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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) 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 $2.1B, roughly 1.8× GRAPHIC PACKAGING HOLDING CO). SHOPIFY INC. runs the higher net margin — 20.2% vs 3.4%, a 16.8% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 0.2%). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $3.7B |
| Net Profit | $71.0M | $743.0M |
| Gross Margin | 14.1% | 46.1% |
| Operating Margin | 7.4% | 17.2% |
| Net Margin | 3.4% | 20.2% |
| Revenue YoY | 0.2% | 30.6% |
| Net Profit YoY | -48.6% | -42.5% |
| EPS (diluted) | $0.24 | $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 | $2.1B | $3.7B | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.2B | $2.7B | ||
| Q1 25 | $2.1B | $2.4B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.2B | $2.2B | ||
| Q2 24 | $2.2B | $2.0B | ||
| Q1 24 | $2.3B | $1.9B |
| Q4 25 | $71.0M | $743.0M | ||
| Q3 25 | $142.0M | $264.0M | ||
| Q2 25 | $104.0M | $906.0M | ||
| Q1 25 | $127.0M | $-682.0M | ||
| Q4 24 | $138.0M | $1.3B | ||
| Q3 24 | $165.0M | $828.0M | ||
| Q2 24 | $190.0M | $171.0M | ||
| Q1 24 | $165.0M | $-273.0M |
| Q4 25 | 14.1% | 46.1% | ||
| Q3 25 | 19.6% | 48.9% | ||
| Q2 25 | 18.7% | 48.6% | ||
| Q1 25 | 20.6% | 49.5% | ||
| Q4 24 | 21.4% | 48.1% | ||
| Q3 24 | 22.3% | 51.7% | ||
| Q2 24 | 21.2% | 51.1% | ||
| Q1 24 | 23.0% | 51.4% |
| Q4 25 | 7.4% | 17.2% | ||
| Q3 25 | 10.7% | 12.1% | ||
| Q2 25 | 8.8% | 10.9% | ||
| Q1 25 | 10.5% | 8.6% | ||
| Q4 24 | 11.4% | 16.5% | ||
| Q3 24 | 12.6% | 13.1% | ||
| Q2 24 | 14.5% | 11.8% | ||
| Q1 24 | 12.4% | 4.6% |
| Q4 25 | 3.4% | 20.2% | ||
| Q3 25 | 6.5% | 9.3% | ||
| Q2 25 | 4.7% | 33.8% | ||
| Q1 25 | 6.0% | -28.9% | ||
| Q4 24 | 6.6% | 46.0% | ||
| Q3 24 | 7.5% | 38.3% | ||
| Q2 24 | 8.5% | 8.4% | ||
| Q1 24 | 7.3% | -14.7% |
| Q4 25 | $0.24 | $0.58 | ||
| Q3 25 | $0.48 | $0.20 | ||
| Q2 25 | $0.34 | $0.69 | ||
| Q1 25 | $0.42 | $-0.53 | ||
| Q4 24 | $0.46 | $0.99 | ||
| Q3 24 | $0.55 | $0.64 | ||
| Q2 24 | $0.62 | $0.13 | ||
| Q1 24 | $0.53 | $-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 | $261.0M | $5.8B |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.3B | $13.5B |
| Total Assets | $11.8B | $15.2B |
| Debt / EquityLower = less leverage | 1.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $261.0M | $5.8B | ||
| Q3 25 | $120.0M | $6.3B | ||
| Q2 25 | $120.0M | $5.8B | ||
| Q1 25 | $129.0M | $5.5B | ||
| Q4 24 | $157.0M | $5.5B | ||
| Q3 24 | $126.0M | — | ||
| Q2 24 | $125.0M | — | ||
| Q1 24 | $136.0M | — |
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.4B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $4.9B | — |
| Q4 25 | $3.3B | $13.5B | ||
| Q3 25 | $3.3B | $12.5B | ||
| Q2 25 | $3.2B | $12.1B | ||
| Q1 25 | $3.2B | $11.1B | ||
| Q4 24 | $3.0B | $11.6B | ||
| Q3 24 | $3.0B | $10.1B | ||
| Q2 24 | $2.8B | $9.2B | ||
| Q1 24 | $2.9B | $8.9B |
| Q4 25 | $11.8B | $15.2B | ||
| Q3 25 | $11.9B | $15.0B | ||
| Q2 25 | $11.8B | $14.6B | ||
| Q1 25 | $11.5B | $13.4B | ||
| Q4 24 | $11.1B | $13.9B | ||
| Q3 24 | $11.2B | — | ||
| Q2 24 | $10.8B | — | ||
| Q1 24 | $11.3B | — |
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 1.79× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.73× | — |
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 | $521.0M | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 7.34× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $521.0M | $725.0M | ||
| Q3 25 | $227.0M | $513.0M | ||
| Q2 25 | $267.0M | $428.0M | ||
| Q1 25 | $-174.0M | $367.0M | ||
| Q4 24 | $489.0M | $615.0M | ||
| Q3 24 | $187.0M | $423.0M | ||
| Q2 24 | $161.0M | $340.0M | ||
| Q1 24 | $3.0M | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 7.34× | 0.98× | ||
| Q3 25 | 1.60× | 1.94× | ||
| Q2 25 | 2.57× | 0.47× | ||
| Q1 25 | -1.37× | — | ||
| Q4 24 | 3.54× | 0.48× | ||
| Q3 24 | 1.13× | 0.51× | ||
| Q2 24 | 0.85× | 1.99× | ||
| Q1 24 | 0.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
