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Shopify SHOP Goodwill impairment

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Other financials

Income statement

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Revenue$3.6B+33.7%
Gross profit$1.7B+31.2%
Operating income$488.0M+67.7%
Net income$1.5B+65.8%
EPS (diluted)$1.16+68.1%

Balance sheet

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Cash & equivalents$1.7B+7.4%
Total debt$178.0M-84.4%
Total equity$12.7B+4.6%
Total assets$14.5B-0.6%

Cash flow

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Operating cash flow$658.0M+53.7%
CapEx$4.0M-33.3%
Free cash flow$654.0M+55.0%

Valuation

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Market cap$199.66B+4.2%
Enterprise value$198.18B+3.6%
P/E108.3×-29.3×
P/S15.1×-5.2×

Profitability

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Gross margin47.5%-1.2pp
Operating margin13.9%+2.0pp
Net margin21.7%+5.4pp
FCF margin17.8%0.0pp

Returns & leverage

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Return on equity14.9%+5.4pp
Debt / equity0×-0.1×
Current ratio5.4×+1.5×

Where this comes from

Reported directly by Shopify in its filing.

Tagged under the XBRL concept us-gaap:GoodwillImpairmentLoss.

The source filing: Shopify’s 10-K, filed February 11, 2026.

Filed
Feb 11, 2026, 7:03 AM EST
Fiscal year
FY2025
Accession
0001594805-26-000007

No goodwill impairment was recognized in the years ended December 31, 2025 and 2024. The Company recognized goodwill impairment of $1,438 million in the year ended December 31, 2023 due to the sales of Shopify's logistics businesses in the second quarter of 2023.

Item 16: Form 10-K Summary

FAQ

What is Shopify's goodwill impairment?
Shopify (SHOP) reported goodwill impairment of $0 in Q4 2025.
What is the long-term trend for Shopify's goodwill impairment?
Over 2 years (2023 to 2025), Shopify's goodwill impairment has grown at a -100.0% compound annual growth rate (CAGR), from $1.44B to $0.
What does goodwill impairment mean?
Write-down of goodwill carrying value when a reporting unit's fair value falls below its book value, indicating that past acquisitions have lost value.

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