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Side-by-side financial comparison of CrowdStrike (CRWD) 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 $1.2B, roughly 3.0× CrowdStrike). SHOPIFY INC. runs the higher net margin — 20.2% vs -2.8%, a 23.0% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 22.2%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $314.1M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 20.8%).
CrowdStrike Holdings, Inc. is an American cybersecurity technology company based in Austin, Texas. It provides endpoint security, threat intelligence, and cyberattack response services.
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.
CRWD vs SHOP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $3.7B |
| Net Profit | $-34.0M | $743.0M |
| Gross Margin | 75.1% | 46.1% |
| Operating Margin | -5.6% | 17.2% |
| Net Margin | -2.8% | 20.2% |
| Revenue YoY | 22.2% | 30.6% |
| Net Profit YoY | -102.1% | -42.5% |
| EPS (diluted) | $-0.14 | $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 | $1.2B | $3.7B | ||
| Q3 25 | $1.2B | $2.8B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.0B | $2.8B | ||
| Q3 24 | $963.9M | $2.2B | ||
| Q2 24 | $921.0M | $2.0B | ||
| Q1 24 | $845.3M | $1.9B |
| Q4 25 | $-34.0M | $743.0M | ||
| Q3 25 | $-77.7M | $264.0M | ||
| Q2 25 | $-110.2M | $906.0M | ||
| Q1 25 | $-92.3M | $-682.0M | ||
| Q4 24 | $-16.8M | $1.3B | ||
| Q3 24 | $47.0M | $828.0M | ||
| Q2 24 | $42.8M | $171.0M | ||
| Q1 24 | $53.7M | $-273.0M |
| Q4 25 | 75.1% | 46.1% | ||
| Q3 25 | 73.5% | 48.9% | ||
| Q2 25 | 73.8% | 48.6% | ||
| Q1 25 | 74.1% | 49.5% | ||
| Q4 24 | 74.7% | 48.1% | ||
| Q3 24 | 75.4% | 51.7% | ||
| Q2 24 | 75.6% | 51.1% | ||
| Q1 24 | 75.3% | 51.4% |
| Q4 25 | -5.6% | 17.2% | ||
| Q3 25 | -9.7% | 12.1% | ||
| Q2 25 | -11.3% | 10.9% | ||
| Q1 25 | -8.1% | 8.6% | ||
| Q4 24 | -5.5% | 16.5% | ||
| Q3 24 | 1.4% | 13.1% | ||
| Q2 24 | 0.8% | 11.8% | ||
| Q1 24 | 3.5% | 4.6% |
| Q4 25 | -2.8% | 20.2% | ||
| Q3 25 | -6.6% | 9.3% | ||
| Q2 25 | -10.0% | 33.8% | ||
| Q1 25 | -8.7% | -28.9% | ||
| Q4 24 | -1.7% | 46.0% | ||
| Q3 24 | 4.9% | 38.3% | ||
| Q2 24 | 4.6% | 8.4% | ||
| Q1 24 | 6.4% | -14.7% |
| Q4 25 | $-0.14 | $0.58 | ||
| Q3 25 | $-0.31 | $0.20 | ||
| Q2 25 | $-0.44 | $0.69 | ||
| Q1 25 | $-0.37 | $-0.53 | ||
| Q4 24 | $-0.07 | $0.99 | ||
| Q3 24 | $0.19 | $0.64 | ||
| Q2 24 | $0.17 | $0.13 | ||
| Q1 24 | $0.23 | $-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 | $4.8B | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.0B | $13.5B |
| Total Assets | $10.0B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.8B | $5.8B | ||
| Q3 25 | $5.0B | $6.3B | ||
| Q2 25 | $4.6B | $5.8B | ||
| Q1 25 | $4.3B | $5.5B | ||
| Q4 24 | $4.3B | $5.5B | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $4.0B | $13.5B | ||
| Q3 25 | $3.8B | $12.5B | ||
| Q2 25 | $3.5B | $12.1B | ||
| Q1 25 | $3.3B | $11.1B | ||
| Q4 24 | $3.1B | $11.6B | ||
| Q3 24 | $2.9B | $10.1B | ||
| Q2 24 | $2.5B | $9.2B | ||
| Q1 24 | $2.3B | $8.9B |
| Q4 25 | $10.0B | $15.2B | ||
| Q3 25 | $9.3B | $15.0B | ||
| Q2 25 | $8.7B | $14.6B | ||
| Q1 25 | $8.7B | $13.4B | ||
| Q4 24 | $7.8B | $13.9B | ||
| Q3 24 | $7.2B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $6.6B | — |
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 | $397.5M | $725.0M |
| Free Cash FlowOCF − Capex | $314.1M | $715.0M |
| FCF MarginFCF / Revenue | 25.5% | 19.5% |
| Capex IntensityCapex / Revenue | 6.8% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $397.5M | $725.0M | ||
| Q3 25 | $332.8M | $513.0M | ||
| Q2 25 | $384.1M | $428.0M | ||
| Q1 25 | $345.7M | $367.0M | ||
| Q4 24 | $326.1M | $615.0M | ||
| Q3 24 | $326.6M | $423.0M | ||
| Q2 24 | $383.2M | $340.0M | ||
| Q1 24 | $347.0M | $238.0M |
| Q4 25 | $314.1M | $715.0M | ||
| Q3 25 | $302.3M | $507.0M | ||
| Q2 25 | $298.4M | $422.0M | ||
| Q1 25 | $258.5M | $363.0M | ||
| Q4 24 | $247.4M | $611.0M | ||
| Q3 24 | $287.4M | $421.0M | ||
| Q2 24 | $333.5M | $333.0M | ||
| Q1 24 | $294.4M | $232.0M |
| Q4 25 | 25.5% | 19.5% | ||
| Q3 25 | 25.9% | 17.8% | ||
| Q2 25 | 27.0% | 15.7% | ||
| Q1 25 | 24.4% | 15.4% | ||
| Q4 24 | 24.5% | 21.7% | ||
| Q3 24 | 29.8% | 19.5% | ||
| Q2 24 | 36.2% | 16.3% | ||
| Q1 24 | 34.8% | 12.5% |
| Q4 25 | 6.8% | 0.3% | ||
| Q3 25 | 2.6% | 0.2% | ||
| Q2 25 | 7.8% | 0.2% | ||
| Q1 25 | 8.2% | 0.2% | ||
| Q4 24 | 7.8% | 0.1% | ||
| Q3 24 | 4.1% | 0.1% | ||
| Q2 24 | 5.4% | 0.3% | ||
| Q1 24 | 6.2% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 6.95× | 0.51× | ||
| Q2 24 | 8.95× | 1.99× | ||
| Q1 24 | 6.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRWD
| Subscription And Circulation | $1.2B | 95% |
| Professional Services | $65.5M | 5% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
