United States was Shopify’s largest region in fiscal 2025, bringing in $7.33B of $11.56B (63%).
| Geography | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $3.72B | $4.65B | $5.71B | $7.33B | |||||||||
| Emea | $917.00M | $1.26B | $1.71B | $2.43B | |||||||||
| Emea, Other | — | — | — | — | |||||||||
| Apac | $553.00M | $699.00M | $885.00M | $1.13B | |||||||||
| Canada | — | $388.00M | $483.00M | $567.00M | |||||||||
| Domestic | $346.00M | — | — | — | |||||||||
| Apac, Other | — | — | — | — | |||||||||
| Latin America | $64.00M | $69.00M | $97.00M | $104.00M | |||||||||
| Rest Of World | — | — | — | — | |||||||||
| United Kingdom | — | — | — | — | |||||||||
| Australia | — | — | — | — | |||||||||
| Total | $5.60B | $7.06B | $8.88B | $11.56B |
Shopify brought in $11.56B from its five regions in fiscal 2025, the year ended December 31, 2025. That was up 30.1% from $8.88B in fiscal 2024. United States was the largest at $7.33B (63.4%), ahead of Emea at $2.43B (21.0%) and Apac at $1.13B (9.8%). The other two regions brought in $671.00M combined.
Compared with fiscal 2024, Emea grew fastest, up 42.1% to $2.43B. Every region above 2% of revenue grew.
Shopify stopped reporting Domestic as a separate region after fiscal 2022, when it brought in $346.00M.
Merchant Solutions was Shopify’s largest product and service line in fiscal 2025, bringing in $8.80B of $11.56B (76%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Merchant Solutions | $4.11B | $5.22B | $6.53B | $8.80B | |||||
| Subscription Solutions | $1.49B | $1.84B | $2.35B | $2.75B | |||||
| Merchant Solutions, Portion Attributed To Effective Interest Rate | — | — | — | — | |||||
| Total | $5.60B | $7.06B | $8.88B | $11.56B |
Shopify brought in $11.56B from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 30.1% from $8.88B in fiscal 2024. Merchant Solutions was the largest at $8.80B (76.2%), ahead of Subscription Solutions at $2.75B (23.8%).
Compared with fiscal 2024, Merchant Solutions grew 34.8% to $8.80B and Subscription Solutions grew 17.1% to $2.75B. From fiscal 2022 to 2025, combined revenue from these lines grew from $5.60B to $11.56B, a compound annual growth rate of 27.3%. Merchant Solutions' share of the total rose from 73.4% to 76.2%.
10% Stronger Cad Rate was Shopify’s largest revenue line in fiscal 2020, bringing in $2.94B of $2.94B (100%).
| Exchange Rate Scenario | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 |
|---|---|---|---|---|---|
| 10% Stronger Cad Rate | $674.41M | $1.08B | $1.58B | $2.94B | |
| Exchange Rate Effect | $1.10M | $1.86M | $3.15M | $7.37M | |
| Total | $675.51M | $1.08B | $1.58B | $2.94B |
Shopify brought in $2.94B from its two revenue lines in fiscal 2020, the year ended December 31, 2020. That was up 85.8% from $1.58B in fiscal 2019. 10% Stronger Cad Rate was the largest at $2.94B (99.7%), ahead of Exchange Rate Effect at $7.37M (0.3%).
From fiscal 2017 to 2020, combined revenue from these revenue lines grew from $675.51M to $2.94B, a compound annual growth rate of 63.3%. 10% Stronger Cad Rate's share held steady at about 99.7%.
Shopify (SHOP) reports its revenue by geography, by product and service and by exchange rate scenario. In fiscal 2025, United States was its largest region, bringing in $7.33B (63.4% of the total), followed by Emea at $2.43B (21.0%).
United States was Shopify's largest region in fiscal 2025, bringing in $7.33B, or 63.4% of the $11.56B total across its five regions.
Merchant Solutions was Shopify's largest product and service line in fiscal 2025, bringing in $8.80B, or 76.2% of the $11.56B total across its two product and service lines.
10% Stronger Cad Rate was Shopify's largest revenue line in fiscal 2020, bringing in $2.94B, or 99.7% of the $2.94B total across its two revenue lines.
Among Shopify's regions that make up at least 2% of revenue, Emea grew fastest in fiscal 2025, up 42.1% from $1.71B to $2.43B.
Every figure comes from Shopify's annual financial filings, as reported. Each line keeps the name Shopify gives it, and years follow its fiscal calendar.
Shopify's revenue by geography goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.