Is Shopify growing faster in Canada than Canadian ecommerce is?
Shopify's revenue from Canada grew 46.1% in US dollars from fiscal 2023 to 2025, against 31.4% in Canadian dollars for Canadian retail ecommerce, according to Shopify's Form 10-K and Statistics Canada. Updated October 18, 2026.
By Martin DejnickiUpdated Data through 2025
Short answer
Shopify's revenue from Canada grew faster than Canadian retail ecommerce from fiscal 2023 to 2025, 46.1% in US dollars against 31.4% in Canadian dollars, according to Shopify's Form 10-K filed February 11, 2026 and Statistics Canada. Shopify's figure rose from US$388 million to US$567 million, and retail ecommerce from C$45.1 billion to C$59.2 billion. Growth rates are computed by Deploi.
Shopify's Canada revenue grew 46.1% in US dollars from 2023 to 2025, against 31.4% in Canadian dollars for Canadian retail ecommerce and 6.5% for total retail
Growth from 2023 to 2025, each series in its own currency and not adjusted for exchange rates: Shopify's revenue from Canada (USD) and Statistics Canada's retail ecommerce and total retail sales (CAD), percent
- Shopify reports in US dollars and Statistics Canada in Canadian dollars; growth in US dollars includes any change in the exchange rate, which this chart does not remove.
- Shopify's figure is its own revenue from Canada, which its Form 10-K assigns by the location of its merchants, not the sales of Canadian merchants (GMV).
- Shopify's fiscal year ends December 31, so its years line up with the calendar-year sums of Statistics Canada's monthly values.
- Growth is (2025 value / 2023 value minus 1) x 100, computed by Deploi.
Source: Shopify Inc., Form 10-K for fiscal 2025, filed February 11, 2026; Statistics Canada, Table 20-10-0056-01, released September 24, 2026; growth computed by Deploi. Read on .
What this means for your decision
- Judging whether Shopify is gaining ground in Canada? Shopify's revenue from Canada grew 46.1% in US dollars from fiscal 2023 to 2025, against 31.4% for Canadian retail ecommerce in Canadian dollars, according to its Form 10-K and Statistics Canada, with growth computed by Deploi. Read it as direction: Shopify's Canadian revenue outgrew the online market it sells into. Do not read it as a gain in market share; neither source states Shopify's share.
- Measuring the size of the gap? The currencies differ, and the US dollar growth includes any change in the exchange rate, which Deploi does not remove. Treat 46.1% against 31.4% as a direction of travel, not a precise margin.
- Reading revenue as merchant sales? The US$567 million for fiscal 2025 is Shopify's own revenue from Canada, assigned by the location of Shopify's merchants. It is not the sales of Canadian merchants, which would be gross merchandise volume and is not in this dataset.
- Leaning on the latest year? The two years differ: ecommerce grew faster than Shopify's Canada revenue in 2024 and slower in 2025, when it grew 2.9%. Judge on the two-year span, and recheck when the next Form 10-K and Statistics Canada's 2026 totals are out.
How fast did Shopify's Canada revenue and Canadian retail grow from 2023 to 2025?
From 2023 to 2025, Shopify's revenue from Canada grew 46.1% in US dollars, while Canadian retail ecommerce grew 31.4% and total Canadian retail sales 6.5%, both in Canadian dollars, according to Shopify's Form 10-K filed February 11, 2026 and Statistics Canada table 20-10-0056-01. Growth rates are computed by Deploi.
Total retail sales in Canada grew 6.5% from C$792.4 billion in 2023 to C$843.6 billion in 2025, according to Statistics Canada table 20-10-0056-01, released September 24, 2026. Retail ecommerce grew nearly five times as fast, and Shopify's revenue from Canada grew faster still, on the figures as reported.
How did each series move year by year?
Shopify's revenue from Canada rose from US$388 million in fiscal 2023 to US$483 million in 2024 and US$567 million in 2025, according to its Form 10-K filed February 11, 2026. Canadian retail ecommerce rose from C$45.1 billion to C$57.6 billion and C$59.2 billion, according to Statistics Canada. Ecommerce grew faster than Shopify's Canada revenue in 2024 and slower in 2025.
Shopify's fiscal year ends December 31, so its years line up with the calendar-year sums of Statistics Canada's monthly values. Deploi added 12 monthly unadjusted values to get each Statistics Canada annual total.
Does Shopify's revenue from Canada measure the sales of Canadian merchants?
Shopify's revenue from Canada was US$567 million in fiscal 2025, according to its Form 10-K filed February 11, 2026. It is Shopify's own revenue, assigned by the location of its merchants, as the Form 10-K states. It does not measure the sales of Canadian merchants, which would be gross merchandise volume (GMV). The dataset holds no Canadian GMV.
Revenue is what Shopify earns from subscriptions, payments and other services. GMV is the value of orders placed on the platform. A merchant's sales can grow without Shopify's revenue from that merchant growing at the same rate, and the reverse.
Why can the two growth rates not be compared exactly?
Shopify reports in US dollars and Statistics Canada in Canadian dollars, so the 46.1% growth in Shopify's revenue from Canada from fiscal 2023 to 2025 includes any change in the exchange rate, according to Shopify's Form 10-K and Statistics Canada. Deploi did not remove it. The 31.4% growth in Canadian retail ecommerce is in Canadian dollars.
Deploi does not convert between currencies, because the datasets hold no exchange rates. Read the two growth rates as the direction of travel, not as a precise gap.
The data
Each chart on this page is drawn from the numbers below. Units are in the column headers.
| Series | 2023 (million, in the row's currency) | 2024 (million, in the row's currency) | 2025 (million, in the row's currency) | Currency | Growth, 2023 to 2025 (%) |
|---|---|---|---|---|---|
| Shopify revenue (USD) | 388 | 483 | 567 | USD | 46.1 |
| Retail ecommerce (CAD) | 45,076.403 | 57,571.307 | 59,239.423 | CAD | 31.4 |
| Total retail (CAD) | 792,369.058 | 814,194.154 | 843,629.87 | CAD | 6.5 |
Download Shopify revenue from Canada versus Canadian retail ecommerce and total retail, 2023 to 2025 as CSV · All 7 columns on the dataset page
Methodology
Reading the chart: Shopify's Canada revenue grew 46.1% in US dollars from 2023 to 2025, against 31.4% in Canadian dollars for Canadian retail ecommerce and 6.5% for total retail
- Shopify reports in US dollars and Statistics Canada in Canadian dollars; growth in US dollars includes any change in the exchange rate, which this chart does not remove.
- Shopify's figure is its own revenue from Canada, which its Form 10-K assigns by the location of its merchants, not the sales of Canadian merchants (GMV).
- Shopify's fiscal year ends December 31, so its years line up with the calendar-year sums of Statistics Canada's monthly values.
- Growth is (2025 value / 2023 value minus 1) x 100, computed by Deploi.
Caveats: Shopify revenue from Canada versus Canadian retail ecommerce and total retail, 2023 to 2025
- Shopify reports in US dollars and Statistics Canada in Canadian dollars. Growth in US dollars includes any change in the exchange rate, which Deploi does not remove.
- Shopify's figure is its own revenue from Canada, which its Form 10-K assigns based on the location of its merchants. It is not the sales of Canadian merchants, which would be gross merchandise volume.
- Shopify's fiscal year ends December 31, so its years line up with the calendar-year sums of Statistics Canada's monthly values.
- Statistics Canada rows are annual sums of 12 monthly unadjusted values, converted from thousands to millions of Canadian dollars, computed by Deploi.
- Growth is the 2025 value over the 2023 value minus 1, times 100, computed by Deploi.
Deploi's charts and compilation are licensed CC BY 4.0. The underlying facts belong to their sources, which are named on every page. How Deploi Shopify Data works.
Sources
Tier A sources are primary documents: filings, official releases and official price pages. How sources are ranked.
- Tier AShopify Inc., Form 10-K for the fiscal year ended December 31, 2025, filed 2026-02-11
Shopify Inc. · HTML · Read on
Cite and reuse
Deploi's charts and compilation are licensed CC BY 4.0. The underlying facts belong to their sources, which are named on every page.
APA
Deploi. (2026). Is Shopify growing faster in Canada than Canadian ecommerce is? [Web page]. https://deploi.ca/shopify/data/shopify-canada-growth-vs-canadian-ecommerce Retrieved October 18, 2026.
BibTeX
@misc{deploi_shopify_canada_growth_vs_canadian_ecommerce_2026,
author = {{Deploi}},
title = {Is Shopify growing faster in Canada than Canadian ecommerce is?},
year = {2026},
url = {https://deploi.ca/shopify/data/shopify-canada-growth-vs-canadian-ecommerce},
note = {Accessed 2026-10-18}
}Embed this chart
Embed code
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Questions
Is Shopify growing faster in Canada than Canadian ecommerce?
On the figures as reported, yes. Shopify's revenue from Canada grew 46.1% in US dollars from fiscal 2023 to 2025, against 31.4% for Canadian retail ecommerce in Canadian dollars, according to Shopify's Form 10-K and Statistics Canada. Deploi computed the growth rates, and the currencies differ.
How much revenue does Shopify earn from Canada?
Shopify's revenue from Canada was US$567 million in fiscal 2025, up from US$483 million in 2024 and US$388 million in 2023, according to its Form 10-K filed February 11, 2026. Shopify assigns revenue to countries by the location of its merchants.
How fast is Canadian retail ecommerce growing?
Canadian retail ecommerce grew 31.4% from 2023 to 2025, from C$45.1 billion to C$59.2 billion, according to Statistics Canada table 20-10-0056-01. Growth was 27.7% in 2024 and 2.9% in 2025, computed by Deploi from monthly unadjusted values.
Does the comparison remove exchange rate effects?
No. Shopify's revenue from Canada is in US dollars and Statistics Canada's sales are in Canadian dollars, so the 46.1% growth includes any exchange rate change between fiscal 2023 and 2025. Deploi does not convert currencies, and the datasets hold no exchange rates.
Is Shopify's revenue from Canada the same as Canadian merchants' sales?
No. Shopify's revenue from Canada, US$567 million in fiscal 2025 per its Form 10-K, is Shopify's own income, assigned by the location of its merchants. Canadian merchants' sales would be gross merchandise volume, which this dataset does not hold.
More on Canada
- At what value do duties and taxes apply to a parcel shipped into Canada, by origin country?
Courier parcels from the US or Mexico enter Canada free of duty and tax up to C$40, and parcels from other origins up to C$20, according to the Canada Border Services Agency. Updated October 18, 2026.
- How big is Canadian retail ecommerce, and what share of retail sales is online?
Retail ecommerce was 7.0% of Canada's retail sales in 2025, or C$59.2 billion, according to Statistics Canada's monthly retail trade data released September 24, 2026. Updated October 18, 2026.
- How large is the Quebec market compared with the rest of Canada, and does it justify a French storefront?
Quebec accounted for 22.2% of Canada's retail sales in 2025, second to Ontario, according to Statistics Canada, and 74.8% of its residents had French as their only mother tongue in the 2021 Census. Updated October 18, 2026.
- How much have courier prices in Canada risen since 2019?
Canada's courier and messenger price index rose from 99.1 in January 2019 to 160.5 in August 2026, a rise of 62.0% computed by Deploi from Statistics Canada data. Updated October 18, 2026.
- When in the year do Canadians shop online, and how big is the November-December peak?
November and December brought in 21.5% of Canada's retail ecommerce sales in 2025, according to Statistics Canada monthly data released September 24, 2026. Updated October 18, 2026.
- Which markets do Canadian online retailers sell to: Canada only, the US, or further?
In 2023, 19.8% of Canadian retail trade enterprises with online sales sold to the United States, against 97.0% that sold in Canada, according to Statistics Canada. Updated October 18, 2026.
Changes
- · Shopify revenue from Canada versus Canadian retail ecommerce and total retail, 2023 to 2025
First release on October 18, 2026.