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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $3.7B, roughly 1.7× SHOPIFY INC.). Union Pacific Corporation runs the higher net margin — 27.4% vs 20.2%, a 7.1% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 3.2%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $631.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
SHOP vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $6.2B |
| Net Profit | $743.0M | $1.7B |
| Gross Margin | 46.1% | — |
| Operating Margin | 17.2% | 39.5% |
| Net Margin | 20.2% | 27.4% |
| Revenue YoY | 30.6% | 3.2% |
| Net Profit YoY | -42.5% | -2.1% |
| EPS (diluted) | $0.58 | $2.87 |
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.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.7B | $6.1B | ||
| Q3 25 | $2.8B | $6.2B | ||
| Q2 25 | $2.7B | $6.2B | ||
| Q1 25 | $2.4B | $6.0B | ||
| Q4 24 | $2.8B | $6.1B | ||
| Q3 24 | $2.2B | $6.1B | ||
| Q2 24 | $2.0B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $743.0M | $1.8B | ||
| Q3 25 | $264.0M | $1.8B | ||
| Q2 25 | $906.0M | $1.9B | ||
| Q1 25 | $-682.0M | $1.6B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $828.0M | $1.7B | ||
| Q2 24 | $171.0M | $1.7B |
| Q1 26 | — | — | ||
| 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 26 | — | 39.5% | ||
| Q4 25 | 17.2% | 39.5% | ||
| Q3 25 | 12.1% | 40.8% | ||
| Q2 25 | 10.9% | 41.0% | ||
| Q1 25 | 8.6% | 39.3% | ||
| Q4 24 | 16.5% | 41.3% | ||
| Q3 24 | 13.1% | 39.7% | ||
| Q2 24 | 11.8% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 20.2% | 30.4% | ||
| Q3 25 | 9.3% | 28.6% | ||
| Q2 25 | 33.8% | 30.5% | ||
| Q1 25 | -28.9% | 27.0% | ||
| Q4 24 | 46.0% | 28.8% | ||
| Q3 24 | 38.3% | 27.4% | ||
| Q2 24 | 8.4% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.58 | $3.12 | ||
| Q3 25 | $0.20 | $3.01 | ||
| Q2 25 | $0.69 | $3.15 | ||
| Q1 25 | $-0.53 | $2.70 | ||
| Q4 24 | $0.99 | $2.91 | ||
| Q3 24 | $0.64 | $2.75 | ||
| Q2 24 | $0.13 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | — |
| Total Assets | $15.2B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $5.8B | $1.3B | ||
| Q3 25 | $6.3B | $808.0M | ||
| Q2 25 | $5.8B | $1.1B | ||
| Q1 25 | $5.5B | $1.4B | ||
| Q4 24 | $5.5B | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $13.5B | $18.5B | ||
| Q3 25 | $12.5B | $17.3B | ||
| Q2 25 | $12.1B | $16.3B | ||
| Q1 25 | $11.1B | $16.0B | ||
| Q4 24 | $11.6B | $16.9B | ||
| Q3 24 | $10.1B | $16.6B | ||
| Q2 24 | $9.2B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $15.2B | $69.7B | ||
| Q3 25 | $15.0B | $68.6B | ||
| Q2 25 | $14.6B | $68.6B | ||
| Q1 25 | $13.4B | $68.5B | ||
| Q4 24 | $13.9B | $67.7B | ||
| Q3 24 | — | $67.6B | ||
| Q2 24 | — | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $715.0M | $631.0M |
| FCF MarginFCF / Revenue | 19.5% | 10.1% |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 0.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $725.0M | $2.2B | ||
| Q3 25 | $513.0M | $2.5B | ||
| Q2 25 | $428.0M | $2.3B | ||
| Q1 25 | $367.0M | $2.2B | ||
| Q4 24 | $615.0M | $2.7B | ||
| Q3 24 | $423.0M | $2.7B | ||
| Q2 24 | $340.0M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $715.0M | $1.2B | ||
| Q3 25 | $507.0M | $1.6B | ||
| Q2 25 | $422.0M | $1.4B | ||
| Q1 25 | $363.0M | $1.3B | ||
| Q4 24 | $611.0M | $1.7B | ||
| Q3 24 | $421.0M | $1.8B | ||
| Q2 24 | $333.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 19.5% | 20.1% | ||
| Q3 25 | 17.8% | 25.2% | ||
| Q2 25 | 15.7% | 22.7% | ||
| Q1 25 | 15.4% | 21.6% | ||
| Q4 24 | 21.7% | 28.4% | ||
| Q3 24 | 19.5% | 29.9% | ||
| Q2 24 | 16.3% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 16.4% | ||
| Q3 25 | 0.2% | 15.2% | ||
| Q2 25 | 0.2% | 15.2% | ||
| Q1 25 | 0.2% | 15.0% | ||
| Q4 24 | 0.1% | 15.1% | ||
| Q3 24 | 0.1% | 13.6% | ||
| Q2 24 | 0.3% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.98× | 1.20× | ||
| Q3 25 | 1.94× | 1.41× | ||
| Q2 25 | 0.47× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 0.48× | 1.51× | ||
| Q3 24 | 0.51× | 1.59× | ||
| Q2 24 | 1.99× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
