Shopify Inc.

SHOP

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

8,880

Cost of Revenue

4,408

Gross Profit

4,472

Gross Margin

50.4%

Operating Income

1,075

Operating Margin

12.1%

Net Income

2,019

Net Margin

22.7%

EPS (Basic)

$1.56

EPS (Diluted)

$1.55

EBITDA

1,338

EBITDA Margin

15.1%

2023

12/31/2023

Revenue

7,060

Cost of Revenue

3,545

Gross Profit

3,515

Gross Margin

49.8%

Operating Income

-1,418

Operating Margin

-20.1%

Net Income

132

Net Margin

1.9%

EPS (Basic)

$0.10

EPS (Diluted)

$0.10

EBITDA

144

EBITDA Margin

2.0%

2022

12/31/2022

Revenue

5,600

Cost of Revenue

2,846

Gross Profit

2,754

Gross Margin

49.2%

Operating Income

-822

Operating Margin

-14.7%

Net Income

-3,460

Net Margin

-61.8%

EPS (Basic)

$-2.73

EPS (Diluted)

$-2.73

EBITDA

-594

EBITDA Margin

-10.6%

2021

12/31/2021

Revenue

4,612

Cost of Revenue

2,131

Gross Profit

2,481

Gross Margin

53.8%

Operating Income

269

Operating Margin

5.8%

Net Income

2,915

Net Margin

63.2%

EPS (Basic)

$2.32

EPS (Diluted)

$2.27

EBITDA

3,208

EBITDA Margin

69.6%

2020

12/31/2020

Revenue

2,929

Cost of Revenue

1,388

Gross Profit

1,542

Gross Margin

52.6%

Operating Income

Operating Margin

3.1%

Net Income

320

Net Margin

10.9%

EPS (Basic)

$0.27

EPS (Diluted)

$0.26

EBITDA

319

EBITDA Margin

10.9%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	8,880	7,060	5,600	4,612	2,929
Cost of Revenue	4,408	3,545	2,846	2,131	1,388
Gross Profit	4,472	3,515	2,754	2,481	1,542
Gross Margin	50.4%	49.8%	49.2%	53.8%	52.6%
Operating Income	1,075	-1,418	-822	269	90
Operating Margin	12.1%	-20.1%	-14.7%	5.8%	3.1%
Net Income	2,019	132	-3,460	2,915	320
Net Margin	22.7%	1.9%	-61.8%	63.2%	10.9%
EPS (Basic)	$1.56	$0.10	$-2.73	$2.32	$0.27
EPS (Diluted)	$1.55	$0.10	$-2.73	$2.27	$0.26
EBITDA	1,338	144	-594	3,208	319
EBITDA Margin	15.1%	2.0%	-10.6%	69.6%	10.9%