Shopify · revenue by segment
Shopify revenue by segment
How does Shopify make money?
Merchant solutions: 76.2% of FY2025 revenue
Numbers, method and sources
Share = revenue type revenue ÷ total revenue of the same fiscal year (derived by Hollsteen). Only years in which the reported parts add up exactly to total revenue are shown. Sources: 10-K; each value names its filing.
FY2025 · revenue $11.6B · 10-K · filed Feb 11, 2026
- Merchant solutions$8.8B 76.2%
- Subscription solutions$2.8B 23.8%
FY2024 · revenue $8.9B · 10-K · filed Feb 11, 2025
- Merchant solutions$6.5B 73.5%
- Subscription solutions$2.4B 26.5%
FY2023 · revenue $7.1B · 10-K · filed Feb 11, 2025
- Merchant solutions$5.2B 74.0%
- Subscription solutions$1.8B 26.0%
FY2022 · revenue $5.6B · 10-K · filed Feb 11, 2025
- Merchant solutions$4.1B 73.4%
- Subscription solutions$1.5B 26.6%
SEC filings only (10-K, 20-F, 8-K Ex.99 earnings releases, S-1). Derived = calculated by Hollsteen from reported SEC values; no market data.
Where does each revenue dollar go?
11¢ of every revenue dollar became net income
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Numbers, method and sources
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Shopify revenue by revenue type, by fiscal year
Revenue type revenue and share of total revenue (derived); each value links to its filing. “8-K sum” = fiscal-year value derived as the sum of four quarterly earnings releases (8-K Ex.99), not taken from the 10-K. Latest 4 fiscal years, newest first.