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Shopify Inc. (SHOP)
NASDAQ: SHOP · Real-Time Price · USD
161.08
-1.23 (-0.76%)
At close: Dec 5, 2025, 4:00 PM EST
160.91
-0.17 (-0.11%)
After-hours: Dec 5, 2025, 7:59 PM EST

Shopify Operating Metrics

Period Ending Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019Sep 30, 2019Jun 30, 2019Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018Dec 31, 2017Sep 30, 2017Jun 30, 2017Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016Mar 31, 2016
Attach Rate
- - - - 3.10% 3.00% 3.06% 2.85% 3.05% 3.08% 3.04% 2.79%
Gross Merchandise Volume
349.06B 326.77B 306.13B 292.28B 272.92B 259.40B 247.20B 235.87B - -
Gross Merchandise Volume Growth
27.90% 25.97% 23.84% 23.91% 23.06% 22.49% 21.37% 19.55% - -
Gross Payment Volume
- - - - 165.30B 155.20B 145.80B 137.12B 126.22B 118.42B 111.62B 106.10B - -
Gross Payment Volume Growth
- - - - 30.96% 31.06% 30.62% 29.23% 26.72% 24.52% 23.33% 23.66% - -
Gross Payment Volume Percent of Gross Merchandise Volume
- - - - 62.00% 61.00% 59.00% 60.00% 58.00% 58.00% 56.00% 56.00% - -
Monthly Recurring Revenue
193.00M 185.00M 182.00M 178.00M 175.00M 169.00M 151.00M 149.00M
Monthly Recurring Revenue Growth
10.29% 9.47% 20.53% 19.46% 24.11% 21.58% 30.17% 36.07%

Revenue by Segment
Period Ending Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019Sep 30, 2019Jun 30, 2019Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018Dec 31, 2017Sep 30, 2017Jun 30, 2017Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016
Merchant Solutions
8.06B 7.46B 6.94B 6.55B 6.02B 5.70B 5.45B 5.22B
Merchant Solutions Growth
33.78% 30.98% 27.37% 25.37% 21.91% 21.19% 24.37% 27.01%
Subscription Solutions
2.64B 2.55B 2.46B 2.35B 2.21B 2.09B 1.97B 1.84B
Subscription Solutions Growth
19.56% 22.40% 25.08% 27.93% 29.03% 30.13% 28.94% 23.50%

Gross Margin by Segment
Period Ending Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019Sep 30, 2019Jun 30, 2019Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018Dec 31, 2017Sep 30, 2017Jun 30, 2017Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016
Subscription
81.69% 81.55% 80.16% 79.88% 82.29% 82.80% 81.40% 81.52%
Merchant
38.23% 37.90% 38.62% 38.21% 39.69% 39.10% 40.00% 39.16%

Gross Profit by Segment
Period Ending Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019Sep 30, 2019Jun 30, 2019Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018Dec 31, 2017Sep 30, 2017Jun 30, 2017Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016
Merchant
3.08B 2.88B 2.69B 2.56B 2.37B 2.26B 2.15B 2.03B
Merchant Growth
29.92% 27.38% 24.74% 25.79% 25.93% 29.17% 30.90% 27.26%
Subscription
2.14B 2.07B 2.00B 1.92B 1.81B 1.71B 1.60B 1.48B
Subscription Growth
17.83% 20.96% 24.73% 29.20% 32.31% 34.98% 34.83% 28.22%

Operating Expense Breakdown
Period Ending Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020Dec 31, 2019Sep 30, 2019Jun 30, 2019Mar 31, 2019Dec 31, 2018Sep 30, 2018Jun 30, 2018Mar 31, 2018Dec 31, 2017Sep 30, 2017Jun 30, 2017Mar 31, 2017Dec 31, 2016Sep 30, 2016Jun 30, 2016
Sales and Marketing
1.58B 1.50B 1.44B 1.39B 1.36B 1.33B 1.29B 1.22B
Sales and Marketing Growth
15.86% 13.05% 11.05% 14.18% 13.43% 9.75% 6.58% -0.85%
Research and Development
1.50B 1.45B 1.41B 1.37B 1.33B 1.31B 1.61B 1.73B
Research and Development Growth
12.81% 11.16% -12.32% -20.98% -28.64% -33.23% -3.05% 15.09%
General and Administrative
458.00M 457.00M 395.00M 410.00M 398.00M 421.00M 492.00M 491.00M
General and Administrative Growth
15.08% 8.55% -19.72% -16.50% -34.29% -41.83% -31.92% -30.63%
Transaction and Loan Losses
379.00M 289.00M 251.00M 227.00M 196.00M 172.00M 161.00M 152.00M - - - - - - - - - - - - - - -
Transaction and Loan Losses Growth
93.37% 68.02% 55.90% 49.34% 38.69% 18.57% 2.92% 12.65% - - - - - - - - - - - - - - -
Source: Business metrics provided by Main Street Data and sourced from official company press releases and documents.