Shopify (SHOP) FY2021 results: revenue $4.6 billion, up 57.4% on the year
Shopify Inc. (SHOP) reported revenue of $4.6 billion for fiscal 2021, the year ended 31 December 2021, up 57.4% on the year before. Net income was $2.9 billion, up 812.2%, and diluted earnings per share $22.90. The figures are the company's own, from the 40-F it filed with the SEC on 16 February 2022.
Revenue
$4.6 billion
+57.4% on the year
FY2017FY2021
Operating margin
5.8%
3.1% a year earlier
FY2017FY2021
Net income
$2.9 billion
+812.2% on the year
FY2017FY2021
Diluted EPS
$22.90
+784.2% on the year
FY2017FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
4,612
2,929
1,578
+57.4%
Cost of revenue
2,131
1,388
713
+53.5%
Gross profit
2,481
1,542
866
+61.0%
Gross margin
53.8%
52.6%
54.9%
Research and development
854
552
355
+54.7%
Operating income
269
90.2
-141
+198.0%
Operating margin
5.8%
3.1%
-8.9%
Interest expense
3.5
9.1
0.0
-61.6%
Income tax
226
-79.1
29.0
Net income
2,915
320
-125
+812.2%
Net margin
63.2%
10.9%
-7.9%
Diluted EPS
$22.90
$2.59
-$1.10
+784.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
536
425
70.6
+26.1%
Capital expenditure
50.8
41.7
56.8
+21.7%
Free cash flow
485
383
13.9
+26.5%
Free cash flow margin
10.5%
13.1%
0.9%
Cash from investing
-2,379
-1,932
-569
Cash from financing
1,650
3,557
736
-53.6%
Depreciation and amortisation
66.3
70.1
35.7
-5.4%
Share-based compensation
331
247
158
+33.9%
Diluted shares, weighted
127m
123m
113m
+3.2%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
11,133
6,401
3,016
+73.9%
Debt
911
758
0.0
+20.2%
Operating lease liabilities
247
145
143
+70.4%
Other liabilities
1,049
459
331
+128.4%
Total liabilities and equity
13,340
7,763
3,489
+71.8%
Fixed assets
106
92.1
111
+14.6%
Goodwill
357
312
312
+14.3%
Intangible assets
138
136
167
+2.1%
Investments
5,265
3,684
1,805
+42.9%
Cash and equivalents
2,503
2,704
650
-7.4%
Receivables
192
121
90.5
+59.2%
Other assets
4,779
715
353
+568.9%
Total assets
13,340
7,763
3,489
+71.8%
40-F for the year ended 31 December 2021, filed 16 February 2022: the filing.