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Side-by-side financial comparison of Blackstone Inc. (BX) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Blackstone Inc. is the larger business by last-quarter revenue ($3.3B vs $3.2B, roughly 1.0× SHOPIFY INC.). Blackstone Inc. runs the higher net margin — 36.7% vs -18.3%, a 55.1% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (34.3% vs -9.1%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (24.5% CAGR vs 8.5%).
Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe.
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.
BX vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.3B | $3.2B |
| Net Profit | $1.2B | $-581.0M |
| Gross Margin | — | 0.0% |
| Operating Margin | — | 0.0% |
| Net Margin | 36.7% | -18.3% |
| Revenue YoY | -9.1% | 34.3% |
| Net Profit YoY | -3.9% | 14.8% |
| EPS (diluted) | $0.80 | — |
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.
| Q1 26 | $3.3B | $3.2B | ||
| Q4 25 | $4.4B | $3.7B | ||
| Q3 25 | $3.1B | $2.8B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.7B | $2.2B | ||
| Q2 24 | $2.8B | $2.0B |
| Q1 26 | $1.2B | $-581.0M | ||
| Q4 25 | $1.0B | $743.0M | ||
| Q3 25 | $624.9M | $264.0M | ||
| Q2 25 | $764.2M | $906.0M | ||
| Q1 25 | $614.9M | $-682.0M | ||
| Q4 24 | $703.9M | $1.3B | ||
| Q3 24 | $780.8M | $828.0M | ||
| Q2 24 | $444.4M | $171.0M |
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 54.1% | 17.2% | ||
| Q3 25 | 46.8% | 12.1% | ||
| Q2 25 | 51.6% | 10.9% | ||
| Q1 25 | 44.2% | 8.6% | ||
| Q4 24 | 50.6% | 16.5% | ||
| Q3 24 | 49.4% | 13.1% | ||
| Q2 24 | 43.2% | 11.8% |
| Q1 26 | 36.7% | -18.3% | ||
| Q4 25 | 23.3% | 20.2% | ||
| Q3 25 | 20.2% | 9.3% | ||
| Q2 25 | 20.6% | 33.8% | ||
| Q1 25 | 18.7% | -28.9% | ||
| Q4 24 | 22.8% | 46.0% | ||
| Q3 24 | 21.3% | 38.3% | ||
| Q2 24 | 15.9% | 8.4% |
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $0.58 | ||
| Q3 25 | $0.80 | $0.20 | ||
| Q2 25 | $0.98 | $0.69 | ||
| Q1 25 | $0.80 | $-0.53 | ||
| Q4 24 | $0.91 | $0.99 | ||
| Q3 24 | $1.02 | $0.64 | ||
| Q2 24 | $0.58 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $1.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $18.5B | $12.5M |
| Total Assets | $45.3B | $14.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.4B | $1.8M | ||
| Q4 25 | $2.6B | $5.8B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $2.2B | $5.8B | ||
| Q1 25 | $2.4B | $5.5B | ||
| Q4 24 | $2.0B | $5.5B | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.1B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $11.5B | — | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $10.8B | — |
| Q1 26 | $18.5B | $12.5M | ||
| Q4 25 | $8.7B | $13.5B | ||
| Q3 25 | $8.4B | $12.5B | ||
| Q2 25 | $8.4B | $12.1B | ||
| Q1 25 | $8.0B | $11.1B | ||
| Q4 24 | $8.2B | $11.6B | ||
| Q3 24 | $7.0B | $10.1B | ||
| Q2 24 | $6.8B | $9.2B |
| Q1 26 | $45.3B | $14.1M | ||
| Q4 25 | $47.7B | $15.2B | ||
| Q3 25 | $46.6B | $15.0B | ||
| Q2 25 | $45.4B | $14.6B | ||
| Q1 25 | $45.3B | $13.4B | ||
| Q4 24 | $43.5B | $13.9B | ||
| Q3 24 | $42.6B | — | ||
| Q2 24 | $40.6B | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.58× | — |
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 | — | $481.0M |
| Free Cash FlowOCF − Capex | — | $476.0K |
| FCF MarginFCF / Revenue | — | 0.0% |
| Capex IntensityCapex / Revenue | — | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $481.0M | ||
| Q4 25 | $1.1B | $725.0M | ||
| Q3 25 | $1.6B | $513.0M | ||
| Q2 25 | $888.5M | $428.0M | ||
| Q1 25 | $1.1B | $367.0M | ||
| Q4 24 | $161.4M | $615.0M | ||
| Q3 24 | $1.2B | $423.0M | ||
| Q2 24 | $1.2B | $340.0M |
| Q1 26 | — | $476.0K | ||
| Q4 25 | $1.0B | $715.0M | ||
| Q3 25 | $1.6B | $507.0M | ||
| Q2 25 | $848.4M | $422.0M | ||
| Q1 25 | $1.1B | $363.0M | ||
| Q4 24 | $149.5M | $611.0M | ||
| Q3 24 | $1.2B | $421.0M | ||
| Q2 24 | $1.1B | $333.0M |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 24.0% | 19.5% | ||
| Q3 25 | 51.0% | 17.8% | ||
| Q2 25 | 22.9% | 15.7% | ||
| Q1 25 | 32.8% | 15.4% | ||
| Q4 24 | 4.9% | 21.7% | ||
| Q3 24 | 32.8% | 19.5% | ||
| Q2 24 | 41.0% | 16.3% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 0.8% | 0.2% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | 0.9% | 0.2% | ||
| Q4 24 | 0.4% | 0.1% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.4% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 0.98× | ||
| Q3 25 | 2.56× | 1.94× | ||
| Q2 25 | 1.16× | 0.47× | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 0.23× | 0.48× | ||
| Q3 24 | 1.56× | 0.51× | ||
| Q2 24 | 2.61× | 1.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
SHOP
Segment breakdown not available.
