Shopify SHOP Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Product | ||||||
| Merchant solutions | $2.42B-16.4% | $2.9B+35.0% | $2.15B+6.0% | $2.02B+16.3% | $1.74B-18.9% | |
| Subscription solutions | $750M-3.5% | $777M+11.2% | $699M+6.6% | $656M+5.8% | $620M-6.9% | |
| Cost of revenues by Product | ||||||
| Merchant solutions | $1.48B-19.4% | $1.83B+38.2% | $1.33B+5.4% | $1.26B+17.7% | $1.07B-19.5% | |
| Subscription solutions | $148M0.0% | $148M+15.6% | $128M+5.8% | $121M-1.6% | $123M-8.2% | |
| Revenue by Geography | ||||||
| APAC | $312M-8.5% | $341M+20.9% | $282M+6.4% | $265M+10.4% | $240M-11.1% | |
| Europe | $653M— | —— | —— | —— | $461M— | |
| Rest Of World | $57M— | —— | —— | —— | $41M— | |
| Revenues (as a percent) by Geography | ||||||
| APAC | 10%— | —— | 10%0.0pp | 10%0.0pp | 10%— | |
| Europe | 21%— | —— | —— | —— | 20%— | |
| Rest Of World | 1%— | —— | —— | —— | 1%— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Shopify break its business down?
- Shopify (SHOP) reports revenue by product across 2 parts — Merchant solutions and Subscription solutions. Each is extracted from the segment footnotes and tracked over time.
- Where does Shopify's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Shopify's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
