Company profile
SEC EDGAR ↗- Industry
- Services-Prepackaged Software
- Listed
- Nasdaq: SHOP
- Incorporated
- Canada (Federal Level)
- Headquarters
- Ottawa, A6
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $11.6B
- Net income
- $1.23B
- Total assets
- $15.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $11.6B | $1.23B | $15.2B |
| FY2024 | $8.88B | $2.02B | $13.9B |
| FY2023 | $7.06B | $132.0M | $11.3B |
| FY2022 | $5.60B | −$3.46B | $10.8B |
| FY2021 | $4.61B | $2.91B | $13.3B |
| FY2020 | $2.93B | $319.5M | $7.76B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
5 verified Decision Cases on Shopify, and the casebook each one belongs to.
| Fork date | Decision type | What Shopify chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2009 | The Flywheel | Launch App Store later | Shopify Payments penetration reached 61.9% of GMV in 2024, with $181.0 billion processed (2024) | Read the story → | The Flywheel Casebook → |
| 2019 | Vertical-Integration Bet | Build fulfillment network | majority of logistics business sold to Flexport for a 13% equity stake, no cash (2023-06) | Read the story → | Vertical-Integration Bet Casebook → |
| 2022 | Asset-Light Bet | Build logistics in-house | Shopify completed the sale of Shopify Logistics to Flexport (2023-06) | Read the story → | Asset-Light Bet Casebook → |
| 2025 | Ecosystem Lock-in | Convert to lifetime cap | successful developers now hit the 15% share far sooner, and stay there (2025) | Read the story → | Ecosystem Lock-in Casebook → |
| 2025 | The Flywheel | Convert to lifetime cap | Too early to call | Read the story → | The Flywheel Casebook → |
Videos on Shopify
Run one of these yourself
The decisions Shopify faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Boundaries of the FirmThe Asset-Light BetWhich parts of the business should you stop owning?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Moat & CompetitionThe Ecosystem Lock-InHow hard can you press on lock-in you already have?See the pack →
The analyses
The Asset-Light Operator · Boundaries of the Firm
Shopify Said It Was Arming the Rebels. It Was Quietly Becoming the Empire.
Tobi Lütke's line was perfect: Amazon builds an empire, Shopify arms the rebels. But on $292 billion in GMV, with Payments processing the majority of it and Capital lending against the rest, the arms dealer started collecting an imperial tax.
8 min
The Cannibalization Choice · Growth & Portfolio
Shopify Spent $2.55B to Arm the Rebels Against Amazon. Then It Surrendered for Equity in a Startup.
Shopify bought a logistics empire to beat Amazon at fulfillment, then exited inside a year - selling 6 River Systems for $12.7M after paying $450M, and handing the rest to Flexport for stock, not cash. The 'side quest' story hides what really happened.
8 min
The Ecosystem Lock-In · Moat & Competition
Shopify Locks You In With Architecture: a Payments Surcharge and a Self-Repaying Loan
Most Shopify merchants are on a month-to-month plan with no contract to escape. So why does leaving feel impossible? Because the lock-in isn't legal — it's architectural: a surcharge on any payment processor that isn't Shopify's own, and a loan that repays itself from your daily sales.
8 min
The Flywheel · Moat & Competition
Shopify's Flywheel Turns on Volume: 61.9% of Its $292.3B in 2024 Ran Through Its Own Payments Rail
Everyone calls Shopify a flywheel of merchant love and developer ecosystems. The real engine is quieter and stranger: 61.9% of the $292.3B that flowed through Shopify in 2024 went through its own payments rail. The wheel turns on volume, not loyalty - and that's the catch.
7 min
The Flywheel · Moat & Competition
Shopify's Moat Is 7,874 App Developers — So Why Did It Start Taxing Them in 2025?
Anyone can copy Shopify's checkout. Nobody can copy its 7,874 app developers. But in 2025 Shopify quietly ended the deal that built that army — turning an annual 0% reset into a one-time lifetime cap — and started taxing the very goodwill that became its moat.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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