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Side-by-side financial comparison of Amazon (AMZN) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Amazon is the larger business by last-quarter revenue ($213.4B vs $3.7B, roughly 58.1× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 9.9%, a 10.3% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 13.6%). Amazon produced more free cash flow last quarter ($14.9B vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 22.0%).
Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). Its products offered through its stores include merchandise and content purchased for resale; and products offered by third-party sellers The company also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire ...
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.
AMZN vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $213.4B | $3.7B |
| Net Profit | $21.2B | $743.0M |
| Gross Margin | 48.5% | 46.1% |
| Operating Margin | 11.7% | 17.2% |
| Net Margin | 9.9% | 20.2% |
| Revenue YoY | 13.6% | 30.6% |
| Net Profit YoY | 5.9% | -42.5% |
| EPS (diluted) | $1.95 | $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 | $213.4B | $3.7B | ||
| Q3 25 | $180.2B | $2.8B | ||
| Q2 25 | $167.7B | $2.7B | ||
| Q1 25 | $155.7B | $2.4B | ||
| Q4 24 | $187.8B | $2.8B | ||
| Q3 24 | $158.9B | $2.2B | ||
| Q2 24 | $148.0B | $2.0B | ||
| Q1 24 | $143.3B | $1.9B |
| Q4 25 | $21.2B | $743.0M | ||
| Q3 25 | $21.2B | $264.0M | ||
| Q2 25 | $18.2B | $906.0M | ||
| Q1 25 | $17.1B | $-682.0M | ||
| Q4 24 | $20.0B | $1.3B | ||
| Q3 24 | $15.3B | $828.0M | ||
| Q2 24 | $13.5B | $171.0M | ||
| Q1 24 | $10.4B | $-273.0M |
| Q4 25 | 48.5% | 46.1% | ||
| Q3 25 | 50.8% | 48.9% | ||
| Q2 25 | 51.8% | 48.6% | ||
| Q1 25 | 50.6% | 49.5% | ||
| Q4 24 | 47.3% | 48.1% | ||
| Q3 24 | 49.0% | 51.7% | ||
| Q2 24 | 50.1% | 51.1% | ||
| Q1 24 | 49.3% | 51.4% |
| Q4 25 | 11.7% | 17.2% | ||
| Q3 25 | 9.7% | 12.1% | ||
| Q2 25 | 11.4% | 10.9% | ||
| Q1 25 | 11.8% | 8.6% | ||
| Q4 24 | 11.3% | 16.5% | ||
| Q3 24 | 11.0% | 13.1% | ||
| Q2 24 | 9.9% | 11.8% | ||
| Q1 24 | 10.7% | 4.6% |
| Q4 25 | 9.9% | 20.2% | ||
| Q3 25 | 11.8% | 9.3% | ||
| Q2 25 | 10.8% | 33.8% | ||
| Q1 25 | 11.0% | -28.9% | ||
| Q4 24 | 10.7% | 46.0% | ||
| Q3 24 | 9.6% | 38.3% | ||
| Q2 24 | 9.1% | 8.4% | ||
| Q1 24 | 7.3% | -14.7% |
| Q4 25 | $1.95 | $0.58 | ||
| Q3 25 | $1.95 | $0.20 | ||
| Q2 25 | $1.68 | $0.69 | ||
| Q1 25 | $1.59 | $-0.53 | ||
| Q4 24 | $1.86 | $0.99 | ||
| Q3 24 | $1.43 | $0.64 | ||
| Q2 24 | $1.26 | $0.13 | ||
| Q1 24 | $0.98 | $-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 | $123.0B | $5.8B |
| Total DebtLower is stronger | $68.8B | — |
| Stockholders' EquityBook value | $411.1B | $13.5B |
| Total Assets | $818.0B | $15.2B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $123.0B | $5.8B | ||
| Q3 25 | $94.2B | $6.3B | ||
| Q2 25 | $93.2B | $5.8B | ||
| Q1 25 | $94.6B | $5.5B | ||
| Q4 24 | $101.2B | $5.5B | ||
| Q3 24 | $88.1B | — | ||
| Q2 24 | $89.1B | — | ||
| Q1 24 | $85.1B | — |
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | — | ||
| Q2 25 | $56.1B | — | ||
| Q1 25 | $58.8B | — | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
| Q4 25 | $411.1B | $13.5B | ||
| Q3 25 | $369.6B | $12.5B | ||
| Q2 25 | $333.8B | $12.1B | ||
| Q1 25 | $305.9B | $11.1B | ||
| Q4 24 | $286.0B | $11.6B | ||
| Q3 24 | $259.2B | $10.1B | ||
| Q2 24 | $236.4B | $9.2B | ||
| Q1 24 | $216.7B | $8.9B |
| Q4 25 | $818.0B | $15.2B | ||
| Q3 25 | $727.9B | $15.0B | ||
| Q2 25 | $682.2B | $14.6B | ||
| Q1 25 | $643.3B | $13.4B | ||
| Q4 24 | $624.9B | $13.9B | ||
| Q3 24 | $584.6B | — | ||
| Q2 24 | $554.8B | — | ||
| Q1 24 | $531.0B | — |
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | — |
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 | $54.5B | $725.0M |
| Free Cash FlowOCF − Capex | $14.9B | $715.0M |
| FCF MarginFCF / Revenue | 7.0% | 19.5% |
| Capex IntensityCapex / Revenue | 18.5% | 0.3% |
| Cash ConversionOCF / Net Profit | 2.57× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $7.7B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.5B | $725.0M | ||
| Q3 25 | $35.5B | $513.0M | ||
| Q2 25 | $32.5B | $428.0M | ||
| Q1 25 | $17.0B | $367.0M | ||
| Q4 24 | $45.6B | $615.0M | ||
| Q3 24 | $26.0B | $423.0M | ||
| Q2 24 | $25.3B | $340.0M | ||
| Q1 24 | $19.0B | $238.0M |
| Q4 25 | $14.9B | $715.0M | ||
| Q3 25 | $430.0M | $507.0M | ||
| Q2 25 | $332.0M | $422.0M | ||
| Q1 25 | $-8.0B | $363.0M | ||
| Q4 24 | $17.8B | $611.0M | ||
| Q3 24 | $3.4B | $421.0M | ||
| Q2 24 | $7.7B | $333.0M | ||
| Q1 24 | $4.1B | $232.0M |
| Q4 25 | 7.0% | 19.5% | ||
| Q3 25 | 0.2% | 17.8% | ||
| Q2 25 | 0.2% | 15.7% | ||
| Q1 25 | -5.1% | 15.4% | ||
| Q4 24 | 9.5% | 21.7% | ||
| Q3 24 | 2.1% | 19.5% | ||
| Q2 24 | 5.2% | 16.3% | ||
| Q1 24 | 2.8% | 12.5% |
| Q4 25 | 18.5% | 0.3% | ||
| Q3 25 | 19.5% | 0.2% | ||
| Q2 25 | 19.2% | 0.2% | ||
| Q1 25 | 16.1% | 0.2% | ||
| Q4 24 | 14.8% | 0.1% | ||
| Q3 24 | 14.2% | 0.1% | ||
| Q2 24 | 11.9% | 0.3% | ||
| Q1 24 | 10.4% | 0.3% |
| Q4 25 | 2.57× | 0.98× | ||
| Q3 25 | 1.68× | 1.94× | ||
| Q2 25 | 1.79× | 0.47× | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 2.28× | 0.48× | ||
| Q3 24 | 1.69× | 0.51× | ||
| Q2 24 | 1.87× | 1.99× | ||
| Q1 24 | 1.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
