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Shopify SHOP Free cash flow

Free cash flow at other companies

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AdobeADBE
$2.11B-1.7%
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$897M+39.3%
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SalesforceCRM
$6.56B+4.1%
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EtsyETSY
$79.26M+72.5%
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$935.02M+822%
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Global PaymentsGPN
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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%

Valuation

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Market cap$144.84B+4.9%
Enterprise value$143.18B+3.8%
P/E108.7×+23.0×
P/S11.7×-3.0×

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

Calculated from Shopify’s reported figures.

$481.0Mnet cash from operating−$5.0Mcapital expenditures=$476M

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's free cash flow?
Shopify (SHOP) reported free cash flow of $476M in Q1 2026.
How has Shopify's free cash flow changed year-over-year?
Shopify's free cash flow increased by 31.1% year-over-year, from $363M to $476M.
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 -$186M to $2.01B.
What does free cash flow mean?
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and maintain or expand its capital asset base. It serves as a critical indicator of a company's ability to fund organic growth, pay down debt, or return capital to shareholders without relying on external financing.