Shopify Inc. (SHOP) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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SHOP Revenue Growth
Revenue Breakdown (FY 2025)
SHOP's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
SHOP Revenue Analysis (2014–2025)
As of May 6, 2026, Shopify Inc. (SHOP) generated trailing twelve-month (TTM) revenue of $9.20 billion, reflecting significant decline in growth of -100.0% year-over-year. The most recent quarter (Q1 2026) recorded $0 in revenue, down 100.0% sequentially.
Looking at the longer-term picture, SHOP's 5-year compound annual growth rate (CAGR) stands at +31.6%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $11.56 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows SHOP's business is primarily driven by Service (76%), and Subscription and Circulation (24%). With over half of revenue concentrated in Service, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including WIX (+13.2% YoY), GDDY (+7.8% YoY), and CART (+10.2% YoY), SHOP has underperformed the peer group in terms of revenue growth. Compare SHOP vs WIX →
SHOP Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SHOPCurrent | $9.2B | -100.0% | +31.6% | 12.7% | |
 WIX | $2.0B | +13.2% | +15.2% | 0.1% | |
 GDDY | $5.0B | +7.8% | +8.3% | 22.9% | |
 CART | $3.4B | +10.2% | - | 14.5% | |
 PYPL | $33.2B | - | - | 18.3% | |
 BILL | $1.5B | +11.8% | +56.1% | -5.5% |
SHOP Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $11.56B | +30.1% | $5.55B | 48.1% | $1.47B | 12.7% |
| 2024 | $8.88B | +25.8% | $4.47B | 50.4% | $1.07B | 12.1% |
| 2023 | $7.06B | +26.1% | $3.52B | 49.8% | $-1,418,000,000 | -20.1% |
| 2022 | $5.60B | +21.4% | $2.75B | 49.2% | $-822,000,000 | -14.7% |
| 2021 | $4.61B | +57.4% | $2.48B | 53.8% | $268.6M | 5.8% |
| 2020 | $2.93B | +85.6% | $1.54B | 52.6% | $90.2M | 3.1% |
| 2019 | $1.58B | +47.0% | $865.6M | 54.9% | $-141,147,000 | -8.9% |
| 2018 | $1.07B | +59.4% | $596.3M | 55.6% | $-91,920,000 | -8.6% |
| 2017 | $673.3M | +72.9% | $380.3M | 56.5% | $-49,157,000 | -7.3% |
| 2016 | $389.3M | +89.7% | $209.5M | 53.8% | $-37,165,000 | -9.5% |
Full SHOP Stock Analysis
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Start ComparisonSHOP — Frequently Asked Questions
Quick answers to the most common questions about buying SHOP stock.
Is SHOP's revenue growth accelerating or slowing?
SHOP revenue declined -100.0% year-over-year, contrasting with the 5-year CAGR of +31.6%. TTM revenue fell to $9.2B. This reverses the prior growth trend.
What is SHOP's long-term revenue growth rate?
Shopify Inc.'s 5-year revenue CAGR of +31.6% reflects the variable expansion pattern. Current YoY growth of -100.0% is below this long-term average.
How is SHOP's revenue distributed by segment?
SHOP reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.