Shopify SHOP Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Product | ||||||
| Merchant solutions | $9.48B+37.1% | $8.8B+34.8% | $8.06B+41.6% | $7.46B+37.1% | $6.92B+31.4% | |
| Subscription solutions | $2.88B+17.2% | $2.75B+17.1% | $2.64B+23.2% | $2.55B+28.1% | $2.46B+30.2% | |
| Cost of revenues by Product | ||||||
| Merchant solutions | $5.89B+39.1% | $5.48B+37.9% | $4.98B+44.4% | $4.59B+38.7% | $4.23B+32.2% | |
| Subscription solutions | $545M+18.0% | $520M+19.8% | $506M+30.2% | $486M+31.7% | $462M+28.2% | |
| Revenue by Geography | ||||||
| APAC | $1.2B+28.2% | $1.13B+27.5% | $1.06B+33.8% | $998M+34.6% | $936M+31.2% |
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.
