Shopify SHOP Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Product | ||||||
| Merchant solutions | $2.42B+39.1% | $2.9B+34.9% | $2.15B+38.2% | $2.02B+36.6% | $1.74B+28.9% | |
| Subscription solutions | $750M+21.0% | $777M+16.7% | $699M+14.6% | $656M+16.5% | $620M+21.3% | |
| Cost of revenues by Product | ||||||
| Merchant solutions | $1.48B+38.2% | $1.83B+38.1% | $1.33B+41.6% | $1.26B+39.2% | $1.07B+32.0% | |
| Subscription solutions | $148M+20.3% | $148M+10.4% | $128M+18.5% | $121M+24.7% | $123M+29.5% | |
| Revenue by Geography | ||||||
| APAC | $312M+30.0% | $341M+26.3% | $282M+26.5% | $265M+30.5% | $240M+27.0% | |
| Europe | $653M+41.6% | —— | —— | —— | $461M— | |
| Rest Of World | $57M+39.0% | —— | —— | —— | $41M— | |
| Revenues (as a percent) by Geography | ||||||
| APAC | 10%0.0pp | —— | 10%0.0pp | 10%0.0pp | 10%0.0pp | |
| Europe | 21%+1.0pp | —— | —— | —— | 20%— | |
| Rest Of World | 1%0.0pp | —— | —— | —— | 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.
