| Stage | APP | % of rev | SHOP | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.9B | 100.00% | $3.6B | 100.00% | SHOP ×1.86 |
| Gross profit | $1.7B | 88.26% | $1.7B | 47.67% | APP +40.6pp |
| Operating income | $1.5B | 77.68% | $488M | 13.62% | APP +64.1pp |
| Pre-tax income | $1.5B | 78.26% | $1.8B | 49.54% | APP +28.7pp |
| Net income | $1.3B | 65.84% | $1.5B | 41.92% | APP +23.9pp |
| Stage | APP | SHOP | Gap · A − B |
|---|---|---|---|
| Revenue | $1.9B100.00% | $3.6B100.00% | SHOP ×1.86 |
| Gross profit | 88.26%$1.7B | 47.67%$1.7B | APP +40.6pp |
| Operating income | 77.68%$1.5B | 13.62%$488M | APP +64.1pp |
| Pre-tax income | 78.26%$1.5B | 49.54%$1.8B | APP +28.7pp |
| Net income |
| 65.84%$1.3B |
| 41.92%$1.5B |
| APP +23.9pp |
APP 10-KFeb 19 '26
“Advertising clients include a wide variety of advertisers, from indie developer studios to some of the largest global internet platforms, such as Meta and Google.”
SHOP 10-KFeb 11 '26
“Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS and Supreme are a few of our notable merchants seeking a reliable, cost-effective and scalable commerce solution.”