Canadian multinational e-commerce company providing platform for online stores and retail point-of-sale systems to merchants worldwide.
Profile & Fundamentals
Shopify: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Shopify Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition, the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions, as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa, Canada.
Company profile record
Shopify Inc
Common Stock · Information Technology · Application Software
Company
- Company / asset
- Shopify Inc
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Application Software
- HQ
- 🇨🇦 Canada
- Head office
- 151 O'Connor Street, Ottawa, ON, Canada, K2P 2L8
Leadership & scale
- Chief executive
- Mr. Tobias Lutke
- CEO year born
- 1981
- Full-time employees
- 7.6K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- CAD 303.4B
- P/E
- 109.6x
- Revenue (Q2 26)
- USD 3.6B
- Profit (Q2 26)
- USD 1.5B
- Dividend Yield
- --
- Revenue (FY 25)
- USD 11.8B
- Shares in public float
- 1.2B
- Insider ownership
- 0.23%
Reporting & identifiers
- Symbol
- SHOP.TSX
- Listing
- 🇨🇦 Canada | Dividend Tax: 25%
- Ticker Currency
- CAD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- CA82509L1076
- Asset ID
- equity_ac0356e5-8b2f-56a5-a533-384ef6afd627
Ownership
Shares Outstanding
Latest: 1.3B | Max: 1.3B | Min: 995.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
92.91%
1.2B latest reported shares
Insider Ownership
0.23%
Latest reported insider stake
Short Float
0.01%
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 995,517,900 |
| 2018-01-01 | 1,077,345,000 |
| 2019-01-01 | 1,160,272,400 |
| 2020-01-01 | 1,254,549,200 |
| 2021-01-01 | 1,257,347,600 |
| 2022-01-01 | 1,273,338,800 |
| 2023-01-01 | 1,297,295,600 |
| 2024-01-01 | 1,304,787,900 |
| 2025-01-01 | 1,303,904,300 |
| 2026-01-01 | 1,297,941,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's core business engine is running at full throttle. Sales climbed 32.4% in fiscal 2025 to $11.76 billion and expanded further across mid-2026, driven by high merchant volumes and expanding payment processing. Operating income underwent an impressive turnaround, proving that the software platform can scale efficiently without runaway overhead expenses. However, headline net income figures tell a confusing story due to large accounting swings in strategic stock holdings. Beneath that market noise, recurring cash flow tells the authentic tale: trailing free cash flow reached $2.36 billion, demonstrating genuine cash generation that reliably powers ongoing corporate operations.
The company's core business engine is running at full throttle. Sales climbed 32.4% in fiscal 2025 to $11.76 billion and expanded further across mid-2026, driven by high merchant volumes and expanding payment processing. Operating income underwent an impressive turnaround, proving that the software platform can scale efficiently without runaway overhead expenses. However, headline net income figures tell a confusing story due to large accounting swings in strategic stock holdings. Beneath that market noise, recurring cash flow tells the authentic tale: trailing free cash flow reached $2.36 billion, demonstrating genuine cash generation that reliably powers ongoing corporate operations.
Revenue, Net Income, and Free Cash Flow
Latest: USD 11.8B | Max: USD 11.8B | Min: USD -3.5B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: >100x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability presents a fascinating contrast between gross and operating margins. Operating margins rebounded dramatically from negative territory during the logistics buildout to reach 16.36% in fiscal 2025, driven by strict headcount discipline and platform scalability. Fixed development expenses now spread across hundreds of billions in merchant sales. Conversely, gross margins softened from over 50% toward 47.9% in 2025 as payment processing surged. Fast-growing payment transaction fees carry non-negotiable bank processing costs, permanently keeping gross margins lower than pure subscription software. Fortunately, expanding gross profit dollars comfortably compensate for percentage dilution, keeping overall profitability compounding healthy.
Profitability presents a fascinating contrast between gross and operating margins. Operating margins rebounded dramatically from negative territory during the logistics buildout to reach 16.36% in fiscal 2025, driven by strict headcount discipline and platform scalability. Fixed development expenses now spread across hundreds of billions in merchant sales. Conversely, gross margins softened from over 50% toward 47.9% in 2025 as payment processing surged. Fast-growing payment transaction fees carry non-negotiable bank processing costs, permanently keeping gross margins lower than pure subscription software. Fortunately, expanding gross profit dollars comfortably compensate for percentage dilution, keeping overall profitability compounding healthy.
Profitability Margins
Latest: 47.9% | Max: 63.2% | Min: -61.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
47.9%
Gross profit / revenue
Operating Margin
16.4%
Operating income / revenue
Net Margin
10.7%
Net income / revenue
FCF Margin
17.4%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 389,330,000 | -35,355,000 | -12,219,000 |
| 2017-12-31 | 673,304,000 | -39,995,000 | -16,361,000 |
| 2018-12-31 | 1,073,229,000 | -64,553,000 | -32,221,000 |
| 2019-12-31 | 1,578,173,000 | -124,842,000 | 8,218,000 |
| 2020-12-31 | 2,929,491,000 | 319,509,000 | 382,963,000 |
| 2021-12-31 | 4,611,856,000 | 2,914,659,000 | 453,640,000 |
| 2022-12-31 | 5,600,000,000 | -3,460,000,000 | -186,000,000 |
| 2023-12-31 | 7,060,000,000 | 132,000,000 | 905,000,000 |
| 2024-12-31 | 8,880,000,000 | 2,019,000,000 | 1,597,000,000 |
| 2025-12-31 | 11,758,294,000 | 1,252,549,000 | 2,042,133,604 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 169.3 | Trailing four quarters |
| 2024-12-31 | 68.66 | Trailing four quarters |
| 2023-12-31 | 768.07 | Trailing four quarters |
| 2021-12-31 | 596.3 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 53.81 | -9.55 | -9.08 | -3.14 |
| 2017-12-31 | 56.48 | -7.3 | -5.94 | -2.43 |
| 2018-12-31 | 55.56 | -8.56 | -6.01 | -3 |
| 2019-12-31 | 54.85 | -8.94 | -7.91 | 0.52 |
| 2020-12-31 | 52.62 | 3.08 | 10.91 | 13.07 |
| 2021-12-31 | 53.8 | 5.83 | 63.2 | 9.84 |
| 2022-12-31 | 49.18 | -14.68 | -61.79 | -3.32 |
| 2023-12-31 | 49.79 | 3.68 | 1.87 | 12.82 |
| 2024-12-31 | 50.36 | 12.11 | 22.74 | 17.98 |
| 2025-12-31 | 47.88 | 16.36 | 10.65 | 17.37 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-10-01.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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