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Shopify SHOP Q4 2025 Annual earnings

Reported February 11, 2026 · Before market open

Revenue$3.6BBeat by $34.4M
EPS$0.46Miss by $0.05
Revenue estimate$3.6B
EPS estimate$0.51

Next report

Nov 3, 2026 (in a month)
Revenue estimate$3.7B
EPS estimate$0.46

Financials

Q4 2025

Income statement

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Revenue$3.7B+30.6%
Gross profit$1.7B+25.2%
Operating income$631.0M+35.7%
Net income$614.0M-49.3%
EPS (diluted)$0.57-42.4%

Balance sheet

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Cash & equivalents$1.5B+3.1%
Total debt$188.0M-83.3%
Total equity$13.5B+16.6%
Total assets$15.2B+9.1%

Cash flow

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Operating cash flow$725.0M+17.9%
CapEx$10.0M+150%
Free cash flow$715.0M+17.0%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$209.56B+52.5%
Enterprise value$208.2B+52.0%
P/E182.9×+115×
P/S18.1×+2.7×

Profitability

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Gross margin48.1%-2.3pp
Operating margin12.7%+0.6pp
Net margin9.9%-12.8pp
FCF margin17.4%-0.6pp

Returns & leverage

See full
Return on equity9.2%-10.4pp
Debt / equity0×-0.1×
Current ratio6×+2.3×

Segments

By product

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Merchant solutions$2.9B+34.9%
Subscription solutions$777.0M+16.7%

FAQ

When did Shopify report Q4 2025 earnings?
Shopify (SHOP) reported Q4 2025 earnings on February 11, 2026 before market open.
What were Shopify's Q4 2025 revenue and EPS?
Shopify reported revenue of $3.6B and eps of $0.46 for Q4 2025.
Did Shopify beat estimates in Q4 2025?
Revenue beat the consensus estimate of $3.6B by $34.4M. EPS missed the consensus estimate of $0.51 by $0.05.
How did Shopify's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 29.4% from $2.8B a year earlier and eps grew 4.5% from $0.44.
Where can I find Shopify's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001594805-26-000006) and the 10-K periodic report (0001594805-26-000007) directly on SEC EDGAR. The filing index links above go to sec.gov.