Companies · SHOP
Shopify
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Latest analysis
Updated Aug 5, 2026
Shopify delivers 34% revenue growth with 18% FCF margins, accelerates GMV across all merchant sizes.
Shopify posted 34% YoY revenue growth to $3.58 billion and achieved 18% free cash flow margins, driven by 32% GMV growth ($115.6 billion) across all merchant segments and geographies. The company raised Q3 2026 revenue guidance to low-thirties percentage growth and gross profit guidance to mid-to-high twenties growth, signaling sustained momentum despite maintaining disciplined operating expense ratios. Free cash flow reached $654 million, up 55% YoY, reflecting operating leverage as the platform scales.
Tone: bullishRevenue
$11.6B
SHOP 10-K · FY 2025
Revenue FY2024
$8.9B
Headquarters
Ottawa, Ontario
Profile
SHOP 10-K Item 1 · Feb 11, 2026Shopify is a Canadian-incorporated commerce platform that provides subscription-based software and merchant solutions to businesses of all sizes globally. The company generates revenue through platform subscriptions and a broad suite of merchant services including payments, capital, and fulfillment-adjacent tools. Shopify serves merchants ranging from small and medium-sized businesses to large-volume enterprise brands.
Read filing description ↓ Collapse description ↑
Shopify Inc. operates a leading global commerce platform offering subscription solutions and merchant solutions to a diverse base of merchants. Subscription solutions include access to the Shopify platform, enabling merchants to run their businesses online and in person. Merchant solutions encompass an expanding set of value-added services including Shopify Payments, Shopify Capital (financing and lending), and other commerce enablement tools. The company serves merchants across a wide range of geographies and business sizes, from entrepreneurs and small and medium-sized businesses to large-volume brands seeking enterprise-grade commerce infrastructure. Shopify has historically focused on SMBs but has increasingly oriented its sales strategy toward attracting larger merchants, which require higher service levels and carry longer onboarding cycles. The platform is extensible through an ecosystem of third-party app developers, theme designers, referral sources, and payment processors. Shopify also relies on cloud hosting providers and other third-party infrastructure. The company describes its mission as making commerce better for everyone, and states a preference for long-term value creation over short-term revenue or profitability maximization. International expansion and new geographic markets represent ongoing strategic priorities, alongside the integration of AI and machine learning into platform capabilities.
Primary products
- Shopify platform (subscription)
- Shopify Payments
- Shopify Capital
- Merchant solutions
Business segments
End markets
Geographies
Named customers
“We have competitors with longer operating histories, larger customer bases, greater brand recognition, greater experience and more extensive commercial relationships in certain jurisdictions, and greater financial, technical, marketing and other resources than we do.” Competitive position, as stated in the filing
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