---
title: "Earnings Deep Dive | Shopify FY2021 — Rev $4.61B (+57%), Merchant Solutions ~70%"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-05-27T18:33:13+08:00"
canonical: "https://ffcap.cn/en/research/20220527a0adxv00"
source: "https://ffcap.cn/en/research/20220527a0adxv00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20220527A0ADXV00"
---

# Earnings Deep Dive | Shopify FY2021 — Rev $4.61B (+57%), Merchant Solutions ~70%

_Unique Research · Insight / Earnings · May 27, 2022 · Full rewrite — not a stub_

FY2021 (filed Feb 16’22): rev **$4.612B** (+57.4% YoY; ’19–’21 +47% / +86% / +57%), NI $2.915B (includes ~$2.856B unrealized investment gains), GM ~54–55%. Merchant solutions ~70% of rev; SaaS subscription $1.34B (+47.7%) driven by merchant count/MRR. Merchant-solutions GM rose to 42.9% ’21 from 37.6% ’19. Omnichannel stack: online, mobile, POS; inventory, payments, fulfillment, CRM, analytics, capital. Charts in CN images — attach on ingest.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20220527a0adxv00
On-site reading page: https://ffcap.cn/en/research/20220527a0adxv00