SHOP financial statements

The full income statement, balance sheet, and cash-flow statement for Shopify Inc. (SHOP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 1.29B2024-09 1.29B2024-12 1.29B2025-03 1.30B2025-06 1.30B2025-09 1.30B2025-12 1.30B2026-03 1.30B2026-06 1.30B+0.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.6B YoY+30.1%	8.88B YoY+25.8%	7.06B YoY+26.1%	5.60B YoY+21.4%	4.61B YoY+57.4%
	5.55B YoY+24.2%	4.47B YoY+27.2%	3.52B YoY+27.6%	2.75B YoY+11.0%	2.48B YoY+61.0%
Cost of revenue	6.00B YoY+36.1%	4.41B YoY+24.3%	3.54B YoY+24.6%	2.85B YoY+33.6%	2.13B YoY+53.5%
	4.09B YoY+20.3%	3.40B YoY-31.1%	4.93B YoY+37.9%	3.58B YoY+61.6%	2.21B YoY+52.4%
Research & development	1.54B YoY+12.4%	1.37B YoY-21.0%	1.73B YoY+15.1%	1.50B YoY+75.9%	854M YoY+54.7%
Selling, general & administrative	471M YoY+14.9%	410M YoY-16.5%	491M YoY-30.6%	708M YoY+88.9%	375M YoY+52.8%
General & administrative	471M YoY+14.9%	410M YoY-16.5%	491M YoY-30.6%	708M YoY+88.9%	375M YoY+52.8%
Selling & marketing	1.66B YoY+19.4%	1.39B YoY+14.2%	1.22B YoY-0.8%	1.23B YoY+36.4%	902M YoY+49.7%
Amortization of intangibles	13.0M YoY-7.1%	14.0M YoY-63.2%	38.0M YoY-29.6%	54.0M YoY+120.6%	24.5M YoY-23.2%
Provision for credit losses	230M YoY+55.4%	148M YoY+85.0%	80.0M YoY+8.1%	74.0M YoY+69.0%	43.8M YoY+60.5%
Operating income	1.47B YoY+36.6%	1.07B YoY+175.8%	-1.42B YoY-72.5%	-822M YoY-406.0%	269M YoY+198.0%
Interest expense	—	—	—	3.50M YoY+0.2%	3.49M YoY-61.6%
Other non-operating income	41.0M YoY-96.4%	1.15B YoY-28.1%	1.60B YoY+157.2%	-2.80B YoY-197.5%	2.87B YoY+1811.9%
Equity-method income	-40.0M YoY+71.0%	-138M YoY-137.9%	-58.0M	0.00	—
Pre-tax income	1.51B YoY-32.3%	2.23B YoY+1104.3%	185M	—	—
Income tax	278M YoY+33.0%	209M YoY+294.3%	53.0M YoY+132.5%	-163M YoY-172.1%	226M YoY+385.5%
Net income	1.23B YoY-39.0%	2.02B YoY+1429.5%	132M YoY+103.8%	-3.46B YoY-218.7%	2.91B YoY+812.2%
	$0.94 YoY-39.4%	$1.55 YoY+1450.0%	$0.10 YoY+103.7%	-$2.73 YoY-219.2%	$2.29 YoY+784.2%
EPS (basic)	$0.95 YoY-39.5%	$1.57 YoY+1470.0%	$0.10 YoY+103.7%	-$2.73 YoY-216.7%	$2.34 YoY+776.4%
	1.30B YoY+0.7%	1.29B YoY+0.6%	1.28B YoY+1.2%	1.27B YoY+1.6%	1.25B YoY+4.3%
	1.30B YoY+0.3%	1.30B YoY+0.5%	1.30B YoY+2.3%	1.27B YoY-0.6%	1.27B YoY+3.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.30B YoY+14.4%	7.25B YoY+15.6%	6.28B YoY+3.7%	6.05B YoY-29.2%	8.54B YoY+24.2%
Cash & equivalents	1.54B YoY+3.1%	1.50B YoY+6.0%	1.41B YoY-14.3%	1.65B YoY-34.1%	2.50B YoY-7.4%
Short-term investments	4.23B YoY+6.3%	3.98B YoY+10.7%	3.60B YoY+5.6%	3.40B YoY-35.3%	5.27B YoY+42.9%
Accounts receivable	500M YoY+46.2%	342M YoY+21.3%	282M YoY+3.3%	273M YoY+42.0%	192M YoY+59.2%
Inventory	21.0M YoY-19.2%	26.0M YoY+36.8%	19.0M	—	—
Prepaid expenses	234M YoY+12.0%	209M YoY+23.7%	169M YoY+17.4%	144M YoY+39.4%	103M YoY+51.3%
Other current assets	—	0.00 YoY-100.0%	1.00M YoY-96.6%	29.0M YoY+171.6%	10.7M YoY-38.9%
	15.2B YoY+9.1%	13.9B YoY+23.2%	11.3B YoY+5.0%	10.8B YoY-19.4%	13.3B YoY+71.8%
Property, plant & equipment	53.0M YoY+12.8%	47.0M YoY-4.1%	49.0M YoY-62.6%	131M YoY+24.1%	106M YoY+14.6%
Operating lease right-of-use	88.0M YoY-5.4%	93.0M YoY-5.1%	98.0M YoY-72.4%	355M YoY+80.8%	196M YoY+64.5%
Goodwill	491M YoY+8.6%	452M YoY+5.9%	427M YoY-76.7%	1.84B YoY+414.3%	357M YoY+14.5%
Intangible assets	30.0M YoY+36.4%	22.0M YoY-24.1%	29.0M YoY-92.6%	390M YoY+181.6%	138M YoY+2.1%
Long-term investments	975M YoY+37.5%	709M YoY+516.5%	115M	—	—
Deferred tax assets	33.0M YoY-10.8%	37.0M YoY-15.9%	44.0M YoY+7.3%	41.0M YoY-15.2%	48.4M YoY-8.2%
Other non-current assets	39.0M YoY+85.7%	21.0M	0.00	—	—
Total non-current assets	6.89B YoY+3.3%	6.67B YoY+32.8%	5.02B YoY+6.7%	4.71B YoY-2.0%	4.80B YoY+442.4%
	1.39B YoY-28.8%	1.96B YoY+117.8%	898M YoY+4.9%	856M YoY+21.8%	703M YoY+60.3%
Accounts payable	570M YoY+58.3%	360M YoY-1.1%	364M YoY+0.0%	364M YoY+28.2%	284M YoY+68.3%
Accrued liabilities	1.07B YoY+45.9%	737M YoY+27.3%	579M YoY+6.8%	542M YoY+18.7%	457M YoY+51.8%
Deferred revenue	300M YoY+6.0%	283M YoY-6.3%	302M YoY+2.0%	296M YoY+36.4%	217M YoY+101.3%
Current lease liability	17.0M YoY-5.6%	18.0M YoY+5.9%	17.0M YoY-5.6%	18.0M YoY+14.3%	15.7M YoY+56.7%
Deferred revenue (non-current)	98.0M YoY-33.3%	147M YoY-25.0%	196M YoY-26.9%	268M YoY+64.4%	163M YoY+676.0%
Non-current lease liability	171M YoY-10.0%	190M YoY-12.4%	217M YoY-53.3%	465M YoY+88.4%	247M YoY+70.4%
Operating lease liability (total)	—	—	—	483M YoY+84.1%	263M YoY+69.5%
Deferred tax liabilities	55.0M YoY-24.7%	73.0M YoY+1116.7%	6.00M YoY-62.5%	16.0M YoY-91.3%	183M
Total non-current liabilities	324M YoY-21.0%	410M YoY-69.3%	1.33B YoY-19.7%	1.66B YoY+10.5%	1.50B YoY+62.8%
	13.5B YoY+16.6%	11.6B YoY+27.5%	9.07B YoY+10.0%	8.24B YoY-26.0%	11.1B YoY+73.9%
Common stock	10.4B YoY+7.7%	9.63B YoY+4.7%	9.20B YoY+5.2%	8.75B YoY+8.8%	8.04B YoY+31.5%
Additional paid-in capital	236M YoY-22.6%	305M YoY+21.5%	251M YoY+736.7%	30.0M YoY-81.4%	161M YoY-38.4%
Retained earnings	2.86B YoY+75.6%	1.63B YoY+517.7%	-390M YoY+25.3%	-522M YoY-117.8%	2.94B YoY+19122.4%
Accumulated other comprehensive income	1.00M YoY+110.0%	-10.0M YoY-350.0%	4.00M YoY+125.0%	-16.0M YoY-167.8%	-5.97M YoY-168.1%
Total liabilities & equity	15.2B YoY+9.1%	13.9B YoY+23.2%	11.3B YoY+5.0%	10.8B YoY-19.4%	13.3B YoY+71.8%
	1.30B YoY+0.7%	1.29B YoY+0.6%	1.29B YoY+0.9%	1.28B YoY+1.3%	1.26B YoY+2.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.03B YoY+25.8%	1.62B YoY+71.2%	944M YoY+794.1%	-136M YoY-125.4%	536M YoY+26.1%
Depreciation & amortization	31.0M YoY-13.9%	36.0M YoY-48.6%	70.0M YoY-24.7%	93.0M YoY+40.3%	66.3M YoY-5.4%
Intangible amortization	13.0M YoY-7.1%	14.0M YoY-63.2%	38.0M YoY-29.6%	54.0M YoY+120.6%	24.5M YoY-23.2%
Deferred income taxes	-14.0M YoY-117.9%	78.0M YoY+7900.0%	-1.00M YoY+99.5%	-187M YoY-197.9%	191M YoY+526.2%
	-1.19B YoY+25.0%	-1.59B YoY-27.5%	-1.24B YoY-73.0%	-719M YoY+69.8%	-2.38B YoY-23.2%
Capital expenditure	26.0M YoY+36.8%	19.0M YoY-51.3%	39.0M YoY-22.0%	50.0M YoY-1.6%	50.8M YoY+21.7%
Free cash flow	2.01B YoY+25.7%	1.60B YoY+76.5%	905M YoY+586.6%	-186M YoY-138.4%	485M YoY+26.5%
Acquisitions	56.0M YoY+86.7%	30.0M YoY-3.2%	31.0M YoY-98.2%	1.75B YoY+2841.6%	59.6M
Other investing activities	-58.0M YoY-1833.3%	-3.00M YoY-108.3%	36.0M	0.00	—
	-811M YoY-1429.5%	61.0M YoY+1.7%	60.0M YoY+233.3%	18.0M YoY-98.9%	1.65B YoY-53.6%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	15.0M YoY+350.0%	-6.00M YoY-250.0%	4.00M YoY+123.5%	-17.0M YoY-142.7%	-7.00M YoY-317.5%
Net change in cash	47.0M YoY-44.7%	85.0M YoY+136.0%	-236M YoY+72.4%	-854M YoY-325.7%	-201M YoY-109.8%
Interest paid	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY-22.3%	1.29M
Income taxes paid	194M YoY+67.2%	116M YoY+132.0%	50.0M YoY+85.2%	27.0M YoY+358.0%	-10.5M YoY-115.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	210B YoY+52.5%	138B YoY+38.6%	99.3B YoY+127.3%	43.7B YoY-74.8%	173B YoY+25.0%
P/E	170.5× YoY+150.1%	68.2×	—	15.0× YoY-74.8%	59.5× YoY-86.3%
P/S	18.2× YoY+17.2%	15.5× YoY-12.6%	17.7× YoY+87.2%	9.5× YoY-74.8%	37.6× YoY-20.6%
P/B	15.6× YoY+30.8%	11.9× YoY-1.2%	12.1× YoY+207.2%	3.9× YoY-74.8%	15.6× YoY-28.1%
P/FCF	104.6× YoY+21.3%	86.2×	—	90.1× YoY-74.8%	357.6× YoY-1.2%
	0.59% YoY-60.0%	1.5%	—	6.7% YoY+296.8%	1.7% YoY+629.6%
	0.96% YoY-17.6%	1.2%	—	1.1% YoY+296.8%	0.28% YoY+1.2%
Source filing	10-K	10-K	40-F	40-F	40-F

About this data

Source: SHOP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all SHOP filings on SEC EDGAR → Not investment advice.