Income StatementBalance SheetCash FlowSegments
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Shopify Business Segments

Business, geographic, and product segment breakdowns

Shopify generates $12.4B in annual revenue across 2 key segments: Merchant solutions ($9.5B), and Subscription solutions ($2.9B). The company-wide operating margin is 13.32%. Based on the Q1 2026 filing.

Merchant solutions (TTM)$9.5BSubscription solutions (TTM)$2.9B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$133.66B
P/E Ratio100.34
ROE11.31%

Products & Services

Cost of revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Merchant solutions$1.3B$1.1B$1.3B$1.3B$1.8B$1.5B
Subscription solutions$134.0M$123.0M$121.0M$128.0M$148.0M$148.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Merchant solutions$2.1B$1.7B$2.0B$2.1B$2.9B$2.4B
Subscription solutions$666.0M$620.0M$656.0M$699.0M$777.0M$750.0M

Geographic

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe—$461.0M———$653.0M
APAC$270.0M$240.0M$265.0M$282.0M$341.0M$312.0M
Rest Of World—$41.0M———$57.0M

Revenues (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe—20.0%———21.0%
APAC—10.0%10.0%10.0%—10.0%
Rest Of World—1.0%———1.0%