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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Viking Holdings Ltd (VIK). Click either name above to swap in a different company.
Viking Holdings Ltd is the larger business by last-quarter revenue ($4.0B vs $3.7B, roughly 1.1× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 12.9%, a 7.3% gap on every dollar of revenue.
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.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
SHOP vs VIK — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $4.0B |
| Net Profit | $743.0M | $514.0M |
| Gross Margin | 46.1% | 73.4% |
| Operating Margin | 17.2% | 15.2% |
| Net Margin | 20.2% | 12.9% |
| Revenue YoY | 30.6% | — |
| Net Profit YoY | -42.5% | 35.4% |
| EPS (diluted) | $0.58 | $1.15 |
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 | — | ||
| Q3 25 | $2.8B | $4.0B | ||
| Q2 25 | $2.7B | $2.3B | ||
| Q1 25 | $2.4B | $718.2M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.2B | $3.6B | ||
| Q2 24 | $2.0B | $2.1B | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $743.0M | — | ||
| Q3 25 | $264.0M | $514.0M | ||
| Q2 25 | $906.0M | $439.2M | ||
| Q1 25 | $-682.0M | $-105.5M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $828.0M | $379.7M | ||
| Q2 24 | $171.0M | $159.8M | ||
| Q1 24 | $-273.0M | — |
| Q4 25 | 46.1% | — | ||
| Q3 25 | 48.9% | 73.4% | ||
| Q2 25 | 48.6% | 55.7% | ||
| Q1 25 | 49.5% | 17.3% | ||
| Q4 24 | 48.1% | — | ||
| Q3 24 | 51.7% | 74.7% | ||
| Q2 24 | 51.1% | 57.8% | ||
| Q1 24 | 51.4% | — |
| Q4 25 | 17.2% | — | ||
| Q3 25 | 12.1% | 15.2% | ||
| Q2 25 | 10.9% | 23.7% | ||
| Q1 25 | 8.6% | -1.3% | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 13.1% | 13.6% | ||
| Q2 24 | 11.8% | 20.5% | ||
| Q1 24 | 4.6% | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | 9.3% | 12.9% | ||
| Q2 25 | 33.8% | 19.1% | ||
| Q1 25 | -28.9% | -14.7% | ||
| Q4 24 | 46.0% | — | ||
| Q3 24 | 38.3% | 10.6% | ||
| Q2 24 | 8.4% | 7.7% | ||
| Q1 24 | -14.7% | — |
| Q4 25 | $0.58 | — | ||
| Q3 25 | $0.20 | $1.15 | ||
| Q2 25 | $0.69 | $0.99 | ||
| Q1 25 | $-0.53 | $-0.24 | ||
| Q4 24 | $0.99 | — | ||
| Q3 24 | $0.64 | $0.87 | ||
| Q2 24 | $0.13 | $0.38 | ||
| Q1 24 | $-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 | $5.8B | $3.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | $803.5M |
| Total Assets | $15.2B | $11.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | — | ||
| Q3 25 | $6.3B | $3.0B | ||
| Q2 25 | $5.8B | $2.6B | ||
| Q1 25 | $5.5B | $2.8B | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | — |
| Q4 25 | $13.5B | — | ||
| Q3 25 | $12.5B | $803.5M | ||
| Q2 25 | $12.1B | $278.3M | ||
| Q1 25 | $11.1B | $-267.5M | ||
| Q4 24 | $11.6B | — | ||
| Q3 24 | $10.1B | $-688.9M | ||
| Q2 24 | $9.2B | $-1.1B | ||
| Q1 24 | $8.9B | — |
| Q4 25 | $15.2B | — | ||
| Q3 25 | $15.0B | $11.5B | ||
| Q2 25 | $14.6B | $11.1B | ||
| Q1 25 | $13.4B | $10.7B | ||
| Q4 24 | $13.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $663.9M |
| Free Cash FlowOCF − Capex | $715.0M | — |
| FCF MarginFCF / Revenue | 19.5% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 0.98× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | — | ||
| Q3 25 | $513.0M | $663.9M | ||
| Q2 25 | $428.0M | $470.7M | ||
| Q1 25 | $367.0M | $587.9M | ||
| Q4 24 | $615.0M | — | ||
| Q3 24 | $423.0M | $828.7M | ||
| Q2 24 | $340.0M | $419.8M | ||
| Q1 24 | $238.0M | — |
| Q4 25 | $715.0M | — | ||
| Q3 25 | $507.0M | — | ||
| Q2 25 | $422.0M | — | ||
| Q1 25 | $363.0M | — | ||
| Q4 24 | $611.0M | — | ||
| Q3 24 | $421.0M | — | ||
| Q2 24 | $333.0M | — | ||
| Q1 24 | $232.0M | — |
| Q4 25 | 19.5% | — | ||
| Q3 25 | 17.8% | — | ||
| Q2 25 | 15.7% | — | ||
| Q1 25 | 15.4% | — | ||
| Q4 24 | 21.7% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 16.3% | — | ||
| Q1 24 | 12.5% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.94× | 1.29× | ||
| Q2 25 | 0.47× | 1.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.48× | — | ||
| Q3 24 | 0.51× | 2.18× | ||
| Q2 24 | 1.99× | 2.63× | ||
| 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% |
VIK
Segment breakdown not available.
