Shopify Inc. (SHOP) Stock: Price, Forecast & Analyst Target
Shopify Inc. (SHOP) — MoonshotScore 80/100 (Exceptional band), calculated Oct 9, 2026. Price $164.56 (-0.89%), as of the Oct 8, 2026 trading session; market cap $214B. Expected results Nov 3, 2026.
Listing-status flag — 8-K Item 3.01, filed Mar 19, 2025.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 43.26× (market value Oct 8, 2026; cash Jun 30, 2026) · expected results Nov 3, 2026
Shopify Inc. · SHOP · NASDAQ · Technology · Software - Application
Research dated 2026-09-12: Shopify is a commerce operating platform: merchants use it to run storefronts, payments, inventory, shipping, marketing and access to capital across digital and physical channels. Service revenue now outweighs subscription revenue, so merchant selling activity matters more than a software label suggests. The case depends on whether that activity can keep expanding while operating leverage and cash conversion hold.
Price as of Oct 8, 2026
Key Statistics
MoonshotScore v2 · Shopify (SHOP)
ExceptionalWhy this rating? Method, drivers & history
Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.
- Business Quality — Is this a genuinely good business?
- Financial Safety — Could this blow up on me?
- Valuation — Am I paying a fair price?
- Growth Durability — Is the growth real and likely to last?
- Momentum — Is the market already moving on this?
High quality, a fortress balance sheet and durable growth, but an expensive valuation; the market is already moving on it. Business Quality: Solid; Financial Safety: Fortress; Valuation: Rich; Growth Durability: Compounding; Momentum: Surging.
Enterprise value relative to EBITDA is the main valuation drag relative to sector peers.
- quarterly revenue $3.58B (Q2 FY2026, quarter ended Jun 2026)
- EPS beat 5 of 8
- Altman Z 74.60 · Piotroski F 7
Holding back: a rich price
Helping: business quality, balance-sheet strength, durable growth, positive momentum
What has the MoonshotScore done over time?
| Recorded | Score | Band |
|---|---|---|
| 76 | Strong | |
| 76 | Strong | |
| 76 | Strong | |
| 76 | Strong | |
| 77 | Strong | |
| 78 | Strong |
The score moved from 78 in the stored Oct 7, 2026 snapshot to 80 in the current publication computed Oct 9, 2026 (+2); the largest pillar moves were Financial Safety +10 and Valuation -5. This current publication is not yet represented in the immutable snapshot archive.
Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.
Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →
Price & valuation
| Measure | Value | As of |
|---|---|---|
| Latest provided price | $164.56 | |
| Change on the day | -0.89% | |
| 52-week range | $94.00 – $182.19 | |
| Market capitalisation | $214B | |
| Price / earnings (trailing) | 110.44 | |
| Shares traded on the day | 7.15M | |
| Beta (volatility vs the S&P 500) | 2.63 |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · above the recorded estimate
- · Earnings results · below the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings call · management outlook
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
Management outlook
We expect operating expenses in Q3 to be 33% to 34% of revenue, reflecting continued leverage and meaningful improvement compared to the 37% we delivered in Q3 of last year.
Jeff Hoffmeister · Statement from
We expect Q3 revenue growth in the low 30s year-over-year.
Jeff Hoffmeister · Statement from
Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.
Read management statementsCouncil Score · weighted blend of 2 available disciplines
Council score for Shopify (SHOP): Bullish Lean
67/100 · B+Some lenses disagree with the MoonshotScore. Compare their readings below; each uses a different method.
5-Factor Breakdown
Legends Council
6 lenses, 6 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Oct 9, 2026
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
One of these lenses reads this company less favourably than the MoonshotScore does: Klarman-style lens. Each lens is a separate scoring function over its own inputs, so a disagreement is a difference of method rather than a correction — the page's answer stays the MoonshotScore above.
On Sep 9, 2026, the Munger lens read the price at that time as overvalued against its own estimate of value.
Readings on this page are from Oct 9, 2026, except a card that shows its own read date.
Watch the SHOP film — every key number, told as a short cinematic story
~2 min · open the film
What is Shopify (SHOP), and what does it report?
Short answer · as of
Merchants pay Shopify for the platform and for services used while conducting commerce.
Research dated 2026-09-12.
Merchants pay Shopify for the platform and for services used while conducting commerce. Subscriptions provide access to the system, while the larger service stream encompasses activities such as payment acceptance, shipping, fulfillment and merchant funding.
Reported revenue therefore combines recurring access fees with commerce-linked services. Gross margin and operating performance reflect that mix rather than the economics of a subscription-only software vendor.
What do the latest results show for Shopify (SHOP)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $3.58B.
Research dated 2026-09-12.
The latest period brought higher revenue, gross profit and operating profit than the preceding period. Net income also swung sharply back into profit, while operating cash flow strengthened and capital spending remained modest. The longer annual series shows sustained revenue expansion but much less stable net income.
Management expects rapid year-over-year revenue growth, continued expense leverage and a healthy free-cash-flow margin in the coming period. Those statements are guidance, while the reported record shows that revenue has generally exceeded expectations even when earnings outcomes have been less consistent.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $3.58B Jun 30, 2026
- Latest quarter · R&D
- $445.00M Jun 30, 2026
- Latest quarter · SG&A
- $634.00M Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $488.00M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $3.58B | $445.00M | $634.00M | $488.00M |
| Mar 31, 2026 | $3.17B | $437.00M | $611.00M | $382.00M |
| Dec 31, 2025 | $3.67B | $390.00M | $558.00M | $631.00M |
| Sep 30, 2025 | $2.84B | $375.00M | $525.00M | $343.00M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $3.54B Aug 5, 2026
- Latest report · revenue estimate
- $3.40B Aug 5, 2026
- Latest report · revenue vs estimate
- Above estimate Aug 5, 2026
- Latest report · EPS vs estimate
- Above estimate Aug 5, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Aug 5, 2026 | $3.54B | $3.40B | $0.4200 | $0.3973 |
| May 5, 2026 | $3.11B | $3.06B | $0.3600 | $0.3262 |
| Feb 11, 2026 | $3.64B | $3.60B | $0.4600 | $0.5060 |
| Nov 4, 2025 | $2.84B | $2.75B | $0.3400 | $0.3367 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $3.58B | $1.50B | $1.16 (diluted) |
| Q1 FY2026 | $3.17B | -$581M | -$0.45 (diluted) |
| Q4 FY2025 | $3.67B | $743M | $0.58 (diluted) |
| Q3 FY2025 | $2.84B | $264M | $0.20 (diluted) |
What are the financial strengths and risks for Shopify (SHOP)?
Short answer
Cash and short-term investments were $4.95B at the Jun 30, 2026 balance-sheet date. Operating cash flow was $658.00M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-12.
Shopify pairs positive operating cash flow with very low capital spending. Cash and investment holdings substantially exceed debt, liquidity ratios are strong, and the distress screen does not indicate near-term balance-sheet pressure. Near-term cash holdings declined in the latest reading, although the broader total includes substantial long-term investments.
The more immediate financial risk lies in the combination of a demanding valuation and exposure to merchant activity. The larger revenue stream is service-based, so weaker selling volumes or reduced use of payments, shipping and funding services could pressure growth without any loss of subscription customers.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $658.00M Jun 30, 2026
- Previous quarter · operating cash flow
- $481.00M Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $658.00M | −$4.00M |
| Mar 31, 2026 | $481.00M | −$5.00M |
| Dec 31, 2025 | $725.00M | −$10.00M |
| Sep 30, 2025 | $513.00M | −$6.00M |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at Shopify (SHOP)?
Short answer · as of
The next earnings report is expected on Nov 3, 2026.
Research dated 2026-09-12.
The upcoming report should be tested against management's linked commitments: rapid revenue growth, lower operating expenses relative to revenue and continued free-cash-flow strength. Revenue alone would not settle the issue; gross-profit growth, operating profit and cash generation need to advance together.
Recent reports have usually cleared revenue expectations, raising the importance of execution against the current outlook. Compare the reported result with the market estimate, then check whether service-led growth is translating into operating leverage rather than merely adding lower-margin volume.
What management is planning
Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.
We expect operating expenses in Q3 to be 33% to 34% of revenue, reflecting continued leverage and meaningful improvement compared to the 37% we delivered in Q3 of last year.
Jeff Hoffmeister ·
We expect Q3 revenue growth in the low 30s year-over-year.
Jeff Hoffmeister ·
We expect our Q3 free cash flow margin to be in the high teens to low 20s, inclusive of less than 1 point of tailwind from the accounting change in merchant cash advances.
Jeff Hoffmeister ·
How does Shopify compare with its peers?
Short answer
Shopify's score ranks 9th of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.
Research dated 2026-09-12.
Shopify differs from subscription-only application businesses because most of its revenue comes from services surrounding merchant commerce. The platform reaches web stores, mobile experiences, marketplaces, social channels and physical retail, then participates in workflows such as payments, shipping and funding.
That structure gives Shopify a wider relationship with merchants than storefront software alone. It also means reported margins blend software access with transaction-related services, making merchant activity and service adoption central comparison points.
| Company | Price | Market value | Score |
|---|---|---|---|
| $278.21 Oct 8, 2026 | $93.5B | 96 5-pillar Oct 9, 2026 | |
| $329.51 Oct 7, 2026 | $412B | 92 5-pillar Oct 9, 2026 | |
| $193.73 Oct 8, 2026 | $22.4B | 90 5-pillar Oct 9, 2026 | |
| $94.40 Oct 8, 2026 | $27.7B | 89 5-pillar Oct 9, 2026 | |
| $210.85 Oct 8, 2026 | $266B | 87 5-pillar Oct 9, 2026 | |
| $206.29 Oct 8, 2026 | $240B | 86 5-pillar Oct 9, 2026 | |
| $509.57 Oct 8, 2026 | $405B | 83 5-pillar Oct 9, 2026 | |
| $298.09 Oct 8, 2026 | $81.5B | 83 5-pillar Oct 9, 2026 | |
| Shopify (SHOP) — this page | $164.56 | $214B | 80 |
| $187.81 Oct 8, 2026 | $49.2B | 78 5-pillar Oct 9, 2026 | |
| $61.12 Oct 8, 2026 | $17.8B | 77 5-pillar Oct 9, 2026 | |
| $176.01 Oct 8, 2026 | $185B | 76 5-pillar Oct 9, 2026 | |
| $347.80 Oct 8, 2026 | $95.8B | 76 5-pillar Oct 9, 2026 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Analyst targets & estimates
What analysts have on file
- Price target, low to high
- $130.00 – $200.00
- Consensus target
- $168.63
- Median target
- $175.00
Consensus record · Captured .
Measured against a quoted price of $164.56 (as of Oct 8, 2026).
Insider activity
Form 4 records via FMP · Most recent available transactions
- Transactions
- 12
- Identified insiders
- 4
- Purchases
- 0
- Sales
- 1
- Other transactions
- 11
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Institutional ownership
- 64.4% Period end Jun 30, 2026
- Previous quarter · ownership
- 63.1% Prior to period end Jun 30, 2026
- Reporting holders
- 1,826 Period end Jun 30, 2026
- Previous quarter · holders
- 1,839 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| Capital International Investors | 54,893,641 |
| Fmr LLC | 47,175,518 |
| Invesco Ltd. | 36,570,929 |
| Vanguard Capital Management LLC | 34,133,098 |
| Capital World Investors | 34,087,544 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
What has been published about Shopify (SHOP)?
SHOP Technology Stock FAQ
Research dated 2026-09-12; the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
How does Shopify make money beyond merchant subscriptions?
Shopify earns its larger revenue stream from services used around commerce, including payments, shipping, fulfillment and access to operating funds. Revenue can therefore rise through greater merchant activity and broader service use, not only through subscription additions.
Why can Shopify report operating profit while net income swings sharply?
Recent periods show operating profit remaining positive while net income moves between losses and sizable profits. Operating cash flow provides a useful check on the underlying business because it has stayed positive across the reported series.
Does Shopify require heavy capital spending to generate cash?
Reported capital spending has been small beside operating cash flow throughout the recent series. That pattern allows much of the cash generated by operations to remain after capital expenditures.
What would confirm Shopify's expense leverage outlook?
Confirmation would require revenue growth to remain rapid while operating expenses consume less of revenue and free-cash-flow conversion stays healthy. The upcoming release also offers a direct comparison with recent revenue outperformance and the current market estimate.
What is the SHOP stock price today?
The last price recorded on this page for Shopify Inc. (SHOP) is $164.56, as of the Oct 8, 2026 trading session (source: Financial Modeling Prep (FMP) quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
What is the SHOP price target?
The analyst consensus price target for Shopify Inc. (SHOP) is $168.63 (range $130.00 to $200.00, median $175.00), per FMP data captured Oct 9, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Codex (gpt-5.6-sol) on 2026-09-12. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (85 figures)
The 85 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
OFFICIAL — 3 facts from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
list.rule_notice | Listing-status notice (8-K Item 3.01) | 8-K Item 3.01, filed Mar 19, 2025 | OFFICIAL | SEC EDGAR — Form 8-K, Item 3.01 — Item 3.01 covers both continued-listing notices and voluntary transfers between exchanges; the filing states which applies and any cure terms. | |
prod.outlook | Management outlook — call excerpts | Jeff Hoffmeister (Aug 5, 2026): We expect operating expenses in Q3 to be 33% to 34% of revenue, reflecting continued leverage and meaningful improvement compared to the 37% we delivered in Q3 of last year. Jeff Hoffmeister (Aug 5, 2026): We expect Q3 revenue growth in the low 30s year-over-year. Jeff Hoffmeister (Aug 5, 2026): We expect our Q3 free cash flow margin to be in the high teens to low 20s, inclusive of less than 1 point of tailwind from the accounting change in merchant cash advances. | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | |
id.hq | SEC filing business address | 151 O'connor Street, Ground Floor, Ottawa, K2P2L8 | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "151 O'Connor Street, Ottawa, ON, K2P 2L8, CA". |
FMP — 73 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Nov 3, 2026 | FMP | Financial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it. | |
px.last | Latest provided price | $164.56 | FMP | Financial Modeling Prep (FMP) quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. | |
px.change | Change on the day | -0.89% | FMP | Financial Modeling Prep (FMP) quote | |
px.mcap | Market capitalization | $214B | FMP | Financial Modeling Prep (FMP) quote — Provider market cap uses the share class it prices; a company with more than one class may show a larger total elsewhere. Market cap record date: 2026-10-08. Source capture time was not supplied. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | −$1.47 | FMP | Financial Modeling Prep (FMP) quote | |
fin.q_revenue | Revenue, Q2 FY2026 | $3.58B | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
px.pe | Price / earnings (trailing) | 110.44 | FMP | Financial Modeling Prep (FMP) · quote | |
px.volume | Shares traded on the day | 7.15M | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 2.63 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Tobias Lutke | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 7,600 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $4.61B, net result $2.91B; FY2022 revenue $5.60B, net result −$3.46B; FY2023 revenue $7.06B, net result $132.00M; FY2024 revenue $8.88B, net result $2.02B; FY2025 revenue $11.56B, net result $1.23B | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.rev_mix | Reported revenue segments | Service $8.80B · Subscription and Circulation $2.75B | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K | |
fin.gross_margin | Gross margin (trailing twelve months) | 47.8% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $3.58B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.rd_k | R&D — period end 2026-06-30 | $445.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $634.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $488.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $3.17B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.rd_k | R&D — period end 2026-03-31 | $437.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $611.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | $382.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $3.67B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.rd_k | R&D — period end 2025-12-31 | $390.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | $558.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $631.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $2.84B | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.rd_k | R&D — period end 2025-09-30 | $375.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $525.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $343.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-08-05.revenue_actual | Revenue · reported — report date 2026-08-05 | $3.54B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-05.revenue_estimated | Revenue · estimate — report date 2026-08-05 | $3.40B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-05.eps_actual | EPS · reported — report date 2026-08-05 | $0.4200 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-05.eps_estimated | EPS · estimate — report date 2026-08-05 | $0.3973 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-05.revenue_actual | Revenue · reported — report date 2026-05-05 | $3.11B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-05.revenue_estimated | Revenue · estimate — report date 2026-05-05 | $3.06B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-05.eps_actual | EPS · reported — report date 2026-05-05 | $0.3600 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-05.eps_estimated | EPS · estimate — report date 2026-05-05 | $0.3262 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-11.revenue_actual | Revenue · reported — report date 2026-02-11 | $3.64B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-11.revenue_estimated | Revenue · estimate — report date 2026-02-11 | $3.60B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-11.eps_actual | EPS · reported — report date 2026-02-11 | $0.4600 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-11.eps_estimated | EPS · estimate — report date 2026-02-11 | $0.5060 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-04.revenue_actual | Revenue · reported — report date 2025-11-04 | $2.84B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-04.revenue_estimated | Revenue · estimate — report date 2025-11-04 | $2.75B | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-04.eps_actual | EPS · reported — report date 2025-11-04 | $0.3400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-04.eps_estimated | EPS · estimate — report date 2025-11-04 | $0.3367 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $4.95B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $658.00M | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $5.41B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $178.00M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 16.80× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $658.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | $481.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$4.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$5.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $725.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$10.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | $513.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$6.00M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
earn.pt_range | Analyst price target, low to high | $130.00 – $200.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 9, 2026 · Coverage not supplied | |
earn.pt_consensus | Consensus analyst price target | $168.63 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 9, 2026 · Coverage not supplied | |
earn.pt_median | Median analyst price target | $175.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 9, 2026 · Coverage not supplied | |
own.insiders | Insider transactions via FMP | 12 transactions · 0 purchases, 1 sales, 11 other transactions · 4 identified insiders · most recent available transactions | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.ownership_pct | Institutional ownership | 64.4% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.ownership_pct_previous_quarter | Previous quarter · ownership | 63.1% | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.institutions.depth.holders | Reporting holders | 1,826 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 1,839 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | Capital International Investors — shares in provider snapshot | 54,893,641 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Fmr LLC — shares in provider snapshot | 47,175,518 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_2.shares | Invesco Ltd. — shares in provider snapshot | 36,570,929 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_3.shares | Vanguard Capital Management LLC — shares in provider snapshot | 34,133,098 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_4.shares | Capital World Investors — shares in provider snapshot | 34,087,544 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 3 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.history | Reported versus estimated, recent quarters | EPS beat 5 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-10-09 | |
fin.scores | Distress and quality screens | Altman Z 74.60 · Piotroski F 7 | UNRECORDED | Stored financial-scores observation — Captured 2026-10-09 | |
px.range52 | 52-week range | $94.00 – $182.19 | UNRECORDED | Stored company-profile observation — Captured 2026-10-09 |
COMPUTED — 3 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 43.26× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $4.95B at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-08. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
earn.history.depth.2026-08-05.revenue_actual.comparison | Latest report · revenue vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($3.54B) with the recorded estimate ($3.40B) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-08-05.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.4200) with the recorded estimate ($0.3973) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
OURS — 3 facts from Stock Expert AI's own score and rank
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
ours.moonshot | MoonshotScore v2 | 80 of 100 · Exceptional · pillars 73 / 92 / 22 / 82 / 86 | OURS | Stock Expert AI MoonshotScore v2 engine | |
ours.valuation_driver | Recorded valuation score driver | Enterprise value relative to EBITDA is the main valuation drag relative to sector peers. | OURS | Stock Expert AI MoonshotScore v2 engine · stored factor contributions | |
ours.moonshot_change | MoonshotScore movement | 78 (stored snapshot Oct 7, 2026) → 80 (current publication computed Oct 9, 2026) (+2) | OURS | Stock Expert AI current score publication and immutable score snapshots — The current score publication is not yet represented in the immutable snapshot archive. |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.rd_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.rd_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.rd_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.rd_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-08-05. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-08-05.revenue_actual,earn.history.depth.2026-08-05.revenue_estimated,earn.history.depth.2026-08-05.revenue_actual.comparison,earn.history.depth.2026-08-05.eps_actual.comparison,earn.history.depth.2026-08-05.eps_actual,earn.history.depth.2026-08-05.eps_estimated,earn.history.depth.2026-05-05.revenue_actual,earn.history.depth.2026-05-05.revenue_estimated,earn.history.depth.2026-05-05.eps_actual,earn.history.depth.2026-05-05.eps_estimated,earn.history.depth.2026-02-11.revenue_actual,earn.history.depth.2026-02-11.revenue_estimated,earn.history.depth.2026-02-11.eps_actual,earn.history.depth.2026-02-11.eps_estimated,earn.history.depth.2025-11-04.revenue_actual,earn.history.depth.2025-11-04.revenue_estimated,earn.history.depth.2025-11-04.eps_actual,earn.history.depth.2025-11-04.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
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Sources used for research written 2026-09-12
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Business description | Shopify Inc. functions as a premier commerce technology company, providing an extensive platform and associated services to empower businesses worldwide. Its reach extends across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America. The company's robust platform equips merchants to effectively display, organize, market, and sell their merchandise through a multitude of sales avenues. These include digital storefronts accessible via web and mobile, traditional brick-and-mortar stores, temporary pop-up locations, integrated social media channels, proprietary mobile applications, embeddable "buy buttons," and established online marketplaces. Beyond sales, the platform streamlines crucial business operations such as product and inventory management, order and payment processing, fulfillment and shipping logistics, attracting new customers and fostering client relationships, product sourcing, analytical reporting, financial administration encompassing cash, payments, and transactions, and facilitating access to working capital. Additionally, Shopify offers supplementary services like the sale of custom website themes and applications, alongside domain name registration. Its merchant-focused solutions also cover payment acceptance, efficient shipping and order fulfillment, and aid in securing necessary operating funds. Founded in 2004 under the initial name Jaded Pixel Technologies Inc., the company officially rebranded to Shopify Inc. in November 2011. Its global headquarters are located in Ottawa, Canada. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
| Revenue by segment | Service: $8.80B; Subscription and Circulation: $2.75B | 2025-12-31 | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Management outlook — dated call excerpts | Captured record · 3 entries
Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | 2026-08-05 | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) |
| Sector / industry (provider taxonomy) | Technology / Software - Application The company's SEC filings classify it under SIC 7372 — Services-Prepackaged Software. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) company profile |
| Trailing twelve-month ratio set | Quick ratio: 5.35; Current ratio: 5.35; Debt to equity: 0.01; Net margin: 14.5%; Gross margin: 47.8%; Operating margin: 13.9%; Return on assets: 13.3%; Return on equity: 15.1% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Annual revenue and net result (USD millions) | Captured record · 5 entries
| 2025-12-31 | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-08-05 | FMP | Financial Modeling Prep (FMP) earnings |
| Cash, investments and debt | Total debt: $178.00M; Liquidity basis: cash and short-term investments; Total liabilities: $1.79B; Cash and short-term investments: $4.95B; Cash and investments: $10.36B; Long-term investments: $5.41B; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Cash and investment components | Total basis: cash short and long-term investments; Total: $10.36B; Cash and short-term investments: $4.95B; Long-term investments: $5.41B; Long-term investments classification: unclassified Sums the balance sheet's cash and short-term investments with its long-term investments.; The long-term investment field does not establish marketability; the sum is not a measure of available liquidity.; These provider fields do not establish investment access restrictions or explain differences from third-party cash figures. | 2026-06-30 | COMPUTED | Computed from the balance sheet |
| Cash and short-term investments over time (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's quarterly balance sheets |
| Cash against market value | As of: 2026-06-30; Cash basis: cash and short-term investments; Net cash: $4.77B; Total debt: $178.00M; Cash and investments: $4.95B Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. Cash is the latest reported cash and short-term investment balance; long-term investments are excluded. Market capitalization is the latest provider value.; The reported balance does not establish unrestricted availability or liquidation value.; The two are measured on different dates — the balance sheet is a quarter-end, the market cap is a recent close.; Debt is total debt as reported, including operating lease liabilities where the filer includes them. | 2026-06-30 | COMPUTED | Computed from the balance sheet and the latest market capitalization |
| Distress and quality screens | Altman Z-score: 58.31; Piotroski F-score: 7 Altman Z below 1.8 is the conventional distress zone. For a company holding large cash against negative retained earnings the score mostly reflects the retained-earnings term. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) financial scores |
| Next earnings report | Date: 2026-11-03; EPS estimate: $0.44 per share; Revenue estimate: $3.78B The date is our provider's estimate until the company confirms it. | 2026-09-12 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Analyst revenue and earnings estimates (average) | Captured record · 4 entries
| 2026-09-12 | FMP | Financial Modeling Prep (FMP) analyst estimates |
Data provided for informational purposes only.
ETFs that hold SHOP
Funds in our ETF coverage that list SHOP among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.
| ETF | Weight | Holdings as of |
|---|---|---|
| ARK Blockchain & Fintech Innovation ETF (ARKF) | 9.99% | |
| First Trust Dow Jones International Internet ETF (FDNI) | 8.65% | |
| Simplify Volt Fintech Disruption ETF (VFIN) | 4.93% | |
| FDRS ETF | 3.02% | |
| ARK Innovation ETF (ARKK) | 2.88% |