What is Shopify's revenue?

Shopify (SHOP) generated $12.4B in revenue over the trailing twelve months, up 31.9% year over year.

Is Shopify profitable?

Shopify reported $1.3B in net income over the trailing twelve months, a 10.8% net margin.

What are Shopify's profit margins?

Gross margin is 48.0% and operating margin is 13.3%, with a 10.8% net margin.

What is Shopify's earnings per share?

Shopify's diluted EPS over the trailing twelve months is $1.01.

Where does Shopify's income statement data come from?

Every line is extracted from Shopify's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.

Shopify SHOP Income Statement

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Total revenue	$12.37B+7.0%	$11.56B+8.0%	$10.7B+6.8%	$10.01B+6.8%	$9.38B+5.6%
Total cost of revenue	$6.43B+7.2%	$6B+9.5%	$5.48B+8.1%	$5.07B+8.1%	$4.7B+6.5%
Gross profit	$5.93B+6.8%	$5.56B+6.5%	$5.21B+5.5%	$4.94B+5.5%	$4.68B+4.7%
Gross margin	48%-0.1pp	48.1%-0.7pp	48.7%-0.6pp	49.3%-0.6pp	49.9%-0.4pp
Research and development	$1.6B+3.9%	$1.54B+2.6%	$1.5B+3.0%	$1.45B+3.2%	$1.41B+3.1%
Selling and marketing	$1.75B+5.5%	$1.66B+5.4%	$1.58B+5.3%	$1.5B+4.3%	$1.44B+3.2%
General and administrative	$477M+1.3%	$471M+2.8%	$458M+0.2%	$457M+15.7%	$395M-3.7%
Occupancy and equipment	——	$23M+8.2%	$21.25M+9.0%	$19.5M+9.9%	$17.75M+10.9%
Advertising	——	$753M+7.4%	$701.25M+8.0%	$649.5M+8.7%	$597.75M+9.5%
Depreciation and amortization	$30M-3.2%	$31M-3.1%	$32M0.0%	$32M-5.9%	$34M-5.6%
Goodwill impairment	——	$0—	$0—	$0—	$0—
Other operating expenses	$4.29B+4.8%	$4.09B+4.5%	$3.91B+5.8%	$3.7B+5.9%	$3.49B+2.8%
Total operating expenses	$4.29B+4.8%	$4.09B+4.5%	$3.91B+5.8%	$3.7B+5.9%	$3.49B+2.8%
Operating income	$1.65B+12.2%	$1.47B+12.7%	$1.3B+4.8%	$1.24B+4.2%	$1.19B+10.9%
Operating margin	13.3%+0.6pp	12.7%+0.5pp	12.2%-0.2pp	12.4%-0.3pp	12.7%+0.6pp
Other income (expense), net	-$2M-105%	$41M-94.4%	$736M-45.4%	$1.35B+158%	$522M-54.7%
Income from equity method investments	——	——	-$90M+7.2%	-$97M+17.1%	-$117M+15.2%
Income before income taxes	——	$1.51B-10.6%	$1.69B-9.6%	$1.87B-8.8%	$2.05B-8.1%
Income tax expense	$313M+12.6%	$278M+8.2%	$257M+4.9%	$245M+136%	$104M-50.2%
Net income	$1.33B+8.2%	$1.23B-30.9%	$1.78B-24.1%	$2.35B+45.7%	$1.61B-20.3%
Net margin	10.8%+0.1pp	10.7%-6.0pp	16.7%-6.8pp	23.4%+6.3pp	17.2%-5.6pp
Diluted earnings per share	$1.01+8.6%	$0.93-31.1%	$1.35-24.6%	$1.79+45.5%	$1.23-20.6%
Basic earnings per share	$1.02+8.5%	$0.94-31.9%	$1.38-24.2%	$1.82+45.6%	$1.25-20.4%
Weighted-average shares, diluted	5.2B+0.2%	5.2B+0.1%	5.2B+0.2%	5.2B+0.2%	5.2B+0.2%
Weighted-average shares, basic	5.2B+0.2%	5.2B+0.2%	5.2B+0.2%	5.2B+0.2%	5.2B+0.2%
Impairment on sales of Shopify's logistics businesses	——	$0—	$0—	$0—	$0—
Transaction and loan losses	$458M+9.8%	$417M+10.0%	$379M+31.1%	$289M+15.1%	$251M+10.6%
Net realized gain (loss) on equity and other investments	$36M+9.1%	$33M—	——	——	——
Net unrealized (loss) gain on equity and other investments	——	——	$526M-52.2%	$1.1B+224%	$340M-65.6%
Interest Income (Expense), Nonoperating	$341M+3.0%	$331M+2.2%	$324M+1.3%	$320M+8.8%	$294M-4.5%
Advertising costs	——	$753M+7.4%	$701.25M+8.0%	$649.5M+8.7%	$597.75M+9.5%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.33B+7.4%	$1.24B-30.3%	$1.78B-24.4%	$2.36B+46.5%	$1.61B-19.8%
Federal	——	$35M+17.6%	$29.75M+21.4%	$24.5M+27.3%	$19.25M+37.5%
Foreign	——	$193M+13.9%	$169.5M+16.1%	$146M+19.2%	$122.5M+23.7%
Current State And Local Tax Expense Benefit	——	$64M+21.9%	$52.5M+28.0%	$41M+39.0%	$29.5M+63.9%
Federal	——	-$1M-111%	$9.5M-52.5%	$20M-34.4%	$30.5M-25.6%
Deferred Foreign Income Tax Expense Benefit	——	$4M-11.1%	$4.5M-10.0%	$5M-9.1%	$5.5M-8.3%
Deferred taxes	——	-$14M-256%	$9M-71.9%	$32M-41.8%	$55M-29.5%
State	——	-$17M-240%	-$5M-171%	$7M-63.2%	$19M-38.7%
Depreciation	——	$18M-5.3%	$19M-5.0%	$20M-4.8%	$21M-4.5%
Impairment on sales of Shopify's logistics businesses	——	$0—	$0—	$0—	$0—
Effective tax rates	——	$0.18+13.9%	$0.16+16.2%	$0.14+19.3%	$0.12+23.9%
Income taxes at U.S. statutory rate of 21%	——	$0.150.0%	$0.150.0%	$0.150.0%	$0.150.0%
Effective Income Tax Rate Reconciliation, Cross-Border, Domestic Taxes On Foreign Earnings, Amount	——	$66M+2.3%	$64.5M+2.4%	$63M+2.4%	$61.5M+2.5%
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount	——	$0-100%	$3.25M-50.0%	$6.5M-33.3%	$9.75M-25.0%
Other	——	——	——	——	——
Domestic taxes on unrealized investment gains	——	——	——	——	——
Effective Income Tax Rate Reconciliation, Cross-Border, Unrealized Investment Gains, Amount	——	-$46M-142%	-$19M-338%	$8M-77.1%	$35M-43.5%
Domestic taxes on foreign earnings	——	——	——	——	——
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Percent	——	——	——	——	——
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Amount	——	$19M+33.3%	$14.25M+50.0%	$9.5M+100%	$4.75M—
Other	——	-$0-100%	-$0—	$0-100%	$0-50.0%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Loss On Derivative, Percent	——	——	——	——	——
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Unrealized Gain On Equity And Other Investments, Amount	——	-$34M-3.8%	-$32.75M-4.0%	-$31.5M-4.1%	-$30.25M-4.3%
Gain (Loss), Foreign Currency Transaction, before Tax	$11M-57.7%	$26M+550%	$4M-83.3%	$24M+1,100%	$2M+125%
Goodwill impairment losses	——	$0—	$0—	$0—	$0—
Impairment charge on leasehold improvements	——	$5M—	——	——	——
Income Loss From Continuing Operations Before Income Taxes Domestic	——	$450M-4.6%	$471.75M-4.4%	$493.5M-4.2%	$515.25M-4.1%
Income Loss From Continuing Operations Before Income Taxes Foreign	——	$1.06B-13.0%	$1.22B-11.5%	$1.38B-10.3%	$1.53B-9.3%
Federal taxes	——	$1M-42.9%	$1.75M-30.0%	$2.5M-23.1%	$3.25M-18.8%
State taxes	——	$43M+31.3%	$32.75M+45.6%	$22.5M+83.7%	$12.25M+513%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	——	$226M-10.7%	$253M-9.6%	$280M-8.8%	$307M-8.1%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	——	-$1M—	$0-100%	$1M-50.0%	$2M-33.3%
Income Taxes Paid, Net	$260M+34.0%	$194M+18.3%	$164M+5.8%	$155M+15.7%	$134M+15.5%
Increase (Decrease) in Accounts and Other Receivables	——	$219M+8.8%	$201.25M+9.7%	$183.5M+10.7%	$165.75M+12.0%
Accounts payable and other current liabilities	——	$262M+17.0%	$224M+20.4%	$186M+25.7%	$148M+34.5%
Increase (decrease) in contract liabilities and current deferred income	——	$19M-8.4%	$20.75M-7.8%	$22.5M-7.2%	$24.25M-6.7%
Increase (Decrease) in Finance Receivables	——	$141M+11.7%	$126.25M+13.2%	$111.5M+15.2%	$96.75M+18.0%
Increase (Decrease) in Other Operating Assets	——	$38M-18.3%	$46.5M-15.5%	$55M-13.4%	$63.5M-11.8%
Increase (Decrease) in Other Operating Assets and Liabilities, Net	——	——	——	——	——
Interest Paid, Excluding Capitalized Interest, Operating Activity	——	$1M0.0%	$1M0.0%	$1M0.0%	$1M0.0%
Lease Cost	——	$38M-1.9%	$38.75M-1.9%	$39.5M-1.9%	$40.25M-1.8%
Loss Contingency Accrual, Period Increase (Decrease)	——	——	——	——	——
Infringed web technology patents, number	——	——	——	——	——
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	-$1.36B-67.1%	-$811M-561%	$176M+11.4%	$158M+35.0%	$117M+91.8%
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	-$261M+78.1%	-$1.19B+0.6%	-$1.2B+40.3%	-$2.01B+7.9%	-$2.18B-37.3%
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	$2.15B+5.6%	$2.03B+5.7%	$1.92B+4.9%	$1.83B+5.0%	$1.75B+8.0%
Operating Lease Payments	——	$34M-0.7%	$34.25M-0.7%	$34.5M-0.7%	$34.75M-0.7%
Payment for (Proceeds from) Other Investing Activity	-$60M-3.4%	-$58M—	——	——	——
Payments to Acquire Businesses, Net of Cash Acquired	$0-100%	$56M0.0%	$56M-6.7%	$60M-30.2%	$86M+187%
Payments To Acquire Equity And Other Investments	$96M-3.0%	$99M-9.2%	$109M+3.8%	$105M-25.0%	$140M+2.2%
Payment for Acquisition, Loan, Held-for-Investment	$4.56B+13.6%	$4.01B+10.8%	$3.62B+4.4%	$3.47B+7.2%	$3.24B+7.7%
Payments to Acquire Property, Plant, and Equipment	$27M+3.8%	$26M+30.0%	$20M+25.0%	$16M-5.9%	$17M-10.5%
Maturities of convertible senior notes	——	-$1.04B-33.3%	-$782.25M-50.0%	-$521.5M-100%	-$260.75M—
Repayments and sales of loans	$3.84B+11.8%	$3.44B+13.4%	$3.03B+7.9%	$2.81B+6.6%	$2.63B+3.6%
Cash received from option exercises	$179M-22.8%	$232M+31.8%	$176M+11.4%	$158M+35.0%	$117M+91.8%
Net additions (releases) charged to costs and expenses	$235M+2.2%	$230M-4.6%	$241M+33.1%	$181M+11.0%	$163M+10.1%
Revenue Related To Non-Cash Consideration	$48M-2.0%	$49M-12.5%	$56M-11.1%	$63M-12.5%	$72M-23.4%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	——	$1M-60.0%	$2.5M-37.5%	$4M-27.3%	$5.5M-21.4%
Intrinsic value of stock options exercised	——	$956M+10.0%	$869.25M+11.1%	$782.5M+12.5%	$695.75M+14.2%
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions	——	$5M0.0%	$5M0.0%	$5M0.0%	$5M0.0%
Additions for tax positions of prior years	——	$5M+33.3%	$3.75M+50.0%	$2.5M+100%	$1.25M—
Variable Lease Cost	——	$15M-14.3%	$17.5M-12.5%	$20M-11.1%	$22.5M-10.0%
EBIT	$1.65B+12.2%	$1.47B+12.7%	$1.3B+4.8%	$1.24B+4.2%	$1.19B+10.9%
EBITDA	$1.68B+11.9%	$1.5B+12.4%	$1.33B+4.7%	$1.27B+3.9%	$1.23B+10.4%
EBITDA	$1.68B+11.9%	$1.5B+12.4%	$1.33B+4.7%	$1.27B+3.9%	$1.23B+10.4%
EBITDA margin	13.6%+0.6pp	13%+0.5pp	12.5%-0.3pp	12.7%-0.3pp	13.1%+0.6pp
EBIT	$1.65B+12.2%	$1.47B+12.7%	$1.3B+4.8%	$1.24B+4.2%	$1.19B+10.9%

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Questions, answered.

What is Shopify's revenue?: Shopify (SHOP) generated $12.4B in revenue over the trailing twelve months, up 31.9% year over year.
Is Shopify profitable?: Shopify reported $1.3B in net income over the trailing twelve months, a 10.8% net margin.
What are Shopify's profit margins?: Gross margin is 48.0% and operating margin is 13.3%, with a 10.8% net margin.
What is Shopify's earnings per share?: Shopify's diluted EPS over the trailing twelve months is $1.01.
Where does Shopify's income statement data come from?: Every line is extracted from Shopify's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.