Shopify (SHOP) is trading down at $172.50 (-2.28%) on NASDAQ, as of the latest quote. It is a Nasdaq-100 constituent in the Information Technology sector.
Analyst price targets on SHOP
Current price targets from 2 firms average $170, ranging from $160 to $180 — 1% below the current $173. Each is tracked to its date and scored the same way a member's call is.
- Piper Sandler $160 → $180 by Oct 2027 Oct 5, 2026 via Investing.com · Piper Sandler's track record
- Bernstein $134 → $160 by Sep 2027 Sep 13, 2026 via Investing.com · Bernstein's track record
Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.
Shopify revenue & net income history (FY2016–FY2025)
| FY2016Dec 2016 | FY2017Dec 2017 | FY2018Dec 2018 | FY2019Dec 2019 | FY2020Dec 2020 | FY2021Dec 2021 | FY2022Dec 2022 | FY2023Dec 2023 | FY2024Dec 2024 | FY2025Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $389.3M | $673.3M | $1.07B | $1.58B | $2.93B | $4.61B | $5.60B | $7.06B | $8.88B | $11.6B |
| Growth (year over year) | +89.7% | +72.9% | +59.4% | +47.0% | +85.6% | +57.4% | +21.4% | +26.1% | +25.8% | +30.1% |
| Gross profit | $209.5M | $380.3M | $596.3M | $865.6M | $1.54B | $2.48B | $2.75B | $3.52B | $4.47B | $5.55B |
| Gross margin | 53.8% | 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 | −$141.1M | $90.2M | $268.6M | −$822.0M | −$1.42B | $1.07B | $1.47B |
| Operating margin | −9.5% | −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 | −$124.8M | $319.5M | $2.91B | −$3.46B | $132.0M | $2.02B | $1.23B |
| Net margin | −9.1% | −5.9% | −6.0% | −7.9% | 10.9% | 63.2% | −61.8% | 1.9% | 22.7% | 10.7% |
| EPS (diluted) | −$0.00 | −$0.00 | −$0.01 | −$0.11 | $0.26 | $2.29 | −$2.73 | $0.10 | $1.55 | $0.94 |
| Balance sheet | ||||||||||
| Cash and equivalents | $84.0M | $141.7M | $410.7M | $649.9M | $2.70B | $2.50B | $1.65B | $1.41B | $1.50B | $1.54B |
| Total assets | $490.6M | $1.11B | $2.25B | $3.49B | $7.76B | $13.3B | $10.8B | $11.3B | $13.9B | $15.2B |
| Total liabilities | $80.1M | $112.5M | $164.0M | $473.7M | $1.36B | $2.21B | $2.52B | $2.23B | $2.37B | $1.72B |
| Shareholders' equity | $410.5M | $1.00B | $2.09B | $3.02B | $6.40B | $11.1B | $8.24B | $9.07B | $11.6B | $13.5B |
| Cash flow | ||||||||||
| Operating cash flow | $14.0M | $7.90M | $9.32M | $70.6M | $425.0M | $535.7M | −$136.0M | $944.0M | $1.62B | $2.03B |
| Capital expenditure | $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 | $383.2M | $484.9M | −$186.0M | $905.0M | $1.60B | $2.01B |
| Q3 FY24Sep 2024 | Q4 FY24†Dec 2024 | Q1 FY25Mar 2025 | Q2 FY25Jun 2025 | Q3 FY25Sep 2025 | Q4 FY25†Dec 2025 | Q1 FY26Mar 2026 | Q2 FY26Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $2.16B | $2.81B | $2.36B | $2.68B | $2.84B | $3.67B | $3.17B | $3.58B |
| Growth (year over year) | — | — | +26.8% | +31.1% | +31.5% | +30.6% | +34.3% | +33.7% |
| Gross profit | $1.12B | $1.35B | $1.17B | $1.30B | $1.39B | $1.69B | $1.55B | $1.71B |
| Gross margin | 51.7% | 48.1% | 49.5% | 48.6% | 48.9% | 46.1% | 48.8% | 47.7% |
| Operating income | $283.0M | $465.0M | $203.0M | $291.0M | $343.0M | $631.0M | $382.0M | $488.0M |
| Operating margin | 13.1% | 16.5% | 8.6% | 10.9% | 12.1% | 17.2% | 12.1% | 13.6% |
| Net income | $828.0M | $1.29B | −$682.0M | $906.0M | $264.0M | $743.0M | −$581.0M | $1.50B |
| Net margin | 38.3% | 46.0% | −28.9% | 33.8% | 9.3% | 20.2% | −18.3% | 41.9% |
| EPS (diluted) | $0.64 | $0.99 | −$0.53 | $0.69 | $0.20 | $0.58 | −$0.45 | $1.16 |
| Balance sheet | ||||||||
| Cash and equivalents | $1.51B | $1.50B | $1.31B | $1.54B | $2.41B | $1.54B | $1.85B | $1.66B |
| Total assets | — | $13.9B | $13.4B | $14.6B | $15.0B | $15.2B | $14.1B | $14.5B |
| Total liabilities | — | $2.37B | $2.35B | $2.44B | $2.53B | $1.72B | $1.62B | $1.79B |
| Shareholders' equity | $10.1B | $11.6B | $11.1B | $12.1B | $12.5B | $13.5B | $12.5B | $12.7B |
| Cash flow | ||||||||
| Operating cash flow | $423.0M | $615.0M | $367.0M | $428.0M | $513.0M | $725.0M | $481.0M | $658.0M |
| Capital expenditure | $2.00M | $4.00M | $4.00M | $6.00M | $6.00M | $10.0M | $5.00M | $4.00M |
| Free cash flow | $421.0M | $611.0M | $363.0M | $422.0M | $507.0M | $715.0M | $476.0M | $654.0M |
| Share buybacks | — | — | $0 | $0 | — | — | $491.0M | $1.42B |
From Shopify's 10-K, 10-Q, 20-F and 40-F filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. Per-share figures are per ordinary share, which is not always the share traded in the US: an ADS can stand for several, or for part of one. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →
About Shopify
Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario, that operates a cloud e-commerce management platform (CEMP) for retail point-of-sale systems. The company has over five million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
- Headquarters
- Ottawa, Canada From SEC filings, Oct 2026
Recent News (2)
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