss) on Equity Investments$929.0M-$1.0B$682.0M-$62.0M—-$1.1B
Unrealized Gain (Loss) on Investments$929.0M-$1.0B$682.0M-$62.0M—-$1.1B
Cash Paid for Interest$250.0K$250.0K$250.0K$250.0K$250.0K—
Foreign exchange gains (losses)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Income from equity method investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Foreign Currency Transaction Gain (Loss), Pre-tax-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Foreign Currency Transaction Gain (Loss)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Sublease Income$1.5M$1.8M$1.8M$1.8M$1.8M—
Sublease Income$1.5M$1.8M$1.8M$1.8M$1.8M—
Foreign currency transaction gain (loss)-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Foreign Currency Transaction Gain (Loss), Before Tax-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
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$72.0M$65.0M$106.0M$81.0M$79.0M$75.0M
Other income (expense), net$956.0M-$973.0M$788.0M-$35.0M$261.0M-$1.0B
Non-operating Interest Income (Expense)$72.0M$65.0M$106.0M$81.0M$79.0M$75.0M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate Statutory Reconciliation$0.0$0.0$0.0$0.0$0.0—
Unrecognized Tax Benefits Current Period Increases$1.3M$1.3M$1.3M$1.3M$1.3M—
Effective Tax Rate (Continuing Operations)$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate$0.0$0.0$0.0$0.0$0.0—
Cash Paid for Income Taxes$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Current income tax expense (benefit)$32.8M$73.0M$73.0M$73.0M$73.0M—
Deferred Foreign Tax Expense (Benefit)$1.5M$1.0M$1.0M$1.0M$1.0M—
Effective Tax Rate, Continuing Operations$0.0$0.0$0.0$0.0$0.0—
Income Tax at U.S. Statutory Rate$83.5M$56.5M$56.5M$56.5M$56.5M—
State and Local Income Taxes, Net$4.5M$16.0M$16.0M$16.0M$16.0M—
Current State Tax Expense$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense$1.5M$1.0M$1.0M$1.0M$1.0M—
Effective Income Tax Rate, Continuing Operations$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation, Federal Statutory Amount$83.5M$56.5M$56.5M$56.5M$56.5M—
Tax Reconciliation, Tax Credits$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate$0.0$0.0$0.0$0.0$0.0—
Current State and Local Tax Expense (Benefit)$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense (Benefit)$1.5M$1.0M$1.0M$1.0M$1.0M—
Effective Tax Rate (Continuing Operations)$0.0$0.0$0.0$0.0$0.0—
Income Taxes Paid, Net$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Current State and Local Tax Expense$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense$1.5M$1.0M$1.0M$1.0M$1.0M—
Income tax expense$128.0M-$88.0M$173.0M$44.0M$149.0M-$53.0M
Effective Tax Rate (Continuing Operations)$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation at Federal Statutory Rate$0.0$0.0$0.0$0.0$0.0—
Current Income Tax Expense$32.8M$73.0M$73.0M$73.0M$73.0M—
Current State and Local Tax Expense (Benefit)$4.5M$16.0M$16.0M$16.0M$16.0M—
Tax Reconciliation - Federal Statutory Rate$0.0$0.0$0.0$0.0$0.0—
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—
Effective Tax Rate (Continuing Operations)$0.0$0.0$0.0$0.0$0.0—
Income Taxes Paid, Net$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Effective Income Tax Rate$0.0$0.0$0.0$0.0$0.0—
Statutory Federal Income Tax Rate$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation: Tax Credits$3.3M$7.5M$7.5M$7.5M$7.5M—
Current State and Local Tax Expense (Benefit)$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense (Benefit)$1.5M$1.0M$1.0M$1.0M$1.0M—
Effective Tax Rate, Continuing Operations$0.0$0.0$0.0$0.0$0.0—
Current State and Local Tax Expense (Benefit)$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense (Benefit)$1.5M$1.0M$1.0M$1.0M$1.0M—
Income and Other Taxes$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Current State and Local Tax Expense$4.5M$16.0M$16.0M$16.0M$16.0M—
Deferred Foreign Tax Expense$1.5M$1.0M$1.0M$1.0M$1.0M—
Effective Tax Rate Continuing Operations$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation Federal Statutory Rate$0.0$0.0$0.0$0.0$0.0—

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Advertising$136.5M$188.3M$188.3M$188.3M$188.3M—
Operating Lease Cost$4.0M$5.8M$5.8M$5.8M$5.8M—
Depreciation and amortization$8.0M$8.0M$8.0M$8.0M$7.0M$7.0M
General and administrative$112.0M$109.0M$122.0M$115.0M$125.0M$115.0M
Total Lease Cost$10.3M$9.5M$9.5M$9.5M$9.5M—
Goodwill impairment$0.0$0.0$0.0$0.0$0.0—
Operating Lease Cost$4.0M$5.8M$5.8M$5.8M$5.8M—
Total Lease Cost$10.3M$9.5M$9.5M$9.5M$9.5M—
Lease Cost$10.3M$9.5M$9.5M$9.5M$9.5M—
Operating Lease Cost$4.0M$5.8M$5.8M$5.8M$5.8M—
Variable Lease Cost$6.3M$3.8M$3.8M$3.8M$3.8M—
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 expenses88700000000.0%96600000000.0%101100000000.0%104800000000.0%106200000000.0%116400000000.0%
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
Stock Option Expense$109.0M$114.0M$113.0M$107.0M$115.0M$132.0M
Variable Lease Expense$6.3M$3.8M$3.8M$3.8M$3.8M—
Total operating expenses$887.0M$966.0M$1.0B$1.0B$1.1B$1.2B
Stock Option Plan Expense$109.0M$114.0M$113.0M$107.0M$115.0M$132.0M
Variable Lease Cost$6.3M$3.8M$3.8M$3.8M$3.8M—
Lease Costs$10.3M$9.5M$9.5M$9.5M$9.5M—
Operating Lease Cost$4.0M$5.8M$5.8M$5.8M$5.8M—
Variable Lease Cost$6.3M$3.8M$3.8M$3.8M$3.8M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Expenditures$4.0M$4.0M$6.0M$6.0M$10.0M$5.0M
Change in Deferred Revenue$6.5M$4.8M$4.8M$4.8M$4.8M—
OCI - Cash Flow Hedge After Reclassification (Pre-Tax)-$14.0M$5.0M$16.0M-$9.0M$3.0M-$7.0M
OCI - Cash Flow Hedge After Reclassification Tax-$5.0M$1.0M$5.0M-$3.0M$1.0M-$2.0M
Unrealized Gain (Loss) on Hedging Activities-$14.0M$5.0M$16.0M-$9.0M$3.0M-$7.0M
Income Taxes Paid, Net$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Interest Paid, Net$250.0K$250.0K$250.0K$250.0K$250.0K—
Advertising costs$136.5M$188.3M$188.3M$188.3M$188.3M—
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$1.3B-$678.0M$917.0M$258.0M$745.0M-$586.0M
Federal$3.5M$8.8M$8.8M$8.8M$8.8M—
Foreign$24.8M$48.3M$48.3M$48.3M$48.3M—
Federal$10.3M-$250.0K-$250.0K-$250.0K-$250.0K—
Deferred taxes$19.5M-$3.5M-$3.5M-$3.5M-$3.5M—
State$7.8M-$4.3M-$4.3M-$4.3M-$4.3M—
Depreciation$5.5M$4.5M$4.5M$4.5M$4.5M—
Impairment on sales of Shopify's logistics businesses$0.0$0.0$0.0$0.0$0.0—
Effective tax rates$0.0$0.0$0.0$0.0$0.0—
Income taxes at U.S. statutory rate of 21%$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—
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount$3.3M$0.0$0.0$0.0$0.0—
Other0.1%0.0%0.0%0.0%0.0%—
Domestic taxes on unrealized investment gains0.7%-0.8%-0.8%-0.8%-0.8%—
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 earnings0.7%1.1%1.1%1.1%1.1%—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Percent-0.3%-0.6%-0.6%-0.6%-0.6%—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Amount$0.0$4.8M$4.8M$4.8M$4.8M—
Other$0.0-$0.0-$0.0-$0.0-$0.0—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Percent0.0%0.3%0.3%0.3%0.3%—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Amount-$7.3M-$8.5M-$8.5M-$8.5M-$8.5M—
Gain (Loss), Foreign Currency Transaction, before Tax-$22.0M$6.0M$24.0M-$4.0M$0.0-$9.0M
Goodwill impairment losses$0.0$0.0$0.0$0.0$0.0—
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—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount$83.5M$56.5M$56.5M$56.5M$56.5M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount$750.0K-$250.0K-$250.0K-$250.0K-$250.0K—
Income Taxes Paid, Net$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M
Increase (Decrease) in Accounts and Other Receivables$37.0M$54.8M$54.8M$54.8M$54.8M—
Accounts payable and other current liabilities$27.5M$65.5M$65.5M$65.5M$65.5M—
Increase (decrease) in contract liabilities and current deferred income$6.5M$4.8M$4.8M$4.8M$4.8M—
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—
Increase (Decrease) in Other Operating Assets and Liabilities, Net—$6.0M$35.0M$70.0M—$70.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$250.0K$250.0K$250.0K$250.0K$250.0K—
Loss Contingency Accrual, Period Increase (Decrease)-$13.8M—————
Infringed web technology patents, number$0.8—————
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$49.0M$59.0M$44.0M$24.0M-$938.0M-$485.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$661.0M-$619.0M-$252.0M$335.0M-$654.0M$310.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$615.0M$367.0M$428.0M$513.0M$725.0M$481.0M
Operating Lease Payments$8.8M$8.5M$8.5M$8.5M$8.5M—
Payment for (Proceeds from) Other Investing Activity—$0.0-$2.0M$0.0-$56.0M-$2.0M
Payments to Acquire Businesses, Net of Cash Acquired$0.0$56.0M$0.0$0.0$0.0$0.0
Payments To Acquire Equity And Other Investments$26.0M$4.0M$71.0M$8.0M$16.0M$1.0M
Payment for Acquisition, Loan, Held-for-Investment$877.0M$805.0M$944.0M$996.0M$1.3B$1.3B
Payments to Acquire Property, Plant, and Equipment$4.0M$4.0M$6.0M$6.0M$10.0M$5.0M
Maturities of convertible senior notes$0.0-$260.8M-$260.8M-$260.8M-$260.8M—
Repayments and sales of loans$775.0M$637.0M$767.0M$849.0M$1.2B$1.0B
Cash received from option exercises$49.0M$59.0M$44.0M$24.0M$105.0M$6.0M
Net additions (releases) charged to costs and expenses$52.0M$43.0M$44.0M$102.0M$41.0M$48.0M
Revenue Related To Non-Cash Consideration$19.0M$13.0M$12.0M$12.0M$12.0M$12.0M
Right Of Use Asset Obtained In Exchange For Operating Lease Liability$1.8M$250.0K$250.0K$250.0K$250.0K—
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
Other Comprehensive Income (Loss)$1.3B-$678.0M$917.0M$258.0M$745.0M-$586.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.01$-0.53$0.70$0.20$0.57$-0.45
Diluted earnings per share$0.99$-0.53$0.69$0.20$0.57$-0.45
Weighted-average shares, basic852.1K1.3B1.3B1.3B1.2M1.3B
Weighted-average shares, diluted1.1M1.3B1.3B1.3B—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 (Loss) from Continuing Operations Before Income Taxes, Domestic$134.3M$112.5M$112.5M$112.5M$112.5M—
Income (Loss) from Continuing Operations Before Income Taxes, Foreign$422.8M$264.8M$264.8M$264.8M$264.8M—
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