What is Shopify's change in AP?

Shopify (SHOP) reported change in AP of $65.5M in Q4 2025.

How has Shopify's change in AP changed year-over-year?

Shopify's change in AP increased by 138.2% year-over-year, from $27.5M to $65.5M.

What is the long-term trend for Shopify's change in AP?

Over 3 years (2022 to 2025), Shopify's change in AP has grown at a 110.7% compound annual growth rate (CAGR), from $28M to $262M.

What does change in AP mean?

Increase or decrease in amounts owed to suppliers — a key working capital component affecting operating cash flow.

Shopify SHOP Change in AP

Change in AP at other companies

AdobeADBE

$12M-65.7%

eBayEBAY

-$1M+50.0%

SalesforceCRM

-$1.9B-88.4%

Global PaymentsGPN

-$746.23M-311%

Emerald HoldingEEX

$7.3M-55.8%

GoDaddyGDDY

$27.1M+242%

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.2%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%

Total debt$179.0M-84.3%

Total equity$12.5B+13.1%

Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%

CapEx$5.0M+25.0%

Free cash flow$476.0M+31.1%

Valuation

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Market cap$148.17B+5.7%

Enterprise value$146.5B+4.8%

P/E111.2×+51.4×

P/S12×-2.0×

Profitability

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Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

FCF margin17.1%-1.3pp

Returns & leverage

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Return on equity11.3%-4.8pp

Debt / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities.

The official record: Shopify’s 10-K, filed February 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's change in AP?: Shopify (SHOP) reported change in AP of $65.5M in Q4 2025.
How has Shopify's change in AP changed year-over-year?: Shopify's change in AP increased by 138.2% year-over-year, from $27.5M to $65.5M.
What is the long-term trend for Shopify's change in AP?: Over 3 years (2022 to 2025), Shopify's change in AP has grown at a 110.7% compound annual growth rate (CAGR), from $28M to $262M.
What does change in AP mean?: Increase or decrease in amounts owed to suppliers — a key working capital component affecting operating cash flow.