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Companies Shopify Inc

Shopify (SHOP): executive pay, fiscal 2025

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CEO total pay$35,000,027CEO Tobias Lütke · source
Say-on-pay support81.24%Latest vote · source

CEO pay, last three years

  • $35,000,027FY2025

CEO total pay was $35,000,027 in fiscal 2025; the brief holds no earlier figure for this CEO.

FY2025: salary $1 · bonus $0 · stock awards $0 · option awards $35,000,026

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Shopify Inc in fiscal 2025?
As disclosed, Tobias Lütke (CEO & Head of R&D) was the highest-paid executive at Shopify Inc in fiscal 2025, with total compensation of $35,000,027.
How did shareholders vote on Shopify Inc's executive compensation?
As disclosed, 81.24% of shareholders supported Shopify Inc's executive compensation in the latest say-on-pay vote.
How much does Shopify Inc spend in total on board compensation for fiscal 2025?
As disclosed, Shopify Inc reported total board compensation of $3,013,907 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Tobias Lütke$1$0$0$35,000,026$0$0$0$35,000,027
CEO & Head of R&D
Kasra Nejatian600,00003,900,18311,250,03900015,750,222
Former COO & VP Product
Jessica Hertz1,000,00008,250,1192,750,05100012,000,170
COO
Jeff Hoffmeister1,000,00004,750,0184,750,06300010,500,081
CFO
Harley Finkelstein1,018,19303,250,0663,250,0540007,518,313
President
Jean Niehaus451,25001,024,99941,7270001,517,976
General Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Tobias Lütke$35,000,027———
Kasra Nejatian15,750,2221,000,239—↑ +14,749,983
Jessica Hertz12,000,17013,400,133—↓ −1,399,963
Jeff Hoffmeister10,500,08119,700,1351,000,000↓ −9,200,054
Harley Finkelstein7,518,31312,802,509—↓ −5,284,196
Jean Niehaus1,517,9761,496,2761,168,540↑ +21,700

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Equity grants and outstanding awards

No plan-based awards are on file for this fiscal year.

No outstanding equity awards are on file for this fiscal year.

Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Joe NataleIndependent · Audit · Compensation and Talent Management · Nominating and Corporate Governance (Chair) · Newly elected$0$740,204$0$0—$767,100
Gail GoodmanIndependent · Audit · Compensation and Talent Management (Chair)87,500300,126000387,626
Prashanth Mahendra-RajahIndependent · Audit (Chair)0300,12600—378,369
Fidji SimoIndependent · Compensation and Talent Management65,500300,126000365,626
Kevin ScottIndependent0300,12600—350,395
Toby ShannanIndependent0300,12600—350,395
Lulu Cheng MeserveyIndependent0300,12600—350,395
David Heinemeier HanssonIndependent0300,12600—343,778
Robert AsheIndependent · Not standing for re-election · Departed during FY19,821000—66,187
Tobias LütkeEmployee director · Board Chair—————0
Jeremy LevineIndependent · Nominating and Corporate Governance000000

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$300,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 22,500 / 15,000
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$172,821
Equity awards (grant-date value)$2,841,086
All other compensation$0
Total cost of the board$3,013,907

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Shopify as a peer

Companies that benchmark against SHOP

19 companies name SHOP as a compensation peer

Each company listed discloses SHOP in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SHOP in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies Shopify Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Shopify Inc.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1CrowdStrike Holdings Inc.2026George Kurtz$1,100,000$242,124,351$0$1,614,938$247,579,143
2Palo Alto Networks Inc.2026Nikesh Arora1,000,00075,937,80601,000,00080,270,519
3ServiceNow Inc.2025William McDermott1,516,66743,481,65103,522,37551,550,957
4Adobe Inc.2025Shantanu Narayen1,500,00045,376,11003,120,00051,173,935
5Pinterest Inc.2025Bill Ready620,83337,928,9270756,25039,312,010
6Intuit Inc.2025Sasan Goodarzi1,300,00024,285,3848,650,1682,600,00036,845,552
7Uber Technologies Inc.2025Dara Khosrowshahi1,083,33323,746,0987,373,1892,838,66035,595,826
8Shopify Inc2025Tobias Lütke1035,000,026035,000,027
9Autodesk Inc.2026Andrew Anagnost1,040,00027,242,33001,717,56030,091,165
10Snowflake Inc.2026Sridhar Ramaswamy750,00020,787,4610772,40722,310,492
11Workday Inc.2026Aneel Bhusri65,00015,322,0670019,231,325
12Fortinet Inc.2025Ken Xie597,00010,155,1020705,93711,458,039
13Snap Inc.2025Evan Spiegel10004,250,450
14Veeva Systems Inc.2026Peter Gassner470,833000470,833
15Doordash Inc.2025Tony Xu300,000000431,864
16Airbnb Inc.2025Brian Chesky1000242,122
17Atlassian Corporation PLC2026Michael Cannon-Brookes50,78600057,337
18Block Inc.2025Jack Dorsey30003

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Shopify Incnot disclosednot disclosednot disclosednot disclosed
Adobe Inc.104%PSU 70 · RSU 30YesCompensia, Inc.
Airbnb Inc.100%RSU 70 · Options 30not disclosedDeloitte & Touche Toomey LLP
Atlassian Corporation PLC100%RSU 100not disclosedCompensia
Autodesk Inc.110.1%PSU 60 · RSU 40Yes — Relative TSR (rTSR) over three-year performance periodExequity LLP
Block Inc.not disclosedOption 50 · RSU 50not disclosedPay Governance
CrowdStrike Holdings Inc.108.8%not disclosedNoCompensia Inc.
Doordash Inc.not disclosedRSU 100not disclosedSemler Brossy Consulting Group LLC
Fortinet Inc.103%RSU 50 · PSU 50Yes — Relative Total Stockholder Return (TSR) vs. S&P 500Compensia
Intuit Inc.not disclosedPSU 50 · RSU 25 · Options 25Yes — Relative TSR (60th percentile target)Frederic W. Cook & Co. (FW Cook)
Palo Alto Networks Inc.100%PSU 100Yes — Relative TSRMeridian Compensation Partners
Pinterest Inc.121%PSU 60 · RSU 40Yes — relative total shareholder return (rTSR)Compensia, Inc.
ServiceNow Inc.not disclosedPSU 60 · RSU 40Yes — rTSR vs. S&P 500Pay Governance, LLC
Snap Inc.not disclosednot disclosednot disclosednot disclosed
Snowflake Inc.103.0%PSU 70 · RSU 30NoCompensia
Uber Technologies Inc.129.03%not disclosedYes — Relative TSRSemler Brossy Consulting Group
Veeva Systems Inc.not disclosedOptions 100not disclosedCompensia
Workday Inc.101.8%RSU 75 · PSU 25NoSemler Brossy

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-161,377,881,961318,194,521—81.24%Passed
20252025-06-171,064,652,087643,461,082—62.33%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-06-1681.24%a
20252025-06-1762.33%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (55 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Tobias Lütke. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 35,000,027. View filing ↗
  • Section 01, Kasra Nejatian. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 15,750,222. View filing ↗
  • Section 01, Jessica Hertz. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 12,000,170. View filing ↗
  • Section 01, Jeff Hoffmeister. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 10,500,081. View filing ↗
  • Section 01, Harley Finkelstein. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 7,518,313. View filing ↗
  • Section 01, Jean Niehaus. 10-K, filed 2026-04-29. Section “Executive Compensation”. As printed: 1,517,976. View filing ↗
  • Section 07, pay ratio. 10-K/A, filed 2026-04-29. Section “CEO Pay Ratio”. As printed: —. View filing ↗
  • Section 08, Joe Natale. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 767,100. View filing ↗
  • Section 08, Gail Goodman. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 387,626. View filing ↗
  • Section 08, Prashanth Mahendra-Rajah. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 378,369. View filing ↗
  • Section 08, Fidji Simo. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 365,626. View filing ↗
  • Section 08, Kevin Scott. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 350,395. View filing ↗
  • Section 08, Toby Shannan. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 350,395. View filing ↗
  • Section 08, Lulu Cheng Meservey. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 350,395. View filing ↗
  • Section 08, David Heinemeier Hansson. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 343,778. View filing ↗
  • Section 08, Robert Ashe. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 66,187. View filing ↗
  • Section 08, Tobias Lütke. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Jeremy Levine. 10-K, filed 2026-04-29. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-16. Item 5.07 · say-on-pay result. As reported: 81.24% (votes for as printed: 1,377,881,961). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-18. Item 5.07 · say-on-pay result. As reported: 62.33% (votes for as printed: 1,064,652,087). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 09b board cost (computed). Computed. Cash 172,821 + equity 2,841,086 + all other 0 = 3,013,907, summed across the director compensation table rows.
  • CrowdStrike Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-05-05. CEO total compensation as printed in CrowdStrike Holdings Inc.'s own proxy. As printed: 247,579,143. View filing ↗
  • Palo Alto Networks Inc., Section 10b CEO total. DEF 14A, filed 2026-10-27. CEO total compensation as printed in Palo Alto Networks Inc.'s own proxy. As printed: 80,270,519. View filing ↗
  • ServiceNow Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in ServiceNow Inc.'s own proxy. As printed: 51,550,957. View filing ↗
  • Adobe Inc., Section 10b CEO total. DEF 14A, filed 2026-02-27. CEO total compensation as printed in Adobe Inc.'s own proxy. As printed: 51,173,935. View filing ↗
  • Pinterest Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Pinterest Inc.'s own proxy. As printed: 39,312,010. View filing ↗
  • Intuit Inc., Section 10b CEO total. DEF 14A, filed 2025-11-26. CEO total compensation as printed in Intuit Inc.'s own proxy. As printed: 36,845,552. View filing ↗
  • Uber Technologies Inc., Section 10b CEO total. DEFR 14A, filed 2026-04-20. CEO total compensation as printed in Uber Technologies Inc.'s own proxy. As printed: 35,595,826. View filing ↗
  • Shopify Inc (subject), Section 10b CEO total. 10-K, filed 2026-04-29. CEO total compensation as printed in Shopify Inc's own proxy. As printed: 35,000,027. View filing ↗
  • Autodesk Inc., Section 10b CEO total. DEF 14A, filed 2026-05-06. CEO total compensation as printed in Autodesk Inc.'s own proxy. As printed: 30,091,165. View filing ↗
  • Snowflake Inc., Section 10b CEO total. DEF 14A, filed 2026-05-18. CEO total compensation as printed in Snowflake Inc.'s own proxy. As printed: 22,310,492. View filing ↗
  • Workday Inc., Section 10b CEO total. DEF 14A, filed 2026-05-05. CEO total compensation as printed in Workday Inc.'s own proxy. As printed: 19,231,325. View filing ↗
  • Fortinet Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Fortinet Inc.'s own proxy. As printed: 11,458,039. View filing ↗
  • Snap Inc., Section 10b CEO total. 10-K, filed 2026-02-05. CEO total compensation as printed in Snap Inc.'s own proxy. As printed: 4,250,450. View filing ↗
  • Veeva Systems Inc., Section 10b CEO total. DEF 14A, filed 2026-05-04. CEO total compensation as printed in Veeva Systems Inc.'s own proxy. As printed: 470,833. View filing ↗
  • Doordash Inc., Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Doordash Inc.'s own proxy. As printed: 431,864. View filing ↗
  • Airbnb Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Airbnb Inc.'s own proxy. As printed: 242,122. View filing ↗
  • Atlassian Corporation PLC, Section 10b CEO total. DEF 14A, filed 2026-10-14. CEO total compensation as printed in Atlassian Corporation PLC's own proxy. As printed: 57,337. View filing ↗
  • Block Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Block Inc.'s own proxy. As printed: 3. View filing ↗
  • Section 10a, Airbnb Inc. reciprocity. DEF 14A. Airbnb Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Workday Inc. reciprocity. DEF 14A. Workday Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Doordash Inc. reciprocity. DEF 14A. Doordash Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Snap Inc. reciprocity. DEF 14A. Snap Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Block Inc. reciprocity. DEF 14A. Block Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, CrowdStrike Holdings Inc. reciprocity. DEF 14A. CrowdStrike Holdings Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Intuit Inc. reciprocity. DEF 14A. Intuit Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Palo Alto Networks Inc. reciprocity. DEF 14A. Palo Alto Networks Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Snowflake Inc. reciprocity. DEF 14A. Snowflake Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Autodesk Inc. reciprocity. DEF 14A. Autodesk Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Fortinet Inc. reciprocity. DEF 14A. Fortinet Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Uber Technologies Inc. reciprocity. DEF 14A. Uber Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Pinterest Inc. reciprocity. DEF 14A. Pinterest Inc. names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Veeva Systems Inc. reciprocity. DEF 14A. Veeva Systems Inc.'s most recent proxy was read; its disclosed peer group does not include Shopify Inc. View filing ↗
  • Section 10a, Atlassian Corporation PLC reciprocity. DEF 14A. Atlassian Corporation PLC names Shopify Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
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