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Shopify SHOP Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

Oneok logo
OneokOKE
8.6%-0.2pp
Rithm Capital logo
Rithm CapitalRITM
3.2%0.0pp
Citigroup logo
CitigroupC
32.6%+2.0pp
Morgan Stanley logo
Morgan StanleyMS
16.9%+0.4pp
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
20.5%-0.7pp
American Express logo
American ExpressAXP
49.1%-10.0pp

Other financials

Income statement

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Revenue$3.2B+34.3%
Gross profit$1.5B+32.2%
Operating income$382.0M+88.2%
Net income-$581.0M+14.8%
EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%
Total debt$179.0M-84.3%
Total equity$12.5B+13.1%
Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%
CapEx$5.0M+25.0%
Free cash flow$476.0M+31.1%

Valuation

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Market cap$152.02B-6.4%
Enterprise value$150.35B-7.2%
P/E114.1×+44.9×
P/S12.3×-3.9×

Profitability

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Gross margin48%-2.0pp
Operating margin13.3%+0.6pp
Net margin10.8%-6.4pp
FCF margin17.1%-1.3pp

Returns & leverage

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Return on equity11.3%-4.8pp
Debt / equity0×-0.1×
Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

$179.0Mtotal debt+$12.5Btotal stockholders equity−$1.8Bcash and equivalents=$10.83B

The source filing: Shopify’s 10-Q, filed May 5, 2026. Open the filing →

Filed
May 5, 2026, 7:19 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001594805-26-000019

FAQ

What is Shopify's invested capital?
Shopify (SHOP) reported invested capital of $10.83B in Q1 2026.
How has Shopify's invested capital changed year-over-year?
Shopify's invested capital decreased by 0.4% year-over-year, from $10.88B to $10.83B.
What is the long-term trend for Shopify's invested capital?
Over 2 years (2023 to 2025), Shopify's invested capital has grown at a 23.9% compound annual growth rate (CAGR), from $7.89B to $12.12B.
What does invested capital mean?
Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

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