Shopify (SHOP) Invested Capital (2023 - 2025)
Shopify (SHOP) posted Invested Capital of $13.5 billion for Q4 2025, little changed on a QoQ basis from $13.4 billion in Q3 2025, and up 7.99% year-over-year from $12.5 billion in Q4 2024.
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Analysis
Shopify (SHOP) Invested Capital (2023 - 2025) Analysis & Trends
Shopify has reported Invested Capital for 3 years, with the latest figure at $13.5 billion in Q4 2025.
- On a quarterly basis, Invested Capital rose 7.99% year-over-year to $13.5 billion in Q4 2025; TTM through Dec 2025 was $13.5 billion, a 7.99% increase from a year earlier, with the FY2025 full-year figure at $13.5 billion, up 7.99% from the prior year.
- Invested Capital was $13.5 billion for Q4 2025 at Shopify, roughly flat from $13.4 billion in the prior quarter.
- The five-year high for Invested Capital was $13.5 billion in Q4 2025, with the low at $9.1 billion in Q4 2023.
- Average Invested Capital over 3 years is $12.2 billion, with a median of $12.8 billion recorded in 2024.
- The sharpest annual moves came in 2024 and 2025: Invested Capital surged 37.61% in 2024, then advanced 7.99% in 2025.
- Over 3 years, Invested Capital stood at $9.1 billion in 2023, then surged by 37.61% to $12.5 billion in 2024, then gained by 7.99% to $13.5 billion in 2025.
- The last three Invested Capital figures came in at $13.5 billion (Q4 2025), $13.4 billion (Q3 2025), and $13.0 billion (Q2 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn | 738.65 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 344.89 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 44.46 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | 187.69 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | - |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 40.94 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 9.40 Bn |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | - |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | - |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 6.68 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 13.47 Bn |
| Sep 30, 2025 | 13.43 Bn |
| Jun 30, 2025 | 13.04 Bn |
| Mar 31, 2025 | 11.97 Bn |
| Dec 31, 2024 | 12.48 Bn |
| Dec 31, 2023 | 9.07 Bn |
API Access
Shopify Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();