Shopify (SHOP) FY2023 results: revenue $7.1 billion, up 26.1% on the year
Shopify Inc. (SHOP) reported revenue of $7.1 billion for fiscal 2023, the year ended 31 December 2023, up 26.1% on the year before. Net income was $132 million, and diluted earnings per share $0.10. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.
Revenue
$7.1 billion
+26.1% on the year
FY2017FY2023
Operating margin
-20.1%
-14.7% a year earlier
FY2017FY2023
Net income
$132 million
FY2017FY2023
Diluted EPS
$0.10
FY2017FY2023
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Revenue
7,060
5,600
4,612
+26.1%
Cost of revenue
3,545
2,846
2,131
+24.6%
Gross profit
3,515
2,754
2,481
+27.6%
Gross margin
49.8%
49.2%
53.8%
Research and development
1,730
1,503
854
+15.1%
Operating income
-1,418
-822
269
Operating margin
-20.1%
-14.7%
5.8%
Interest expense
n/a
3.5
3.5
Pre-tax income
185
n/a
n/a
Income tax
53.0
-163
226
Effective tax rate
28.6%
n/a
n/a
Net income
132
-3,460
2,915
Net margin
1.9%
-61.8%
63.2%
Diluted EPS
$0.10
-$2.73
$22.90
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
944
-136
536
Capital expenditure
39.0
50.0
50.8
-22.0%
Free cash flow
905
-186
485
Free cash flow margin
12.8%
-3.3%
10.5%
Cash from investing
-1,244
-719
-2,379
Cash from financing
60.0
18.0
1,650
+233.3%
Depreciation and amortisation
70.0
93.0
66.3
-24.7%
Share-based compensation
615
549
331
+12.0%
Diluted shares, weighted
1,296m
1,266m
127m
+2.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
9,066
8,239
11,133
+10.0%
Debt
916
913
911
+0.3%
Operating lease liabilities
217
465
247
-53.3%
Other liabilities
1,100
1,140
1,049
-3.5%
Total liabilities and equity
11,299
10,757
13,340
+5.0%
Fixed assets
49.0
131
106
-62.5%
Goodwill
427
1,836
357
-76.7%
Intangible assets
29.0
390
138
-92.6%
Investments
3,710
3,404
5,265
+9.0%
Cash and equivalents
1,413
1,649
2,503
-14.3%
Receivables
282
273
192
+3.3%
Inventory
19.0
n/a
n/a
Other assets
5,370
3,074
4,779
+74.7%
Total assets
11,299
10,757
13,340
+5.0%
10-K for the year ended 31 December 2023, filed 11 February 2025: the filing.