Shopify Inc. (SHOP): price, analyst ratings, earnings and fundamentals
Updated 16 September 2026, 08:02 ET
Shopify Inc. (SHOP) closed at $129.86 on 15 September 2026, down 3.0%. The stock is down 15.9% over one month and down 9.4% over one year. It trades 28.7% below its 52-week high of $182.19. Analysts recorded 21 actions in the last 90 days; the median price target of $175 is 34.8% above the last close. The company last reported on 5 August 2026 for Q2 2026: EPS of $0.42 against an estimate of $0.37, a beat of 13.5%, on revenue of $3.6 billion.
Price and performance
Performance figures use dividend and split adjusted closes over trading sessions, so a one-year move compares the last close with the close 252 sessions earlier. The 52-week range uses the adjusted daily highs and lows of the same window. Read the guide: Momentum, trend and technical indicators.
The live chart with technical indicators is in the app: open SHOP in FundSpec.
Analyst ratings
Over the last 90 days FundSpec recorded 21 analyst actions on SHOP from 21 firms: 15 maintained or reiterated a view, 2 upgrades, 1 downgrade and 3 initiations. Price targets were 16 raised and 2 lowered. The most recent targets from 22 firms range from $130 to $200, with a median of $175, 34.8% above the last close.
| Date | Firm | Action | Price target |
|---|---|---|---|
| 11 Sep 2026 | Bernstein | Initiates Coverage On Outperform | $160.00 |
| 8 Sep 2026 | Piper Sandler | Reiterates Overweight | $172.00 to $180.00 |
| 20 Aug 2026 | Rosenblatt | Initiates Coverage On Buy | $175.00 |
| 7 Aug 2026 | Wells Fargo | Maintains Overweight | $144.00 to $180.00 |
| 6 Aug 2026 | Canaccord Genuity | Maintains Buy | $145.00 to $180.00 |
| 6 Aug 2026 | DA Davidson | Maintains Buy | $140.00 to $200.00 |
| 6 Aug 2026 | UBS | Maintains Neutral | $130.00 to $145.00 |
| 6 Aug 2026 | RBC Capital | Maintains Outperform | $170.00 to $180.00 |
| 6 Aug 2026 | Truist Securities | Maintains Buy | $150.00 to $180.00 |
| 6 Aug 2026 | Wedbush | Maintains Outperform | $155.00 to $176.00 |
A price target is one firm's twelve-month view, and the median across firms is a steadier reading than any single call. Upgrades and downgrades matter more when they change a rating, not only a target. Read the guide: What analyst ratings and price targets actually tell you.
Every action with the firm's history is in Analyst Ratings.
Earnings
The next report is scheduled for 3 November 2026 before the open for Q3 2026, with EPS expected at $0.43 on revenue of $3.7 billion. Shopify Inc. beat the EPS estimate in 7 of its last 8 reported quarters.
| Period | Reported | EPS estimate | EPS actual | Surprise | Revenue |
|---|---|---|---|---|---|
| Q2 2026 | 5 Aug 2026 | $0.37 | $0.42 | +13.51% | $3.6B |
| Q1 2026 | 5 May 2026 | $0.31 | $0.36 | +16.13% | $3.2B |
| Q4 2025 | 11 Feb 2026 | $0.47 | $0.48 | +2.13% | $3.7B |
| Q3 2025 | 4 Nov 2025 | $0.30 | $0.34 | +13.33% | $2.8B |
| Q2 2025 | 6 Aug 2025 | $0.25 | $0.35 | +40.00% | $2.7B |
| Q1 2025 | 8 May 2025 | $0.26 | $0.25 | -3.85% | $2.4B |
| Q4 2024 | 11 Feb 2025 | $0.43 | $0.44 | +2.33% | $2.8B |
| Q3 2024 | 12 Nov 2024 | $0.27 | $0.35 | +29.63% | $2.2B |
An earnings surprise is the reported EPS against the consensus estimate on the day. The price reaction depends as much on guidance and on what was already priced in as on the surprise itself. Read the guide: Earnings season: estimates, surprises and price reaction.
Estimates, confirmed dates and alerts for every company are in Earnings.
Fundamentals
For the period ended 30 June 2026, Shopify Inc. reported revenue of $3.6 billion and net income of $1.5 billion. On a trailing twelve month basis the company shows revenue growth of 32.50%, a gross margin of 47.77%, an operating margin of 13.90% and a return on equity of 15.54%.
Income statement
| Line | Amount |
|---|---|
| Revenue | $3,583,000,000 |
| Cost of Revenue | $1,875,000,000 |
| Gross Profit | $1,708,000,000 |
| Research and Development | $445,000,000 |
| Selling, General & Administrative Expenses | $634,000,000 |
| Depreciation & Amortization | $7,000,000 |
| Total Operating Expenses | $1,220,000,000 |
| Operating Profit | $488,000,000 |
| Pre-tax Income | $1,775,000,000 |
| Income Tax Expense | $273,000,000 |
| Net Income | $1,502,000,000 |
Cash flow
| Line | Amount |
|---|---|
| Cash from Operating Activities | $658,000,000 |
| Stock-based Compensation | $128,000,000 |
| Cash from Investing Activities | $571,000,000 |
| Capital Expenditures | $4,000,000 |
| Cash from Financing Activities | -$1,417,000,000 |
| Share Repurchases | $1,420,000,000 |
| Free Cash Flow | $654,000,000 |
Assets
| Line | Amount |
|---|---|
| Cash & Cash Equivalents | $1,656,000,000 |
| Restricted Cash | $11,000,000 |
| Short-term Investments | $3,291,000,000 |
| Prepaid Expenses | $219,000,000 |
| Inventory | $21,000,000 |
| Total Current Assets | $7,816,000,000 |
| Plant, Property & Equipment, Net | $53,000,000 |
| Operating Lease Right-of-Use Assets | $90,000,000 |
| Long-term Investments | $525,000,000 |
| Goodwill Intangible Assets, Net | $518,000,000 |
| Deferred Tax Asset | $348,000,000 |
| Other Long-term Assets | $25,000,000 |
| Total Assets | $14,470,000,000 |
Liabilities and equity
| Line | Amount |
|---|---|
| Operating Lease Liabilities, Current | $10,000,000 |
| Income Taxes Payable | $156,000,000 |
| Deferred Liability Charges | $335,000,000 |
| Total Current Liabilities | $1,460,000,000 |
| Operating Lease Liabilities, Long-term | $168,000,000 |
| Long-term Deferred Liability Charges | $79,000,000 |
| Deferred Income Taxes | $79,000,000 |
| Total Liabilities | $1,786,000,000 |
| Common Stock | $8,636,000,000 |
| Additional Paid In Capital | $274,000,000 |
| Retained Earnings | $3,781,000,000 |
| Other Accumulated Comprehensive Income | -$7,000,000 |
| Total Stockholders Equity | $12,684,000,000 |
| Total Liability & Stockholders Equity | $14,470,000,000 |
Figures as filed with the SEC for the period ended 30 June 2026, in US dollars.
FundSpec fundamental metrics
Each metric is computed from the company's filings and ranked against every company FundSpec covers; the percentile is the share of covered companies with a lower value.
Liquidity
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Cash Ratio | 3.39 | 89th | Calculated as the ratio of Cash and cash equivalents / Current liabilities. This metric calculates the company's ability to repay its short-term debt |
| Current Ratio | 5.35 | 89th | Calculated as the ratio of Current Assets / Current Liabilities. The higher the current ratio, the more capable the company is of paying its obligations |
Leverage
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Degree of Operational Leverage | 1.49 | 65th | Calculated as the ratio of Percentage change in EBIT / Percentage change in revenue. It is a measure of how earnings for the company is impacted by its sales activity. |
Earnings Growth (EBIT)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| EBIT Pct Growth | 48.5% | 86th | The EBIT growth rate over the trailing twelve months (TTM) |
Earnings Growth (EBITDA)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| EBITDA Pct Growth | 47.0% | 90th | The EBITDA growth rate over the trailing twelve months (TTM) |
Profitability
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Free Cashflow Margin Pct | 17.7% | 79th | Calculated as the ratio of Free Cashflow from Operating Activities / Net Sales. It measures how much per dollar of revenue the company is able to convert into free cash flow. |
| Gross Margin Pct | 47.8% | 61st | Calculated as the ratio of Revenue - Cost of Goods Sold (COGS) / Revenue. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. |
| Operating Margin Pct | 13.9% | 72nd | Calculated as the ratio of (Revenue - (Cost of Goods Sold + Labour + Sales, General & Administrative)) / Revenue. Operating margins are important because they measure efficiency. The higher the operating margin, the more profitable a company's core business is. |
| Operating Profit Pct Growth | 48.5% | 74th | The Operating Profit growth rate over the trailing twelve months (TTM) |
| PreTax Margin Pct | 17.6% | 75th | Calculated as the ratio of (Gross profit - (Operating Expense + Interest Expense)) / Revenue. The pretax profit margin enables profitability to be compared across companies with significant differences in size, scale, capital structure and tax rates. |
| Return on Assets Pct | 13.3% | 93rd | Calculated as the ratio of Net Income / Total Assets. It is an indicator of how efficient the company is at using its assets to generate earnings. |
| Return on Equity Pct | 15.5% | 79th | Calculated as the ratio of Net Income / Shareholders' equity. It is a measure of how much profit a company generates with the money shareholders have invested. |
Cashflow
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| FCF Pct Growth | 29.4% | 64th | The Free Cash Flow growth rate over the trailing twelve months (TTM) |
| FCF Return on Assets Pct | 16.2% | 94th | Calculated as the ratio of Cashflow from Operations / Total Assets. A high cash return on assets means a company is generating more cash flow from every asset dollar |
| Operating Cashflow Pct Growth | 29.7% | 66th | The Operating Cashflow growth rate over the trailing twelve months (TTM) |
Earnings Growth (Net Income)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Net Income Pct Growth | -17.8% | 31st | The Net Income growth rate over the trailing twelve months (TTM) |
Top Line Growth
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Revenue Pct Growth | 32.5% | 84th | The Revenue (Sales) growth rate over the trailing twelve months (TTM) |
Taxes
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Effective Tax Rate Pct | 17.6% | 61st | The effective tax rate of the company over the trailing twelve months (TTM). |
Margins and returns say how much of each dollar of sales becomes profit and how hard the balance sheet is working; leverage and liquidity say how much room the company has when conditions turn. Read the guide: A practical guide to discounted cash flow valuation.
Fair value, peer multiples and the full statement history are in the app: open SHOP in FundSpec.
SEC filings
The latest filing is a 10-Q from 5 August 2026.
| Filed | Form | Document |
|---|---|---|
| 5 Aug 2026 | 10-Q | View on sec.gov |
| 5 May 2026 | 10-Q | View on sec.gov |
| 29 Apr 2026 | 10-K/A | View on sec.gov |
| 11 Feb 2026 | 10-K | View on sec.gov |
| 4 Nov 2025 | 10-Q | View on sec.gov |
| 6 Aug 2025 | 10-Q | View on sec.gov |
| 8 May 2025 | 10-Q | View on sec.gov |
| 29 Apr 2025 | 10-K/A | View on sec.gov |
| 11 Feb 2025 | 10-K | View on sec.gov |
| 17 Feb 2016 | 20-F | View on sec.gov |
Company profile
- Exchange
- Nasdaq
- Sector
- Software and Business Services
- Industry
- Computer Software
- Headquarters
- OTTAWA
- Chief executive
- Tobias A. Lütke
- Employees
- 11,600
- Website
- shopify.com
- SEC CIK
- 0001594805
Shopify provides commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels. Shopify Inc. was incorporated in 2004 and is headquartered in Ottawa, Canada.
Sector and peers
Shopify Inc. is part of the Software and Business Services sector, which FundSpec tracks across 462 companies.
Companies in the same industry by market capitalization:
MSFT Microsoft Corp.ORCL Oracle Corp.PLTR Palantir Technologies Inc.CRWD CrowdStrike Holdings, Inc.CRM Salesforce, Inc.NOW ServiceNow, Inc.NET Cloudflare, Inc.SNOW Snowflake Inc.
Put two of them side by side in Compare.
In FundSpec: the fair value estimate, the momentum reading, relative valuation against sector and industry peers, unusual options activity and AI model signals for SHOP are available to subscribers, with the same screen in the iOS and Android apps.
Open SHOP in FundSpec