How Shopify Makes Money (2026)
Shopify makes money mainly from Merchant solutions. Its FY2025 total revenue was $11,556 million ($11.6 billion), with Merchant solutions the biggest disclosed revenue line at $8,804 million ($8.8 billion) and 76.2% of total revenue (computed from the 10-K FY2025). Shopify combines recurring subscriptions with merchant success-based services.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Subscription solutions | $2,752 million ($2.8 billion) | 23.8% | 10-K FY2025 ↗ |
| Merchant solutions | $8,804 million ($8.8 billion) | 76.2% | 10-K FY2025 ↗ |
| Total revenue | $11,556 million ($11.6 billion) | — | 10-K FY2025 ↗ |
The hidden model
Shopify combines recurring subscriptions with merchant success-based services.
Shopify combines recurring subscriptions with merchant success-based services. verified
Our Offerings Our business model has two revenue components: a recurring subscription component that we call subscription solutions and a merchant success-based component that we call merchant solutions.
Business models
Payments network · Subscription
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Frequently asked questions
How does Shopify make money?
Shopify makes money mainly from Merchant solutions. Its FY2025 total revenue was $11,556 million ($11.6 billion), with Merchant solutions the biggest disclosed revenue line at $8,804 million ($8.8 billion) and 76.2% of total revenue (computed from the 10-K FY2025). Shopify combines recurring subscriptions with merchant success-based services.
What is Shopify’s business model?
Shopify’s business model is Subscription and Payments Network. Charge a recurring fee for software, content, or a service. Retention, upgrades, and the cost of serving existing customers shape the economics. Shopify combines recurring subscriptions with merchant success-based services.
What is Shopify’s hidden model?
Shopify combines recurring subscriptions with merchant success-based services.