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Side-by-side financial comparison of C3.ai, Inc. (AI) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $75.1M, roughly 48.9× C3.ai, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs -139.3%, a 159.5% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs -20.3%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-46.9M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
AI vs SHOP — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $3.7B |
| Net Profit | $-104.7M | $743.0M |
| Gross Margin | 40.4% | 46.1% |
| Operating Margin | -149.2% | 17.2% |
| Net Margin | -139.3% | 20.2% |
| Revenue YoY | -20.3% | 30.6% |
| Net Profit YoY | -58.7% | -42.5% |
| EPS (diluted) | $-0.75 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $3.7B | ||
| Q3 25 | $70.3M | $2.8B | ||
| Q2 25 | $108.7M | $2.7B | ||
| Q1 25 | $98.8M | $2.4B | ||
| Q4 24 | $94.3M | $2.8B | ||
| Q3 24 | $87.2M | $2.2B | ||
| Q2 24 | $86.6M | $2.0B | ||
| Q1 24 | $78.4M | $1.9B |
| Q4 25 | $-104.7M | $743.0M | ||
| Q3 25 | $-116.8M | $264.0M | ||
| Q2 25 | $-79.7M | $906.0M | ||
| Q1 25 | $-80.2M | $-682.0M | ||
| Q4 24 | $-66.0M | $1.3B | ||
| Q3 24 | $-62.8M | $828.0M | ||
| Q2 24 | $-72.9M | $171.0M | ||
| Q1 24 | $-72.6M | $-273.0M |
| Q4 25 | 40.4% | 46.1% | ||
| Q3 25 | 37.6% | 48.9% | ||
| Q2 25 | 62.1% | 48.6% | ||
| Q1 25 | 59.1% | 49.5% | ||
| Q4 24 | 61.3% | 48.1% | ||
| Q3 24 | 59.8% | 51.7% | ||
| Q2 24 | 59.6% | 51.1% | ||
| Q1 24 | 57.8% | 51.4% |
| Q4 25 | -149.2% | 17.2% | ||
| Q3 25 | -177.7% | 12.1% | ||
| Q2 25 | -81.8% | 10.9% | ||
| Q1 25 | -88.7% | 8.6% | ||
| Q4 24 | -79.8% | 16.5% | ||
| Q3 24 | -83.2% | 13.1% | ||
| Q2 24 | -95.1% | 11.8% | ||
| Q1 24 | -105.3% | 4.6% |
| Q4 25 | -139.3% | 20.2% | ||
| Q3 25 | -166.2% | 9.3% | ||
| Q2 25 | -73.3% | 33.8% | ||
| Q1 25 | -81.2% | -28.9% | ||
| Q4 24 | -69.9% | 46.0% | ||
| Q3 24 | -72.0% | 38.3% | ||
| Q2 24 | -84.2% | 8.4% | ||
| Q1 24 | -92.6% | -14.7% |
| Q4 25 | $-0.75 | $0.58 | ||
| Q3 25 | $-0.86 | $0.20 | ||
| Q2 25 | $-0.60 | $0.69 | ||
| Q1 25 | $-0.62 | $-0.53 | ||
| Q4 24 | $-0.52 | $0.99 | ||
| Q3 24 | $-0.50 | $0.64 | ||
| Q2 24 | $-0.59 | $0.13 | ||
| Q1 24 | $-0.60 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $13.5B |
| Total Assets | $961.3M | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $5.8B | ||
| Q3 25 | $711.9M | $6.3B | ||
| Q2 25 | $742.7M | $5.8B | ||
| Q1 25 | $724.3M | $5.5B | ||
| Q4 24 | $730.4M | $5.5B | ||
| Q3 24 | $762.5M | — | ||
| Q2 24 | $750.4M | — | ||
| Q1 24 | $723.3M | — |
| Q4 25 | $771.9M | $13.5B | ||
| Q3 25 | $798.8M | $12.5B | ||
| Q2 25 | $838.3M | $12.1B | ||
| Q1 25 | $860.2M | $11.1B | ||
| Q4 24 | $859.0M | $11.6B | ||
| Q3 24 | $874.9M | $10.1B | ||
| Q2 24 | $873.4M | $9.2B | ||
| Q1 24 | $898.0M | $8.9B |
| Q4 25 | $961.3M | $15.2B | ||
| Q3 25 | $968.7M | $15.0B | ||
| Q2 25 | $1.0B | $14.6B | ||
| Q1 25 | $1.1B | $13.4B | ||
| Q4 24 | $1.0B | $13.9B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $725.0M |
| Free Cash FlowOCF − Capex | $-46.9M | $715.0M |
| FCF MarginFCF / Revenue | -62.4% | 19.5% |
| Capex IntensityCapex / Revenue | 0.5% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $725.0M | ||
| Q3 25 | $-33.5M | $513.0M | ||
| Q2 25 | $11.3M | $428.0M | ||
| Q1 25 | $-22.0M | $367.0M | ||
| Q4 24 | $-38.7M | $615.0M | ||
| Q3 24 | $8.0M | $423.0M | ||
| Q2 24 | $21.3M | $340.0M | ||
| Q1 24 | $-39.1M | $238.0M |
| Q4 25 | $-46.9M | $715.0M | ||
| Q3 25 | $-34.3M | $507.0M | ||
| Q2 25 | $10.3M | $422.0M | ||
| Q1 25 | $-22.4M | $363.0M | ||
| Q4 24 | $-39.5M | $611.0M | ||
| Q3 24 | $7.1M | $421.0M | ||
| Q2 24 | $18.8M | $333.0M | ||
| Q1 24 | $-45.1M | $232.0M |
| Q4 25 | -62.4% | 19.5% | ||
| Q3 25 | -48.8% | 17.8% | ||
| Q2 25 | 9.5% | 15.7% | ||
| Q1 25 | -22.7% | 15.4% | ||
| Q4 24 | -41.9% | 21.7% | ||
| Q3 24 | 8.2% | 19.5% | ||
| Q2 24 | 21.7% | 16.3% | ||
| Q1 24 | -57.6% | 12.5% |
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 1.1% | 0.2% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 0.9% | 0.1% | ||
| Q3 24 | 1.1% | 0.1% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 7.8% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
