Shopify Inc. key statistics and ratios

In fiscal 2025, Shopify Inc. had return on equity of 9.8%, an operating margin of 12.7% and a current ratio of 5.96. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Shopify Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	56.5%	55.6%	54.9%	52.6%	53.8%	49.2%	49.8%	50.4%	48.1%	47.5%
Operating margin	−7.3%	−8.6%	−8.9%	3.1%	5.8%	−14.7%	−20.1%	12.1%	12.7%	14.6%
Net margin	−5.9%	−6.0%	−7.9%	10.9%	63.2%	−61.8%	1.9%	22.7%	10.7%	15.0%
Free-cash-flow margin	−1.8%	−1.7%	0.9%	13.1%	10.5%	−3.3%	12.8%	18.0%	17.4%	18.8%
Return on equity	−4.0%	−4.2%	−4.9%	6.8%	33.2%	−35.7%	1.5%	19.6%	9.8%	16.2%
Return on assets	−3.6%	−3.8%	−4.3%	5.7%	27.6%	−28.7%	1.2%	16.0%	8.5%	14.2%
Asset turnover	0.60	0.64	0.55	0.52	0.44	0.46	0.64	0.70	0.79	0.95
Current ratio	10.82	15.35	8.67	15.69	12.15	7.07	6.99	3.71	5.96	4.86
Debt to equity	0.0%	0.0%	0.0%	11.8%	8.2%	11.1%	10.1%	7.9%	—	0.0%
Interest cover (operating income ÷ interest)	—	—	—	9.9x	76.9x	n/m	—	—	—	—
Effective tax rate	—	—	—	—	—	—	28.6%	9.4%	18.4%	—
R&D as % of revenue	20.2%	21.5%	22.5%	18.8%	18.5%	26.8%	24.5%	15.4%	13.3%	12.5%
Capital spending as % of revenue	3.0%	2.6%	3.6%	1.4%	1.1%	0.9%	0.6%	0.2%	0.2%	0.1%
Free cash flow ÷ net income	—	—	—	119.9%	16.6%	—	685.6%	79.1%	163.0%	125.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Shopify Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	48.1%	49.5%	48.6%	48.9%	46.1%	48.8%	47.7%	47.6%
Operating margin	16.5%	8.6%	10.9%	12.1%	17.2%	12.1%	13.6%	15.2%
Net margin	46.0%	−28.9%	33.8%	9.3%	20.2%	−18.3%	41.9%	12.3%
Free-cash-flow margin	21.7%	15.4%	15.7%	17.8%	19.5%	15.0%	18.3%	21.8%
Current ratio	3.71	3.71	3.85	3.93	5.96	6.20	5.35	4.86
R&D as % of revenue	12.5%	16.0%	14.7%	13.2%	10.6%	13.8%	12.4%	13.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 1 checks passed · September 30, 2026

What it owns · $14.7bn

Short-term assets $7.8bnLonger-term assets $6.9bn

What it owes, and who funded it · $14.4bn

Short-term liabilities $1.6bnShareholders' equity $12.7bn

Short-term assets cover short-term liabilities $7.8bn of assets due within a year against $1.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Shopify Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Shopify Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Shopify Inc.