SHOPIFY INC.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
SHOP$146.61-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Expressed in US $ millions, except share and per share amounts)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Subscription solutions | 656 | 563 | 1,276 | 1,074 |
| Merchant solutions | 2,024 | 1,482 | 3,764 | 2,832 |
| 2,680 | 2,045 | 5,040 | 3,906 | |
| Cost of revenues | ||||
| Subscription solutions | 121 | 97 | 244 | 192 |
| Merchant solutions | 1,257 | 903 | 2,325 | 1,712 |
| 1,378 | 1,000 | 2,569 | 1,904 | |
| Gross profit | 1,302 | 1,045 | 2,471 | 2,002 |
| Operating expenses | ||||
| Sales and marketing | 415 | 353 | 820 | 714 |
| Research and development | 394 | 349 | 771 | 684 |
| General and administrative | 122 | 60 | 231 | 184 |
| Transaction and loan losses | 80 | 42 | 155 | 93 |
| Total operating expenses | 1,011 | 804 | 1,977 | 1,675 |
| Income from operations | 291 | 241 | 494 | 327 |
| Other income (expense), net | ||||
| Interest income | 106 | 80 | 171 | 159 |
| Net realized gain on equity and other investments | 1 | 3 | 1 | 3 |
| Net unrealized gain (loss) on equity and other investments | 681 | (79) | (340) | (452) |
| Net loss on equity method investment | (24) | (44) | (47) | (88) |
| Foreign exchange gain (loss) | 24 | 2 | 30 | (2) |
| Total other income (expense), net | 788 | (38) | (185) | (380) |
| Income (loss) before income taxes | 1,079 | 203 | 309 | (53) |
| Provision for income taxes | (173) | (32) | (85) | (49) |
| Net income (loss) | 906 | 171 | 224 | (102) |
| Net income (loss) per share attributable to shareholders: | ||||
| Basic | $0.70 | $0.13 | $0.17 | $(0.08) |
| Diluted | $0.69 | $0.13 | $0.17 | $(0.08) |
| Weighted average shares used to compute net income (loss) per share attributable to shareholders: | ||||
| Basic | 1,297,746,050 | 1,288,900,183 | 1,296,593,342 | 1,288,138,451 |
| Diluted | 1,308,993,838 | 1,299,913,079 | 1,308,463,539 | 1,288,138,451 |
| Other comprehensive income (loss) | ||||
| Unrealized gain (loss) on cash flow hedges | 16 | (1) | 21 | (9) |
| Tax effect on unrealized gain (loss) on cash flow hedges | (5) | — | (6) | — |
| Total other comprehensive income (loss) | 11 | (1) | 15 | (9) |
| Comprehensive income (loss) | 917 | 170 | 239 | (111) |
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