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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Tapestry, Inc. (TPR). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.5B, roughly 1.5× Tapestry, Inc.). Tapestry, Inc. runs the higher net margin — 22.4% vs 20.2%, a 2.2% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 14.0%). Tapestry, Inc. produced more free cash flow last quarter ($1.0B vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 29.9%).
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.
Tapestry, Inc. is a leading American multinational luxury fashion holding company. It owns three iconic lifestyle brands: Coach, Kate Spade New York, and Stuart Weitzman, offering premium handbags, apparel, footwear, accessories, and fragrances to global consumers via physical retail stores and e-commerce platforms.
SHOP vs TPR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $2.5B |
| Net Profit | $743.0M | $561.3M |
| Gross Margin | 46.1% | 75.5% |
| Operating Margin | 17.2% | 28.6% |
| Net Margin | 20.2% | 22.4% |
| Revenue YoY | 30.6% | 14.0% |
| Net Profit YoY | -42.5% | 80.8% |
| EPS (diluted) | $0.58 | $2.68 |
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 | $2.5B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.7B | $1.7B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.9B | $1.5B |
| Q4 25 | $743.0M | $561.3M | ||
| Q3 25 | $264.0M | $274.8M | ||
| Q2 25 | $906.0M | $-517.1M | ||
| Q1 25 | $-682.0M | $203.3M | ||
| Q4 24 | $1.3B | $310.4M | ||
| Q3 24 | $828.0M | $186.6M | ||
| Q2 24 | $171.0M | $159.3M | ||
| Q1 24 | $-273.0M | $139.4M |
| Q4 25 | 46.1% | 75.5% | ||
| Q3 25 | 48.9% | 76.3% | ||
| Q2 25 | 48.6% | 76.3% | ||
| Q1 25 | 49.5% | 76.1% | ||
| Q4 24 | 48.1% | 74.4% | ||
| Q3 24 | 51.7% | 75.3% | ||
| Q2 24 | 51.1% | 74.9% | ||
| Q1 24 | 51.4% | 74.7% |
| Q4 25 | 17.2% | 28.6% | ||
| Q3 25 | 12.1% | 19.3% | ||
| Q2 25 | 10.9% | -33.9% | ||
| Q1 25 | 8.6% | 16.0% | ||
| Q4 24 | 16.5% | 22.4% | ||
| Q3 24 | 13.1% | 16.7% | ||
| Q2 24 | 11.8% | 14.8% | ||
| Q1 24 | 4.6% | 13.8% |
| Q4 25 | 20.2% | 22.4% | ||
| Q3 25 | 9.3% | 16.1% | ||
| Q2 25 | 33.8% | -30.0% | ||
| Q1 25 | -28.9% | 12.8% | ||
| Q4 24 | 46.0% | 14.1% | ||
| Q3 24 | 38.3% | 12.4% | ||
| Q2 24 | 8.4% | 10.0% | ||
| Q1 24 | -14.7% | 9.4% |
| Q4 25 | $0.58 | $2.68 | ||
| Q3 25 | $0.20 | $1.28 | ||
| Q2 25 | $0.69 | $-2.30 | ||
| Q1 25 | $-0.53 | $0.95 | ||
| Q4 24 | $0.99 | $1.38 | ||
| Q3 24 | $0.64 | $0.79 | ||
| Q2 24 | $0.13 | $0.67 | ||
| Q1 24 | $-0.21 | $0.60 |
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 | $1.1B |
| Total DebtLower is stronger | — | $2.4B |
| Stockholders' EquityBook value | $13.5B | $551.2M |
| Total Assets | $15.2B | $6.5B |
| Debt / EquityLower = less leverage | — | 4.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | $1.1B | ||
| Q3 25 | $6.3B | $743.2M | ||
| Q2 25 | $5.8B | $1.1B | ||
| Q1 25 | $5.5B | $1.1B | ||
| Q4 24 | $5.5B | $1.0B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.4B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.7B |
| Q4 25 | $13.5B | $551.2M | ||
| Q3 25 | $12.5B | $399.5M | ||
| Q2 25 | $12.1B | $857.8M | ||
| Q1 25 | $11.1B | $1.5B | ||
| Q4 24 | $11.6B | $1.3B | ||
| Q3 24 | $10.1B | $3.0B | ||
| Q2 24 | $9.2B | $2.9B | ||
| Q1 24 | $8.9B | $2.8B |
| Q4 25 | $15.2B | $6.5B | ||
| Q3 25 | $15.0B | $6.4B | ||
| Q2 25 | $14.6B | $6.6B | ||
| Q1 25 | $13.4B | $7.3B | ||
| Q4 24 | $13.9B | $7.3B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.4B | ||
| Q1 24 | — | $13.7B |
| Q4 25 | — | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $715.0M | $1.0B |
| FCF MarginFCF / Revenue | 19.5% | 41.5% |
| Capex IntensityCapex / Revenue | 0.3% | 1.7% |
| Cash ConversionOCF / Net Profit | 0.98× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | $1.1B | ||
| Q3 25 | $513.0M | $112.6M | ||
| Q2 25 | $428.0M | $446.8M | ||
| Q1 25 | $367.0M | $144.3M | ||
| Q4 24 | $615.0M | $506.0M | ||
| Q3 24 | $423.0M | $119.5M | ||
| Q2 24 | $340.0M | $256.0M | ||
| Q1 24 | $238.0M | $97.8M |
| Q4 25 | $715.0M | $1.0B | ||
| Q3 25 | $507.0M | $80.2M | ||
| Q2 25 | $422.0M | $411.5M | ||
| Q1 25 | $363.0M | $113.4M | ||
| Q4 24 | $611.0M | $475.1M | ||
| Q3 24 | $421.0M | $93.9M | ||
| Q2 24 | $333.0M | $209.8M | ||
| Q1 24 | $232.0M | $78.8M |
| Q4 25 | 19.5% | 41.5% | ||
| Q3 25 | 17.8% | 4.7% | ||
| Q2 25 | 15.7% | 23.9% | ||
| Q1 25 | 15.4% | 7.2% | ||
| Q4 24 | 21.7% | 21.6% | ||
| Q3 24 | 19.5% | 6.2% | ||
| Q2 24 | 16.3% | 13.2% | ||
| Q1 24 | 12.5% | 5.3% |
| Q4 25 | 0.3% | 1.7% | ||
| Q3 25 | 0.2% | 1.9% | ||
| Q2 25 | 0.2% | 2.0% | ||
| Q1 25 | 0.2% | 2.0% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 1.7% | ||
| Q2 24 | 0.3% | 2.9% | ||
| Q1 24 | 0.3% | 1.3% |
| Q4 25 | 0.98× | 1.93× | ||
| Q3 25 | 1.94× | 0.41× | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 0.48× | 1.63× | ||
| Q3 24 | 0.51× | 0.64× | ||
| Q2 24 | 1.99× | 1.61× | ||
| Q1 24 | — | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
