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Side-by-side financial comparison of KeyCorp (KEY) 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× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 20.2%, a 5.2% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 30.6%). KeyCorp produced more free cash flow last quarter ($2.1B vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 14.4%).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
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.
KEY vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $3.7B |
| Net Profit | $510.0M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 32.3% | 17.2% |
| Net Margin | 25.4% | 20.2% |
| Revenue YoY | 131.8% | 30.6% |
| Net Profit YoY | 309.0% | -42.5% |
| EPS (diluted) | $0.43 | $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 | $2.0B | $3.7B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | $865.0M | $2.8B | ||
| Q3 24 | $695.0M | $2.2B | ||
| Q2 24 | $1.5B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| Q4 25 | $510.0M | $743.0M | ||
| Q3 25 | $489.0M | $264.0M | ||
| Q2 25 | $425.0M | $906.0M | ||
| Q1 25 | $405.0M | $-682.0M | ||
| Q4 24 | $-244.0M | $1.3B | ||
| Q3 24 | $-410.0M | $828.0M | ||
| Q2 24 | $274.0M | $171.0M | ||
| Q1 24 | $219.0M | $-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 | 32.3% | 17.2% | ||
| Q3 25 | 31.8% | 12.1% | ||
| Q2 25 | 29.3% | 10.9% | ||
| Q1 25 | 29.0% | 8.6% | ||
| Q4 24 | -92.6% | 16.5% | ||
| Q3 24 | -72.8% | 13.1% | ||
| Q2 24 | 22.0% | 11.8% | ||
| Q1 24 | 18.1% | 4.6% |
| Q4 25 | 25.4% | 20.2% | ||
| Q3 25 | 25.8% | 9.3% | ||
| Q2 25 | 23.1% | 33.8% | ||
| Q1 25 | 22.8% | -28.9% | ||
| Q4 24 | -54.7% | 46.0% | ||
| Q3 24 | -59.0% | 38.3% | ||
| Q2 24 | 18.0% | 8.4% | ||
| Q1 24 | 14.3% | -14.7% |
| Q4 25 | $0.43 | $0.58 | ||
| Q3 25 | $0.41 | $0.20 | ||
| Q2 25 | $0.35 | $0.69 | ||
| Q1 25 | $0.33 | $-0.53 | ||
| Q4 24 | $-0.30 | $0.99 | ||
| Q3 24 | $-0.47 | $0.64 | ||
| Q2 24 | $0.25 | $0.13 | ||
| Q1 24 | $0.20 | $-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 | $10.2B | $5.8B |
| Total DebtLower is stronger | $9.9B | — |
| Stockholders' EquityBook value | $20.4B | $13.5B |
| Total Assets | $184.4B | $15.2B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2B | $5.8B | ||
| Q3 25 | $13.3B | $6.3B | ||
| Q2 25 | $11.6B | $5.8B | ||
| Q1 25 | $15.3B | $5.5B | ||
| Q4 24 | $17.5B | $5.5B | ||
| Q3 24 | $22.8B | — | ||
| Q2 24 | $15.5B | — | ||
| Q1 24 | $13.2B | — |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $10.9B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $15.7B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $20.8B | — |
| Q4 25 | $20.4B | $13.5B | ||
| Q3 25 | $20.1B | $12.5B | ||
| Q2 25 | $19.5B | $12.1B | ||
| Q1 25 | $19.0B | $11.1B | ||
| Q4 24 | $18.2B | $11.6B | ||
| Q3 24 | $16.9B | $10.1B | ||
| Q2 24 | $14.8B | $9.2B | ||
| Q1 24 | $14.5B | $8.9B |
| Q4 25 | $184.4B | $15.2B | ||
| Q3 25 | $187.4B | $15.0B | ||
| Q2 25 | $185.5B | $14.6B | ||
| Q1 25 | $188.7B | $13.4B | ||
| Q4 24 | $187.2B | $13.9B | ||
| Q3 24 | $189.8B | — | ||
| Q2 24 | $187.4B | — | ||
| Q1 24 | $187.5B | — |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 1.14× | — | ||
| Q1 24 | 1.43× | — |
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 | $2.2B | $725.0M |
| Free Cash FlowOCF − Capex | $2.1B | $715.0M |
| FCF MarginFCF / Revenue | 104.8% | 19.5% |
| Capex IntensityCapex / Revenue | 5.3% | 0.3% |
| Cash ConversionOCF / Net Profit | 4.33× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2B | $725.0M | ||
| Q3 25 | $396.0M | $513.0M | ||
| Q2 25 | $1.2B | $428.0M | ||
| Q1 25 | $-140.0M | $367.0M | ||
| Q4 24 | $664.0M | $615.0M | ||
| Q3 24 | $-1.2B | $423.0M | ||
| Q2 24 | $-217.0M | $340.0M | ||
| Q1 24 | $359.0M | $238.0M |
| Q4 25 | $2.1B | $715.0M | ||
| Q3 25 | $367.0M | $507.0M | ||
| Q2 25 | $1.2B | $422.0M | ||
| Q1 25 | $-150.0M | $363.0M | ||
| Q4 24 | $599.0M | $611.0M | ||
| Q3 24 | $-1.2B | $421.0M | ||
| Q2 24 | $-230.0M | $333.0M | ||
| Q1 24 | $347.0M | $232.0M |
| Q4 25 | 104.8% | 19.5% | ||
| Q3 25 | 19.4% | 17.8% | ||
| Q2 25 | 65.8% | 15.7% | ||
| Q1 25 | -8.5% | 15.4% | ||
| Q4 24 | 69.2% | 21.7% | ||
| Q3 24 | -175.8% | 19.5% | ||
| Q2 24 | -15.1% | 16.3% | ||
| Q1 24 | 22.6% | 12.5% |
| Q4 25 | 5.3% | 0.3% | ||
| Q3 25 | 1.5% | 0.2% | ||
| Q2 25 | 1.3% | 0.2% | ||
| Q1 25 | 0.6% | 0.2% | ||
| Q4 24 | 7.5% | 0.1% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 0.9% | 0.3% | ||
| Q1 24 | 0.8% | 0.3% |
| Q4 25 | 4.33× | 0.98× | ||
| Q3 25 | 0.81× | 1.94× | ||
| Q2 25 | 2.90× | 0.47× | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | -0.79× | 1.99× | ||
| Q1 24 | 1.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KEY
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
