Shopify Inc.
- What it sells
- Merchant solutions is 76% of revenue (fiscal year to Dec 2025), up from 74% two years earlier.
- Growing?
- Yes: revenue up 32% on a year earlier (quarter ended Sep 2026); earnings per share up 22% over the last four quarters.
- Expensive?
- EV / revenue 13.0×. EV/revenue above the peer median of 5.6x: pricier than its peers.
- Analysts?
- 76% of 55 say buy; average 12-month target $177, 21% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 60% over the past year (the S&P 500's 14%), and it fell as much as 85% since Nov 2021.
Shopify Inc. provides a cloud-based commerce platform that lets merchants build and operate online stores, manage payments (e.g., Shopify Payments), and sell across channels (online, social, and in-person via Shopify POS) with revenue primarily from subscription fees and merchant solutions tied to commerce activity.
More about Shopify
Market Position
Shopify is a leading platform for independent merchants with a large ecosystem of themes, apps, and partner developers, and it competes with enterprise suites and marketplaces by offering a unified, extensible merchant stack (storefront, checkout, payments, and fulfillment/ship integrations).
Key Segments
Shopify reports revenue in two categories: Subscription Solutions and Merchant Solutions.
How has the stock done?
Over the past month SHOP fell 18.1%; the software ETF (IGV) fell 8.8% and the S&P 500 fell 2.7%.
Over the past six months SHOP rose 47.0%; the software ETF (IGV) rose 13.4% and the S&P 500 rose 2.6%.
Over the past year SHOP fell 6.3%; the software ETF (IGV) fell 7.6% and the S&P 500 rose 10.8%.
Over five years SHOP fell 12.1%; the software ETF (IGV) rose 14.5% and the S&P 500 rose 62.0%.
From Nov 19, 2021 to Oct 11, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 1.8% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 3, 2026 | ended Sep 2026 | $3.7B (+32% vs a year earlier) | $0.49 vs $0.46 (beat) | −2.0% | −6.2% |
| Aug 5, 2026 | ended Jun 2026 | $3.6B (+34% vs a year earlier) | $0.42 vs $0.40 (beat) | +19.6% | +22.0% |
| May 5, 2026 | ended Mar 2026 | $3.2B (+34% vs a year earlier) | $0.36 vs $0.33 (beat) | −17.3% | −21.7% |
| Feb 11, 2026 | ended Dec 2025 | $3.7B (+31% vs a year earlier) | $0.48 vs $0.51 (missed) | −13.0% | −2.7% |
| Nov 4, 2025 | ended Sep 2025 | $2.8B (+32% vs a year earlier) | — | −5.8% | −8.1% |
| Aug 6, 2025 | ended Jun 2025 | $2.7B (+31% vs a year earlier) | — | +19.0% | +18.2% |
| May 8, 2025 | ended Mar 2025 | $2.4B (+27% vs a year earlier) | — | −2.9% | +16.6% |
| Feb 11, 2025 | ended Dec 2024 | $2.8B | — | +0.5% | +6.5% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $3.7B in the quarter ended Sep 2026, up 32% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Mar 2024 | $1.9B | — |
| Jun 2024 | $2.0B | — |
| Sep 2024 | $2.2B | — |
| Dec 2024 | $2.8B | — |
| Mar 2025 | $2.4B | +27% |
| Jun 2025 | $2.7B | +31% |
| Sep 2025 | $2.8B | +32% |
| Dec 2025 | $3.7B | +31% |
| Mar 2026 | $3.2B | +34% |
| Jun 2026 | $3.6B | +34% |
| Sep 2026 | $3.7B | +32% |
Revenue went from $5.6B in FY22 to $11.6B in FY25; net income from −$3.5B to $1.2B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $5.6B | −$3.5B |
| FY23 | $7.2B | $132M |
| FY24 | $8.9B | $2.0B |
| FY25 | $11.6B | $1.2B |
In the fiscal year to Dec 2025, Merchant solutions was 76% and Subscription solutions was 24% of revenue; Merchant solutions rose from 74% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Merchant solutions | $5.2B | 74% |
| FY2023 | Subscription solutions | $1.8B | 26% |
| FY2024 | Merchant solutions | $6.5B | 74% |
| FY2024 | Subscription solutions | $2.4B | 26% |
| FY2025 | Merchant solutions | $8.8B | 76% |
| FY2025 | Subscription solutions | $2.8B | 24% |
A year earlier $0.20
Diluted, from SEC filings
The P/E of 89.0× over the 22% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: Shopify Inc.'s SEC filings, named by the month they end. Fiscal years: Shopify Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $10.7 ends up as net income. Net margin rose from −61.3% to 10.7% over the past 3 years.
Show the data
| Quarter ended | Gross | Operating | Net |
|---|---|---|---|
| Mar 2024 | 51.4% | 4.6% | −14.7% |
| Jun 2024 | 51.1% | 11.8% | 8.4% |
| Sep 2024 | 51.7% | 13.1% | 38.3% |
| Dec 2024 | 48.1% | 16.5% | 46.0% |
| Mar 2025 | 49.5% | 8.6% | −28.9% |
| Jun 2025 | 48.6% | 10.9% | 33.8% |
| Sep 2025 | 48.9% | 12.1% | 9.3% |
| Dec 2025 | 46.1% | 17.2% | 20.2% |
| Mar 2026 | 48.8% | 12.1% | −18.3% |
| Jun 2026 | 47.7% | 13.6% | 41.9% |
| Sep 2026 | 47.6% | 15.2% | 12.3% |
−0.7 pts over 3 years
+24.9 pts over 3 years
+71.9 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Shopify Inc.'s annual reports to the SEC; quarters: SEC filings.
Growth and margins together
Rule of 40 score 50.4 (growth 31.6% + FCF margin 18.8%): strong, clears the 40 line. Stock pay is 3.6% of revenue; counted as a cost, it brings the FCF margin down to 15.2%.
A rule of thumb for software: revenue growth plus free-cash-flow margin should reach 40. From 20 to 40 is middling, under 20 weak. The line is 40. Salesforce for comparison.
Cash flow adds stock pay back because no cash leaves the company, but shareholders pay for it through new shares. Counting it as a cost shows the margin as if staff were paid in cash.
Shopify trades at 13.0× revenue on 31.6% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.
Show the data
| Company | Revenue growth | EV / revenue |
|---|---|---|
| SHOP | 31.6% | 13.0× |
| CRM | 10.8% | 4.8× |
| ADP | 6.1% | 5.6× |
| NOW | 20.5% | 7.0× |
| SNOW | 35.1% | 19.4× |
| ADBE | 12.9% | 3.6× |
Growth: revenue in the quarter ended Sep 2026 against the quarter ended Sep 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Sep 2026. From SEC filings.
Customers and suppliers
In its latest annual report Shopify buys from Alphabet, Stripe, PayPal; sells to Aldo, BarkBox, Carrier and 4 more.
Suppliers
SHOPShopifyCustomers
Partners
Klaviyo KVYOShopify invested in it · Investment option to purchase common shares$75 million investment option as of December 31, 2025
Affirm Holdings AFRMShopify invested in it · Equity investment
Global-E Online GLBEShopify invested in it · Equity investment
StripeCollective purchasing of permanent carbon removal
Alphabet GOOGLCollective purchasing of permanent carbon removalChanges since the previous annual report (10-K filed Feb 11, 2025)
AldoNamed for the first time, as a customer
BarkBoxNamed for the first time, as a customer
CarrierNamed for the first time, as a customer
Meta Platforms METANamed for the first time, as a customer
SKIMSNamed for the first time, as a customer
VuoriNamed for the first time, as a customerNamed in other companies’ filings
Celsius Holdings CELHdistribution deal with it · Provides online sales channel for productsShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Alphabet | supplier | “Shopify is a company that wants to see the next century and has taken many steps to build a sustainable business, including addressing emissions from building and home office energy usage and business travel and leveraging Google Cloud for most platform operations.” |
| Frontier | partner | “Shopify is also a founding member of Frontier, alongside Stripe, Alphabet and McKinsey, among others, with a goal to collectively purchase over $1 billion of permanent carbon removal by the end of 2030.” |
| Stripe | partner | “Shopify is also a founding member of Frontier, alongside Stripe, Alphabet and McKinsey, among others, with a goal to collectively purchase over $1 billion of permanent carbon removal by the end of 2030.” |
| Alphabet | partner | “Shopify is also a founding member of Frontier, alongside Stripe, Alphabet and McKinsey, among others, with a goal to collectively purchase over $1 billion of permanent carbon removal by the end of 2030.” |
| McKinsey | partner | “Shopify is also a founding member of Frontier, alongside Stripe, Alphabet and McKinsey, among others, with a goal to collectively purchase over $1 billion of permanent carbon removal by the end of 2030.” |
| Stripe | supplier | “At present, we have payment service provider agreements with Stripe, Inc. ("Stripe") and PayPal, Inc. ("PayPal") and their respective affiliates (together, our "Payment Service Providers").” |
| PayPal | supplier | “At present, we have payment service provider agreements with Stripe, Inc. ("Stripe") and PayPal, Inc. ("PayPal") and their respective affiliates (together, our "Payment Service Providers").” |
| Aldo | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| BarkBox | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| Carrier | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| Meta Platforms | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| Vuori | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| SKIMS | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| Supreme | customer | “Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.” |
| Flexport | partner · Shopify invested in it | “Our equity method investment in Flexport, representing $602 million of our investments as of December 31, 2025, is subject to market-related risks based on our share of income or loss, including amortization of the basis difference, from this investment which may cause volatility to our earnings.” |
| Affirm Holdings | partner · Shopify invested in it | “Affirm Holdings, Inc. 1,511 — 1,511 1,236 — 1,236” |
| Global-E Online | partner · Shopify invested in it | “Global-E Online Ltd. 868 — 868 1,205 — 1,205” |
| Klaviyo | partner · Shopify invested in it | “Our investment option derivative to purchase Series B common shares in Klaviyo, representing $75 million of our investments as of December 31, 2025, is impacted by market price volatility and interest rates.” |
| Celsius Holdings (10-K filed Mar 2, 2026) | distribution deal with it | “Additionally, our products are available online through leading e-commerce platforms, including Amazon, Shopify, Instacart and Walmart.com, ensuring broad accessibility for consumers.” |
Only the companies Shopify names in its 10-K filed Feb 11, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Shopify. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
EV/revenue of 13.0x, above the peer median of 5.6x.
EV/revenue above the peer median of 5.6x: pricier than its peers.
Show the data
| Company | EV / revenue |
|---|---|
| SNOW · Snowflake Inc. | 19.4× |
| SHOP · Shopify Inc. | 13.0× |
| NOW · ServiceNow, Inc. | 7.0× |
| ADP · Automatic Data Processing, Inc. | 5.6× |
| CRM · Salesforce, Inc. | 4.8× |
| ADBE · Adobe Inc. | 3.6× |
Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.
What analysts expect
The average analyst price target is $177, 21% above the current price; 76% of 55 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 42 analysts (76%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $172.36 to $177.64 (+3%), while SHOP went from $146.34 to $146.78 (0%). In the past three months targets were raised 10 times and cut 4 times. 5 upgrades and 2 downgrades over the year; the latest: Rothschild & Co moved it to Neutral from Buy on Jul 21, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 5, 2026 | Argus Research | Target kept | Buy | $180.00 |
| Nov 4, 2026 | UBS | Target raised | Neutral | $160.00, was $145.00 |
| Nov 4, 2026 | RBC Capital | Target kept | Outperform | $200.00 |
| Nov 4, 2026 | Wells Fargo | Target cut | Overweight | $205.00, was $208.00 |
| Nov 4, 2026 | Wedbush | Target kept | Outperform | $176.00 |
| Nov 4, 2026 | DA Davidson | Target cut | Buy | $180.00, was $200.00 |
| Nov 4, 2026 | Rosenblatt | Target cut | Buy | $180.00, was $186.00 |
| Nov 4, 2026 | Cantor Fitzgerald | Target cut | Neutral | $150.00, was $158.00 |
| Nov 4, 2026 | Bernstein | Target raised | Outperform | $165.00, was $160.00 |
| Nov 2, 2026 | Keybanc | Target raised | Overweight | $185.00, was $180.00 |
| Oct 28, 2026 | Citigroup | Target raised | Buy | $216.00, was $196.00 |
| Oct 23, 2026 | Oppenheimer | Target raised | Outperform | $205.00, was $175.00 |
| Oct 16, 2026 | RBC Capital | Target raised | Outperform | $200.00, was $180.00 |
| Oct 14, 2026 | Baird | Target raised | Outperform | $190.00, was $160.00 |
| Oct 12, 2026 | Cantor Fitzgerald | Target raised | Neutral | $158.00, was $145.00 |
| Oct 6, 2026 | JP Morgan | Target raised | Overweight | $200.00, was $185.00 |
| Sep 23, 2026 | Wedbush | Target kept | Outperform | $176.00 |
| Sep 11, 2026 | Bernstein | Began coverage | Outperform | $160.00 |
| Sep 8, 2026 | Piper Sandler | Target raised | Overweight | $180.00, was $172.00 |
| Aug 20, 2026 | Rosenblatt | Began coverage | Buy | $175.00 |
| Aug 7, 2026 | Wells Fargo | Target raised | Overweight | $180.00, was $144.00 |
| Aug 6, 2026 | Canaccord Genuity | Target raised | Buy | $180.00, was $145.00 |
| Aug 6, 2026 | DA Davidson | Target raised | Buy | $200.00, was $140.00 |
| Aug 6, 2026 | UBS | Target raised | Neutral | $145.00, was $130.00 |
| Aug 6, 2026 | RBC Capital | Target raised | Outperform | $180.00, was $170.00 |
| Aug 6, 2026 | Truist Securities | Target raised | Buy | $180.00, was $150.00 |
| Aug 6, 2026 | Wedbush | Target raised | Outperform | $176.00, was $155.00 |
| Aug 6, 2026 | Evercore ISI Group | Target raised | Outperform | $175.00, was $135.00 |
| Aug 6, 2026 | Benchmark | Target raised | Buy | $170.00, was $145.00 |
| Aug 6, 2026 | Barclays | Target raised | Equal-Weight | $145.00, was $126.00 |
| Aug 6, 2026 | Citizens | Target raised | Market Outperform | $185.00, was $150.00 |
| Aug 6, 2026 | Cantor Fitzgerald | Target raised | Neutral | $145.00, was $127.00 |
| Aug 6, 2026 | Goldman Sachs | Target raised | Buy | $194.00, was $170.00 |
| Jul 24, 2026 | Citigroup | Target cut | Buy | $150.00, was $156.00 |
| Jul 21, 2026 | Rothschild & Co | Downgrade | Neutral, was Buy | $130.00, was $160.00 |
| Jul 13, 2026 | Jefferies | Upgrade | Buy, was Hold | $160.00, was $140.00 |
| Jul 10, 2026 | Stifel | Upgrade | Buy, was Hold | $150.00, was $110.00 |
| May 6, 2026 | Canaccord Genuity | Target cut | Buy | $145.00, was $165.00 |
| May 6, 2026 | UBS | Target cut | Neutral | $130.00, was $145.00 |
| May 6, 2026 | Citigroup | Target cut | Buy | $156.00, was $163.00 |
| May 6, 2026 | RBC Capital | Target kept | Outperform | $170.00 |
| May 6, 2026 | Barclays | Target cut | Equal-Weight | $126.00, was $130.00 |
| May 6, 2026 | Citizens | Target cut | Market Outperform | $150.00, was $160.00 |
| May 6, 2026 | Wells Fargo | Target cut | Overweight | $144.00, was $166.00 |
| May 6, 2026 | DA Davidson | Target cut | Buy | $140.00, was $195.00 |
| May 5, 2026 | Needham | Target kept | Buy | $180.00 |
| Apr 28, 2026 | Citigroup | Target cut | Buy | $163.00, was $172.00 |
| Apr 6, 2026 | Wells Fargo | Target cut | Overweight | $166.00, was $191.00 |
| Mar 9, 2026 | Jefferies | Target raised | Hold | $150.00, was $125.00 |
| Feb 17, 2026 | Jefferies | Target cut | Hold | $125.00, was $160.00 |
| Feb 17, 2026 | Truist Securities | Upgrade | Buy, was Hold | $150.00, was $110.00 |
| Feb 13, 2026 | Citigroup | Target cut | Buy | $172.00, was $195.00 |
| Feb 12, 2026 | RBC Capital | Target cut | Outperform | $170.00, was $200.00 |
| Feb 12, 2026 | UBS | Target cut | Neutral | $145.00, was $165.00 |
| Feb 12, 2026 | BMO Capital | Target raised | Outperform | $160.00, was $150.00 |
| Feb 12, 2026 | Citizens | Target cut | Market Outperform | $160.00, was $200.00 |
| Feb 12, 2026 | Cantor Fitzgerald | Target cut | Neutral | $126.00, was $181.00 |
| Feb 12, 2026 | Barclays | Target cut | Equal-Weight | $130.00, was $140.00 |
| Feb 12, 2026 | Wedbush | Target cut | Outperform | $160.00, was $185.00 |
| Feb 12, 2026 | Wells Fargo | Target cut | Overweight | $191.00, was $198.00 |
| Feb 12, 2026 | Truist Securities | Target cut | Hold | $110.00, was $155.00 |
| Feb 12, 2026 | Mizuho | Upgrade | Outperform, was Neutral | $150.00 |
| Feb 12, 2026 | Needham | Target kept | Buy | $180.00 |
| Feb 10, 2026 | Benchmark | Target cut | Buy | $145.00, was $195.00 |
| Feb 9, 2026 | BMO Capital | Target cut | Outperform | $150.00, was $190.00 |
| Jan 8, 2026 | Scotiabank | Upgrade | Sector Outperform, was Sector Perform | $200.00, was $165.00 |
| Jan 6, 2026 | Wolfe Research | Downgrade | Peer Perform, was Outperform | — |
| Dec 17, 2025 | Wells Fargo | Target raised | Overweight | $198.00, was $125.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.51 | $0.48 | −5.9% |
| Mar ’26 | $0.33 | $0.36 | +9.1% |
| Jun ’26 | $0.40 | $0.42 | +5.0% |
| Sep ’26 | $0.46 | $0.49 | +6.5% |
The day after each of these reports the stock moved −13.0% (Dec 2025, missed); −17.3% (Mar 2026, beat); +19.6% (Jun 2026, beat); −2.0% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.62 a share, 29% more than the $0.48 of a year earlier, and revenue of $4.8B, up 31% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $2.45 a share, 29% more than the year before's estimate of $1.90, and revenue of $19.4B, up 26% on the year before's estimate.
Adjusted. Dec 2025: $0.48; range $0.49 to $0.78; 33 analysts
Dec 2025: $3.7B; range $4.8B to $4.9B; 39 analysts
Adjusted. The year to Dec 2026: $1.90 expected; range $1.95 to $2.90; 40 analysts
The year to Dec 2026: $15.3B expected; range $18.1B to $21.3B; 51 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.62 | $0.49 to $0.78 | 33 | $0.48 (Dec 2025) | +29% |
| Quarter ending Dec 2026 | Revenue | $4.8B | $4.8B to $4.9B | 39 | $3.7B (Dec 2025) | +31% |
| Quarter ending Mar 2027 | EPS (adjusted) | $0.45 | $0.34 to $0.55 | 27 | $0.36 (Mar 2026) | +26% |
| Quarter ending Mar 2027 | Revenue | $4.0B | $3.8B to $4.2B | 29 | $3.2B (Mar 2026) | +27% |
| Year ending Dec 2026 | EPS (adjusted) | $1.90 | $1.76 to $2.06 | 40 | — | — |
| Year ending Dec 2026 | Revenue | $15.3B | $15.3B to $15.4B | 45 | $11.6B (year to Dec 2025) | +33% |
| Year ending Dec 2027 | EPS (adjusted) | $2.45 | $1.95 to $2.90 | 40 | $1.90 (expected, year to Dec 2026) | +29% |
| Year ending Dec 2027 | Revenue | $19.4B | $18.1B to $21.3B | 51 | $15.3B (expected, year to Dec 2026) | +26% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $2.7B in free cash flow over the year, of which $2.5B went back to shareholders (dividends plus buybacks), leaving $190M in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $2.7B |
| Capex | −$20M |
| Free cash flow | $2.7B |
| Dividends | — |
| Buybacks | −$2.5B |
| Cash retained | $190M |
For every $100 of market cap, the company generates about $1.4 in free cash flow a year.
No dividend today; cash goes to growth and share buybacks.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $1.3 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Mar 2024 | $232M | — | — |
| Jun 2024 | $333M | — | — |
| Sep 2024 | $421M | — | — |
| Dec 2024 | $611M | — | — |
| Mar 2025 | $363M | — | $0 |
| Jun 2025 | $422M | — | $0 |
| Sep 2025 | $507M | — | $0 |
| Dec 2025 | $715M | — | — |
| Mar 2026 | $476M | — | $491M |
| Jun 2026 | $654M | — | $1.4B |
| Sep 2026 | $816M | — | $562M |
Shopify had 1.29B diluted shares in the quarter ended Sep 2026, 1.7% fewer than a year earlier. It spent $2.5B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 22.2% and its net income rose 19.4%: fewer shares added about 3 points.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Mar 2024 | 1.29B |
| Jun 2024 | 1.30B |
| Sep 2024 | 1.30B |
| Mar 2025 | 1.30B |
| Jun 2025 | 1.31B |
| Sep 2025 | 1.31B |
| Mar 2026 | 1.30B |
| Jun 2026 | 1.30B |
| Sep 2026 | 1.29B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 6.0, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 6.0x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.0 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $5.8B and no debt. Lease obligations of $188M are not counted: they are rent owed, not money borrowed. It also holds $6.2B of long-term investments, $975M of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 1 member of Congress and 8 funds whose copy leaves SHOP out (on the exchange, not in the app yet): Stony Point Capital, Polen Capital Management, Baillie Gifford &, Canada Pension Plan Investment Board, Swiss National Bank, Rob Bresnahan and 3 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 15 held SHOP at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 7 cut and 2 held the same. The largest of them is Baillie Gifford &, 26.70M shares worth $4.0B at Sep 30, 2026, 6.0% fewer than a quarter earlier.
Over their latest quarter
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Baillie Gifford & | Q3 2026 | 26.70M | $4.0B | −1.70M | −6.0% | Nov 9, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 16.41M | $1.9B | +185,779 | +1.1% | Aug 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 8.93M | $1.0B | +619,888 | +7.5% | Aug 14, 2026 |
| Newlands Management Operations | Q2 2026 | 6.33M | $722M | 0 | 0.0% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 3.83M | $570M | −130,300 | −3.3% | Nov 12, 2026 |
| Polen Capital Management | Q2 2026 | 4.58M | $523M | −1.73M | −27% | Aug 4, 2026 |
| ARK Investment Management | Q2 2026 | 4.16M | $475M | −21,727 | −0.5% | Aug 14, 2026 |
| Durable Capital Partners | Q2 2026 | 2.34M | $267M | +1.36M | +140% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 977,068 | $112M | +71,474 | +7.9% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 692,862 | $103M | +49,602 | +7.7% | Nov 3, 2026 |
| Stony Point Capital | Q2 2026 | 651,765 | $74.4M | +20,376 | +3.2% | Aug 13, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 244,860 | $28.0M | −34,458 | −12% | Aug 14, 2026 |
| Markel Group | Q3 2026 | 102,750 | $15.2M | 0 | 0.0% | Oct 30, 2026 |
| Nomura Holdings | Q2 2026 | 84,692 | $9.7M | −58,174 | −41% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 18,411 | $2.7M | −4,601 | −20% | Nov 6, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SHOP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.