To the full analysis
Shopify stock: growth
SHOPShopify reported $11.56B in revenue for fiscal 2025, up 30.1% on the prior year, up 31.6% a year on average over up to five years.
Daily figure as of 12 Nov 2026
Revenue (Annual rate)
61%
per year from 2012 to 2025, per share 52.8%
Earnings (Annual rate)
no data
Free cash flow (Annual rate)
138.4%
per year from 2012 to 2025, per share 126.3%
Growth per year by period
What reaches shareholders is growth per share: buybacks lift it, new shares dilute it.
| since 2020 | since 2015 | since 2012 | |
|---|---|---|---|
| Revenue | 31.6% | 49.6% | 61.0% |
| Revenue per share | 29.4% | 38.9% | 52.8% |
| Earnings | 31.0% | no data | no data |
| Earnings per share | 28.6% | no data | no data |
| Free cash flow | 39.3% | no data | 138.4% |
| Free cash flow per share | 37.0% | no data | 126.3% |
Fiscal years at a glance
How revenue and earnings grow
- Revenue
- Earnings
- Free cash flow
Figures as a table
| Year | Revenue | Earnings | Free cash flow |
|---|---|---|---|
| 2012 | $23.71M | −$1.23M | $25K |
| 2013 | $50.25M | −$4.84M | −$3.11M |
| 2014 | $105.02M | −$22.31M | −$23.5M |
| 2015 | $205.23M | −$18.79M | −$5.28M |
| 2016 | $389.33M | −$35.36M | −$12.22M |
| 2017 | $673.3M | −$40M | −$16.36M |
| 2018 | $1.07B | −$64.55M | −$32.22M |
| 2019 | $1.58B | −$124.84M | $8.22M |
| 2020 | $2.93B | $319.51M | $382.96M |
| 2021 | $4.61B | $2.91B | $484.92M |
| 2022 | $5.6B | −$3.46B | −$186M |
| 2023 | $7.06B | $132M | $905M |
| 2024 | $8.88B | $2.02B | $1.6B |
| 2025 | $11.56B | $1.23B | $2.01B |
Revenue by segment
How Shopify Inc. makes its money and how that has shifted. Names are as the company reports them.
- Service76%
- Subscription and Circulation24%
Figures as a table
| 2024 | 2025 | Share 2025 | |
|---|---|---|---|
| Service | $6.53B | $8.8B | 76.2% |
| Subscription and Circulation | $2.35B | $2.75B | 23.8% |
| Total revenue | $8.88B | $11.56B | 100% |
Revenue by region
Where Shopify Inc. generates its revenue.
- United States61%
- EMEA18%
- Asia Pacific9%
- Canada5%
- Latin America1%
- Other5%
“Other” combines smaller regions with revenue the company does not assign to a region.
Figures as a table
| 2021 | 2022 | 2023 | 2024 | Share 2024 | |
|---|---|---|---|---|---|
| United States | $2.95B | $3.57B | $4.73B | $5.43B | 61.2% |
| EMEA | $792.57M | $880.78M | $1.28B | $1.63B | 18.3% |
| Asia Pacific | $462.9M | $531.44M | $711.82M | $842.51M | 9.5% |
| Canada | $313.91M | $332.21M | $395.12M | $459.81M | 5.2% |
| Latin America | $54.13M | $61.45M | $70.27M | $92.34M | 1% |
| Other | $0 | $222.02M | $0 | $426.36M | 4.8% |
| Total revenue | $4.61B | $5.6B | $7.06B | $8.88B | 100% |
Data status and sources
- Score
- Daily value of 12 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 31 Oct 2026)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.