Market capitalisation
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Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·SHOP.TO
Preparing the analysis
We’re preparing the company’s analysis.
TSX·SHOP.TO
Shopify Inc.
Share priceCA$210.56Price as of: Nov 9, 2026
Shopify Inc. (SHOP.TO) is a company listed on TSX, classified under Software - Application.
Shopify provides a comprehensive commerce platform for global merchants.
Revenue · FY 2025
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Sales generated during the period, before costs and expenses.
Net margin · FY 2025
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Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every $100 it takes in,76 come from Service.
Service is its largest source of revenue (76.2%), followed by Subscription and Circulation (23.8%). Here you will see what it sells, where, and how that mix is changing.
$12bnrevenue in FY 2025
2business lines with data
2business lines with data
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue +31.6% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
A single line brings in half or more.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
Geographic breakdown not available
Our data provider does not have a breakdown of revenue by country or region for this company. This does not necessarily mean that the company does not publish this information.
04How the mix is changing
Subscription and Circulation is losing weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
FY 2024FY 2025
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
Shopify’s growth depends almost entirely on Service, now 76.2% of revenue, and it delivered 85.0% of the FY 2025 increase.
That Service sustains net profit: with no line margin, whether the margin drop came from Service or its mix would change the reading here.
02
Subscription and Circulation does not offset Service’s growing weight. It brought little growth and lost share, now only a residual support.
That this line is irrelevant for total profit: if it has higher margin than Service, its lower growth could still mean a different contribution to profit.
Our take
In FY 2025 Shopify relied even more on Service for growth and revenue, but it’s unclear if net profit is equally tied to that line.
- 01Shown by the figures
Service’s concentration dominates the picture
Service is not just the largest line—it drives growth and pushes Subscription and Circulation further behind. Dependence has markedly increased versus FY 2024.
- 02Our interpretation
Which line matters more to profit is unknown
With no margin by line, the net margin fall could stem from Service, its weight, or another source. This is key to what growth and net profit truly depend on.
What is not proven
Did net margin fall because of Service, its growing weight, or something in Subscription and Circulation? Knowing this would clarify what the true net profit depends on.
See the calculations behind it
- Service brought $2.3B of the $2.7B by which revenue grew in FY 2025 (85.0%), although it weighed 73.5%. Without that line, the rest grew 17.1%.
- Dependence on Service rises: from 73.5% of revenue in FY 2024 to 76.2% in FY 2025.
- Service accounts for 85.0% of the change in revenue in FY 2025 and weighed 73.5%.
- Service weighs more than all the other lines together: 76.2% of revenue in FY 2025.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
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