Shopify Inc. (SHOP) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 3.17B | 3.67B | 2.84B | 2.68B | 2.36B | 2.81B | 2.16B | 2.04B | 1.86B | 2.14B | 1.71B | 1.69B | 1.51B | 1.73B | 1.37B | 1.29B | 1.2B | 1.38B | 1.12B | 1.12B |
| Revenue Growth % | 34.32% | 30.58% | 31.54% | 31.05% | 26.81% | 31.16% | 26.14% | 20.72% | 23.41% | 23.58% | 25.48% | 30.81% | 25.25% | 25.72% | 21.56% | 15.68% | 21.78% | 41.14% | 46.43% | 56.71% |
| Cost of Goods Sold | 1.62B | 1.98B | 1.45B | 1.38B | 1.19B | 1.46B | 1.04B | 1B | 904M | 1.08B | 813M | 859M | 791M | 936.47M | 704M | 639M | 566M | 687.37M | 514.83M | 498.58M |
| COGS % of Revenue | 51.23% | 53.89% | 51.09% | 51.42% | 50.47% | 51.92% | 48.29% | 48.9% | 48.58% | 50.47% | 47.43% | 50.71% | 52.45% | 53.98% | 51.54% | 49.34% | 47.01% | 49.81% | 45.81% | 44.54% |
| Gross Profit | 1.55B | 1.69B | 1.39B | 1.3B | 1.17B | 1.35B | 1.12B | 1.04B | 957M | 1.06B | 901M | 835M | 717M | 798.51M | 662M | 656M | 638M | 692.66M | 608.91M | 620.86M |
| Gross Margin % | 48.77% | 46.11% | 48.91% | 48.58% | 49.53% | 48.08% | 51.71% | 51.1% | 51.42% | 49.53% | 52.57% | 49.29% | 47.55% | 46.02% | 48.46% | 50.66% | 52.99% | 50.19% | 54.19% | 55.46% |
| Gross Profit Growth % | 32.25% | 25.22% | 24.42% | 24.59% | 22.15% | 27.31% | 24.08% | 25.15% | 33.47% | 33% | 36.1% | 27.29% | 12.38% | 15.28% | 8.72% | 5.66% | 14.19% | 37.33% | 50.29% | 65.55% |
| Operating Expenses | 1.16B | 1.06B | 1.05B | 1.01B | 966M | 887M | 835M | 804M | 871M | 773M | 779M | 2.47B | 910M | 987.26M | 1.01B | 846M | 736M | 678.25M | 613.01M | 481.42M |
| OpEx % of Revenue | 36.72% | 28.92% | 36.85% | 37.72% | 40.93% | 31.54% | 38.62% | 39.32% | 46.8% | 36.05% | 45.45% | 145.87% | 60.34% | 56.9% | 73.79% | 65.33% | 61.13% | 49.15% | 54.55% | 43.01% |
| Selling, General & Admin | 611M | 558M | 525M | 537M | 514M | 460M | 445M | 413M | 485M | 417M | 432M | 452M | 410M | 512.39M | 557M | 457M | 412M | 376.53M | 366.67M | 279.88M |
| SG&A % of Revenue | 19.27% | 15.2% | 18.46% | 20.04% | 21.78% | 16.36% | 20.58% | 20.2% | 26.06% | 19.45% | 25.2% | 26.68% | 27.19% | 29.53% | 40.78% | 35.29% | 34.22% | 27.28% | 32.63% | 25% |
| Research & Development | 437M | 390M | 375M | 394M | 377M | 351M | 332M | 349M | 335M | 311M | 313M | 648M | 458M | 440.55M | 412M | 347M | 304M | 273.91M | 221.03M | 183.56M |
| R&D % of Revenue | 13.79% | 10.62% | 13.19% | 14.7% | 15.97% | 12.48% | 15.36% | 17.07% | 18% | 14.51% | 18.26% | 38.25% | 30.37% | 25.39% | 30.16% | 26.8% | 25.25% | 19.85% | 19.67% | 16.4% |
| Other Operating Expenses | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 382M | 631M | 343M | 291M | 203M | 465M | 283M | 241M | 86M | 289M | 122M | -1.64B | -193M | -188.75M | -346M | -190M | -98M | 14.4M | -4.1M | 139.44M |
| Operating Margin % | 12.05% | 17.18% | 12.06% | 10.86% | 8.6% | 16.54% | 13.09% | 11.78% | 4.62% | 13.48% | 7.12% | -96.58% | -12.8% | -10.88% | -25.33% | -14.67% | -8.14% | 1.04% | -0.36% | 12.46% |
| Operating Income Growth % | 88.18% | 35.7% | 21.2% | 20.75% | 136.05% | 60.9% | 131.97% | 114.73% | 144.56% | 253.11% | 135.26% | -761.05% | -96.94% | -1410.39% | -8336.97% | -236.26% | -182.42% | -87.2% | -108.11% | 48998.94% |
| EBITDA | 382M | 638M | 351M | 299M | 211M | 473M | 291M | 251M | 96M | 299M | 135M | -1.62B | -163M | -158.93M | -317M | -174M | -81M | 36.65M | 9.5M | 154.1M |
| EBITDA Margin % | 12.05% | 17.37% | 12.34% | 11.16% | 8.94% | 16.82% | 13.46% | 12.27% | 5.16% | 13.95% | 7.88% | -95.57% | -10.81% | -9.16% | -23.21% | -13.44% | -6.73% | 2.66% | 0.85% | 13.77% |
| EBITDA Growth % | 81.04% | 34.88% | 20.62% | 19.12% | 119.79% | 58.19% | 115.56% | 115.5% | 158.9% | 288.14% | 142.59% | -830.46% | -101.23% | -533.69% | -3435.79% | -212.91% | -160.13% | -71.91% | -86.11% | 662.32% |
| D&A (Non-Cash Add-back) | 0 | 7M | 8M | 8M | 8M | 8M | 8M | 10M | 10M | 10M | 13M | 17M | 30M | 29.82M | 29M | 16M | 17M | 22.24M | 13.6M | 14.66M |
| EBIT | 382M | 511M | 308M | 371M | 278M | 541M | 341M | 283M | 86M | 289M | 122M | -296M | -193M | -614.32M | -346M | -190M | -98M | -490.18M | 1.34B | 919.6M |
| Net Interest Income | 75M | 79M | 81M | 106M | 65M | 72M | 77M | 80M | 79M | 68M | 63M | 58M | 52M | 38.68M | 18.88M | 11.54M | 5.38M | 4.04M | 3.64M | 2.22M |
| Interest Income | 75M | 79M | 81M | 106M | 65M | 72M | 77M | 80M | 79M | 68M | 63M | 58M | 52M | 39.56M | 19.71M | 12.4M | 6.27M | 4.92M | 4.52M | 3.09M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 880.33K | 827.73K | 861.6K | 884.73K | 875.04K | 872K | 862.62K |
| Other Income/Expense | -1.02B | 261M | -35M | 788M | -973M | 956M | 577M | -38M | -342M | 393M | 606M | 335M | 269M | -425.86M | 188M | -1.01B | -1.55B | -503.12M | 1.34B | 779.87M |
| Pretax Income | -634M | 892M | 308M | 1.08B | -770M | 1.42B | 860M | 203M | -256M | 682M | 728M | -1.3B | 76M | -614.61M | -158M | -1.2B | -1.65B | -488.72M | 1.34B | 919.32M |
| Pretax Margin % | -20% | 24.29% | 10.83% | 40.26% | -32.63% | 50.53% | 39.78% | 9.93% | -13.76% | 31.81% | 42.47% | -76.8% | 5.04% | -35.42% | -11.57% | -92.51% | -137.29% | -35.41% | 119.28% | 82.12% |
| Income Tax | -53M | 149M | 44M | 173M | -88M | 128M | 32M | 32M | 17M | 25M | 10M | 10M | 8M | 9.09M | 1M | 6M | -179M | -117.41M | 192.02M | 40.22M |
| Effective Tax Rate % | 8.36% | 16.7% | 14.29% | 16.03% | 11.43% | 9.01% | 3.72% | 15.76% | -6.64% | 3.67% | 1.37% | -0.77% | 10.53% | -1.48% | -0.63% | -0.5% | 10.83% | 24.02% | 14.33% | 4.38% |
| Net Income | -581M | 743M | 264M | 906M | -682M | 1.29B | 828M | 171M | -273M | 657M | 718M | -1.31B | 68M | -623.69M | -159M | -1.2B | -1.47B | -371.31M | 1.15B | 879.09M |
| Net Margin % | -18.33% | 20.23% | 9.28% | 33.81% | -28.9% | 45.98% | 38.3% | 8.36% | -14.67% | 30.64% | 41.89% | -77.39% | 4.51% | -35.95% | -11.64% | -92.97% | -122.43% | -26.91% | 102.2% | 78.53% |
| Net Income Growth % | 14.81% | -42.54% | -68.12% | 429.82% | -149.82% | 96.8% | 15.32% | 113.04% | -501.47% | 205.34% | 551.57% | -8.89% | 104.61% | -67.97% | -113.84% | -236.96% | -217.13% | -399.75% | 501.06% | 2342.06% |
| Net Income (Continuing) | -581M | 743M | 264M | 906M | -682M | 1.29B | 828M | 171M | -273M | 657M | 718M | -1.31B | 68M | -623.69M | -159M | -1.2B | -1.47B | -371.31M | 1.15B | 879.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | 0.58 | 0.20 | 0.69 | -0.53 | 1.00 | 0.64 | 0.13 | -0.21 | 0.51 | 0.55 | -1.02 | 0.05 | -0.49 | -0.12 | -0.95 | -1.17 | -0.30 | 0.90 | 0.69 |
| EPS Growth % | 15.09% | -42% | -68.75% | 430.77% | -152.38% | 96.08% | 16.36% | 112.75% | -499.24% | 204.08% | 558.33% | -7.37% | 104.5% | -63.33% | -113.33% | -237.68% | -218.18% | -403.95% | 500% | 2254.95% |
| EPS (Basic) | -0.45 | 0.58 | 0.20 | 0.70 | -0.53 | 1.00 | 0.64 | 0.13 | -0.21 | 0.51 | 0.56 | -1.02 | 0.05 | -0.49 | -0.12 | -0.95 | -1.17 | -0.29 | 0.92 | 0.71 |
| Diluted Shares Outstanding | 1.3B | 1.3B | 1.31B | 1.31B | 1.3B | 1.29B | 1.3B | 1.3B | 1.29B | 1.3B | 1.3B | 1.28B | 1.29B | 1.27B | 1.27B | 1.26B | 1.26B | 1.26B | 1.28B | 1.27B |
| Basic Shares Outstanding | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.29B | 1.29B | 1.29B | 1.29B | 1.29B | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.26B | 1.26B | 1.26B | 1.25B | 1.25B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |