Shopify Inc. (SHOP)
NASDAQ: SHOP · Real-Time Price · USD
113.54
+0.84 (0.75%)
At close: Feb 17, 2026, 4:00 PM EST
113.24
-0.30 (-0.26%)
After-hours: Feb 17, 2026, 4:59 PM EST
Shopify Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Fiscal Quarter | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 | Sep '21 Sep 30, 2021 | Jun '21 Jun 30, 2021 | Mar '21 Mar 31, 2021 |
Net Income | 1,231 | 1,781 | 2,345 | 1,610 | 2,019 | 1,383 | 1,273 | -209 | 132 | -1,148 | -2,025 | -1,918 | -3,460 | -3,208 | -1,901 | 182.21 | 2,915 | 3,410 | 2,452 | 1,609 |
Depreciation & Amortization | 31 | 32 | 32 | 34 | 36 | 38 | 43 | 50 | 70 | 90 | 106 | 106 | 93 | 85.24 | 69.85 | 67.51 | 66.31 | 52.93 | 57.2 | 62.46 |
Other Amortization | - | - | - | - | - | - | - | - | - | - | - | -1 | - | 0.59 | 1.17 | 2.76 | 2.34 | 18.34 | 18.96 | 18.37 |
Loss (Gain) From Sale of Assets | - | - | - | - | - | - | - | 1,340 | 1,340 | 1,340 | 1,340 | - | - | - | - | - | - | - | - | - |
Asset Writedown & Restructuring Costs | 13 | 13 | 10 | - | - | - | 38 | 38 | 38 | 122 | 84 | 84 | 84 | - | 30.15 | 30.15 | 30.15 | 30.15 | - | 31.62 |
Loss (Gain) From Sale of Investments | 153 | -528 | -1,102 | -344 | -992 | -431 | -474 | -831 | -1,419 | -575 | -189 | 1,110 | 2,919 | 2,953 | 1,781 | -14.86 | -2,860 | -3,371 | -2,164 | -1,386 |
Loss (Gain) on Equity Investments | 40 | 90 | 97 | 117 | 138 | 164 | 146 | 102 | 58 | 10 | - | - | - | - | - | - | - | - | - | - |
Stock-Based Compensation | 449 | 443 | 446 | 439 | 430 | 419 | 411 | 585 | 615 | 659 | 707 | 566 | 549 | 505.31 | 436.65 | 379.61 | 330.76 | 299.51 | 281.98 | 262.34 |
Other Operating Activities | 233 | 230 | 119 | 40 | 151 | -9 | -37 | -63 | -85 | -98 | -79 | -50 | -222 | -305.95 | -131.6 | -117.96 | 180.93 | 253.24 | 106.43 | 86.19 |
Change in Accounts Receivable | -219 | -148 | -148 | -148 | -148 | -98 | -98 | -98 | -98 | -105 | -105 | -105 | -105 | -42.03 | -44.89 | -33.24 | -72.3 | -38.36 | -37.57 | -65.83 |
Change in Accounts Payable | 262 | 110 | 110 | 110 | 110 | 69 | 69 | 69 | 69 | 28 | 28 | 28 | 28 | 98.78 | 148.34 | 98.42 | 138.18 | 71.91 | 46.77 | 127.72 |
Change in Unearned Revenue | 19 | 26 | 26 | 26 | 26 | 60 | 60 | 60 | 60 | 32 | 32 | 32 | 32 | 22.34 | 101.5 | 298.93 | 309.29 | 297.98 | 266.1 | 74.52 |
Change in Income Taxes | - | - | - | - | - | - | - | - | - | - | - | - | - | 31.67 | 38.51 | 35.74 | 45.26 | -89.49 | -96.33 | -93.56 |
Change in Other Net Operating Assets | -179 | -126 | -102 | -139 | -154 | -146 | -127 | 39 | 164 | 239 | 283 | 137 | -54 | -82.63 | -296.08 | -554.24 | -550.07 | -585.16 | -510.67 | -171.87 |
Operating Cash Flow | 2,033 | 1,923 | 1,833 | 1,745 | 1,616 | 1,449 | 1,304 | 1,082 | 944 | 594 | 182 | -11 | -136 | 57.74 | 233.61 | 375.03 | 535.71 | 489.34 | 536.83 | 645.6 |
Operating Cash Flow Growth | 25.80% | 32.71% | 40.57% | 61.27% | 71.19% | 143.94% | 616.48% | - | - | 928.73% | -22.09% | - | - | -88.20% | -56.48% | -41.91% | 26.06% | 110.49% | 373.19% | - |
Capital Expenditures | -26 | -20 | -16 | -17 | -19 | -17 | -17 | -31 | -39 | -45 | -57 | -48 | -50 | -67.98 | -65.34 | -61.6 | -50.79 | -31.17 | -29.86 | -30.18 |
Cash Acquisitions | -56 | -56 | -60 | -86 | -30 | -30 | -26 | - | -31 | -31 | -1,755 | -1,785 | -1,754 | -1,764 | -89.63 | -59.63 | -59.63 | -49.8 | - | - |
Sale (Purchase) of Intangibles | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.04 |
Investment in Securities | -587 | -529 | -1,270 | -1,476 | -1,076 | -852 | -1,044 | -815 | -615 | -116 | 318 | 1,441 | 1,244 | 1,132 | 963.41 | -612.18 | -2,237 | -2,948 | -3,682 | -3,920 |
Other Investing Activities | 58 | 2 | 3 | 3 | 3 | 3 | -8 | -36 | -36 | -36 | -26 | - | - | - | - | - | - | - | - | - |
Investing Cash Flow | -1,190 | -1,197 | -2,006 | -2,178 | -1,586 | -1,271 | -1,403 | -1,252 | -1,244 | -739 | -1,962 | -706 | -719 | -889.17 | 699.16 | -792.69 | -2,379 | -3,029 | -3,712 | -3,950 |
Total Debt Issued | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 907.95 | 907.95 |
Long-Term Debt Repaid | -1,043 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Debt Issued (Repaid) | -1,043 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 907.95 | 907.95 |
Issuance of Common Stock | 232 | 176 | 158 | 117 | 61 | 29 | 34 | 57 | 60 | 50 | 42 | 18 | 18 | 57.68 | 83.84 | 102.2 | 1,660 | 1,634 | 2,735 | 4,194 |
Other Financing Activities | - | - | - | - | - | - | - | - | - | - | - | - | - | -10.53 | -10.53 | -10.53 | -10.53 | - | - | - |
Financing Cash Flow | -811 | 176 | 158 | 117 | 61 | 29 | 34 | 57 | 60 | 50 | 42 | 18 | 18 | 47.15 | 73.3 | 91.67 | 1,650 | 1,634 | 3,643 | 5,102 |
Foreign Exchange Rate Adjustments | 15 | 5 | 16 | 2 | -6 | 13 | -5 | -2 | 4 | 4 | -2 | -15 | -17 | -27.34 | -19.75 | -7.58 | -7.01 | 5.23 | 14.17 | 18.82 |
Net Cash Flow | 47 | 907 | 1 | -314 | 85 | 220 | -70 | -115 | -236 | -91 | -1,740 | -714 | -854 | -811.62 | 986.32 | -333.58 | -200.61 | -900.27 | 482.31 | 1,816 |
Free Cash Flow | 2,007 | 1,903 | 1,817 | 1,728 | 1,597 | 1,432 | 1,287 | 1,051 | 905 | 549 | 125 | -59 | -186 | -10.23 | 168.27 | 313.43 | 484.92 | 458.17 | 506.97 | 615.42 |
Free Cash Flow Growth | 25.67% | 32.89% | 41.18% | 64.42% | 76.46% | 160.84% | 929.60% | - | - | - | -25.71% | - | - | - | -66.81% | -49.07% | 26.54% | 149.41% | 720.38% | - |
Free Cash Flow Margin | 17.37% | 17.79% | 18.14% | 18.42% | 17.98% | 17.44% | 16.58% | 14.18% | 12.82% | 8.25% | 1.98% | -1.00% | -3.32% | -0.19% | 3.36% | 6.49% | 10.51% | 10.88% | 13.16% | 17.85% |
Free Cash Flow Per Share | 1.54 | 1.45 | 1.39 | 1.33 | 1.23 | 1.09 | 0.99 | 0.82 | 0.70 | 0.43 | 0.10 | -0.05 | -0.15 | -0.01 | 0.13 | 0.25 | 0.38 | 0.36 | 0.40 | 0.49 |
Cash Interest Paid | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | 1 | 1 | 1.58 | 1.58 | 1.29 | 1.29 | 0.71 | 0.71 | - |
Cash Income Tax Paid | 194 | 164 | 155 | 134 | 116 | 87 | 78 | 49 | 50 | 27 | 23 | 27 | 27 | - | - | - | -10.47 | 92.28 | 85.37 | 70.1 |
Levered Free Cash Flow | 1,286 | 1,175 | 907.13 | 841.5 | 861.38 | 641.75 | 736.13 | 773.5 | 578.5 | 581.98 | 392.68 | 240.48 | 232.2 | 265.64 | 342.57 | 460.28 | 573.69 | 522.55 | 487.22 | 490.57 |
Unlevered Free Cash Flow | 1,286 | 1,175 | 907.13 | 841.5 | 861.38 | 641.75 | 736.13 | 773.5 | 578.5 | 581.98 | 392.68 | 241.48 | 232.2 | 265.6 | 342.5 | 459.16 | 573.53 | 519.77 | 484.06 | 487.46 |
Change in Working Capital | -117 | -138 | -114 | -151 | -166 | -115 | -96 | 70 | 195 | 194 | 238 | 92 | -99 | 28.13 | -52.62 | -154.39 | -129.64 | -203.18 | -216.32 | -38.64 |
Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.