What is Shopify's retained earnings?

Shopify (SHOP) reported retained earnings of $2.28B in Q1 2026.

How has Shopify's retained earnings changed year-over-year?

Shopify's retained earnings increased by 140.7% year-over-year, from $947M to $2.28B.

What is the long-term trend for Shopify's retained earnings?

Over 2 years (2023 to 2025), Shopify's retained earnings has grown at a 170.8% compound annual growth rate (CAGR), from -$390M to $2.86B.

What does retained earnings mean?

Cumulative net income earned since inception minus all dividends paid — the total profits reinvested in the business over its lifetime.

Shopify SHOP Retained Earnings

Retained Earnings at other companies

AdobeADBE

$48.77B+16.8%

eBayEBAY

$39.67B+3.5%

SalesforceCRM

$23.95B+36.8%

Global PaymentsGPN

$4.07B-18.9%

EtsyETSY

-$2.48B-22.4%

BlockXYZ

$3.37B+31.5%

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$169.06B+4.4%

Enterprise value$167.39B+3.6%

P/E126.9×+57.8×

P/S13.7×-2.5×

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

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:RetainedEarningsAccumulatedDeficit.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's retained earnings?: Shopify (SHOP) reported retained earnings of $2.28B in Q1 2026.
How has Shopify's retained earnings changed year-over-year?: Shopify's retained earnings increased by 140.7% year-over-year, from $947M to $2.28B.
What is the long-term trend for Shopify's retained earnings?: Over 2 years (2023 to 2025), Shopify's retained earnings has grown at a 170.8% compound annual growth rate (CAGR), from -$390M to $2.86B.
What does retained earnings mean?: Cumulative net income earned since inception minus all dividends paid — the total profits reinvested in the business over its lifetime.