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Shopify (SHOP) FY2024 results: revenue $8.9 billion, up 25.8% on the year

Shopify Inc. (SHOP) reported revenue of $8.9 billion for fiscal 2024, the year ended 31 December 2024, up 25.8% on the year before. Net income was $2.0 billion, up 1429.5%, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2025.

Revenue
$8.9 billion
+25.8% on the year
FY2017FY2024
Operating margin
12.1%
-20.1% a year earlier
FY2017FY2024
Net income
$2.0 billion
+1,429.5% on the year
FY2017FY2024
Diluted EPS
$1.55
+1,450.0% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue8,8807,0605,600+25.8%
Cost of revenue4,4083,5452,846+24.3%
Gross profit4,4723,5152,754+27.2%
Gross margin50.4%49.8%49.2%
Research and development1,3671,7301,503-21.0%
Operating income1,075-1,418-822
Operating margin12.1%-20.1%-14.7%
Interest expensen/an/a3.5
Pre-tax income2,228185n/a+1,104.3%
Income tax20953.0-163+294.3%
Effective tax rate9.4%28.6%n/a
Net income2,019132-3,460+1,429.5%
Net margin22.7%1.9%-61.8%
Diluted EPS$1.55$0.10-$2.73+1,450.0%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow1,616944-136+71.2%
Capital expenditure19.039.050.0-51.3%
Free cash flow1,597905-186+76.5%
Free cash flow margin18.0%12.8%-3.3%
Cash from investing-1,586-1,244-719
Cash from financing61.060.018.0+1.7%
Depreciation and amortisation36.070.093.0-48.6%
Share-based compensation430615549-30.1%
Diluted shares, weighted1,302m1,296m1,266m+0.5%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity11,5589,0668,239+27.5%
Debt918916913+0.2%
Operating lease liabilities190217465-12.4%
Other liabilities1,2581,1001,140+14.4%
Total liabilities and equity13,92411,29910,757+23.2%
Fixed assets47.049.0131-4.1%
Goodwill4524271,836+5.9%
Intangible assets22.029.0390-24.1%
Investments4,6903,7103,404+26.4%
Cash and equivalents1,4981,4131,649+6.0%
Receivables342282273+21.3%
Inventory26.019.0n/a+36.8%
Other assets6,8475,3703,074+27.5%
Total assets13,92411,29910,757+23.2%

10-K for the year ended 31 December 2024, filed 11 February 2025: the filing.