What is the 13F Pro Quality Score for SHOP?

13F Pro ranks SHOPIFY INC. (SHOP) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View SHOP's current score at https://13fpro.ai/company/SHOP (free sign-up required for the full ranking).

Which hedge funds own the most SHOP stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of SHOP include Capital International Investors, FMR, Invesco Ltd.. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/SHOP as soon as new 13F filings post.

Where does 13F Pro source SHOP data?

All SHOPIFY INC. fundamentals and ownership data come directly from SEC EDGAR. SHOPIFY INC. files with the SEC under CIK 1594805. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is SHOP in?

SHOPIFY INC. (SHOP) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives SHOP's revenue?

Per SHOPIFY INC.'s latest 10-Q filed with the SEC on 2026-08-05, the biggest revenue drivers are: Merchant solutions ($2,781M, +37% YoY); Shopify Payments GMV ($78.1B, +38% YoY); Subscription solutions ($802M, +22% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/SHOP.

What are SHOP's largest expenses?

SHOPIFY INC.'s latest 10-Q reports these as the largest expense items: Cost of revenues ($1,875M, +36% YoY); Sales and marketing ($498M, +20% YoY); Research and development ($445M, +13% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is SHOP research updated on 13F Pro?

SHOP's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

SHOPIFY INC.(SHOP)Stock Analysis

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InternationalScored off the official board: an annual-only filer, so this data lags a domestic quarterly filer.

13F Pro Quality Score

69.6/100

Rank #252 of 2,961 stocksTOP 10%

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Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

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Why SHOP Scores 70/100

exact factor attribution · 2026-09-11

SHOP's composite is driven by revenue growth and scale, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+5.9 pts

80th pct

Scale

+5.7 pts

88th pct

Capital efficiency

+4.1 pts

91th pct

Free cash flow

+3.0 pts

70th pct

Profitability

+1.7 pts

62th pct

Institutional flow

+1.5 pts

80th pct

Earnings quality

-0.3 pts

47th pct

Earnings growth

-0.9 pts

32th pct

Shareholder dilution

-1.2 pts

27th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

SHOP Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for SHOPIFY INC. (SHOP), a Technology sector company. 13F Pro's AI-powered ranking engine scores SHOP at 69.6/100 on a 32-signal composite quality model, placing it at rank #252 of 2,961 stocks — the top 10% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), SHOPIFY INC. reports quarterly revenue of $3.6B, net income of $1.5B, an operating margin of 13.6%. Top institutional holders of SHOP by reported 13-F value include Capital International Investors, FMR, Invesco Ltd., based on the most recent SEC filings. SHOP trades on the Nasdaq exchange and files with the SEC under CIK 1594805. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SHOP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SHOPIFY INC. directly from SEC EDGAR. SHOPIFY INC.'s 13F Pro composite quality score has ranged between 45 and 81 since 2025, currently 69.6 — an improving long-term trajectory across 50 quarterly and live scoring snapshots.

✦

Fun facts about SHOPIFY INC.

Quirks, history, and lore behind SHOP — the kind of stuff that makes a stock memorable.

1
The Basics
Canadian technology company · large-cap · listed on the NYSE · headquartered in Ottawa, Ontario.
2
The Numbers
Annual revenue has crossed $7 billion, yet it spent years burning cash to fuel growth — because in subscription-plus-transaction businesses, scale is everything.
3
The History
Founded in the mid-2000s after its founder got frustrated trying to sell snowboards online and decided building the store was easier than stocking it.
4
The Secret
The real money isn't the monthly subscription fee — it's the payment processing cut and a sprawling ecosystem of apps, loans, and logistics that merchants can't easily escape.
5
The Lore
During the pandemic it briefly became Canada's most valuable public company, overtaking the big banks — a software firm beating the loonies-and-mortgages crowd was not something anyone had on their bingo card.
6
The Giveaway
Power the checkout button for over a million merchants worldwide — from your neighbour's candle side-hustle to Gymshark and Allbirds — all on one tidy commerce platform.

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What's Driving SHOP's Business? Latest 10-Q Breakdown

✓ 49/49 datapoints verified

AI-extracted from SHOPIFY INC.'s 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q2 revenue rose 34% to $3.583B on 37% merchant solutions growth and 68% Shopify Payments penetration, while net income of $1,502M included $1.2B of investment gains.

Biggest Revenue Drivers

Merchant solutions$2,781M+37% YoY

Shopify Payments revenue up $624 million on higher penetration rate (68% vs 64%) and higher GMV

Subscription solutions$802M+22% YoY

Subscription fees up $129 million from higher MRR, more merchants and a larger share of higher-priced plans such as Plus

Biggest Revenue Drivers

Total revenue: $3.583B+34% YoY

Merchant solutions$2,781M+37% YoY

Shopify Payments revenue up $624 million on higher penetration rate (68% vs 64%) and higher GMV

Within Merchant solutions

Shopify Payments GMV$78.1B+38% YoY

$21.4 billion of additional GMV facilitated using Shopify Payments versus the same period in 2025

Subscription solutions$802M+22% YoY

Subscription fees up $129 million from higher MRR, more merchants and a larger share of higher-priced plans such as Plus

Largest Expense Items

Cost of revenues$1,875M+36% YoY

Higher payment processing fees from increased Shopify Payments GMV; cloud and infrastructure costs up $37 million including AI-related usage

Sales and marketing$498M+20% YoY

Marketing program spend up $85 million and affiliate partner payouts up $10 million, offset by $16 million lower employee-related costs

Research and development$445M+13% YoY

Computer hardware and software costs up $34 million, including AI-related usage, and employee-related costs up $11 million

Transaction and loan losses$141M+76% YoY

Lending-services losses up $41 million on expanded offerings and programs; Shopify Payments losses up $19 million on higher GMV

Margins: Gross profit rose 31% to $1,708M but gross margin slipped to 48% of revenue from 49%, as the mix shifted toward lower-margin merchant solutions (78% of revenue versus 76%).

Watch Items from the Filing

Transaction and loan losses jumped 76% to $141M, 4% of revenue versus 3%, driven by a $41 million increase in lending-services losses.
Loans and merchant cash advances gross reached $2,426M with 5.7% at 180+ days past due; allowance for credit losses grew to $242M from $195M.
Net income of $1,502M rests on a $1,228M net gain on equity and equity method investments, versus $488M income from operations.
United States merchants generated $2,283M, 63% of revenue; Europe was 20% and APAC 10%, a largely unchanged geographic mix.
Repurchased $1.4B of Class A shares in the quarter under a $5B authorization, with $3.1B remaining; a 2025 CRA transfer-pricing assessment remains unquantified.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$3.6B

Net Income

Q2 2026

$1.5B

Free Cash Flow

Q2 2026

$654.0M

Operating Margin

Q2 2026

13.6%

ROIC

Q2 2026

15.4%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+30.1% YoY

$11.56BFY 2025

FY22 $5.60BFY23 $7.06BFY24 $8.88BFY25 $11.56B

Net Income

-39.0% YoY

$1.23BFY 2025

FY22 $-3.46BFY23 $132.0MFY24 $2.02BFY25 $1.23B

Operating Income

+36.6% YoY

$1.47BFY 2025

FY22 $-822.0MFY23 $-1.42BFY24 $1.07BFY25 $1.47B

EPS (Diluted)

-39.4% YoY

$0.94FY 2025

FY22 $-2.73FY23 $0.10FY24 $1.55FY25 $0.94

Total Assets

+9.1% YoY

$15.19BFY 2025

FY22 $10.76BFY23 $11.30BFY24 $13.92BFY25 $15.19B

Op. Cash Flow

+25.8% YoY

$2.03BFY 2025

FY22 $-136.0MFY23 $944.0MFY24 $1.62BFY25 $2.03B

Free Cash Flow

+25.7% YoY

$2.01BFY 2025

FY22 $-186.0MFY23 $905.0MFY24 $1.60BFY25 $2.01B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$11.56B +30.1%	$8.88B +25.8%	$7.06B +26.1%	$5.60B +21.4%	$4.61B +57.4%	$2.93B
Net Income	$1.23B -39.0%	$2.02B +1429.5%	$132.0M +103.8%	$-3.46B -218.7%	$2.91B +812.2%	$319.5M
Operating Income	$1.47B +36.6%	$1.07B +175.8%	$-1.42B -72.5%	$-822.0M -406.0%	$268.6M +198.0%	$90.2M
EPS (Diluted)	$0.94 -39.4%	$1.55 +1450.0%	$0.10 +103.7%	$-2.73 -219.2%	$2.29 -11.6%	$2.59
Total Assets	$15.19B +9.1%	$13.92B +23.2%	$11.30B +5.0%	$10.76B -19.4%	$13.34B +71.8%	$7.76B
Operating Cash Flow	$2.03B +25.8%	$1.62B +71.2%	$944.0M +794.1%	$-136.0M -125.4%	$535.7M +26.1%	$425.0M
Free Cash Flow	$2.01B +25.7%	$1.60B +76.5%	$905.0M +586.6%	$-186.0M -138.4%	$484.9M +26.5%	$383.2M

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Available Research

13F Pro tracks comprehensive data for SHOPIFY INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of SHOP

Capital International Investors
$6.3B54,893,641 sh
FMR LLC
$5.4B47,175,518 sh
Invesco Ltd.
$4.2B36,570,929 sh
VANGUARD CAPITAL MANAGEMENT LLC
$3.9B34,133,098 sh
Capital World Investors
$3.9B34,087,544 sh
BAILLIE GIFFORD & CO
$3.2B28,403,600 sh
MORGAN STANLEY
$2.9B25,517,034 sh
PRICE T ROWE ASSOCIATES INC /MD/
$2.8B24,751,765 sh
ROYAL BANK OF CANADA
$2.7B23,534,300 sh
FIL Ltd
$2.2B19,275,482 sh

Fund	Value	Shares
Capital International Investors	$6.3B	54,893,641
FMR LLC	$5.4B	47,175,518
Invesco Ltd.	$4.2B	36,570,929
VANGUARD CAPITAL MANAGEMENT LLC	$3.9B	34,133,098
Capital World Investors	$3.9B	34,087,544
BAILLIE GIFFORD & CO	$3.2B	28,403,600
MORGAN STANLEY	$2.9B	25,517,034
PRICE T ROWE ASSOCIATES INC /MD/	$2.8B	24,751,765
ROYAL BANK OF CANADA	$2.7B	23,534,300
FIL Ltd	$2.2B	19,275,482

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Is SHOP a good stock to buy?

13F Pro's AI-powered analysis of SHOPIFY INC. (SHOP) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for SHOP are available on the SHOP stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. SHOP is classified as a large company.

Which hedge funds own SHOP?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling SHOP. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of SHOPIFY INC.'s investment landscape.