SHOPIFY INC.
For the period ended Sep 30, 2025. Filed Nov 4, 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.
Sep 30, 2025 · Filed Nov 4, 2025
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17. Segment and Geographical Information
- Segment and Geographical Information
The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The CODM has determined that the Company operates inone single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net income (loss). The CODM uses consolidated net income (loss) in deciding whether to reinvest profits into opportunities for the business, invest in business combinations or equity investments or return a portion of such profits to shareholders. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the Condensed Consolidated Statements of Operations and Comprehensive Income.
The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:
| Three months ended September 30, · Nine months ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||||||
| (in US $ millions, except percentages) | ||||||||
| North America | ||||||||
| United States | 1,783 | 63% | 1,377 | 64% | 4,986 | 63% | 3,897 | 64% |
| Canada | 138 | 5% | 119 | 6% | 390 | 5% | 333 | 6% |
| EMEA | 615 | 21% | 418 | 19% | 1,648 | 21% | 1,153 | 19% |
| APAC | 282 | 10% | 223 | 10% | 787 | 10% | 615 | 10% |
| Latin America | 26 | 1% | 25 | 1% | 73 | 1% | 70 | 1% |
| Total Revenue | 2,844 | 100% | 2,162 | 100% | 7,884 | 100% | 6,068 | 100% |
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