Shopify Inc. (SHOP) Stock Price & Analysis
Shopify Inc. (SHOP) closed at USD 168.81 on Thursday, October 22, 2026, down 3.14% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 174.29; the Oct 22, 2026 session ranged USD 165.44–176.95 on volume of 10,937,254 shares. Market capitalization is $219.06B, with a 52-week range of USD 94–182.19 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:21 UTC.
Also available as compact Markdown for AI agents: nexqual.com/SHOP.md
Key facts (SHOP)
- Last four reported quarters (through Jun 30, 2026): revenue $13.3B, net income $1.93B (14.5% margin), free cash flow $2.35B (SEC filings).
- Valuation: P/E 113.6x (avg 334.5x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold SHOP (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.07 on a 1–5 scale) (54 analysts), mean target USD 175.73 (range 120–220).
- Total return with dividends: 1Y +1.1% vs S&P 500 +14.9%; 5Y +18.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.46, revenue estimate $3.74B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (SHOP)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $5.60B | $7.06B | $8.88B | $11.6B | $13.3B |
| Gross profit | $2.75B | $3.52B | $4.47B | $5.55B | — |
| Operating income | -$822M | -$1.42B | $1.07B | $1.47B | $1.84B |
| Net income | -$3.46B | $132M | $2.02B | $1.23B | $1.93B |
| EPS (diluted) | -$2.73 | $0.10 | $1.55 | $0.94 | — |
| Free cash flow | -$186M | $905M | $1.60B | $2.01B | $2.35B |
| Gross margin | 49.2% | 49.8% | 50.4% | 48.1% | — |
| Operating margin | -14.7% | -20.1% | 12.1% | 12.7% | 13.9% |
| Net margin | -61.8% | 1.9% | 22.7% | 10.7% | 14.5% |
| Revenue growth | — | +26.1% | +25.8% | +30.1% | — |
| Cash + short-term investments | $1.65B | $5.01B | $5.48B | $5.78B | — |
| Total debt | — | $916M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (SHOP)
P/E 113.6x · P/S 16.5x · P/FCF 93.1x · P/B 17.3x · FCF yield 1.07% · Earnings yield 0.88%
P/E at fiscal year-ends: Dec 2025 170.6x, Dec 2024 68.5x, Dec 2023 764.5x.
Superinvestors (SEC 13F-HR, Q2 2026) (SHOP)
3 of 80 tracked investors hold SHOP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 4.50% | $523M | Reduced -27.4% |
| Henry Ellenbogen | Durable Capital Partners | 2.59% | $267M | Added +140.3% |
| Thomas Gayner | Markel Group | 0.09% | $11.7M | Unchanged |
Analysts (SHOP)
Consensus Buy (mean 2.07 on a 1–5 scale), 54 analysts; mean target USD 175.73 (low 120, high 220).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | RBC Capital | Target raised | Outperform | $180 → $200 |
| 2026-10-14 | Baird | Target raised | Outperform | $160 → $190 |
| 2026-10-12 | Cantor Fitzgerald | Target raised | Neutral | $145 → $158 |
| 2026-10-06 | JP Morgan | Target raised | Overweight | $185 → $200 |
| 2026-09-23 | Wedbush | Reiterated | Outperform | $176 |
| 2026-09-11 | Bernstein | Initiated | Outperform | $160 |
| 2026-09-08 | Piper Sandler | Target raised | Overweight | $172 → $180 |
| 2026-08-20 | Rosenblatt | Initiated | Buy | $175 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $144 → $180 |
| 2026-08-06 | Canaccord Genuity | Target raised | Buy | $145 → $180 |
| 2026-08-06 | DA Davidson | Target raised | Buy | $140 → $200 |
| 2026-08-06 | UBS | Target raised | Neutral | $130 → $145 |
Total return (dividends reinvested) (SHOP)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +1.1% | +18.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.1% | +3.4% |
| Volatility (annualized) | 58.9% | 66.5% |
| Max drawdown | -46.7% (Oct 2025→May 2026) | -84.6% (Nov 2021→Oct 2022) |
SHOP revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Merchant solutions | $2.78B | 77.6% | +37.4% |
| Subscription solutions | $802.0M | 22.4% | +22.3% |
| Total revenue | $3.58B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
Companies that name SHOP in their SEC reports
| Relationship to SHOP | Company | Filing | Sentence |
|---|---|---|---|
| partner | Affirm Holdings, Inc. (AFRM) | 10-K Aug 27, 2026 | “The loss of, or decrease in business with, any one of our significant commercial partner relationships, such as with Amazon or Shopify, would adversely affect our business.” |
| supplier | Robot Consulting Co., Ltd. (LAWR) | 20-F Jul 31, 2026 | “service included helping customers set up stores on ANZ, building e-commerce websites using Shopify, and providing support regarding” |
| partner | Nebius Group N.V. (NBIS) | 20-F Apr 30, 2026 | “On May 7, 2025, the Company announced a strategic investment transaction in Toloka, the Group's data-for-generative AI solutions business, led by Bezos Expeditions with participation from Mikhail Parakhin, CTO of Shopify.” |
| competitor | JOYY Inc. (JOYY) | 20-F Apr 28, 2026 | “We also face competition from companies that provide smart commerce solutions for merchants, such as Shopify.” |
| supplier | NEXGEL, INC. (NXGL) | 10-K Mar 31, 2026 | “includes freight charged to customers who purchase the Company's branded consumer products through their Shopify stores.” |
| partner | Smartbird, Inc. (BIRD) | 10-K Mar 31, 2026 | “We leverage technology across channels which enables us to rely on partners, such as Shopify, to more effectively scale.” |
| competitor | REZOLVE AI PLC (RZLV) | 20-F Mar 30, 2026 | “In addition, Shopify, BigCommerce, and other leading e-commerce platforms may elect to develop or integrate competing AI-powered search, discovery, and checkout solutions, potentially bundling AI capabilities into their existing platforms at no additional cost to merchants.” |
| partner | Global-E Online Ltd. (GLBE) | 20-F Mar 26, 2026 | “acceptance, if our agreement and partnership with Shopify are terminated, or if the agreement is not renewed on favorable terms, or if” |
| supplier | Innovative Eyewear Inc (LUCY) | 10-K Mar 25, 2026 | “All customer and app user information is stored directly within Shopify, Amazon Seller, and Amazon Web Services platforms, which provide market-leading data security for their centralized servers.” |
| partner | dLocal Ltd (DLO) | 20-F Mar 18, 2026 | “We also partner with leading marketplaces such as Shopify to help their SMB clients and partners extend their geographic reach.” |
| supplier | Once Upon a Farm, PBC (OFRM) | 10-K Mar 16, 2026 | “The Company generates revenue primarily through the sales of Pouches, snacks and other products for babies and kids to end customers through retail channels, which include traditional brick-and-mortar stores, e-commerce platforms and delivery platforms, as well as directly to consumers through a direct-to-consumer (“DTC”) platform hosted on Shopify that the Company operates.” |
| partner | Katapult Holdings, Inc. (KPLT) | 10-K Mar 11, 2026 | “In addition to Wayfair, we have contractual arrangements with many of our other e-commerce partners, including Shopify, BigCommerce, WooCommerce, and Magneto among others.” |
| partner | RISKIFIED LTD. (RSKD) | 20-F Mar 6, 2026 | “We service merchants of all sizes, from multi-billion dollar global omnichannel retailers to small pure play merchants, including via partnerships and/or integrations with Shopify and other ecommerce platforms, such as Salesforce Commerce Cloud, AWS Marketplace, Commercetools, Adobe Commerce, IXOPAY and others.” |
| competitor | Shift4 Payments, Inc. (FOUR) | 10-K Feb 27, 2026 | “For certain services and solutions, including end-to-end payments, we compete with non-integrated payment processors (such as Chase Paymentech, Elavon, Worldpay, Fiserv and Global Payments) and integrated payment providers (such as Adyen, Lightspeed, Shopify, Square and Toast).” |
| competitor | Sezzle Inc. (SEZL) | 10-K Feb 26, 2026 | “Sezzle is a seeking an injunction to prevent Shopify from continuing its anticompetitive conduct and to restore competition and consumer choice.” |
SHOP analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.46 | $0.44 | +3.5% | $3.74B | 33 |
| Next quarter (ends Dec 2026) | $0.65 | $0.63 | +2.4% | $4.75B | 30 |
| Current fiscal year (ends Dec 2026) | $1.91 | $1.85 | +3.6% | $15.25B | 40 |
| Next fiscal year (ends Dec 2027) | $2.46 | $2.33 | +5.3% | $19.21B | 40 |
SHOP options: expected move
Options price a move of about ±15.1% (±$25.45) by Nov 6, 2026, which includes earnings on Nov 3, 2026; the earnings reaction alone is priced at about ±11.7%. Over the last 7 reports the stock moved ±11.2% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 58.8% | ±7.0% |
| Nov 6, 2026 | 14 | 92.8% | ±15.1% |
| Nov 13, 2026 | 21 | 80.0% | ±15.7% |
| Nov 20, 2026 | 28 | 74.6% | ±16.8% |
| Nov 27, 2026 | 35 | 68.7% | ±17.2% |
| Dec 4, 2026 | 42 | 67.5% | ±18.5% |
| Dec 18, 2026 | 56 | 63.3% | ±19.9% |
| Jan 15, 2027 | 84 | 58.1% | ±22.3% |
30-day implied volatility 73.4% vs 48% realized over the last 30 trading days. Put/call ratio (volume) 1.86. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:21 UTC)
| Price | USD 168.81 |
|---|---|
| Change | ▼ 3.14% (down) |
| Previous Close | USD 174.29 |
| Open | USD 174.38 |
| Day Range | USD 165.44 – 176.95 |
| 52-Week Range | USD 94 – 182.19 |
| Volume | 10,937,254 shares |
| Market Cap | $219.06B |
| Exchange | NMS |
Technical Analysis (SHOP)
Nexqual's technical model rates SHOP "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:21 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 56.15 (neutral) |
| vs SMA50 | Above (USD 150.91) |
| MACD | 7.89 (positive) |
Analyst Ratings (SHOP)
Wall Street analysts rate SHOP "Buy" based on 54 analysts, with a mean price target of USD 175.73 (range USD 120–220), per Nexqual as of October 23, 2026 at 09:21 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 54 |
| Mean Target | USD 175.73 |
| High Target | USD 220 |
| Low Target | USD 120 |
| Buy / Hold / Sell | 41 / 12 / 1 |
Earnings (SHOP)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.46 |
| Revenue Estimate | $3.74B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.42 vs est 0.4 ▲ beat |
| 2026-03-31 | USD 0.36 vs est 0.33 ▲ beat |
| 2025-12-31 | USD 0.48 vs est 0.51 ▼ miss |
| 2025-09-30 | USD 0.34 vs est 0.34 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financials & Fundamentals (SHOP)
| Total Revenue | $13.27B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +33.70% |
| Gross Margin | +47.77% |
| Operating Margin | +17.55% |
| Profit Margin | +14.53% |
| ROE | +15.54% |
| Debt / Equity | 0.01 |
| Current Ratio | 5.35 |
| Total Cash | $4.95B |
| Total Debt | $178.00M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $2.35B (17.7% of revenue) |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Financial Health Score (SHOP)
Nexqual rates Shopify Inc.'s overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:21 UTC.
| Growth | Strong — Revenue +30% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 48%, operating 18% (last 12 months) |
| Balance Sheet | Strong — $4.95B cash vs $178M debt, net cash position |
| Cash Flow | Strong — FCF $2.35B (last 4 quarters to Jun 2026, SEC), 18% margin |
| Efficiency | Solid — ROE 16%, ROA 10.2% |
Ownership (SHOP)
| Insider Ownership | +0.23% |
|---|---|
| Institutional Ownership | +73.29% |
| Shares Outstanding | 1.22B |
| Float | 1.21B |
| Short % of Float | +1.67% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
Leadership (SHOP)
Shopify Inc. is led by Tobias Lutke, Founder, CEO, Head of R & D and Director, per Nexqual as of October 23, 2026 at 09:21 UTC.
| Founder, CEO, Head of R & D and Director | Tobias Lutke |
|---|---|
| President | Harley Finkelstein |
| Chief Financial Officer | Jeff J. Hoffmeister |
| Chief Operating Officer | Jessica Rose Hertz |
| Country Head & Director- India | Bharati Balakrishnan |
Major Backers & Investors (SHOP)
Notable institutional backers of Shopify Inc. include Capital International Investors, FMR, LLC, Invesco, according to Nexqual as of October 23, 2026 at 09:21 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Capital International Investors | 4.54% |
| FMR, LLC | 3.9% |
| Invesco | 3.03% |
| Capital Group | 2.82% |
| Baillie Gifford | 2.35% |
| Morgan Stanley | 2.11% |
| Price (T.Rowe) Associates Inc | 2.05% |
| Growth Fund of America | 1.97% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 2.82% |
Source: Nexqual, October 23, 2026 at 09:21 UTC.
From Shopify Inc.'s Latest SEC 10-K Filing (filed 2026-02-11)
Key Strengths & Strategy (as disclosed to the SEC)
- In the year ended December 31, 2025, our platform facilitated gross merchandise volume ("GMV") of $378.4 billion, representing an increase of 29% from the year ended December 31, 2024.
- Revenue from subscription solutions is generated through the sale of subscriptions to our platform, including variable platform fees, as well as through the sale of subscriptions to our POS Pro offering, the sale of apps, the sale of themes and the registration of domain names.
- The majority of our merchant solutions revenues are directionally correlated with the level of GMV that our merchants process through our platform.
- Subscription plans to both our platform and our POS Pro offering are included in this calculation.
Legal & Regulatory Risks (Item 1A, quoted)
- Risks Related to Laws and Regulations
- Our use of AI and machine learning may present additional risks, including risks associated with the use of AI algorithms and tools, the data sets used to train AI-powered models, the content produced by AI and the complex, developing regulatory environment.
- Our business is subject to complex and changing laws and regulations worldwide, which may expose us to liability, increase costs or have other adverse effects that could harm our business.
- Evolving data protection and privacy laws and regulations, cross-border data transfer restrictions, data localization requirements and other domestic or foreign laws or regulations may limit the use and adoption of our services, expose us to liability, or otherwise adversely affect our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| CRM | Salesforce, Inc. | USD 250.29 | ▲ 3.52% |
| SAP | SAP SE | USD 240.59 | ▲ 3.38% |
| NOW | ServiceNow, Inc. | USD 157 | ▲ 2.53% |
| UBER | Uber Technologies, Inc. | USD 69.07 | ▲ 2.14% |
| ADP | Automatic Data Processing, Inc. | USD 307.94 | ▲ 4.56% |
| SNOW | Snowflake Inc. | USD 313.96 | ▼ 2.72% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:21 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt