Shopify (SHOP) Operating Income (2024 - 2026)
Shopify's Operating Income came in at $568 million for Q3 2026, up 65.6% from $343 million a year earlier and up 16.4% from the prior quarter.
Powered by 
Analysis
Shopify (SHOP) Operating Income (2024 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Shopify reported Operating Income of $2.07 billion, up 58.9% year-over-year; for FY2025, it was $1.47 billion, up 36.6% from FY2024.
- Operating Income carries a five-year compound annual growth rate of 74.7% (FY2020 to FY2025).
- Going back by year, Operating Income was $1.08 billion in FY2024, -$1.42 billion in FY2023, -$822 million in FY2022 and $268.64 million in FY2021 (+198.0%).
- The five-year range for quarterly Operating Income is $86 million (Q1 2024) to $631 million (Q4 2025).
- Year-over-year, Operating Income has increased for seven consecutive quarters, with growth averaging 62.2% over the last seven quarters.
- Business Quant data shows SHOP's Operating Income at $488 million (Q2 2026), $382 million (Q1 2026) and $631 million (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Op. Inc (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 40.58 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 12.99 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 4.46 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 2.23 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 568.00 Mn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 1.45 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 1.71 Bn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 773.09 Mn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 3.42 Bn |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 4.09 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 568.00 Mn |
| Jun 30, 2026 | 488.00 Mn |
| Mar 31, 2026 | 382.00 Mn |
| Dec 31, 2025 | 631.00 Mn |
| Sep 30, 2025 | 343.00 Mn |
| Jun 30, 2025 | 291.00 Mn |
| Mar 31, 2025 | 203.00 Mn |
| Dec 31, 2024 | 465.00 Mn |
| Sep 30, 2024 | 283.00 Mn |
| Jun 30, 2024 | 241.00 Mn |
| Mar 31, 2024 | 86.00 Mn |
API Access
Shopify Operating Income 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=operating-income&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-income", "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=operating-income&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();