Shopify revenue and merchants by region

Caveats: Shopify revenue and merchants by region

• Revenue is Shopify's total revenue (Subscription Solutions plus Merchant Solutions), not gross merchandise volume. It is attributed by where Shopify's merchants are located, not where buyers are: "The following table presents total external revenues by geographic location, based on the location of the Company’s merchants". The Form 10-K does not define EMEA, APAC or Latin America. Amounts are US dollars as reported, not constant currency.
• Scope: fiscal years 2022 to 2025, the years shown in the two latest Forms 10-K. Each year uses the most recently filed report that states it (2022 from the 10-K for 2024, 2023 to 2025 from the 10-K for 2025). The two reports agree for 2023 and 2024, every amount equals the XBRL fact of the same filing, and total revenue equals the total in the annual-metrics dataset for every year.
• Two kinds of percentages. revenueSharePctStated is the whole-number percentage Shopify prints, and the printed percentages add to 100. revenueSharePctComputed is revenue divided by total revenue times 100, to one decimal. They differ by more than 0.5 point in two rows: FY2024 Canada (printed 6%, computed 5.4%) and FY2022 United States (printed 67%, computed 66.4%). Largest-remainder rounding reproduces Shopify's printed percentages in all four years, but Shopify does not state its method. To quote Shopify, use the printed share. For analysis, use the computed share.
• FY2022 amounts were rounded after first publication. The Form 40-F for 2022 (filed 2023-02-16, XBRL, to the thousand) had United States 3,719.489, Canada 345.915, EMEA 917.116, APAC 553.361 and Latin America 63.983, a total of 5,599.864 USD million. Later filings print whole millions, and the printed United States amount (3,720) is not the rounded first-filed one (3,719). Shopify gives no reason, and the printed regions add to the printed total of 5,600.
• Region labels change in 2026. From the first quarter of 2026 Shopify reports Europe and Rest of World instead of EMEA and Latin America. In the Q1 2025 comparative column, EMEA plus Latin America (480 + 22) equals Europe plus Rest of World (461 + 41), which is 502 million, and the United States, Canada, APAC and total lines are unchanged. Neither Form 10-Q defines the new groups or mentions the change, so annual 2026 figures may not be comparable with the EMEA and Latin America rows here.
• Merchant shares are shares of the number of merchants, not of revenue, and not revenue per merchant. They are whole percentages at December 31 from Shopify's sentence, for 2025: "As of December 31, 2025, we had millions of merchants from more than 175 countries using our platform, geographically dispersed as follows: 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, 5% in Canada and 5% in Latin America." They add to 100 for 2022 to 2024 and to 101 for 2025. For 2022 and 2023 Shopify gives one North America figure (55% and 54%), so the United States and Canada rows have no separate merchant share. The merchant and revenue labels are paired by name, and nothing in the 10-K says the groupings are identical. Shopify no longer gives a merchant count, so shares cannot be turned into counts.