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Side-by-side financial comparison of ICON PLC (ICLR) 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 $2.0B, roughly 1.8× ICON PLC). SHOPIFY INC. runs the higher net margin — 20.2% vs 0.1%, a 20.1% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 0.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $333.9M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
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.
ICLR vs SHOP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $3.7B |
| Net Profit | $2.4M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 4.2% | 17.2% |
| Net Margin | 0.1% | 20.2% |
| Revenue YoY | 0.6% | 30.6% |
| Net Profit YoY | -98.8% | -42.5% |
| EPS (diluted) | $0.03 | $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 | — | $3.7B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $2.0B | $2.7B | ||
| Q1 25 | $2.0B | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.1B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | — | $743.0M | ||
| Q3 25 | $2.4M | $264.0M | ||
| Q2 25 | $183.0M | $906.0M | ||
| Q1 25 | $154.2M | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $197.1M | $828.0M | ||
| Q2 24 | $146.9M | $171.0M | ||
| Q1 24 | $187.4M | $-273.0M |
| 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 24 | — | 51.4% |
| Q4 25 | — | 17.2% | ||
| Q3 25 | 4.2% | 12.1% | ||
| Q2 25 | 10.4% | 10.9% | ||
| Q1 25 | 11.0% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 14.1% | 13.1% | ||
| Q2 24 | 10.8% | 11.8% | ||
| Q1 24 | 13.7% | 4.6% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | 0.1% | 9.3% | ||
| Q2 25 | 9.1% | 33.8% | ||
| Q1 25 | 7.7% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | 9.7% | 38.3% | ||
| Q2 24 | 6.9% | 8.4% | ||
| Q1 24 | 9.0% | -14.7% |
| Q4 25 | — | $0.58 | ||
| Q3 25 | $0.03 | $0.20 | ||
| Q2 25 | $2.30 | $0.69 | ||
| Q1 25 | $1.90 | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $2.36 | $0.64 | ||
| Q2 24 | $1.76 | $0.13 | ||
| Q1 24 | $2.25 | $-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 | $468.9M | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $13.5B |
| Total Assets | $16.5B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8B | ||
| Q3 25 | $468.9M | $6.3B | ||
| Q2 25 | $390.4M | $5.8B | ||
| Q1 25 | $526.7M | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $695.5M | — | ||
| Q2 24 | $506.6M | — | ||
| Q1 24 | $396.1M | — |
| Q4 25 | — | $13.5B | ||
| Q3 25 | $9.3B | $12.5B | ||
| Q2 25 | $9.6B | $12.1B | ||
| Q1 25 | $9.5B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $9.8B | $10.1B | ||
| Q2 24 | $9.6B | $9.2B | ||
| Q1 24 | $9.4B | $8.9B |
| Q4 25 | — | $15.2B | ||
| Q3 25 | $16.5B | $15.0B | ||
| Q2 25 | $16.6B | $14.6B | ||
| Q1 25 | $16.7B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | $17.2B | — | ||
| Q2 24 | $17.0B | — | ||
| Q1 24 | $17.0B | — |
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 | $387.6M | $725.0M |
| Free Cash FlowOCF − Capex | $333.9M | $715.0M |
| FCF MarginFCF / Revenue | 16.3% | 19.5% |
| Capex IntensityCapex / Revenue | 2.6% | 0.3% |
| Cash ConversionOCF / Net Profit | 164.59× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $725.0M | ||
| Q3 25 | $387.6M | $513.0M | ||
| Q2 25 | $146.2M | $428.0M | ||
| Q1 25 | $268.2M | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | $402.7M | $423.0M | ||
| Q2 24 | $218.6M | $340.0M | ||
| Q1 24 | $327.1M | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | $333.9M | $507.0M | ||
| Q2 25 | $113.9M | $422.0M | ||
| Q1 25 | $239.3M | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | $359.3M | $421.0M | ||
| Q2 24 | $182.3M | $333.0M | ||
| Q1 24 | $299.9M | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | 16.3% | 17.8% | ||
| Q2 25 | 5.6% | 15.7% | ||
| Q1 25 | 12.0% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | 17.7% | 19.5% | ||
| Q2 24 | 8.6% | 16.3% | ||
| Q1 24 | 14.3% | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | 2.6% | 0.2% | ||
| Q2 25 | 1.6% | 0.2% | ||
| Q1 25 | 1.4% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 2.1% | 0.1% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 1.3% | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | 164.59× | 1.94× | ||
| Q2 25 | 0.80× | 0.47× | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 2.04× | 0.51× | ||
| Q2 24 | 1.49× | 1.99× | ||
| Q1 24 | 1.74× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
