Shopify (SHOP) FY2022 results: revenue $5.6 billion, up 21.4% on the year
Shopify Inc. (SHOP) reported revenue of $5.6 billion for fiscal 2022, the year ended 31 December 2022, up 21.4% on the year before. Net income was -$3.5 billion, and diluted earnings per share $-2.73. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.
Revenue
$5.6 billion
+21.4% on the year
FY2017FY2022
Operating margin
-14.7%
5.8% a year earlier
FY2017FY2022
Net income
-$3.5 billion
FY2017FY2022
Diluted EPS
-$2.73
FY2017FY2022
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Revenue
5,600
4,612
2,929
+21.4%
Cost of revenue
2,846
2,131
1,388
+33.6%
Gross profit
2,754
2,481
1,542
+11.0%
Gross margin
49.2%
53.8%
52.6%
Research and development
1,503
854
552
+75.9%
Operating income
-822
269
90.2
Operating margin
-14.7%
5.8%
3.1%
Interest expense
3.5
3.5
9.1
+0.2%
Income tax
-163
226
-79.1
Net income
-3,460
2,915
320
Net margin
-61.8%
63.2%
10.9%
Diluted EPS
-$2.73
$22.90
$2.59
$ 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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
-136
536
425
Capital expenditure
50.0
50.8
41.7
-1.5%
Free cash flow
-186
485
383
Free cash flow margin
-3.3%
10.5%
13.1%
Cash from investing
-719
-2,379
-1,932
Cash from financing
18.0
1,650
3,557
-98.9%
Depreciation and amortisation
93.0
66.3
70.1
+40.3%
Share-based compensation
549
331
247
+66.0%
Diluted shares, weighted
1,266m
127m
123m
+894.2%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
8,239
11,133
6,401
-26.0%
Debt
913
911
758
+0.3%
Operating lease liabilities
465
247
145
+88.5%
Other liabilities
1,140
1,049
459
+8.6%
Total liabilities and equity
10,757
13,340
7,763
-19.4%
Fixed assets
131
106
92.1
+24.0%
Goodwill
1,836
357
312
+415.0%
Intangible assets
390
138
136
+181.6%
Investments
3,404
5,265
3,684
-35.4%
Cash and equivalents
1,649
2,503
2,704
-34.1%
Receivables
273
192
121
+42.1%
Other assets
3,074
4,779
715
-35.7%
Total assets
10,757
13,340
7,763
-19.4%
10-K for the year ended 31 December 2022, filed 11 February 2025: the filing.