SHOPNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Shopify Inc

Shopify Inc. provides cloud-based commerce infrastructure that helps merchants start, run, and scale businesses across online, in-store, and other digital sales channels. Its platform combines storefront software, back-end commerce tools, payments, point-of-sale, and merchant services for businesses operating in many countries.

Kysy yhtiöstä
Liikevaihto11,6mrd USD
+30,1 %v/v
Liikevoitto (EBIT)1 468milj. USD
+36,6 %v/v
EBIT-marginaali12,7%
+0,6 %-yks.v/v
Nettotulos1 231milj. USD
−39,0 %v/v
Vapaa kassavirta2 007milj. USD
+25,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−5051015mrd USD2020: 2,9 mrd USD2020: EBIT 0,09 mrd USD20202021: 4,6 mrd USD2021: EBIT 0,27 mrd USD20212022: 5,6 mrd USD2022: EBIT −0,82 mrd USD20222023: 7,1 mrd USD2023: EBIT −1,4 mrd USD20232024: 8,9 mrd USD2024: EBIT 1,1 mrd USD20242025: 11,6 mrd USD2025: EBIT 1,5 mrd USD202511,61,5
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Subscription Solutions26 %

Recurring platform subscriptions, POS Pro, apps, domains, and themes.

Merchant Solutions74 %

Payments, currency conversion, referral fees, and other transaction-linked services.

Tuotteet

Raportoitu · osuus liikevaihdosta
76,2%23,8%FY2025100 %
  • Services76,2 %
  • Subscription and Circulation23,8 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Shopify sells to merchants of many sizes, from entrepreneurs launching their first store to larger direct-to-consumer and B2B businesses. Customers use the platform because it combines storefront creation, checkout, payments, inventory, and sales-channel management in one system. The merchant base is broad across retail verticals, with no single merchant representing a material share of revenue.

Entrepreneurs and small merchants

Buy basic plans, storefront tools, and starter commerce features to launch quickly.

Growing direct-to-consumer brands

Buy higher-tier plans, apps, and marketing tools to scale online sales.

Enterprise and Shopify Plus merchants

Buy advanced functionality, support, and multi-channel commerce capabilities.

B2B merchants

Use B2B features and back-end tools to support wholesale and account-based selling.

Retail and omnichannel merchants

Use POS and inventory tools to connect physical stores with online commerce.

Strategia

Shopify's strategy centers on attracting new merchants, keeping existing merchants on the platform as they grow, and increasing adoption of higher-value products and services. It also focuses on expanding sales channels, localizing features by geography, strengthening the app and partner ecosystem, and using AI and other technologies to improve merchant tools and buyer experiences.

Expand the merchant baseLyhyt aikaväli

More merchants increase platform scale and create future upsell opportunities.

Increase merchant monetizationKeskipitkä aikaväli

Revenue grows as merchants adopt more features, higher plans, and payments.

Localize and internationalize the platformKeskipitkä aikaväli

Country-specific features and payments support broader merchant adoption.

Build ecosystem and AI capabilitiesPitkä aikaväli

Apps, partners, and AI features deepen platform utility and switching costs.

Maantiede

Shopify serves merchants in more than 175 countries, with a large share of its merchant base in the United States and Europe, the Middle East and Africa. Its platform is used globally, and the company also operates merchant services such as Shopify Capital in selected markets including the United States, the United Kingdom, Canada, and Australia. Geographic breadth matters because product localization, payments, and regulatory requirements differ by market.

Riskit

Shopify depends on merchant growth, retention, and continued adoption of its platform and services, so weaker merchant activity or higher churn would affect the business model. It also faces intense competition, cybersecurity and data privacy exposure, regulatory complexity across countries, and operational risk from third-party suppliers and payment partners.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Merchant retention and growth risk1Competitive pressure2Cybersecurity and data privacy3Payments and financing exposure4International regulatory complexity5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Merchant retention and growth riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue depends on attracting new merchants and keeping existing ones active.

    Kohdistuu: Subscription and merchant solutions revenue

  2. Competitive pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Ecommerce software, payment processors, and platforms can win merchants with lower-cost or integrated offerings.

    Kohdistuu: Platform adoption and pricing power

  3. Cybersecurity and data privacyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The platform handles merchant and buyer data, making breaches costly and reputation-sensitive.

    KohdistuuMerchant trustLegal claimsCompliance
  4. Payments and financing exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Shopify Payments and Shopify Capital create credit, fraud, and partner-performance risk.

    Kohdistuu: Merchant solutions and lending services

  5. International regulatory complexityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operating across many countries exposes the company to privacy, consumer, tax, and financial-services rules.

    Kohdistuu: Global operations

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by product line

Subscription and merchant solutions have different timing and drivers, affecting comparability.

Vaikutus: Mix shifts can change reported revenue growth and margins

Payment processing and transaction costs

Shopify Payments fees, rewards, and chargebacks are tied to merchant volume and estimates.

Vaikutus: Affects merchant solutions cost of revenue

Credit and lending estimates

Shopify Capital and related financing activities require loss and collectability judgments.

Vaikutus: Can affect provisions and asset values

Foreign currency effects

The company operates globally and transacts in multiple currencies.

Vaikutus: Can affect revenue, expenses, and cash balances

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Päivitetty: 24.9.2026