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Tobias Lütke takes a $1 salary, but SHOPIFY INC.'s 10-K/A reports $35.0M in total compensation for FY2025. The largest component was $35.0M in option awards. Most of the gap was $35.0M in option awards. That’s down 77% from FY2024. Source: SEC 10-K/A.
In fiscal year 2025, Tobias Lütke, CEO & Head of R&D of SHOPIFY INC. (SHOP), received total compensation of $35.0 million.
Tobias Lütke's compensation breakdown includes: base salary of $1, option awards of $35.0 million,.
Compared to fiscal year 2024, Tobias Lütke's total compensation decreased 77% from $150.0 million to $35.0 million.
SHOPIFY INC.'s top 6 named executive officers received combined total compensation of $82.3 million in fiscal year 2025.
The named executive officers disclosed in SHOPIFY INC.'s 2025 proxy statement are:Tobias Lütke (CEO & Head of R&D) with total compensation of $35.0 million, Kasra Nejatian (Former COO & VP Product) with total compensation of $15.8 million, Jessica Hertz (COO) with total compensation of $12.0 million, Jeff Hoffmeister (CFO) with total compensation of $10.5 million, Harley Finkelstein (President) with total compensation of $7.5 million, and Jean Niehaus (General Counsel) with total compensation of $1.5 million.
Source Filing
Executive Record
Tobias Lütke
CEO & Head of R&D
Reported Pay
$35.0MSummary compensation table total · FY2025
Findings
Reviewing FY2025 compensation of $35.0M against +51% shareholder return and the latest filing-backed pay disclosures.
Reported pay changed -77%; spread versus stock performance is pending computation.
Evidence is sourced from the latest executive compensation filing and return series for SHOP.
Team view
6 executives
CEO & Head of R&D
Total PayFY2025
$35.0M
Former COO & VP Product
Total PayFY2025
$15.8M
COO
Total PayFY2025
$12.0M
CFO
Total PayFY2025
$10.5M
President
Total PayFY2025
$7.5M
General Counsel
Total PayFY2025
$1.5M
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01FY2025 total compensation breakdown
$35.0M total compensation
Tobias Lütke earned $35.0M in FY2025— here's how that breaks down.
$35.0M
100% of total
$1
0% of total
A pay-performance summary will appear here once the verdict loads above.
02Pay changes vs. stock performance
1 year of data
Peer context
Dashed line marks the large-cap median compensation benchmark for companies around $155.5B market cap, based on 331 peers in this size band.
03Recent insider trades by officers and directors
~32 trades
04Showing FY2024 data (latest available)
FY2026does not include director compensation in our current dataset, so we're showing the latest board table we found.
We're loading the latest director compensation and board makeup.
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06For analysts and deep research
Historical compensation data from latest proxy filing
| Year | Executive | Salary | Bonus & Incentive | Stock Awards | Option Awards | Other Adj. | Total |
|---|---|---|---|---|---|---|---|
| 2025 | $0.00M | $0.00M | $0.00M | $35.0M | $0.00M | $35.0M | |
| 2024 | $0.00M | $0.00M | $37.5M | $112.5M | $0.00M | $150.0M | |
| 2023 | $0.00M | $0.00M | $0.00M | $20.0M | $0.00M | $20.0M | |
| 2022 | $0.00M | $0.00M | $0.00M | $20.0M | $0.00M | $20.0M | |
| 2015 | $0.31M | $0.01M | $0.00M | $0.43M | $0.33M | $1.08M |
Salary = base cash pay. Bonus & Incentive combines annual bonus and non-equity plans. Equity amounts are grant-date fair values. Other Adj. captures pension changes, perquisites, and any reconciliation items so the total matches the reported figure.
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SHOPIFY INC. (SHOP) — Key Facts
Last updated Jul 16, 2026 · 10-K/A filed Apr 29, 2026
| CEO | Tobias Lütke, CEO & Head of R&D |
|---|---|
| Fiscal year | FY2025 |
| Total compensation | $35.0M |
| Base salary | $1 |
| Year-over-year change | -77% |
| Source | 10-K/A, 2026-04-29 |
Tobias Lütke's base salary at SHOPIFY INC. was $1. Total compensation was $35.0 million in fiscal year 2025. Most of the gap was $35.0 million in option awards.
Tobias Lütke's base salary at SHOPIFY INC. is $1 per year as of fiscal year 2025. The larger reported compensation figure of $35.0 million is mostly $35.0 million in option awards.
SHOPIFY INC.'s CEO, Tobias Lütke, earned $35.0 million in total compensation for fiscal year 2025. Base salary was $1, and most of the remaining total was $35.0 million in option awards.