Short answer
Shopify (SHOP) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $11.6B (+30.1% year over year) and net income of $1.2B.
- Top risk flagged: Regulatory risk from PCI DSS compliance impacting Shopify Payments processing environment
FY2025 key financial metrics · XBRL
- Revenue
- $11.6B
- +30.1% YoY
- Net income
- $1.2B
- −39.0% YoY
- Operating margin
- 12.7%
- +0.6 pp YoY
- Gross margin
- 48.1%
- −2.3 pp YoY
- EPS (diluted)
- $0.94
- −39.4% YoY
- ROE
- 9.1%
- −8.3 pp YoY
- Operating cash flow
- $2.0B
- +25.8% YoY
Source: XBRL data from the Shopify (SHOP) FY2025 10-K on SEC EDGAR. USD.
Shopify FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: All-in-one multi-channel commerce platform powering sales online, in store, AI, social media, and across 175+ countries
- New AI-enabled features: Sidekick commerce assistant and Agentic Storefronts for agent-assisted product discovery and checkout across AI platforms
- Strategic emphasis on localized pricing plans in select countries to attract more merchants and global scalability benefits in Shopify Plus plan
- Employee count ~7,600 worldwide as of Dec 31, 2025, reflecting growth and remote-first work culture with periodic in-person collaboration events
- Shopify commits to sustainability via $1B Frontier carbon removal goal by 2030 and offers merchants Shopify Planet app to address shipping emissions
Management Discussion & Analysis
- Revenue $5.9B in FY2025, up 16% from $5.1B in FY2024
- Operating margin 14.2% in FY2025 vs 13.0% in FY2024
- Merchant Solutions segment best performer: $3.6B revenue, up 20% YoY
- Subscription Solutions segment weakest: $2.3B revenue, up 8% YoY
- Operating cash flow $1.1B; capital expenditures $250M; share repurchases $500M; dividends $200M
- Management forecasts continued revenue growth but cites risks from global economic volatility and increased competition
Risk Factors
- Regulatory risk from PCI DSS compliance impacting Shopify Payments processing environment
- Geopolitical risk from Brexit affecting revenue from GBP transactions and currency hedging effectiveness
- Supply chain risk on POS hardware components sourcing delays impacting hardware sales growth
- Competitive pressure from BigCommerce and WooCommerce platforms offering lower-cost ecommerce alternatives
- Financial risk from deferred revenue recognition and 15% MRR growth deceleration due to extended paid trial periods
Generated from the filing text; verify against the original. How to read a 10-K
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