Amazon vs Shopify Business Model (2026)
Amazon earns most from North America (59.5%), while Shopify earns most from Merchant solutions (76.2%). Computed from Amazon 10-K FY2025 and Shopify 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Amazon
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| North America | $426,305 million ($426.3 billion) | 59.5% | 10-K FY2025 ↗ |
| International | $161,894 million ($161.9 billion) | 22.6% | 10-K FY2025 ↗ |
| Amazon Web Services | $128,725 million ($128.7 billion) | 18.0% | 10-K FY2025 ↗ |
| Total revenue | $716,924 million ($716.9 billion) | — | 10-K FY2025 ↗ |
Shopify
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 ↗ |
Shared business models
No shared business model is recorded for this pair.
Company and model pages
Amazon: Cloud usage · Marketplace · Retail margin
Shopify: Payments network · Subscription
Frequently asked questions
How does Amazon make money?
Amazon makes money mainly from North America. Its FY2025 total revenue was $716,924 million ($716.9 billion), with North America the biggest disclosed revenue line at $426,305 million ($426.3 billion) and 59.5% of total revenue (computed from the 10-K FY2025). Amazon combines retail product sales with seller services, cloud services, advertising, and subscriptions.
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.