Income StatementBalance SheetCash FlowSegments
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Shopify Cash Flow Statement

Operating, investing, and financing cash movements

Shopify generated $2.1B in operating cash flow over the trailing twelve months. After $27.0M in capital expenditures, free cash flow was $2.1B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.1BNet Cash From Investing (TTM)-$261.0MNet Cash From Financing (TTM)-$1.4BCapital Expenditures (TTM)$27.0MDepreciation And Amortization Cf (TTM)$30.0MNet Change In Cash (TTM)$35.0M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$133.66B
P/E Ratio100.34
ROE11.31%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$56.0M$0.0$0.0$0.0$0.0
Capital expenditures$4.0M$4.0M$6.0M$6.0M$10.0M$5.0M
Payment for (Proceeds from) Other Investing Activity—$0.0-$2.0M$0.0-$56.0M-$2.0M
Payments To Acquire Equity And Other Investments$26.0M$4.0M$71.0M$8.0M$16.0M$1.0M
Payment for Acquisition, Loan, Held-for-Investment$877.0M$805.0M$944.0M$996.0M$1.3B$1.3B
Net cash from investing activities-$661.0M-$619.0M-$252.0M$335.0M-$654.0M$310.0M
Proceeds from Principal Repayments on Loans and Leases$775.0M$637.0M$767.0M$849.0M$1.2B$1.0B

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from convertible debt$0.0-$260.8M-$260.8M-$260.8M-$260.8M—
Proceeds from issuance of debt$0.0-$260.8M-$260.8M-$260.8M-$260.8M—
Net cash from financing activities$49.0M$59.0M$44.0M$24.0M-$938.0M-$485.0M
Proceeds from issuance of common stock$49.0M$59.0M$44.0M$24.0M$105.0M$6.0M
Repurchases of common stock—$0.0———$491.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share of Profits (Losses) of Related Party-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Change in accounts payable$27.5M$65.5M$65.5M$65.5M$65.5M—
Change in deferred revenue$6.5M$4.8M$4.8M$4.8M$4.8M—
Change in other assets$18.0M$9.5M$9.5M$9.5M$9.5M—
Other working capital changes—$6.0M$35.0M$70.0M—$70.0M
Change in receivables$37.0M$54.8M$54.8M$54.8M$54.8M—
Benefit from Receivables$52.0M$43.0M$44.0M$102.0M$41.0M$48.0M
Change in Finance Receivables$20.5M$35.3M$35.3M$35.3M$35.3M—
Loss (Gain) on Write-Down of Disposal Group$0.0$0.0$0.0$0.0$0.0—
Depreciation and amortization$8.0M$8.0M$8.0M$8.0M$7.0M$7.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M
Foreign Currency Transaction Gain (Loss)-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M
Income (Loss) from Equity Method Investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Income (Loss) from Equity Method Investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Income (Loss) from Equity Method Investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Net cash from operating activities$615.0M$367.0M$428.0M$513.0M$725.0M$481.0M
Net income$1.3B-$682.0M$906.0M$264.0M$743.0M-$581.0M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M
Equity in earnings (losses) of equity method investees-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Increase (Decrease) in Accounts and Other Receivables$37.0M$54.8M$54.8M$54.8M$54.8M—
Increase (Decrease) in Deferred Income Taxes-$72.0M$129.0M-$98.0M$5.0M—$139.0M
Increase (Decrease) in Other Operating Assets$18.0M$9.5M$9.5M$9.5M$9.5M—
Accounts Receivable, Credit Loss Expense (Reversal)$52.0M$43.0M$44.0M$102.0M$41.0M$48.0M
Revenue Related To Non-Cash Consideration$19.0M$13.0M$12.0M$12.0M$12.0M$12.0M
Stock Option Plan Expense$109.0M$114.0M$113.0M$107.0M$115.0M$132.0M
Unrealized Foreign Currency Transaction Gain (Loss)-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M
Income (Loss) from Equity Method Investments-$22.0M-$23.0M-$24.0M-$21.0M—-$21.0M
Impairment Charge on Assets Held for Sale$0.0$0.0$0.0$0.0$0.0—
Unrealized Foreign Currency Gain (Loss)-$34.0M$12.0M$46.0M-$4.0M$3.0M-$14.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$611.0M$363.0M$422.0M$507.0M$715.0M$476.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$12.0M$4.0M$13.0M$0.0—-$3.0M
Net increase (decrease) in cash—-$189.0M$233.0M$872.0M—$303.0M
Unrealized Gain (Loss) on Investments$929.0M-$1.0B$682.0M-$62.0M—-$1.1B

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$250.0K$250.0K$250.0K$250.0K$250.0K—
Income Taxes Paid, Net$53.0M$27.0M$61.0M$23.0M$83.0M$93.0M