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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Toast, Inc. (TOST). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $1.6B, roughly 2.2× Toast, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs 6.2%, a 14.0% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 22.0%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $178.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 23.3%).
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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
SHOP vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $1.6B |
| Net Profit | $743.0M | $101.0M |
| Gross Margin | 46.1% | 25.9% |
| Operating Margin | 17.2% | 5.2% |
| Net Margin | 20.2% | 6.2% |
| Revenue YoY | 30.6% | 22.0% |
| Net Profit YoY | -42.5% | 215.6% |
| EPS (diluted) | $0.58 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.7B | $1.6B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.9B | $1.1B |
| Q4 25 | $743.0M | $101.0M | ||
| Q3 25 | $264.0M | $105.0M | ||
| Q2 25 | $906.0M | $80.0M | ||
| Q1 25 | $-682.0M | $56.0M | ||
| Q4 24 | $1.3B | $32.0M | ||
| Q3 24 | $828.0M | $56.0M | ||
| Q2 24 | $171.0M | $14.0M | ||
| Q1 24 | $-273.0M | $-83.0M |
| Q4 25 | 46.1% | 25.9% | ||
| Q3 25 | 48.9% | 26.5% | ||
| Q2 25 | 48.6% | 25.3% | ||
| Q1 25 | 49.5% | 25.9% | ||
| Q4 24 | 48.1% | 24.9% | ||
| Q3 24 | 51.7% | 24.7% | ||
| Q2 24 | 51.1% | 23.0% | ||
| Q1 24 | 51.4% | 23.2% |
| Q4 25 | 17.2% | 5.2% | ||
| Q3 25 | 12.1% | 5.1% | ||
| Q2 25 | 10.9% | 5.2% | ||
| Q1 25 | 8.6% | 3.2% | ||
| Q4 24 | 16.5% | 2.5% | ||
| Q3 24 | 13.1% | 2.6% | ||
| Q2 24 | 11.8% | 0.4% | ||
| Q1 24 | 4.6% | -5.2% |
| Q4 25 | 20.2% | 6.2% | ||
| Q3 25 | 9.3% | 6.4% | ||
| Q2 25 | 33.8% | 5.2% | ||
| Q1 25 | -28.9% | 4.2% | ||
| Q4 24 | 46.0% | 2.4% | ||
| Q3 24 | 38.3% | 4.3% | ||
| Q2 24 | 8.4% | 1.1% | ||
| Q1 24 | -14.7% | -7.7% |
| Q4 25 | $0.58 | $0.18 | ||
| Q3 25 | $0.20 | $0.16 | ||
| Q2 25 | $0.69 | $0.13 | ||
| Q1 25 | $-0.53 | $0.09 | ||
| Q4 24 | $0.99 | $0.09 | ||
| Q3 24 | $0.64 | $0.07 | ||
| Q2 24 | $0.13 | $0.02 | ||
| Q1 24 | $-0.21 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | $2.1B |
| Total Assets | $15.2B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | $1.4B | ||
| Q3 25 | $6.3B | $1.4B | ||
| Q2 25 | $5.8B | $1.2B | ||
| Q1 25 | $5.5B | $1.0B | ||
| Q4 24 | $5.5B | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
| Q4 25 | $13.5B | $2.1B | ||
| Q3 25 | $12.5B | $2.0B | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $11.1B | $1.7B | ||
| Q4 24 | $11.6B | $1.5B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.2B | $1.3B | ||
| Q1 24 | $8.9B | $1.2B |
| Q4 25 | $15.2B | $3.1B | ||
| Q3 25 | $15.0B | $3.0B | ||
| Q2 25 | $14.6B | $2.8B | ||
| Q1 25 | $13.4B | $2.6B | ||
| Q4 24 | $13.9B | $2.4B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $715.0M | $178.0M |
| FCF MarginFCF / Revenue | 19.5% | 10.9% |
| Capex IntensityCapex / Revenue | 0.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 0.98× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | $194.0M | ||
| Q3 25 | $513.0M | $165.0M | ||
| Q2 25 | $428.0M | $223.0M | ||
| Q1 25 | $367.0M | $79.0M | ||
| Q4 24 | $615.0M | $147.0M | ||
| Q3 24 | $423.0M | $109.0M | ||
| Q2 24 | $340.0M | $124.0M | ||
| Q1 24 | $238.0M | $-20.0M |
| Q4 25 | $715.0M | $178.0M | ||
| Q3 25 | $507.0M | $153.0M | ||
| Q2 25 | $422.0M | $208.0M | ||
| Q1 25 | $363.0M | $69.0M | ||
| Q4 24 | $611.0M | $134.0M | ||
| Q3 24 | $421.0M | $97.0M | ||
| Q2 24 | $333.0M | $108.0M | ||
| Q1 24 | $232.0M | $-33.0M |
| Q4 25 | 19.5% | 10.9% | ||
| Q3 25 | 17.8% | 9.4% | ||
| Q2 25 | 15.7% | 13.4% | ||
| Q1 25 | 15.4% | 5.2% | ||
| Q4 24 | 21.7% | 10.0% | ||
| Q3 24 | 19.5% | 7.4% | ||
| Q2 24 | 16.3% | 8.7% | ||
| Q1 24 | 12.5% | -3.1% |
| Q4 25 | 0.3% | 1.0% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | 0.3% | 1.2% |
| Q4 25 | 0.98× | 1.92× | ||
| Q3 25 | 1.94× | 1.57× | ||
| Q2 25 | 0.47× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 0.48× | 4.59× | ||
| Q3 24 | 0.51× | 1.95× | ||
| Q2 24 | 1.99× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
