Shopify Inc.
Shopify Inc. is classed by the SEC under Services-Prepackaged Software (industry code 7372), based in Ottawa, ON. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $12 billion and a profit of $1.2 billion (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a subscription business: prior from its industry code (SEC 7372, Services-Prepackaged Software); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 6.1 out of ten, 8 of 9 metrics filed and 1 estimated: past 5.0 out of ten, present 7.0 out of ten, future 5.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 1.9 out of ten. 1 warning event since 2017; the latest 2025-03-19. 19th percentile among 230 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 7.3 out of ten. +27.3% a year over 4 filed years; profitable in 3 of 4. 73rd percentile among 213 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 3.9 out of ten. Share count grew 1.0% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases. 39th percentile among 152 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Financial health (present): 7.1 out of ten. ROE 9%: 9¢ of profit per shareholder dollar. Leverage 11%: owes 11¢ per asset dollar. 71st percentile among 217 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 8.4 out of ten. top 16% of 218 in its family; net margin 10.7%. 84th percentile among 218 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 4.8 out of ten. CrossAssetData estimate 4.8/10, confidence 20 of 100 (family median). 50th percentile among 156 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
- Room to expand (future): 3.7 out of ten. bottom 37% of 216 in its family for room to expand. 37th percentile among 216 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 5.5 out of ten. top 45% of 213 in its family for growth drivers. 55th percentile among 213 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 8.0 out of ten. top 20% of 194 in its family for expectations against reality. 80th percentile among 194 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-02-11 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 144, 2026-09-25. Filings on record since 2014. Read from EDGAR 2026-10-12.
Where the revenue comes from
Product and service lines in fiscal 2025: Service 76%, Subscription and Circulation 24%. As tagged in its annual report (Form 10-K, filed 2026-02-11).
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