Shopify Inc.

NasdaqGS:SHOP Stock Report

Market Cap: US$190.5b

Shopify Past Earnings Performance

Past criteria checks 3/6

Shopify has been growing earnings at an average annual rate of 6.4%, while the IT industry saw earnings growing at 6.9% annually. Revenues have been growing at an average rate of 24.1% per year. Shopify's return on equity is 14.2%, and it has net margins of 16.7%.

Key information

6.40%

Earnings growth rate

5.26%

EPS growth rate

IT Industry Growth22.43%
Revenue growth rate24.13%
Return on equity14.24%
Net Margin16.65%
Last Earnings Update30 Sep 2025

Recent past performance updates

Recent updates

Shopify: Payments Acceleration, GMV Expansion, And Global Opportunity

Nov 04

Optimistic Investors Push Shopify Inc. (NASDAQ:SHOP) Shares Up 33% But Growth Is Lacking

Aug 11
Optimistic Investors Push Shopify Inc. (NASDAQ:SHOP) Shares Up 33% But Growth Is Lacking
User avatar

Global Entrepreneurship And Online Retail Will Unlock Future Expansion

Global ecommerce trends, international expansion, and platform localization are driving strong merchant growth, revenue diversification, and improved onboarding for Shopify.

Returns Are Gaining Momentum At Shopify (NASDAQ:SHOP)

Apr 23
Returns Are Gaining Momentum At Shopify (NASDAQ:SHOP)

Shopify: Why Holding The Line Still Makes Sense Amid Market Uncertainty

Apr 19

Shopify Inc.'s (NASDAQ:SHOP) 28% Cheaper Price Remains In Tune With Revenues

Apr 05
Shopify Inc.'s (NASDAQ:SHOP) 28% Cheaper Price Remains In Tune With Revenues

Shopify: Don't Overthink The Buying Opportunity

Mar 30

Shopify: The Price Of Perfection

Mar 21

Shopify's Growth Story: Direct-To-Consumer Enabler For Independent Brands

Feb 18

Shopify Inc. (NYSE:SHOP) Stocks Shoot Up 26% But Its P/S Still Looks Reasonable

Feb 14
Shopify Inc. (NYSE:SHOP) Stocks Shoot Up 26% But Its P/S Still Looks Reasonable

Shopify: Raising My Price Target On Accelerating Growth

Feb 12

Shopify Should Beat Q4 Earnings, But Tariff Risks Are A Concern

Feb 04

Shopify: Outperforming Even My Most Bullish Expectations

Jan 13

Shareholders Should Be Pleased With Shopify Inc.'s (NYSE:SHOP) Price

Dec 30
Shareholders Should Be Pleased With Shopify Inc.'s (NYSE:SHOP) Price

Growing Top-Line One Merchant At A Time: Shopify - Initiating With A Buy

Dec 24

Is Shopify (NYSE:SHOP) A Risky Investment?

Dec 14
Is Shopify (NYSE:SHOP) A Risky Investment?

Shopify Stock Is A Black Friday Beneficiary That Faces Key Test In Q4

Dec 10

Shopify: Wait For The Buy Zone

Nov 22
User avatar

Narrative update from Goran Damchevski

Shopify is executing on its core business and growing above my 18% estimates.

Can Shopify Re-Rate Higher After The Q3 2024 Earnings Outperformance Rally?

Nov 12

Shopify: One Of The Best E-Commerce Platforms But Too Expensive

Oct 28

Shopify: More Upside Ahead, But Look For Exits Soon (Rating Downgrade)

Oct 16

Shopify: There Is A Light At The End Of The Tunnel (Rating Upgrade)

Oct 03

How Shopify Is Disrupting Lending And Driving Massive Stock Growth

Sep 27

Shopify: Optimistic Guidance Drives A Sharp Rise In Stock Price

Sep 13

Shopify Continues Increasing Operating Income

Sep 06
User avatar

Expanding Global Reach And Product Suite Positions Company For Robust Revenue Surge

Shopify's expansion in international markets and product ranges is significantly growing its global market share, promising higher revenue.

Shopify's Unseen Advantage: Strong Earnings In A Weak Consumer Environment

Aug 22

Shopify: Strong Returns Still Ahead, Buy Before It's Too Late

Aug 16

Shopify: Solid Value For Growth Investors

Aug 09

Revenue & Expenses Breakdown

How Shopify makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqGS:SHOP Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
30 Sep 2510,6961,7812,0101,476
30 Jun 2510,0142,3451,9351,435
31 Mar 259,3791,6101,8781,392
31 Dec 248,8802,0191,8511,351
30 Sep 248,2121,3831,8781,423
30 Jun 247,7641,2731,7591,294
31 Mar 247,413-2091,6961,490
31 Dec 237,0601321,6221,612
30 Sep 236,651-1,1481,4461,624
30 Jun 236,303-2,0251,6791,833
31 Mar 235,904-1,9181,7301,637
31 Dec 225,600-3,4601,7311,485
30 Sep 225,245-3,2081,7961,323
30 Jun 225,003-1,9011,5581,125
31 Mar 224,8271821,379956
31 Dec 214,6122,9151,217819
30 Sep 214,2103,4101,060699
30 Jun 213,8532,452937623
31 Mar 213,4481,609854570
31 Dec 202,929320804518
30 Sep 202,457196767470
30 Jun 202,080-67724423
31 Mar 201,728-132683382
31 Dec 191,578-125627355
30 Sep 191,417-127567310
30 Jun 191,296-78533283
31 Mar 191,179-73493254
31 Dec 181,073-65454226
30 Sep 18952-66412199
30 Jun 18854-52370174
31 Mar 18760-42326153
31 Dec 17673-40291133
30 Sep 17581-46258118
30 Jun 17509-46225101
31 Mar 17444-4019586
31 Dec 16389-3517273
30 Sep 16329-3314961
30 Jun 16282-2812952
31 Mar 16241-2310944
31 Dec 15205-199038
30 Sep 15170-177533
30 Jun 15145-176629
31 Mar 15124-206127
31 Dec 14105-225526

Quality Earnings: SHOP has a large one-off gain of $514.0M impacting its last 12 months of financial results to 30th September, 2025.

Growing Profit Margin: SHOP's current net profit margins (16.7%) are lower than last year (16.8%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: SHOP's earnings have grown by 6.4% per year over the past 5 years.

Accelerating Growth: SHOP's earnings growth over the past year (28.8%) exceeds its 5-year average (6.4% per year).

Earnings vs Industry: SHOP earnings growth over the past year (28.8%) exceeded the IT industry 11.6%.

Return on Equity

High ROE: SHOP's Return on Equity (14.2%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/14 06:04
End of Day Share Price 2025/11/14 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Shopify Inc. is covered by 81 analysts. 48 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Oliver LesterArete Research Services LLP
Richard KramerArete Research Services LLP