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Shopify Inc. Class A Subordinate (SHOP-3.68%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $8.88 billion for the year, a 26% increase from $7.06 billion in 2023. This growth was driven by both subscription solutions and merchant solutions, which saw revenues of $2.35 billion and $6.53 billion respectively.
Shopify's gross merchandise volume (GMV) for 2024 was $292.3 billion, representing a 24% increase from the previous year. The increase in GMV was attributed to growth in the number of merchants using the platform and increased adoption of Shopify Payments.
The company reported a net income of $2.02 billion for 2024, compared to $132 million in 2023. The increase in net income was primarily due to a significant unrealized gain on equity and other investments.
Operating expenses for the year totaled $3.4 billion, down from $4.93 billion in 2023. The decrease was largely due to the absence of impairment charges related to the sales of Shopify's logistics businesses in 2023.
Shopify's cash, cash equivalents, and marketable securities totaled $5.48 billion at the end of 2024, an increase from $5.01 billion at the end of 2023.
The company continues to focus on expanding its merchant base and enhancing its platform with new features and solutions. Shopify also plans to continue investing in emerging technologies, including artificial intelligence, to support its growth strategy.
Shopify's annual report highlights the company's strategic partnerships and investments in other companies as part of its growth strategy. The company holds equity and other investments valued at $5.3 billion as of December 31, 2024.
The filing also notes that Shopify does not anticipate paying cash dividends in the foreseeable future, as it intends to reinvest earnings to fund growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Shopify Inc. Class A Subordinate annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.