Shopify Inc. cash flow statement

In fiscal 2025, Shopify Inc.'s operations generated $2.03bn of cash; it spent $26.0m on capital projects, leaving free cash flow of $2.01bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Shopify Inc.: cash flow statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	8	9	71	425	536	−136	944	1,616	2,033	2,682
Depreciation and amortisation	23	27	36	70	66	93	70	36	31	28
Stock-based pay	49	96	158	247	331	549	615	430	449	515
Capital spending	20	28	57	42	51	50	39	19	26	21
Free cash flow	−12	−19	14	383	485	−186	905	1,597	2,007	2,661
Free cash flow after stock pay	−61	−114	−145	136	154	−735	290	1,167	1,558	2,146

US$ millions unless shown otherwise. Fiscal quarters.

Shopify Inc.: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	615	367	428	513	725	481	658	818
Depreciation and amortisation	8	8	8	8	7	7	7	7
Stock-based pay	109	114	113	107	115	132	128	140
Capital spending	4	4	6	6	10	5	4	2
Free cash flow	611	363	422	507	715	476	654	816
Free cash flow after stock pay	502	249	309	400	600	344	526	676

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Shopify Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Shopify Inc.