Shopify Inc
NYSE:SHOP
Income Statement
Earnings Waterfall
Shopify Inc
Revenue
|
7.1B
USD
|
Cost of Revenue
|
-3.5B
USD
|
Gross Profit
|
3.5B
USD
|
Operating Expenses
|
-3.6B
USD
|
Operating Income
|
-78m
USD
|
Other Expenses
|
211m
USD
|
Net Income
|
133m
USD
|
Income Statement
Shopify Inc
Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||
Revenue |
105
N/A
|
124
+18%
|
145
+17%
|
170
+18%
|
205
+21%
|
241
+17%
|
282
+17%
|
329
+17%
|
389
+18%
|
444
+14%
|
509
+15%
|
581
+14%
|
673
+16%
|
760
+13%
|
854
+12%
|
952
+12%
|
1 073
+13%
|
1 180
+10%
|
1 297
+10%
|
1 417
+9%
|
1 578
+11%
|
1 728
+9%
|
2 080
+20%
|
2 457
+18%
|
2 930
+19%
|
3 448
+18%
|
3 853
+12%
|
4 209
+9%
|
4 612
+10%
|
4 827
+5%
|
5 002
+4%
|
5 245
+5%
|
5 600
+7%
|
5 904
+5%
|
6 303
+7%
|
6 651
+6%
|
7 060
+6%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(43)
|
(52)
|
(62)
|
(75)
|
(92)
|
(109)
|
(130)
|
(153)
|
(180)
|
(202)
|
(226)
|
(250)
|
(293)
|
(328)
|
(372)
|
(421)
|
(477)
|
(527)
|
(576)
|
(629)
|
(713)
|
(786)
|
(968)
|
(1 156)
|
(1 388)
|
(1 605)
|
(1 764)
|
(1 917)
|
(2 131)
|
(2 267)
|
(2 408)
|
(2 597)
|
(2 846)
|
(3 071)
|
(3 290)
|
(3 400)
|
(3 545)
|
|
Gross Profit |
62
N/A
|
72
+16%
|
83
+15%
|
95
+15%
|
113
+19%
|
132
+16%
|
153
+16%
|
177
+16%
|
210
+19%
|
243
+16%
|
283
+17%
|
331
+17%
|
380
+15%
|
432
+14%
|
482
+12%
|
532
+10%
|
596
+12%
|
653
+9%
|
721
+10%
|
788
+9%
|
866
+10%
|
942
+9%
|
1 113
+18%
|
1 301
+17%
|
1 542
+18%
|
1 843
+20%
|
2 089
+13%
|
2 293
+10%
|
2 481
+8%
|
2 560
+3%
|
2 595
+1%
|
2 648
+2%
|
2 754
+4%
|
2 833
+3%
|
3 013
+6%
|
3 252
+8%
|
3 515
+8%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(83)
|
(91)
|
(98)
|
(111)
|
(131)
|
(156)
|
(182)
|
(211)
|
(247)
|
(284)
|
(332)
|
(383)
|
(429)
|
(487)
|
(552)
|
(620)
|
(688)
|
(760)
|
(837)
|
(908)
|
(1 007)
|
(1 108)
|
(1 191)
|
(1 284)
|
(1 393)
|
(1 561)
|
(1 668)
|
(1 892)
|
(2 182)
|
(2 508)
|
(2 873)
|
(3 267)
|
(3 395)
|
(3 751)
|
(4 036)
|
(3 769)
|
(3 593)
|
|
Selling, General & Administrative |
(56)
|
(64)
|
(69)
|
(78)
|
(90)
|
(110)
|
(128)
|
(147)
|
(168)
|
(197)
|
(229)
|
(263)
|
(289)
|
(330)
|
(373)
|
(416)
|
(451)
|
(501)
|
(546)
|
(589)
|
(643)
|
(713)
|
(747)
|
(787)
|
(823)
|
(887)
|
(991)
|
(1 150)
|
(1 306)
|
(1 494)
|
(1 695)
|
(1 927)
|
(1 872)
|
(2 087)
|
(2 071)
|
(1 905)
|
(1 848)
|
|
Research & Development |
(25)
|
(27)
|
(29)
|
(33)
|
(38)
|
(46)
|
(54)
|
(63)
|
(72)
|
(87)
|
(103)
|
(120)
|
(131)
|
(157)
|
(179)
|
(204)
|
(226)
|
(259)
|
(291)
|
(319)
|
(347)
|
(395)
|
(443)
|
(496)
|
(532)
|
(611)
|
(662)
|
(739)
|
(834)
|
(982)
|
(1 145)
|
(1 337)
|
(1 486)
|
(1 658)
|
(1 959)
|
(1 860)
|
(1 717)
|
|
Depreciation & Amortization |
(3)
|
0
|
0
|
0
|
(3)
|
0
|
0
|
0
|
(7)
|
0
|
0
|
0
|
(9)
|
0
|
0
|
0
|
(11)
|
0
|
0
|
0
|
(17)
|
(0)
|
(1)
|
(1)
|
(38)
|
(2)
|
(2)
|
(2)
|
(42)
|
(2)
|
(2)
|
(4)
|
(38)
|
(7)
|
(6)
|
(4)
|
(28)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(61)
|
(13)
|
0
|
0
|
(30)
|
(30)
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Operating Income |
(22)
N/A
|
(19)
+12%
|
(16)
+18%
|
(16)
-1%
|
(18)
-13%
|
(24)
-35%
|
(29)
-22%
|
(34)
-18%
|
(37)
-8%
|
(42)
-13%
|
(49)
-17%
|
(52)
-7%
|
(49)
+6%
|
(55)
-12%
|
(70)
-27%
|
(89)
-27%
|
(92)
-4%
|
(108)
-17%
|
(116)
-8%
|
(121)
-4%
|
(141)
-17%
|
(166)
-18%
|
(78)
+53%
|
17
N/A
|
149
+774%
|
282
+90%
|
421
+49%
|
401
-5%
|
299
-25%
|
52
-83%
|
(278)
N/A
|
(619)
-123%
|
(641)
-4%
|
(917)
-43%
|
(1 023)
-12%
|
(518)
+49%
|
(78)
+85%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
1
|
1
|
2
|
2
|
2
|
4
|
7
|
9
|
13
|
18
|
23
|
27
|
35
|
39
|
42
|
45
|
47
|
40
|
165
|
150
|
1 388
|
2 164
|
3 372
|
2 872
|
67
|
(1 721)
|
(2 878)
|
(2 801)
|
(977)
|
366
|
784
|
1 603
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(13)
|
(60)
|
(69)
|
(58)
|
0
|
0
|
(34)
|
(30)
|
0
|
0
|
0
|
(181)
|
0
|
(1 340)
|
(1 378)
|
(1 340)
|
|
Gain/Loss on Disposition of Assets |
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
(22)
N/A
|
(21)
+8%
|
(17)
+18%
|
(17)
-2%
|
(19)
-9%
|
(23)
-23%
|
(28)
-22%
|
(33)
-16%
|
(35)
-8%
|
(40)
-13%
|
(46)
-14%
|
(46)
-1%
|
(40)
+13%
|
(42)
-6%
|
(52)
-24%
|
(66)
-26%
|
(65)
+2%
|
(73)
-13%
|
(78)
-6%
|
(79)
-2%
|
(96)
-22%
|
(132)
-37%
|
(99)
+25%
|
112
N/A
|
240
+114%
|
1 670
+595%
|
2 585
+55%
|
3 739
+45%
|
3 141
-16%
|
118
-96%
|
(1 999)
N/A
|
(3 497)
-75%
|
(3 623)
-4%
|
(1 894)
+48%
|
(1 997)
-5%
|
(1 112)
+44%
|
185
N/A
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(48)
|
(29)
|
(0)
|
31
|
84
|
79
|
(61)
|
(133)
|
(329)
|
(226)
|
64
|
98
|
289
|
162
|
(24)
|
(28)
|
(37)
|
(53)
|
|
Income from Continuing Operations |
(22)
|
(21)
|
(17)
|
(17)
|
(19)
|
(23)
|
(28)
|
(33)
|
(35)
|
(40)
|
(46)
|
(46)
|
(40)
|
(42)
|
(52)
|
(66)
|
(65)
|
(73)
|
(78)
|
(127)
|
(125)
|
(132)
|
(67)
|
197
|
320
|
1 609
|
2 453
|
3 410
|
2 915
|
182
|
(1 901)
|
(3 208)
|
(3 460)
|
(1 918)
|
(2 025)
|
(1 149)
|
132
|
|
Net Income (Common) |
(22)
N/A
|
(21)
+8%
|
(17)
+18%
|
(17)
-2%
|
(19)
-9%
|
(23)
-23%
|
(28)
-22%
|
(33)
-16%
|
(35)
-8%
|
(40)
-13%
|
(46)
-14%
|
(46)
-1%
|
(40)
+13%
|
(42)
-6%
|
(52)
-24%
|
(66)
-26%
|
(65)
+2%
|
(73)
-13%
|
(78)
-6%
|
(127)
-64%
|
(125)
+2%
|
(132)
-6%
|
(67)
+49%
|
197
N/A
|
320
+62%
|
1 609
+404%
|
2 453
+52%
|
3 409
+39%
|
2 915
-14%
|
182
-94%
|
(1 901)
N/A
|
(3 208)
-69%
|
(3 460)
-8%
|
(1 918)
+45%
|
(2 025)
-6%
|
(1 149)
+43%
|
133
N/A
|
|
EPS (Diluted) |
-0.03
N/A
|
-0.04
-33%
|
-0.03
+25%
|
-0.03
N/A
|
-0.03
N/A
|
-0.03
N/A
|
-0.04
-33%
|
-0.04
N/A
|
-0.04
N/A
|
-0.05
-25%
|
-0.05
N/A
|
-0.05
N/A
|
-0.04
+20%
|
-0.04
N/A
|
-0.05
-25%
|
-0.06
-20%
|
-0.06
N/A
|
-0.06
N/A
|
-0.07
-17%
|
-0.11
-57%
|
-0.11
N/A
|
-0.12
-9%
|
-0.06
+50%
|
0.15
N/A
|
0.26
+73%
|
1.27
+388%
|
1.93
+52%
|
2.68
+39%
|
2.29
-15%
|
0.14
-94%
|
-1.52
N/A
|
-2.54
-67%
|
-2.73
-7%
|
-1.48
+46%
|
-1.58
-7%
|
-0.88
+44%
|
0.1
N/A
|