Shopify (SHOP) FY2025 10-K Annual Report
Shopify (SHOP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Shopify FY2025 10-K Analysis
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
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
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
Shopify FY2025 Key Financial MetricsXBRL
Revenue
$11.6B
▲ +30.1% YoY
Net Income
$1.2B
▼ -39.0% YoY
Gross Margin
48.1%
▼ -229bp YoY
Operating Margin
12.7%
▲ +60bp YoY
Net Margin
10.7%
▼ -1208bp YoY
ROE
9.1%
▼ -833bp YoY
Total Assets
$15.2B
▲ +9.1% YoY
EPS (Diluted)
$0.94
▼ -39.4% YoY
Operating Cash Flow
$2.0B
▲ +25.8% YoY
Source: XBRL data from Shopify FY2025 10-K filing on SEC EDGAR. All figures in USD.
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