Shopify Inc. (SHOP) financial statements: income statement, balance sheet and cash flow
Shopify Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Shopify Inc. reported revenue of $11.6B (+30.1% year on year) and net income of $1.2B (-39.0% year on year).
Income statement
Shopify Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$11.6B
$8.9B
$7.1B
$5.6B
Cost of revenues
$6.0B
$4.4B
$3.5B
$2.8B
Gross profit
$5.6B
$4.5B
$3.5B
$2.8B
Sales and marketing
$1.7B
$1.4B
$1.2B
$1.2B
Research and development
$1.5B
$1.4B
$1.7B
$1.5B
General and administrative
$471.0M
$410.0M
$491.0M
$707.8M
Transaction and loan losses
$417.0M
$227.0M
$152.0M
$134.9M
Impairment on sales of Shopify's logistics businesses
$0
$0
$1.3B
—
Total operating expenses
$4.1B
$3.4B
$4.9B
$3.6B
Income (loss) from operations
$1.5B
$1.1B
($1.4B)
($822.3M)
Interest income
$331.0M
$308.0M
$241.0M
$79.1M
Net realized gain (loss) on equity and other investments
$33.0M
$3.0M
($5.0M)
$124.0M
Net unrealized (loss) gain on equity and other investments
($186.0M)
$988.0M
$1.4B
($3.0B)
Net loss on equity method investment
($40.0M)
($138.0M)
($58.0M)
—
Realized loss on embedded derivative
($123.0M)
—
—
—
Foreign exchange gain (loss)
$26.0M
($8.0M)
$1.0M
($1.9M)
Total other income, net
$41.0M
$1.2B
$1.6B
($2.8B)
Income before income taxes
$1.5B
$2.2B
—
—
Provision for income taxes
($278.0M)
($209.0M)
($53.0M)
$162.4M
Net income
$1.2B
$2.0B
$132.0M
($3.5B)
Basic (in dollars per share)
$0.95
$1.57
$0.10
-$2.73
Diluted (in dollars per share)
$0.94
$1.55
$0.10
-$2.73
Basic (in shares)
1.3B
1.3B
1.3B
1.3B
Diluted (in shares)
1.3B
1.3B
1.3B
1.3B
Unrealized gain (loss) on cash flow hedges
$15.0M
($19.0M)
$20.0M
($10.4M)
Tax effect on unrealized gain (loss) on cash flow hedges
($4.0M)
$5.0M
$0
($59.0K)
Total other comprehensive income (loss)
$11.0M
($14.0M)
$20.0M
($10.5M)
Comprehensive income
$1.2B
$2.0B
$152.0M
($3.5B)
Shopify Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$3.6B
$3.2B
$2.8B
$2.7B
Cost of revenues
$1.9B
$1.6B
$1.5B
$1.4B
Gross profit
$1.7B
$1.5B
$1.4B
$1.3B
Sales and marketing
$498.0M
$496.0M
$410.0M
$415.0M
Research and development
$445.0M
$437.0M
$375.0M
$394.0M
General and administrative
$136.0M
$115.0M
$115.0M
$122.0M
Transaction and loan losses
$141.0M
$116.0M
$148.0M
$80.0M
Total operating expenses
$1.2B
$1.2B
$1.0B
$1.0B
Income from operations
$488.0M
$382.0M
$343.0M
$291.0M
Interest income
$66.0M
$75.0M
$81.0M
$106.0M
Net realized gain on equity and other investments
$1.0M
$3.0M
$0
$1.0M
Net unrealized gain (loss) on equity and other investments
$1.2B
($1.1B)
($62.0M)
$681.0M
Net loss on equity method investment
($22.0M)
($21.0M)
($21.0M)
($24.0M)
Foreign exchange (loss) gain
($7.0M)
($9.0M)
($4.0M)
$24.0M
Total other income (expense), net
$1.3B
($1.0B)
($35.0M)
$788.0M
Income before income taxes
$1.8B
($634.0M)
$308.0M
$1.1B
Provision for income taxes
($273.0M)
$53.0M
($44.0M)
($173.0M)
Net income
$1.5B
($581.0M)
$264.0M
$906.0M
Basic (in dollars per share)
$1.16
-$0.45
$0.20
$0.70
Diluted (in dollars per share)
$1.16
-$0.45
$0.20
$0.69
Basic (in shares)
1.3B
1.3B
1.3B
1.3B
Diluted (in shares)
1.3B
1.3B
1.3B
1.3B
Unrealized (loss) gain on cash flow hedges
($4.0M)
($7.0M)
($9.0M)
$16.0M
Tax effect on unrealized (loss) gain on cash flow hedges
$1.0M
$2.0M
$3.0M
($5.0M)
Total other comprehensive (loss) income
($3.0M)
($5.0M)
($6.0M)
$11.0M
Comprehensive income
$1.5B
($586.0M)
$258.0M
$917.0M
Balance sheet
Shopify Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.5B
$1.5B
$1.4B
$1.6B
Marketable securities
$4.2B
$4.0B
$3.6B
$3.4B
Trade and other receivables, net
$500.0M
$342.0M
$282.0M
$273.1M
Loans and merchant cash advances, net
$1.8B
$1.2B
$816.0M
$580.1M
Other current assets
$234.0M
$209.0M
$169.0M
$139.7M
Total current assets
$8.3B
$7.3B
$6.3B
$6.1B
Property and equipment, net
$53.0M
$47.0M
$49.0M
$130.8M
Operating lease right-of-use assets, net
$88.0M
$93.0M
$98.0M
$355.1M
Intangible assets, net
$30.0M
$22.0M
$29.0M
$390.1M
Deferred tax assets
$33.0M
$37.0M
$44.0M
$40.8M
Other long-term assets
$39.0M
$21.0M
—
—
Long-term investments
$975.0M
$709.0M
—
—
Equity and other investments ($3,619 and $3,930, carried at fair value)
$4.6B
$4.6B
$3.6B
$2.0B
Equity method investment
$602.0M
$642.0M
$780.0M
—
Goodwill
$491.0M
$452.0M
$427.0M
$1.8B
Total long term assets
$6.9B
$6.7B
$5.0B
$4.7B
Total assets
$15.2B
$13.9B
$11.3B
$10.8B
Accounts payable and accrued liabilities
$1.1B
$737.0M
$579.0M
$532.6M
Deferred revenue
$300.0M
$283.0M
$302.0M
$295.9M
Operating lease liabilities
$17.0M
$18.0M
$17.0M
$18.2M
Convertible senior notes
$0
$918.0M
$916.0M
$913.3M
Total current liabilities
$1.4B
$2.0B
$898.0M
$856.0M
Deferred revenue
$98.0M
$147.0M
$196.0M
$267.5M
Operating lease liabilities
$171.0M
$190.0M
$217.0M
$465.1M
Deferred tax liabilities
$55.0M
$73.0M
$6.0M
$16.3M
Total long term liabilities
$324.0M
$410.0M
$1.3B
$1.7B
Common stock, unlimited Class A subordinate voting shares authorized, 1,225,830,706 and 1,215,229,233, issued and outstanding; unlimited Class B restricted voting shares authorized, 78,073,594 and 79,350,906 issued and outstanding; 1 Founder share authorized, 1 and 1 issued and outstanding
10.4B
9.6B
9.2B
8.7B
Additional paid-in capital
$236.0M
$305.0M
$251.0M
$30.2M
Accumulated other comprehensive income (loss)
$1.0M
($10.0M)
$4.0M
($16.5M)
Accumulated surplus
$2.9B
$1.6B
($390.0M)
($522.3M)
Total shareholders’ equity
$13.5B
$11.6B
$9.1B
$8.2B
Total liabilities and shareholders’ equity
$15.2B
$13.9B
$11.3B
$10.8B
Shopify Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.7B
$1.8B
$2.4B
$1.5B
Marketable securities
$3.3B
$3.9B
$3.9B
$4.3B
Trade and other receivables, net
$466.0M
$449.0M
$396.0M
$350.0M
Loans and merchant cash advances, net
$2.2B
$2.1B
$1.7B
$1.6B
Other current assets
$219.0M
$206.0M
$227.0M
$234.0M
Total current assets
$7.8B
$8.5B
$8.7B
$8.0B
Property and equipment, net
$53.0M
$54.0M
$51.0M
$46.0M
Operating lease right-of-use assets, net
$90.0M
$84.0M
$94.0M
$97.0M
Intangible assets, net
$27.0M
$28.0M
$33.0M
$36.0M
Deferred tax assets
$30.0M
$117.0M
$29.0M
$31.0M
Other long-term assets
$25.0M
$30.0M
$23.0M
$28.0M
Long-term investments
$525.0M
$708.0M
$676.0M
$831.0M
Equity and other investments ($3,299 and $3,619, carried at fair value)
$4.9B
$3.5B
$4.4B
$4.4B
Equity method investment
$559.0M
$581.0M
$574.0M
$595.0M
Goodwill
$491.0M
$491.0M
$491.0M
$491.0M
Total long term assets
$6.7B
$5.6B
$6.3B
$6.6B
Total assets
$14.5B
$14.1B
$15.0B
$14.6B
Accounts payable and accrued liabilities
$1.1B
$1.0B
$974.0M
$841.0M
Deferred revenue
$335.0M
$321.0M
$300.0M
$298.0M
Operating lease liabilities
$10.0M
$16.0M
$19.0M
$20.0M
Total current liabilities
$1.5B
$1.4B
$2.2B
$2.1B
Deferred revenue
$79.0M
$86.0M
$110.0M
$123.0M
Operating lease liabilities
$168.0M
$163.0M
$176.0M
$200.0M
Deferred tax liabilities
$79.0M
$0
$29.0M
$36.0M
Total long term liabilities
$326.0M
$249.0M
$315.0M
$359.0M
Common stock, unlimited Class A subordinate voting shares authorized, 1,211,133,003 and 1,225,830,706, issued and outstanding; unlimited Class B restricted voting shares authorized, 78,073,584 and 78,073,594 issued and outstanding; 1 Founder Share authorized, 1 and 1 issued and outstanding
8.6B
10.0B
10.1B
10.0B
Additional paid-in capital
$274.0M
$255.0M
$272.0M
$281.0M
Accumulated other comprehensive (loss) income
($7.0M)
($4.0M)
($1.0M)
$5.0M
Accumulated surplus
$3.8B
$2.3B
$2.1B
$1.9B
Total shareholders’ equity
$12.7B
$12.5B
$12.5B
$12.1B
Total liabilities and shareholders’ equity
$14.5B
$14.1B
$15.0B
$14.6B
Cash flow statement
Shopify Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income for the year
$1.2B
$2.0B
$132.0M
($3.5B)
Amortization and depreciation
$31.0M
$36.0M
$70.0M
$90.5M
Stock-based compensation
$449.0M
$430.0M
$615.0M
$549.1M
Impairment of right-of-use assets and leasehold improvements
$13.0M
$0
$38.0M
$84.3M
Provision for transaction and loan losses
$230.0M
$148.0M
$80.0M
$73.6M
Deferred income tax (recovery) expense
($14.0M)
$78.0M
($1.0M)
($186.6M)
Revenue related to non-cash consideration
($49.0M)
($94.0M)
($158.0M)
($121.5M)
Impairment on sales of Shopify's logistics businesses
$0
$0
$1.3B
—
Net loss (gain) on equity and other investments
$153.0M
($992.0M)
($1.4B)
$2.9B
Net loss on equity method investment
$40.0M
$138.0M
$58.0M
—
Realized loss on embedded derivative
$123.0M
—
—
—
Unrealized foreign exchange (gain) loss
($57.0M)
$19.0M
($6.0M)
$11.7M
Trade and other receivables
($219.0M)
($148.0M)
($98.0M)
($104.5M)
Merchant cash advances and related receivables, net
($141.0M)
($82.0M)
$214.0M
($23.4M)
Other current and long-term assets
($38.0M)
($72.0M)
—
—
Accounts payable and accrued liabilities
$262.0M
$110.0M
$69.0M
$36.5M
Deferred revenue
$19.0M
$26.0M
$60.0M
$305.2M
Net cash provided by operating activities
$2.0B
$1.6B
$944.0M
($136.4M)
Purchases of property and equipment
($26.0M)
($19.0M)
($39.0M)
($50.0M)
Purchases of marketable securities
($7.0B)
($8.4B)
($5.8B)
($5.0B)
Maturities of marketable securities
$6.6B
$7.5B
$5.6B
$6.9B
Purchases and originations of loans
($4.0B)
($3.0B)
($1.9B)
($525.5M)
Repayments and sales of loans
$3.4B
$2.5B
$1.3B
$366.9M
Purchases of equity and other investments
($99.0M)
($137.0M)
($364.0M)
($635.2M)
Acquisition of businesses, net of cash acquired
($56.0M)
($30.0M)
($31.0M)
($1.8B)
Other
$58.0M
$3.0M
($36.0M)
—
Net cash used in investing activities
($1.2B)
($1.6B)
($1.2B)
($718.6M)
Proceeds from the exercise of stock options
$232.0M
$61.0M
$60.0M
$17.5M
Maturities of convertible senior notes
($1.0B)
—
—
—
Net cash (used in) provided by financing activities
($811.0M)
$61.0M
$60.0M
$17.5M
Effect of foreign exchange on cash, cash equivalents and restricted cash
$15.0M
($6.0M)
$4.0M
($16.2M)
Net increase (decrease) in cash, cash equivalents and restricted cash
$47.0M
$85.0M
($236.0M)
($853.7M)
Cash, cash equivalents and restricted cash – beginning of year
$1.5B
$1.4B
$1.6B
$2.5B
Cash, cash equivalents and restricted cash – end of year
$1.5B
$1.5B
—
—
Cash paid for income taxes, net
$194.0M
$116.0M
$50.0M
$27.3M
Cash paid for interest
$1.0M
$1.0M
$1.0M
$1.1M
Shopify Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income for the period
$921.0M
($581.0M)
$488.0M
$224.0M
Amortization and depreciation
$14.0M
$7.0M
$24.0M
$16.0M
Stock-based compensation
$260.0M
$132.0M
$334.0M
$227.0M
Impairment of right-of-use assets and leasehold improvements
$0
—
$13.0M
$10.0M
Provision for transaction and loan losses
$142.0M
$48.0M
$189.0M
$87.0M
Deferred income tax expense (recovery)
$26.0M
($139.0M)
($36.0M)
($31.0M)
Revenue related to non-cash consideration
($25.0M)
($12.0M)
($37.0M)
($25.0M)
Net (gain) loss on equity and other investments
($189.0M)
$1.1B
$401.0M
$339.0M
Net loss on equity method investment
$43.0M
$21.0M
$68.0M
$47.0M
Unrealized foreign exchange loss (gain)
$18.0M
$14.0M
($54.0M)
($58.0M)
Changes in operating assets and liabilities
($71.0M)
($70.0M)
($111.0M)
($41.0M)
Net cash provided by operating activities
$1.1B
$481.0M
$1.3B
$795.0M
Purchases of property and equipment
($9.0M)
($5.0M)
($16.0M)
($10.0M)
Purchases of marketable securities
($1.5B)
($843.0M)
($4.6B)
($3.2B)
Maturities of marketable securities
$2.9B
$1.5B
$4.8B
$2.8B
Purchases and originations of loans and merchant cash advances(1)
($2.9B)
($1.3B)
($2.7B)
($1.7B)
Repayments and sales of loans and merchant cash advances(1)
$2.5B
$1.0B
$2.3B
$1.4B
Purchases of equity and other investments
($56.0M)
($1.0M)
($83.0M)
($75.0M)
Acquisition of businesses, net of cash acquired
$0
$0
($56.0M)
($56.0M)
Other
$3.0M
$2.0M
$2.0M
$2.0M
Net cash provided by (used in) investing activities
$881.0M
$310.0M
($536.0M)
($871.0M)
Proceeds from the exercise of stock options
$9.0M
$6.0M
$127.0M
$103.0M
Repurchases of common stock
($1.9B)
($491.0M)
—
—
Net cash (used in) provided by financing activities
($1.9B)
($485.0M)
$127.0M
$103.0M
Effect of foreign exchange on cash, cash equivalents and restricted cash
($7.0M)
($3.0M)
$17.0M
$17.0M
Net (decrease) increase in cash, cash equivalents and restricted cash
$111.0M
$303.0M
$916.0M
$44.0M
Cash, cash equivalents and restricted cash – beginning of period
$1.5B
$1.5B
$1.5B
$1.5B
Cash, cash equivalents and restricted cash – end of period