Shopify has been growing earnings at an average annual rate of 10.3%, while the IT industry saw earnings growing at 10.6% annually. Revenues have been growing at an average rate of 23.2% per year. Shopify's return on equity is 10.7%, and it has net margins of 10.8%.
Key information
10.34%
Earnings growth rate
9.13%
EPS growth rate
IT Industry Growth
15.31%
Revenue growth rate
23.21%
Return on equity
10.66%
Net Margin
10.77%
Last Earnings Update
31 Mar 2026
Recent past performance updates
Recent updates
Revenue & Expenses Breakdown
How Shopify makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
BOVESPA:S2HO34 Revenue, expenses and earnings (USD Millions)
Date
Revenue
Earnings
G+A Expenses
R&D Expenses
31 Mar 26
12,366
1,332
2,206
1,576
31 Dec 25
11,556
1,231
2,107
1,515
30 Sep 25
10,696
1,781
2,010
1,476
30 Jun 25
10,014
2,345
1,935
1,435
31 Mar 25
9,379
1,610
1,878
1,392
31 Dec 24
8,880
2,019
1,851
1,351
30 Sep 24
8,212
1,383
1,878
1,423
30 Jun 24
7,764
1,273
1,759
1,294
31 Mar 24
7,413
-209
1,696
1,490
31 Dec 23
7,060
132
1,622
1,612
30 Sep 23
6,651
-1,148
1,446
1,624
30 Jun 23
6,303
-2,025
1,679
1,833
31 Mar 23
5,904
-1,918
1,730
1,637
31 Dec 22
5,600
-3,460
1,731
1,485
30 Sep 22
5,245
-3,208
1,796
1,323
30 Jun 22
5,003
-1,901
1,558
1,125
31 Mar 22
4,827
182
1,379
956
31 Dec 21
4,612
2,915
1,217
819
30 Sep 21
4,210
3,410
1,060
699
30 Jun 21
3,853
2,452
937
623
31 Mar 21
3,448
1,609
854
570
31 Dec 20
2,929
320
804
518
30 Sep 20
2,457
196
767
470
30 Jun 20
2,080
-67
724
423
31 Mar 20
1,728
-132
683
382
31 Dec 19
1,578
-125
627
355
30 Sep 19
1,417
-127
567
310
30 Jun 19
1,296
-78
533
283
31 Mar 19
1,179
-73
493
254
31 Dec 18
1,073
-65
454
226
30 Sep 18
952
-66
412
199
30 Jun 18
854
-52
370
174
31 Mar 18
760
-42
326
153
31 Dec 17
673
-40
291
133
30 Sep 17
581
-46
258
118
30 Jun 17
509
-46
225
101
31 Mar 17
444
-40
195
86
31 Dec 16
389
-35
172
73
30 Sep 16
329
-33
149
61
30 Jun 16
282
-28
129
52
31 Mar 16
241
-23
109
44
31 Dec 15
205
-19
90
38
30 Sep 15
170
-17
75
33
30 Jun 15
145
-17
66
29
Quality Earnings: S2HO34 has high quality earnings.
Growing Profit Margin: S2HO34's current net profit margins (10.8%) are lower than last year (17.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: S2HO34's earnings have grown by 10.3% per year over the past 5 years.
Accelerating Growth: S2HO34's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: S2HO34 had negative earnings growth (-17.3%) over the past year, making it difficult to compare to the IT industry average (9.3%).
Return on Equity
High ROE: S2HO34's Return on Equity (10.7%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
Data
Last Updated (UTC time)
Company Analysis
2026/05/21 09:31
End of Day Share Price
2026/05/20 00:00
Earnings
2026/03/31
Annual Earnings
2025/12/31
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.
* 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 82 analysts. 45 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.