Shopify Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,231	2,019	132	-3,460	2,915
Depreciation & Amortization	31	36	70	93	66.31
Other Amortization	-	-	-	-	2.34
Loss (Gain) From Sale of Assets	-	-	1,340	-	-
Asset Writedown & Restructuring Costs	13	-	38	84	30.15
Loss (Gain) From Sale of Investments	153	-992	-1,419	2,919	-2,860
Loss (Gain) on Equity Investments	40	138	58	-	-
Stock-Based Compensation	449	430	615	549	330.76
Other Operating Activities	233	151	-85	-222	180.93
Change in Accounts Receivable	-219	-148	-98	-105	-72.3
Change in Accounts Payable	262	110	69	28	138.18
Change in Unearned Revenue	19	26	60	32	309.29
Change in Income Taxes	-	-	-	-	45.26
Change in Other Net Operating Assets	-179	-154	164	-54	-550.07
Operating Cash Flow	2,033	1,616	944	-136	535.71
Operating Cash Flow Growth	25.80%	71.19%	-	-	26.06%
Capital Expenditures	-26	-19	-39	-50	-50.79
Cash Acquisitions	-56	-30	-31	-1,754	-59.63
Investment in Securities	-587	-1,076	-615	1,244	-2,237
Other Investing Activities	58	3	-36	-	-
Investing Cash Flow	-1,190	-1,586	-1,244	-719	-2,379
Long-Term Debt Repaid	-1,043	-	-	-	-
Net Debt Issued (Repaid)	-1,043	-	-	-	-
Issuance of Common Stock	232	61	60	18	1,660
Other Financing Activities	-	-	-	-	-10.53
Financing Cash Flow	-811	61	60	18	1,650
Foreign Exchange Rate Adjustments	15	-6	4	-17	-7.01
Net Cash Flow	47	85	-236	-854	-200.61
Free Cash Flow	2,007	1,597	905	-186	484.92
Free Cash Flow Growth	25.67%	76.46%	-	-	26.54%
Free Cash Flow Margin	17.37%	17.98%	12.82%	-3.32%	10.51%
Free Cash Flow Per Share	1.54	1.23	0.70	-0.15	0.38
Cash Interest Paid	1	1	1	1	1.29
Cash Income Tax Paid	194	116	50	27	-10.47
Levered Free Cash Flow	1,286	861.38	578.5	232.2	573.69
Unlevered Free Cash Flow	1,286	861.38	578.5	232.2	573.53
Change in Working Capital	-117	-166	195	-99	-129.64

Source: S&P Global Market Intelligence. Standard template. Financial Sources.