Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $673M | $1.07B | $1.58B | $2.93B | $4.61B | $5.60B | $7.06B | $8.88B | $11.6B |
| Revenue growth | — | — | 59.4% | 47.0% | 85.6% | 57.4% | 21.4% | 26.1% | 25.8% | 30.1% |
| Gross profit | $209M | $380M | $596M | $866M | $1.54B | $2.48B | $2.75B | $3.52B | $4.47B | $5.55B |
| Gross margin | — | 56.5% | 55.6% | 54.9% | 52.6% | 53.8% | 49.2% | 49.8% | 50.4% | 48.1% |
| Operating income | -$37.2M | -$49.2M | -$91.9M | -$141M | $90.2M | $269M | -$822M | -$1.42B | $1.07B | $1.47B |
| Operating margin | — | -7.3% | -8.6% | -8.9% | 3.1% | 5.8% | -14.7% | -20.1% | 12.1% | 12.7% |
| Net income | -$35.4M | -$40.0M | -$64.6M | -$125M | $320M | $2.91B | -$3.46B | $132M | $2.02B | $1.23B |
| Net margin | — | -5.9% | -6.0% | -7.9% | 10.9% | 63.2% | -61.8% | 1.9% | 22.7% | 10.7% |
| EPS (diluted) | -$0.42 | -$0.42 | -$0.61 | -$1.10 | $2.59 | $2.29 | -$2.73 | $0.10 | $1.55 | $0.94 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.0M | $7.90M | $9.32M | $70.6M | $425M | $536M | -$136M | $944M | $1.62B | $2.03B |
| Capital expenditures | $23.8M | $20.0M | $27.9M | $56.8M | $41.7M | $50.8M | $50.0M | $39.0M | $19.0M | $26.0M |
| Free cash flow | -$9.76M | -$12.1M | -$18.6M | $13.9M | $383M | $485M | -$186M | $905M | $1.60B | $2.01B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $84.0M | $142M | $411M | $650M | $2.70B | $2.50B | $1.65B | $1.41B | $1.50B | $1.54B |
| Total assets | $491M | $1.11B | $2.25B | $3.49B | $7.76B | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Shareholders' equity | $410M | $1.00B | $2.09B | $3.02B | $6.40B | $11.1B | $8.24B | $9.07B | $11.6B | $13.5B |
| Retained earnings | -$83.2M | -$123M | -$188M | -$304M | $15.3M | $2.94B | -$522M | -$390M | $1.63B | $2.86B |
| Shares (wtd avg diluted) | — | — | — | 113M | 123M | 1.27B | 1.27B | 1.30B | 1.30B | 1.30B |
Every figure is extracted from SHOPIFY INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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