Shopify SHOP

Software - Application, Technology

$168.68

−0.08%

Market cap: $217B
PE: 113×
Forward PE: n/m; not a meaningful number
Price to sales: 16.4×
EV/EBIT: 115×
Revenue, 12 months: $13.3B; +33% on a year ago
Net margin: 14.5%
Free cash flow yield: 1.1%

Shopify trades at 113× trailing earnings. Revenue was $13.3B over the last twelve months, up 33% on a year earlier with a 15% net margin.

Charts

Financials

Income statement for SHOP, by quarter
Income statement	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$1.9B	$2B	$2.2B	$2.8B	$2.4B+27%	$2.7B+31%	$2.8B+32%	$3.7B+31%	$3.2B+34%	$3.6B+34%
Cost of revenue	$904M	$1B	$1B	$1.5B	$1.2B+32%	$1.4B+38%	$1.5B+39%	$2B+36%	$1.6B+36%	$1.9B+36%
Gross profit	$957M	$1B	$1.1B	$1.4B	$1.2B+22%	$1.3B+25%	$1.4B+24%	$1.7B+25%	$1.5B+32%	$1.7B+31%
R&D	$335M	$349M	$332M	$351M	$377M+13%	$394M+13%	$375M+13%	$390M+11%	$437M+16%	$445M+13%
SG&A	$485M	$413M	$445M	$460M	$514M+6%	$537M+30%	$525M+18%	$558M+21%	$611M+19%	$634M+18%
	$86M	$241M	$283M	$465M	$203M+136%	$291M+21%	$343M+21%	$631M+36%	$382M+88%	$488M+68%
Pre-tax income	−$256M	$203M	$860M	$1.4B	−$770M+201%	$1.1B+432%	$308M−64%	$892M−37%	−$634M−18%	$1.8B+65%
	$17M	$32M	$32M	$128M	−$88M	$173M+441%	$44M+38%	$149M+16%	−$53M−40%	$273M+58%
Net income	−$273M	$171M	$828M	$1.3B	−$682M+150%	$906M+430%	$264M−68%	$743M−43%	−$581M−15%	$1.5B+66%
	−$0.21	$0.13	$0.64	$0.99	−$0.53+152%	$0.69+431%	$0.20−69%	$0.58−41%	−$0.45−15%	$1.16+68%
	1.3B	1.3B	1.3B	1.3B	1.3B+1%	1.3B+1%	1.3B+1%	1.3B−1%	1.3B+1%	1.3B−1%

EPS, diluted: Q4 FY24 and Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q4 FY24 and Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Nov 3, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$3.7B	$3.7B to $3.8B	$0.46	$0.40 to $0.51	23
Q4 FY26	$4.8B	$4.6B to $5B	$0.67	$0.59 to $0.82	21
Q1 FY27	$4B	$3.8B to $4.2B	$0.45	$0.42 to $0.47	15
Q2 FY27	$4.5B	$4.3B to $4.7B	$0.54	$0.51 to $0.57	9
Q3 FY27	$4.7B	$4.5B to $4.9B	$0.59	$0.55 to $0.62	9
Q4 FY27	$5.9B	$5.7B to $6.2B	$0.82	$0.77 to $0.86	12
Q1 FY28	$4.9B	$4.7B to $5.1B	$0.59	$0.56 to $0.62	20
Q2 FY28	$5.5B	$5.3B to $5.8B	$0.69	$0.65 to $0.73	10

Peers

Companies in Software - Application nearest Shopify's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
SHOPShopify	$217B	113×	115×	n/m	16.4×	+33%	14.5%
CRMSalesforce	$204.6B	22.7×	111×	16.9×	4.7×	+11%	22.0%
NOWServiceNow	$164.4B	99.3×	122×	35.1×	11.2×	+22%	11.3%
UBERUber Technologies	$136.2B	14.7×	17.6×	17.3×	2.5×	+17%	17.3%
ADPAutomatic Data Processing	$120.8B	27.8×	30.4×	24.8×	5.5×	+7%	20.1%
SNOWSnowflake	$114.8B	n/m	n/a	128×	21.1×	+32%	−20.1%
ADBEAdobe	$102.7B	14.7×	49.2×	9.8×	4.0×	+12%	28.0%
DDOGDatadog	$96.8B	n/m	340×	101×	24.4×	+32%	4.5%
INTUIntuit	$91.8B	20.8×	49.4×	14.9×	4.3×	+14%	21.3%
CDNSCadence Design Systems	$87.2B	62.9×	59.4×	36.9×	14.9×	+15%	23.6%
APPAppLovin	$87.1B	20.0×	62.7×	14.4×	12.8×	+48%	64.6%
Peer median	$108.7B	21.7×	59.4×	21.0×	8.3×	+16%	20.7%