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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Wayfair Inc. (W), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $3.3B, roughly 1.1× Wayfair Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs -3.5%, a 23.7% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 6.9%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $177.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 10.6%).
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.
Wayfair Inc. is an American e-commerce company based in Boston, Massachusetts that sells furniture and home goods online. Formerly known as CSN Stores, it was founded in 2002, and currently offers 14 million items from more than 11,000 global suppliers. The company maintains international operations, including locations in North America and in Canada, Germany, Ireland, China and the United Kingdom.
SHOP vs W — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $3.3B |
| Net Profit | $743.0M | $-116.0M |
| Gross Margin | 46.1% | 30.3% |
| Operating Margin | 17.2% | 2.5% |
| Net Margin | 20.2% | -3.5% |
| Revenue YoY | 30.6% | 6.9% |
| Net Profit YoY | -42.5% | 9.4% |
| EPS (diluted) | $0.58 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.7B | $3.3B | ||
| Q3 25 | $2.8B | $3.1B | ||
| Q2 25 | $2.7B | $3.3B | ||
| Q1 25 | $2.4B | $2.7B | ||
| Q4 24 | $2.8B | $3.1B | ||
| Q3 24 | $2.2B | $2.9B | ||
| Q2 24 | $2.0B | $3.1B | ||
| Q1 24 | $1.9B | $2.7B |
| Q4 25 | $743.0M | $-116.0M | ||
| Q3 25 | $264.0M | $-99.0M | ||
| Q2 25 | $906.0M | $15.0M | ||
| Q1 25 | $-682.0M | $-113.0M | ||
| Q4 24 | $1.3B | $-128.0M | ||
| Q3 24 | $828.0M | $-74.0M | ||
| Q2 24 | $171.0M | $-42.0M | ||
| Q1 24 | $-273.0M | $-248.0M |
| Q4 25 | 46.1% | 30.3% | ||
| Q3 25 | 48.9% | 30.0% | ||
| Q2 25 | 48.6% | 30.1% | ||
| Q1 25 | 49.5% | 30.7% | ||
| Q4 24 | 48.1% | 30.2% | ||
| Q3 24 | 51.7% | 30.3% | ||
| Q2 24 | 51.1% | 30.2% | ||
| Q1 24 | 51.4% | 30.0% |
| Q4 25 | 17.2% | 2.5% | ||
| Q3 25 | 12.1% | 1.2% | ||
| Q2 25 | 10.9% | 0.5% | ||
| Q1 25 | 8.6% | -4.5% | ||
| Q4 24 | 16.5% | -3.7% | ||
| Q3 24 | 13.1% | -2.6% | ||
| Q2 24 | 11.8% | -1.1% | ||
| Q1 24 | 4.6% | -8.6% |
| Q4 25 | 20.2% | -3.5% | ||
| Q3 25 | 9.3% | -3.2% | ||
| Q2 25 | 33.8% | 0.5% | ||
| Q1 25 | -28.9% | -4.1% | ||
| Q4 24 | 46.0% | -4.1% | ||
| Q3 24 | 38.3% | -2.6% | ||
| Q2 24 | 8.4% | -1.3% | ||
| Q1 24 | -14.7% | -9.1% |
| Q4 25 | $0.58 | $-0.90 | ||
| Q3 25 | $0.20 | $-0.76 | ||
| Q2 25 | $0.69 | $0.11 | ||
| Q1 25 | $-0.53 | $-0.89 | ||
| Q4 24 | $0.99 | $-1.01 | ||
| Q3 24 | $0.64 | $-0.60 | ||
| Q2 24 | $0.13 | $-0.34 | ||
| Q1 24 | $-0.21 | $-2.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.8B | $1.5B |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $13.5B | $-2.8B |
| Total Assets | $15.2B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $5.8B | $1.5B | ||
| Q3 25 | $6.3B | $1.2B | ||
| Q2 25 | $5.8B | $1.4B | ||
| Q1 25 | $5.5B | $1.4B | ||
| Q4 24 | $5.5B | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $13.5B | $-2.8B | ||
| Q3 25 | $12.5B | $-2.8B | ||
| Q2 25 | $12.1B | $-2.7B | ||
| Q1 25 | $11.1B | $-2.8B | ||
| Q4 24 | $11.6B | $-2.8B | ||
| Q3 24 | $10.1B | $-2.7B | ||
| Q2 24 | $9.2B | $-2.8B | ||
| Q1 24 | $8.9B | $-2.8B |
| Q4 25 | $15.2B | $3.4B | ||
| Q3 25 | $15.0B | $3.1B | ||
| Q2 25 | $14.6B | $3.3B | ||
| Q1 25 | $13.4B | $3.4B | ||
| Q4 24 | $13.9B | $3.5B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $725.0M | $202.0M |
| Free Cash FlowOCF − Capex | $715.0M | $177.0M |
| FCF MarginFCF / Revenue | 19.5% | 5.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.3% | 0.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $464.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $725.0M | $202.0M | ||
| Q3 25 | $513.0M | $155.0M | ||
| Q2 25 | $428.0M | $273.0M | ||
| Q1 25 | $367.0M | $-96.0M | ||
| Q4 24 | $615.0M | $162.0M | ||
| Q3 24 | $423.0M | $49.0M | ||
| Q2 24 | $340.0M | $245.0M | ||
| Q1 24 | $238.0M | $-139.0M |
| Q4 25 | $715.0M | $177.0M | ||
| Q3 25 | $507.0M | $128.0M | ||
| Q2 25 | $422.0M | $260.0M | ||
| Q1 25 | $363.0M | $-101.0M | ||
| Q4 24 | $611.0M | $142.0M | ||
| Q3 24 | $421.0M | $32.0M | ||
| Q2 24 | $333.0M | $222.0M | ||
| Q1 24 | $232.0M | $-152.0M |
| Q4 25 | 19.5% | 5.3% | ||
| Q3 25 | 17.8% | 4.1% | ||
| Q2 25 | 15.7% | 7.9% | ||
| Q1 25 | 15.4% | -3.7% | ||
| Q4 24 | 21.7% | 4.5% | ||
| Q3 24 | 19.5% | 1.1% | ||
| Q2 24 | 16.3% | 7.1% | ||
| Q1 24 | 12.5% | -5.6% |
| Q4 25 | 0.3% | 0.7% | ||
| Q3 25 | 0.2% | 0.9% | ||
| Q2 25 | 0.2% | 0.4% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.1% | 0.6% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.3% | 0.7% | ||
| Q1 24 | 0.3% | 0.5% |
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.94× | — | ||
| Q2 25 | 0.47× | 18.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.48× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 1.99× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
