Shopify (SHOP) Q4 FY2025 earnings: revenue $3.7 billion, up 30.6% on the year
Shopify Inc. (SHOP) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 30.6% on the same quarter a year earlier. Net income was $743 million, down 42.5% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.
Revenue
$3.7 billion
+30.6% on the year · +29.1% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
17.2%
16.5% a year earlier
Q1 FY2024Q4 FY2025
Net income
$743 million
-42.5% on the year · +181.4% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.58
-41.4% on the year · +190.0% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 4 new.
Q4 revenue up 31% year over year: Q4 revenue was $3,672 million against $2,812 million, up 31%; in constant currency growth was 29%.
Full-year growth of 30%: Full-year revenue was $11,556 million, up 30% from $8,880 million, four percentage points above the 2024 growth rate.
Merchant solutions grew 35% in Q4: Merchant solutions revenue was $2,895 million in Q4 against $2,146 million, and $8,804 million for the year against $6,530 million.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free 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
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
725
513
615
+41.3%
+17.9%
Capital expenditure
10.0
6.0
4.0
+66.7%
+150.0%
Free cash flow
715
507
611
+41.0%
+17.0%
Free cash flow margin
19.5%
17.8%
21.7%
Cash from investing
-654
335
-661
Cash from financing
-938
24.0
49.0
Depreciation and amortisation
7.0
8.0
8.0
-12.5%
-12.5%
Share-based compensation
115
107
109
+7.5%
+5.5%
Buybacks
n/a
0.0
n/a
Diluted shares, weighted
1,305m
1,313m
1,302m
-0.6%
+0.3%
Shares outstanding at period end
1,304m
1,302m
n/a
+0.2%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
13,473
12,511
11,558
+7.7%
+16.6%
Debt
0.0
920
918
Operating lease liabilities
171
176
190
-2.8%
-10.0%
Other liabilities
1,545
1,432
1,258
+7.9%
+22.8%
Total liabilities and equity
15,189
15,039
13,924
+1.0%
+9.1%
Fixed assets
53.0
51.0
47.0
+3.9%
+12.8%
Goodwill
491
491
452
0.0%
+8.6%
Intangible assets
30.0
33.0
22.0
-9.1%
+36.4%
Investments
5,208
4,611
4,690
+12.9%
+11.0%
Cash and equivalents
1,545
2,414
1,498
-36.0%
+3.1%
Receivables
500
396
342
+26.3%
+46.2%
Inventory
21.0
n/a
26.0
-19.2%
Other assets
7,341
7,043
6,847
+4.2%
+7.2%
Total assets
15,189
15,039
13,924
+1.0%
+9.1%
Questions
What was Shopify's revenue in Q4 FY2025?
Shopify (SHOP) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 30.6% on the same quarter a year earlier.
How much did Shopify earn in Q4 FY2025?
Net income for Q4 FY2025 was $743 million, down 42.5% on the year, and diluted earnings per share $0.58.
When did Shopify report Q4 FY2025 results?
Shopify filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.