Shopify
Commerce software & payments · Canada
Shopify sells merchants the software to run an online and in-store business, then earns most of its revenue from payments and other services that grow with the sales those merchants make.
What makes it different
Most revenue comes from payments and services, not subscriptions.
$8.804BMerchant solutions revenueFY2025
It takes a cut of merchants' sales, so it grows when they grow.
How big it is
How big is Shopify?
$11.6BRevenueFY2025
$378.4BGross merchandise volumeFY2025
$2.01BFree cash flowFY2025
How it makes money FY2025
Mostly payments, not subscriptions.
- Merchant solutions76%$8.8B
- Subscription solutions24%$2.75B
How the business works
Grows when merchants sell.
- 1Merchants' online stores
- 2Buyers' payments
- 3A cut of every sale
Stores, point-of-sale and AI channels put it wherever merchants sell.
Brands and businesses
More than Shopify.
Who owns it
- All other shareholders59.98%
- Tobias Lütke40.02%
CEO: Tobias Lütke
Who it competes with
AmazonKey moments
- 2004Company incorporated around a snowboard store
- 2006Shopify platform launches
- 2013Shopify Payments launches
- 2014Shopify Plus for larger merchants
- 2015IPO on the NYSE and TSX
Sources
Every number on this page comes from Shopify's own reports.
Full profile
The rest of the story is in the app.
What Shopify tracks15 metrics
Gross merchandise volume
Gross payments volume growth
Shop Pay GMV growth
Results, quarter by quarterwith a chart
Revenue
Profit
Margin
Where the money comes from5 regions
United States
EMEA
APAC
The full timeline17 moments
2020
2022
2025
Shopify vs Amazonside by side
Revenue
Profit
People
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