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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.4B, roughly 1.5× Workday, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs 10.4%, a 9.9% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 12.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $550.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 12.5%).
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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
SHOP vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $2.4B |
| Net Profit | $743.0M | $252.0M |
| Gross Margin | 46.1% | — |
| Operating Margin | 17.2% | 10.6% |
| Net Margin | 20.2% | 10.4% |
| Revenue YoY | 30.6% | 12.6% |
| Net Profit YoY | -42.5% | 30.6% |
| EPS (diluted) | $0.58 | $0.94 |
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 | $2.4B | ||
| Q3 25 | $2.8B | $2.3B | ||
| Q2 25 | $2.7B | $2.2B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $2.2B | $2.1B | ||
| Q2 24 | $2.0B | $2.0B | ||
| Q1 24 | $1.9B | $1.9B |
| Q4 25 | $743.0M | $252.0M | ||
| Q3 25 | $264.0M | $228.0M | ||
| Q2 25 | $906.0M | $68.0M | ||
| Q1 25 | $-682.0M | $94.0M | ||
| Q4 24 | $1.3B | $193.0M | ||
| Q3 24 | $828.0M | $132.0M | ||
| Q2 24 | $171.0M | $107.0M | ||
| Q1 24 | $-273.0M | $1.2B |
| 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 24 | 51.4% | — |
| Q4 25 | 17.2% | 10.6% | ||
| Q3 25 | 12.1% | 10.6% | ||
| Q2 25 | 10.9% | 1.7% | ||
| Q1 25 | 8.6% | 3.4% | ||
| Q4 24 | 16.5% | 7.6% | ||
| Q3 24 | 13.1% | 5.3% | ||
| Q2 24 | 11.8% | 3.2% | ||
| Q1 24 | 4.6% | 4.1% |
| Q4 25 | 20.2% | 10.4% | ||
| Q3 25 | 9.3% | 9.7% | ||
| Q2 25 | 33.8% | 3.0% | ||
| Q1 25 | -28.9% | 4.3% | ||
| Q4 24 | 46.0% | 8.9% | ||
| Q3 24 | 38.3% | 6.3% | ||
| Q2 24 | 8.4% | 5.4% | ||
| Q1 24 | -14.7% | 61.8% |
| Q4 25 | $0.58 | $0.94 | ||
| Q3 25 | $0.20 | $0.84 | ||
| Q2 25 | $0.69 | $0.25 | ||
| Q1 25 | $-0.53 | $0.34 | ||
| Q4 24 | $0.99 | $0.72 | ||
| Q3 24 | $0.64 | $0.49 | ||
| Q2 24 | $0.13 | $0.40 | ||
| Q1 24 | $-0.21 | $4.48 |
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 | $6.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | $8.9B |
| Total Assets | $15.2B | $17.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | $6.8B | ||
| Q3 25 | $6.3B | $8.2B | ||
| Q2 25 | $5.8B | $8.0B | ||
| Q1 25 | $5.5B | $8.0B | ||
| Q4 24 | $5.5B | $7.2B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $13.5B | $8.9B | ||
| Q3 25 | $12.5B | $9.2B | ||
| Q2 25 | $12.1B | $8.9B | ||
| Q1 25 | $11.1B | $9.0B | ||
| Q4 24 | $11.6B | $8.6B | ||
| Q3 24 | $10.1B | $8.3B | ||
| Q2 24 | $9.2B | $8.2B | ||
| Q1 24 | $8.9B | $8.1B |
| Q4 25 | $15.2B | $17.8B | ||
| Q3 25 | $15.0B | $18.0B | ||
| Q2 25 | $14.6B | $17.2B | ||
| Q1 25 | $13.4B | $18.0B | ||
| Q4 24 | $13.9B | $16.4B | ||
| Q3 24 | — | $16.2B | ||
| Q2 24 | — | $15.9B | ||
| Q1 24 | — | $16.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | $715.0M | $550.0M |
| FCF MarginFCF / Revenue | 19.5% | 22.6% |
| Capex IntensityCapex / Revenue | 0.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 0.98× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | $588.0M | ||
| Q3 25 | $513.0M | $616.0M | ||
| Q2 25 | $428.0M | $457.0M | ||
| Q1 25 | $367.0M | $1.1B | ||
| Q4 24 | $615.0M | $406.0M | ||
| Q3 24 | $423.0M | $571.0M | ||
| Q2 24 | $340.0M | $372.0M | ||
| Q1 24 | $238.0M | $995.6M |
| Q4 25 | $715.0M | $550.0M | ||
| Q3 25 | $507.0M | $588.0M | ||
| Q2 25 | $422.0M | $421.0M | ||
| Q1 25 | $363.0M | $1.0B | ||
| Q4 24 | $611.0M | $359.0M | ||
| Q3 24 | $421.0M | $516.0M | ||
| Q2 24 | $333.0M | $291.0M | ||
| Q1 24 | $232.0M | $947.6M |
| Q4 25 | 19.5% | 22.6% | ||
| Q3 25 | 17.8% | 25.0% | ||
| Q2 25 | 15.7% | 18.8% | ||
| Q1 25 | 15.4% | 46.4% | ||
| Q4 24 | 21.7% | 16.6% | ||
| Q3 24 | 19.5% | 24.7% | ||
| Q2 24 | 16.3% | 14.6% | ||
| Q1 24 | 12.5% | 49.3% |
| Q4 25 | 0.3% | 1.6% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.2% | 1.6% | ||
| Q1 25 | 0.2% | 3.9% | ||
| Q4 24 | 0.1% | 2.2% | ||
| Q3 24 | 0.1% | 2.6% | ||
| Q2 24 | 0.3% | 4.1% | ||
| Q1 24 | 0.3% | 2.5% |
| Q4 25 | 0.98× | 2.33× | ||
| Q3 25 | 1.94× | 2.70× | ||
| Q2 25 | 0.47× | 6.72× | ||
| Q1 25 | — | 11.83× | ||
| Q4 24 | 0.48× | 2.10× | ||
| Q3 24 | 0.51× | 4.33× | ||
| Q2 24 | 1.99× | 3.48× | ||
| Q1 24 | — | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
