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Sankey diagram of Shopify Inc.. A complete text table follows the diagram.
Payments, transaction services and merchant tools now dwarf subscriptions, turning Shopify from a software storefront into a broad commerce infrastructure platform
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Revenue, gross profit, operating expenses, operating income, pretax income, tax and net income are reported. Net nonoperating income is the exact $252M arithmetic bridge between operating and pretax income; individual investment and currency lines contain offsetting gains and losses.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Merchant solutions | 1 | $2.4B | 76.3% of revenue |
| Subscription solutions | 1 | $750M | Storefront software and platform plans |
| Revenue | 2 | $3.2B | Global commerce infrastructure |
| Gross profit | 3 | $1.5B | 48.8% gross margin |
| Cost of revenue | 3 | $1.6B | Payments, hosting and merchant services |
| Operating income | 4 | $382M | 12.1% operating margin |
| Sales & marketing | 4 | $496M | Merchant acquisition and ecosystem |
| Research & development | 4 | $437M | Commerce products and AI |
| Transaction & loan losses | 4 | $116M | Payments and merchant-credit risk |
| General & administrative | 4 | $115M | Corporate platform |
| Net nonoperating income | 4 | $252M | Investments, interest and currency, net |
| Income before tax | 5 | $634M | 20.0% of revenue |
| Net income | 6 | $581M | $0.44 diluted EPS |
| Income tax | 6 | $53M | Reported tax provision |
| From | To | Value |
|---|---|---|
| Merchant solutions | Revenue | $2.4B |
| Subscription solutions | Revenue | $750M |
| Revenue | Gross profit | $1.5B |
| Revenue | Cost of revenue | $1.6B |
| Gross profit | Operating income | $382M |
| Gross profit | Sales & marketing | $496M |
| Gross profit | Research & development | $437M |
| Gross profit | Transaction & loan losses | $116M |
| Gross profit | General & administrative | $115M |
| Operating income | Income before tax | $382M |
| Net nonoperating income | Income before tax | $252M |
| Income before tax | Net income | $581M |
| Income before tax | Income tax | $53M |