← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Shopify grew revenue 30.1% to $11.56B on $378.4 billion of merchant sales and lifted operating income, while losses on its investment stakes cut net income 39.0%
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 30.1% to $11.56B; GMV up 29% to $378.4 billionOK
- Profitability — Operating margin up 59 bps to 12.7%; free cash flow $2.01BOK
- Balance sheet — $5.8 billion of cash and marketable securities; 2025 notes settledOK
- Accounting quality — Distress-safe, no manipulation flag, clean auditOK
- Capital allocation — No dividend; buyback of up to $2 billion authorized in February 2026Note
- Payments mix — Shopify Payments penetration rose from 61.9% to 65.6% of GMVNote
Business
Shopify, incorporated in Canada in 2004, provides the software merchants use to sell online, in store and elsewhere. It earns subscription fees for its plans and apps, and a larger merchant solutions stream mostly from payment processing through Shopify Payments, plus lending, shipping labels, hardware and advertising. Its platform facilitated $378.4 billion of gross merchandise volume in 2025.
Where the revenue comes from
Fiscal 2025, as SHOPIFY INC. reports it. History and quarterly detail are in the app.
- Merchant solutions$8.8B
- Subscription solutions$2.8B
Leadership changes
From SHOPIFY INC.'s own filings, the day they're filed.
- Prashanth Mahendra-Rajah · directors · departureeff. 2026-07-02
- Harvard College · COO · appointment
- Kasra Nejatian · Chief Operating Officer · appointment
Latest filings
- 10-Q · Quarterly report2026-08-05
- 8-K · Company announcement2026-08-05
- 8-K · Company announcement2026-07-02
- 8-K · Company announcement2026-06-16
- 8-K · Company announcement2026-06-02
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about SHOPIFY INC., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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