Flagship explainer

How Shopify Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$11.6B · 100%Cost of revenue$6.0B · 52%Gross profit$5.6B · 48%Operating income$1.5B · 13%Income before tax$1.5B · 13%Income tax$278M · 2%Net income$1.2B · 11%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$11.6B100%
Cost of revenue$6.0B52%
$5.6B48%
$1.5B13%
Income before tax$1.5B13%
Income tax$278M2%
$1.2B11%
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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