SHOP · NASDAQ / TSXSoftware — Internet / E-commerce
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
$144B
P/E ratio
~103×
Div yield
0%
Revenue (2025)
$11.6B
Rev. growth
+31%
GMV (2025)
$378B
Free cash flow
$2.0B
Profit margin
~11%
In plain English
Shopify is the software that runs millions of online stores. Merchants pay a subscription for the storefront, then Shopify makes most of its money on everything that flows through it — above all Shopify Payments (built on Stripe rails), plus capital loans, shipping and the Shop app. It rents its compute from Google Cloud, partners with Amazon (Buy with Prime) and Global-e, and competes with Amazon, Adobe Commerce, Salesforce and Wix. After a costly 'side quest' into owning logistics, it sold that off in 2023 to refocus on software.
In simple terms
What Shopify really sells
Shopify is the software that runs millions of online stores. Merchants pay a subscription for the storefront, then Shopify makes most of its money on everything that flows through it — above all Shopify Payments (built on Stripe rails), plus capital loans, shipping and the Shop app. It rents its compute from Google Cloud, partners with Amazon (Buy with Prime) and Global-e, and competes with Amazon, Adobe Commerce, Salesforce and Wix. After a costly 'side quest' into owning logistics, it sold that off in 2023 to refocus on software.
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