Free cash flow
Shopify Free cash flow increased by 41.0% to $715.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 17.0%, from $611.00M to $715.00M. Over 3 years (FY 2022 to FY 2025), Free cash flow shows an upward trend with a 121.0% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase suggests strong operational efficiency and the ability to self-fund future innovation or return capital to shareholders, while a decrease may indicate heavy capital expenditure cycles or declining operational profitability.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
High-growth semiconductor and AI infrastructure peers typically prioritize reinvestment, so free cash flow margins are often compared against R&D intensity and capital expenditure requirements of industry rivals.
cf_free_cash_flowHistorical Data
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | -$46.50M | -$46.50M | -$46.50M | -$46.50M | $226.25M | $226.25M | $226.25M | $226.25M | $232.00M | $333.00M | $421.00M | $611.00M | $363.00M | $422.00M | $507.00M | $715.00M |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +586.6% | +0.0% | +0.0% | +0.0% | +2.5% | +43.5% | +26.4% | +45.1% | -40.6% | +16.3% | +20.1% | +41.0% |
| YoY Change | — | — | — | — | +586.6% | +586.6% | +586.6% | +586.6% | +2.5% | +47.2% | +86.1% | +170.1% | +56.5% | +26.7% | +20.4% | +17.0% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is Shopify's free cash flow?
- Shopify (SHOP) reported free cash flow of $715.00M in Q4 2025.
- How has Shopify's free cash flow changed year-over-year?
- Shopify's free cash flow increased by 17.0% year-over-year, from $611.00M to $715.00M.
- What is the long-term trend for Shopify's free cash flow?
- Over 3 years (2022 to 2025), Shopify's free cash flow has grown at a 121.0% compound annual growth rate (CAGR), from -$186.00M to $2.01B.
- What does free cash flow mean?
- The cash a company has left over after paying for its operating expenses and capital investments.