Shopify
Shopify provides essential internet infrastructure for commerce.
10-K, Feb 11, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Business
How does Shopify make money?
Service is 76.2% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001594805-26-000007 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($11.6B).
- Service: $8.8B · 76.2%
- Subscription And Circulation: $2.8B · 23.8%
What is left of every $100?
Of every $100 in revenue, $11 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $11.6B
- Gross profit: $5.6B
- Operating income: $1.5B
- Net income: $1.2B
- Free cash flow: $2.0B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“Shopify's all-in-one platform makes it easier to start, run and grow a business, powering sales online, in store, and everywhere in between.”
“Shopify's mission is to make commerce better for everyone with a platform and services that are engineered for speed, customization, reliability and security, while delivering a better shopping experience for consumers everywhere.”
“Shopify's business is designed to empower our merchants by offering a comprehensive, multi-channel commerce platform that supports their business as it grows.”
Item 1 · Business · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Where did the growth actually come from?
Service drove 79% of Shopify’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
R&D investment
“Research and development expenses increased for the year ended December 31, 2025 compared to the same period in 2024, due to increases of $105 million in employee-related costs and $61 million in computer hardware and software costs.”
Item 7 · MD&A · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Merchant solutions revenue +35%: no stored value to check the quoted number against.
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 30% to $11.6B.
Revenue grew 34% YoY to $3.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 100.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
12.7% operating margin, up from 12.1%.
48.1% gross margin, down from 50.4%.
Operating income grew 37% to $1.5B.
Net income fell 39% to $1.2B.
R&D grew 12% to $1.5B.
SG&A grew 18% to $2.1B.
EPS diluted fell 39% to $0.94.
13.6% operating margin, up from 10.9%.
47.7% gross margin, down from 48.6%.
Operating income grew 68% YoY to $488M.
Net income grew 66% YoY to $1.5B.
R&D grew 13% YoY to $445M.
SG&A grew 18% YoY to $634M.
EPS diluted grew 68% YoY to $1.16.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $17 of every $100 as free cash.
Operating cash flow grew 26% to $2.0B.
Capex grew 37% to $26.0M.
Stock-based compensation grew 4.4% to $449M.
Free cash flow grew 55% YoY to $654M.
Operating cash flow grew 54% YoY to $658M.
Capex fell 33% YoY to $4.0M.
Buybacks: $1.4B in FY2026 Q2.
Stock-based compensation grew 13% YoY to $128M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $1.5B; debt not reported.
Total debt: $918M (latest: FY2024).
Total assets grew 9.1% to $15.2B.
Equity grew 17% to $13.5B.
Cash grew 7.4% YoY to $1.7B.
Total debt grew 0.2% YoY to $918M.
Total assets fell 0.6% YoY to $14.5B.
Equity grew 4.6% YoY to $12.7B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Shopify depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Shopify annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Shopify
Shopify holds stakes in
No stake in a covered company found in SEC filings.
Others name Shopify
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 47 risk factors, one per theme.
Trade, government policy and geopolitics
“Our business is susceptible to risks associated with international operations, including international sales and the use of our platform in various countries.”
Item 1A · Risk Factors · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
AI and new products
“If we fail to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform and innovate and introduce new solutions in a manner that responds to our merchants' evolving needs, our business may be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Security, defects and outages
“We store personal information including of our merchants and their buyers and users of our apps. If the security of this information is compromised or is otherwise accessed without authorization, our reputation may be harmed and we may be exposed to liability and loss of business.”
Item 1A · Risk Factors · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Economic conditions
“The impact of worldwide economic conditions, including the resulting effect on spending by merchants or their buyers, may adversely affect our business, operating results and financial condition.”
Item 1A · Risk Factors · 10-K · 0001594805-26-000007 · filed Feb 11, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 5.1%.
BlackRock, Inc.5.1%
13G · as of Jun 30, 2026 · filed Jul 30, 2026
Lutke Tobias6.3% (then)
13G/A · filed Feb 13, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
11 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Capital International Investors6.6%
54.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Fmr LLC5.6%
47.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Invesco Ltd.4.4%
36.6M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.1%
34.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Capital World Investors4.1%
34.1M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,708 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 0 sales · $0.00 sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 31 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| SG&A calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | not reported | not reported | not reported | not reported | not reported | |||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | |||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Other 2
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values