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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Snowflake Inc. (SNOW). 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× Snowflake Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs -24.2%, a 44.5% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 28.7%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $113.6M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 25.1%).
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.
Snowflake Inc. is an American cloud-based data platform company founded in San Mateo, California, and headquartered in Bozeman, Montana. It operates a platform that supports data analysis and simultaneous access to data sets with minimal latency. It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
SHOP vs SNOW — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $1.2B |
| Net Profit | $743.0M | $-294.0M |
| Gross Margin | 46.1% | 67.8% |
| Operating Margin | 17.2% | -27.2% |
| Net Margin | 20.2% | -24.2% |
| Revenue YoY | 30.6% | 28.7% |
| Net Profit YoY | -42.5% | 9.4% |
| EPS (diluted) | $0.58 | $-0.87 |
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 | $1.2B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.7B | $1.0B | ||
| Q1 25 | $2.4B | $986.8M | ||
| Q4 24 | $2.8B | $942.1M | ||
| Q3 24 | $2.2B | $868.8M | ||
| Q2 24 | $2.0B | $828.7M | ||
| Q1 24 | $1.9B | $774.7M |
| Q4 25 | $743.0M | $-294.0M | ||
| Q3 25 | $264.0M | $-298.0M | ||
| Q2 25 | $906.0M | $-430.1M | ||
| Q1 25 | $-682.0M | $-327.5M | ||
| Q4 24 | $1.3B | $-324.3M | ||
| Q3 24 | $828.0M | $-316.9M | ||
| Q2 24 | $171.0M | $-317.0M | ||
| Q1 24 | $-273.0M | $-169.4M |
| Q4 25 | 46.1% | 67.8% | ||
| Q3 25 | 48.9% | 67.5% | ||
| Q2 25 | 48.6% | 66.5% | ||
| Q1 25 | 49.5% | 66.2% | ||
| Q4 24 | 48.1% | 65.9% | ||
| Q3 24 | 51.7% | 66.8% | ||
| Q2 24 | 51.1% | 67.1% | ||
| Q1 24 | 51.4% | 68.8% |
| Q4 25 | 17.2% | -27.2% | ||
| Q3 25 | 12.1% | -29.7% | ||
| Q2 25 | 10.9% | -42.9% | ||
| Q1 25 | 8.6% | -39.2% | ||
| Q4 24 | 16.5% | -38.8% | ||
| Q3 24 | 13.1% | -40.9% | ||
| Q2 24 | 11.8% | -42.1% | ||
| Q1 24 | 4.6% | -35.6% |
| Q4 25 | 20.2% | -24.2% | ||
| Q3 25 | 9.3% | -26.0% | ||
| Q2 25 | 33.8% | -41.3% | ||
| Q1 25 | -28.9% | -33.2% | ||
| Q4 24 | 46.0% | -34.4% | ||
| Q3 24 | 38.3% | -36.5% | ||
| Q2 24 | 8.4% | -38.3% | ||
| Q1 24 | -14.7% | -21.9% |
| Q4 25 | $0.58 | $-0.87 | ||
| Q3 25 | $0.20 | $-0.89 | ||
| Q2 25 | $0.69 | $-1.29 | ||
| Q1 25 | $-0.53 | $-0.98 | ||
| Q4 24 | $0.99 | $-0.98 | ||
| Q3 24 | $0.64 | $-0.95 | ||
| Q2 24 | $0.13 | $-0.95 | ||
| Q1 24 | $-0.21 | $-0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.8B | $1.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | $2.1B |
| Total Assets | $15.2B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | $1.9B | ||
| Q3 25 | $6.3B | $1.9B | ||
| Q2 25 | $5.8B | $2.2B | ||
| Q1 25 | $5.5B | $2.6B | ||
| Q4 24 | $5.5B | $2.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | $13.5B | $2.1B | ||
| Q3 25 | $12.5B | $2.4B | ||
| Q2 25 | $12.1B | $2.4B | ||
| Q1 25 | $11.1B | $3.0B | ||
| Q4 24 | $11.6B | $2.9B | ||
| Q3 24 | $10.1B | $4.1B | ||
| Q2 24 | $9.2B | $4.6B | ||
| Q1 24 | $8.9B | $5.2B |
| Q4 25 | $15.2B | $8.2B | ||
| Q3 25 | $15.0B | $8.2B | ||
| Q2 25 | $14.6B | $8.2B | ||
| Q1 25 | $13.4B | $9.0B | ||
| Q4 24 | $13.9B | $8.2B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $8.2B |
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 | $725.0M | $137.5M |
| Free Cash FlowOCF − Capex | $715.0M | $113.6M |
| FCF MarginFCF / Revenue | 19.5% | 9.4% |
| Capex IntensityCapex / Revenue | 0.3% | 2.0% |
| Cash ConversionOCF / Net Profit | 0.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $776.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | $137.5M | ||
| Q3 25 | $513.0M | $74.9M | ||
| Q2 25 | $428.0M | $228.4M | ||
| Q1 25 | $367.0M | $432.7M | ||
| Q4 24 | $615.0M | $101.7M | ||
| Q3 24 | $423.0M | $69.9M | ||
| Q2 24 | $340.0M | $355.5M | ||
| Q1 24 | $238.0M | $344.6M |
| Q4 25 | $715.0M | $113.6M | ||
| Q3 25 | $507.0M | $58.2M | ||
| Q2 25 | $422.0M | $183.4M | ||
| Q1 25 | $363.0M | $421.4M | ||
| Q4 24 | $611.0M | $88.3M | ||
| Q3 24 | $421.0M | $64.8M | ||
| Q2 24 | $333.0M | $338.9M | ||
| Q1 24 | $232.0M | $331.5M |
| Q4 25 | 19.5% | 9.4% | ||
| Q3 25 | 17.8% | 5.1% | ||
| Q2 25 | 15.7% | 17.6% | ||
| Q1 25 | 15.4% | 42.7% | ||
| Q4 24 | 21.7% | 9.4% | ||
| Q3 24 | 19.5% | 7.5% | ||
| Q2 24 | 16.3% | 40.9% | ||
| Q1 24 | 12.5% | 42.8% |
| Q4 25 | 0.3% | 2.0% | ||
| Q3 25 | 0.2% | 1.5% | ||
| Q2 25 | 0.2% | 4.3% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.3% | 2.0% | ||
| Q1 24 | 0.3% | 1.7% |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.94× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.48× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 1.99× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
