Shopify: growth far beyond its economy.

1. From profit to seven straight losses. Shopify lost money every year from 2013 to 2019: $0.3 billion in all. 2020 was its first profit in eight years: $0.3 billion.
2. It outgrew its own economy many times over. Revenue rose from $0.7 billion in 2017 to $11.6 billion in 2025: 17.2 times as much. Canada's economy, counted the same way in money terms, grew about 48%. Whatever drove it, the economy around it does not account for growth of that size.
3. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 2871% in US dollars; the median among 58 large service companies grew 90%. It outgrew 93% of them.
4. Five decisions on record. Stratrix has verified five of Shopify's big decisions, each with what happened next. The hardest year after: "Shopify Spent $2.55B to Arm the Rebels Against Amazon. Then It Surrendered for Equity in a Startup", with its shares 21 points behind the S&P 500 over the next three years. The best: "Shopify Said It Was Arming the Rebels. It Was Quietly Becoming the Empire", 78 points ahead of the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2025Shopify's Moat Is 7,874 App Developers — So Why Did It Start Taxing Them in 2025?Too early to call · shares −20 pts vs the S&P 500 over a year
• 2025Shopify Locks You In With Architecture: a Payments Surcharge and a Self-Repaying LoanStood · shares +6 pts vs the S&P 500 over a year
• 2022Shopify Said It Was Arming the Rebels. It Was Quietly Becoming the Empire.Reversed · shares +78 pts vs the S&P 500 over 3 years
• 2019Shopify Spent $2.55B to Arm the Rebels Against Amazon. Then It Surrendered for Equity in a Startup.Reversed · shares −21 pts vs the S&P 500 over 3 years
• 2009Shopify's Flywheel Turns on Volume: 61.9% of Its $292.3B in 2024 Ran Through Its Own Payments RailStood