Cash flow Shopify Inc.

Equities

SHOP

CA82509L1076

Internet Services

Market Closed - Nasdaq Other stock markets 04:00:00 2026-05-14 pm EDT			After hours 04:29:29 pm
97.42 ^USD	+2.12%		98.72	+1.33%

04:06pm	Joshua Kushner's Thrive Capital invests $100 million in Shopify - Bloomberg news	RE
May. 13	TSX pulls back from three-week high as financials, Shopify fall	RE

e.ABdD22BIe6cOIXMs1GAVZ2b5rn9c3VgM8JoFaJtbAYw.VH0TvzYCMsBpE0AYniIjDCOS1yodmwJvgO9REN84M_xXdG6sE3op70NgHA

Published financial data: SHOPIFY INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.61B	5.6B	7.06B	8.88B	11.56B
Total Revenues	4.61B	5.6B	7.06B	8.88B	11.56B
Cost of Goods Sold, Total	2.13B	2.85B	3.54B	4.41B	6B
Gross Profit	2.48B	2.75B	3.52B	4.47B	5.56B
Selling General & Admin Expenses, Total	1.22B	1.73B	1.62B	1.85B	2.11B
R&D Expenses	819M	1.49B	1.61B	1.35B	1.52B
Other Operating Expenses	65.32M	13.41M	21M	23M	35M
Other Operating Expenses, Total	2.1B	3.23B	3.26B	3.22B	3.66B
Operating Income	381M	-476M	260M	1.25B	1.9B
Interest Expense, Total	-3.49M	-3.5M	-	-	-
Interest And Investment Income	15.36M	79.14M	241M	308M	331M
Net Interest Expenses	11.86M	75.64M	241M	308M	331M
Income (Loss) On Equity Invest.	-	-	-58M	-138M	-40M
Currency Exchange Gains (Loss)	286K	-1.9M	1M	-8M	26M
Other Non Operating Income (Expenses)	-81.72M	-135M	-152M	-227M	-540M
EBT, Excl. Unusual Items	311M	-537M	292M	1.18B	1.68B
Restructuring Charges	-	-30.5M	-148M	-	-
Gain (Loss) On Sale Of Investments	2.86B	-2.87B	1.42B	991M	-153M
Gain (Loss) On Sale Of Assets	-	-	-1.34B	-	-
Asset Writedown	-30.14M	-84.31M	-38M	-	-13M
Legal Settlements	-	-97M	-	55M	-
EBT, Incl. Unusual Items	3.14B	-3.62B	185M	2.23B	1.51B
Income Tax Expense	226M	-162M	53M	209M	278M
Earnings From Continuing Operations	2.91B	-3.46B	132M	2.02B	1.23B
Net Income to Company	2.91B	-3.46B	132M	2.02B	1.23B
Net Income - (IS)	2.91B	-3.46B	132M	2.02B	1.23B
Net Income to Common Incl Extra Items	2.91B	-3.46B	132M	2.02B	1.23B
Net Income to Common Excl. Extra Items	2.91B	-3.46B	132M	2.02B	1.23B
Per Share Items
Net EPS - Basic	2.34	-2.73	0.1	1.57	0.95
Basic EPS - Continuing Operations	2.34	-2.73	0.1	1.57	0.95
Basic Weighted Average Shares Outstanding	1.25B	1.27B	1.28B	1.29B	1.3B
Net EPS - Diluted	2.29	-2.73	0.1	1.55	0.94
Diluted EPS - Continuing Operations	2.29	-2.73	0.1	1.55	0.94
Diluted Weighted Average Shares Outstanding	1.27B	1.27B	1.3B	1.3B	1.3B
Normalized Basic EPS	0.16	-0.26	0.14	0.57	0.81
Normalized Diluted EPS	0.15	-0.26	0.14	0.57	0.8
American Depositary Receipts Ratio (ADR)	0.01	0.01	0.01	0.01	0.01
Supplemental Items
EBITDA	445M	-385M	330M	1.28B	1.93B
EBITA	403M	-421M	298M	1.26B	1.91B
EBIT	381M	-476M	260M	1.25B	1.9B
EBITDAR	480M	-338M	378M	1.32B	1.97B
Total Revenues (As Reported)	4.61B	5.6B	7.06B	8.88B	11.56B
Effective Tax Rate - (Ratio)	7.19	4.48	28.65	9.38	18.42
Current Domestic Taxes	1.82M	508K	-1M	32M	99M
Current Foreign Taxes	33.16M	23.63M	55M	99M	193M
Total Current Taxes	34.97M	24.14M	54M	131M	292M
Deferred Domestic Taxes	192M	-180M	2M	72M	-18M
Deferred Foreign Taxes	-626K	-6.51M	-3M	6M	4M
Total Deferred Taxes	191M	-187M	-1M	78M	-14M
Normalized Net Income	194M	-335M	182M	739M	1.05B
Interest on Long-Term Debt	3.49M	3.5M	4M	3M	3M
Supplemental Operating Expense Items
Advertising Expense	420M	505M	497M	546M	753M
Selling and Marketing Expenses	896M	1.22B	1.19B	1.39B	1.66B
General and Administrative Expenses	321M	513M	433M	461M	448M
Research And Development Expense From Footnotes	856M	1.5B	1.73B	1.37B	1.54B
Net Rental Expense, Total	35.27M	47.19M	48M	41M	38M
Imputed Operating Lease Interest Expense	945K	1.03M	-	-	-
Imputed Operating Lease Depreciation	34.33M	46.16M	-	-	-
Stock-Based Comp., COGS (Total)	6.68M	8.59M	4M	4M	4M
Stock-Based Comp., R&D Exp. (Total)	215M	387M	481M	287M	313M
Stock-Based Comp., S&M Exp. (Total)	41.55M	63.26M	56M	47M	44M
Stock-Based Comp., G&A Exp. (Total)	67.35M	90.7M	74M	92M	88M
Total Stock-Based Compensation	331M	549M	615M	430M	449M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.5B	1.65B	1.41B	1.5B	1.54B
Short Term Investments	5.29B	3.44B	3.63B	4.02B	4.3B
Total Cash And Short Term Investments	7.79B	5.09B	5.04B	5.51B	5.85B
Accounts Receivable, Total	127M	203M	194M	252M	327M
Other Receivables	70.1M	75.1M	98M	122M	207M
Notes Receivable	69.7M	209M	672M	1.02B	1.46B
Total Receivables	267M	487M	964M	1.4B	2B
Inventory	-	-	-	26M	21M
Prepaid Expenses	49.92M	48.02M	55M	59M	55M
Other Current Assets, Total	433M	428M	217M	260M	378M
Total Current Assets	8.54B	6.05B	6.28B	7.25B	8.3B
Gross Property Plant And Equipment	429M	640M	303M	310M	316M
Accumulated Depreciation	-127M	-154M	-156M	-170M	-175M
Net Property Plant And Equipment	302M	486M	147M	140M	141M
Long-term Investments	3.96B	1.95B	4.38B	6B	6.16B
Goodwill	357M	1.84B	427M	452M	491M
Other Intangibles, Total	138M	390M	29M	22M	30M
Accounts Receivable Long-Term	-	-	-	-	12M
Deferred Tax Assets Long-Term	48.37M	40.82M	44M	37M	33M
Other Long-Term Assets, Total	-	-	-	21M	27M
Total Assets	13.34B	10.76B	11.3B	13.92B	15.19B
Liabilities
Accounts Payable, Total	284M	364M	364M	360M	570M
Accrued Expenses, Total	138M	115M	128M	220M	263M
Current Portion of Long-Term Debt	-	-	-	918M	-
Current Portion of Leases	15.75M	18.16M	17M	18M	17M
Current Income Taxes Payable	13.5M	9.39M	18M	58M	156M
Unearned Revenue Current, Total	217M	296M	302M	283M	300M
Other Current Liabilities	34.59M	53.56M	69M	99M	86M
Total Current Liabilities	703M	856M	898M	1.96B	1.39B
Long-Term Debt	911M	913M	916M	-	-
Long-Term Leases	247M	465M	217M	190M	171M
Unearned Revenue Non Current	163M	268M	196M	147M	98M
Deferred Tax Liability Non Current	183M	16.29M	6M	73M	55M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	2.21B	2.52B	2.23B	2.37B	1.72B
Common Stock, Total	8.04B	8.75B	9.2B	9.63B	10.38B
Additional Paid In Capital	161M	30.21M	251M	305M	236M
Retained Earnings	2.94B	-522M	-390M	1.63B	2.86B
Comprehensive Income and Other	-5.97M	-16.47M	4M	-10M	1M
Total Common Equity	11.13B	8.24B	9.07B	11.56B	13.47B
Total Equity	11.13B	8.24B	9.07B	11.56B	13.47B
Total Liabilities And Equity	13.34B	10.76B	11.3B	13.92B	15.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.26B	1.28B	1.29B	1.29B	1.3B
ECS Total Common Shares Outstanding	1.26B	1.28B	1.29B	1.29B	1.3B
Book Value / Share	8.84	6.46	7.05	8.93	10.33
Tangible Book Value	10.64B	6.01B	8.61B	11.08B	12.95B
Tangible Book Value Per Share	8.45	4.72	6.69	8.56	9.93
Total Debt	1.17B	1.4B	1.15B	1.13B	188M
Net Debt	-6.62B	-3.69B	-3.89B	-5.1B	-6.63B
Debt Equivalent Oper. Leases	282M	378M	384M	328M	304M
Equity Method Investments, Total	-	-	780M	642M	602M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	73.74M	103M	63M	68M	69M
Full Time Employees	10K	11.6K	8.3K	8.1K	7.6K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	16M	17M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	2.91B	-3.46B	132M	2.02B	1.23B
Depreciation & Amortization - CF	41.83M	36.17M	32M	22M	18M
Amortization of Goodwill and Intangible Assets - (CF)	22.88M	54.35M	38M	14M	13M
Depreciation & Amortization, Total	64.71M	90.52M	70M	36M	31M
Amortization of Deferred Charges, Total - (CF)	3.94M	2.35M	-	-	-
(Gain) Loss From Sale Of Asset	-	-	1.34B	-	-
(Gain) Loss on Sale of Investments - (CF)	-2.86B	2.92B	-1.42B	-992M	153M
Asset Writedown & Restructuring Costs	30.14M	84.31M	38M	-	13M
(Income) Loss On Equity Investments - (CF)	-	-	58M	138M	40M
Stock-Based Compensation (CF)	331M	549M	615M	430M	449M
Other Operating Activities, Total	181M	-223M	-85M	151M	233M
Change In Accounts Receivable	-72.3M	-105M	-98M	-148M	-219M
Change In Accounts Payable	138M	36.54M	69M	110M	262M
Change in Unearned Revenues	309M	305M	60M	26M	19M
Change In Income Taxes	45.26M	-3.94M	-	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-581M	-332M	164M	-154M	-179M
Cash from Operations	504M	-136M	944M	1.62B	2.03B
Capital Expenditure	-50.79M	-50.02M	-39M	-19M	-26M
Cash Acquisitions	-59.63M	-1.75B	-31M	-30M	-56M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-2.24B	1.24B	-615M	-1.08B	-587M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-159M	-523M	-464M	-579M
Other Investing Activities, Total	-	-	-36M	3M	58M
Cash from Investing	-2.35B	-719M	-1.24B	-1.59B	-1.19B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-	-	-	-1.04B
Total Debt Repaid	-	-	-	-	-1.04B
Issuance of Common Stock	1.65B	17.55M	60M	61M	232M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	1.65B	17.55M	60M	61M	-811M
Foreign Exchange Rate Adjustments	-7M	-16.2M	4M	-6M	15M
Net Change in Cash	-201M	-854M	-236M	85M	47M
Supplemental Items
Cash Interest Paid	1.29M	1.15M	1M	1M	1M
Cash Income Tax Paid (Refund)	-10.47M	27.29M	50M	116M	194M
Levered Free Cash Flow	574M	230M	578M	861M	1.29B
Unlevered Free Cash Flow	574M	230M	578M	861M	1.29B
Change In Net Working Capital	10.57M	62.83M	230M	365M	354M
Net Debt Issued / Repaid	-	-	-	-	-1.04B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.25	-2.47	1.47	6.18	8.15
Return on Total Capital	2.42	-2.71	1.64	6.81	9.01
Return On Equity %	33.25	-35.73	1.53	19.58	9.84
Return on Common Equity	33.25	-35.73	1.53	19.58	9.84
Margin Analysis
Gross Profit Margin %	53.8	49.18	49.79	50.36	48.07
SG&A Margin	26.38	30.91	22.97	20.84	18.23
EBITDA Margin %	9.65	-6.88	4.67	14.45	16.69
EBITA Margin %	8.75	-7.52	4.22	14.2	16.54
EBIT Margin %	8.25	-8.49	3.68	14.04	16.42
Income From Continuing Operations Margin %	63.2	-61.79	1.87	22.74	10.65
Net Income Margin %	63.2	-61.79	1.87	22.74	10.65
Net Avail. For Common Margin %	63.2	-61.79	1.87	22.74	10.65
Normalized Net Income Margin	4.21	-5.99	2.58	8.32	9.06
Levered Free Cash Flow Margin	12.44	4.1	8.19	9.7	11.13
Unlevered Free Cash Flow Margin	12.44	4.1	8.19	9.7	11.13
Asset Turnover
Asset Turnover	0.44	0.46	0.64	0.7	0.79
Fixed Assets Turnover	17.97	14.22	22.31	61.88	82.25
Receivables Turnover (Average Receivables)	48.38	33.96	35.57	39.82	39.92
Inventory Turnover (Average Inventory)	-	-	-	195.91	255.36
Short Term Liquidity
Current Ratio	12.15	7.07	6.99	3.71	5.96
Quick Ratio	11.37	6.27	5.94	3.01	4.58
Operating Cash Flow to Current Liabilities	0.72	-0.16	1.05	0.83	1.46
Days Sales Outstanding (Average Receivables)	7.54	10.75	10.26	9.19	9.14
Days Outstanding Inventory (Average Inventory)	-	-	-	1.87	1.43
Average Days Payable Outstanding	38.78	41.54	37.48	30.01	28.31
Cash Conversion Cycle (Average Days)	-	-	-	-18.95	-17.73
Long Term Solvency
Total Debt/Equity	10.54	16.95	12.68	9.74	1.4
Total Debt / Total Capital	9.54	14.49	11.26	8.88	1.38
LT Debt/Equity	10.4	16.73	12.5	1.64	1.27
Long-Term Debt / Total Capital	9.41	14.31	11.09	1.5	1.25
Total Liabilities / Total Assets	16.54	23.41	19.76	16.99	11.3
EBIT / Interest Expense	108.93	-135.91	-	-	-
EBITDA / Interest Expense	137.56	-96.56	-	-	-
(EBITDA - Capex) / Interest Expense	123.02	-110.85	-	-	-
Total Debt / EBITDA	2.44	-4.13	3.04	0.85	0.1
Net Debt / EBITDA	-13.77	10.92	-10.29	-3.85	-3.37
Total Debt / (EBITDA - Capex)	2.73	-3.6	3.39	0.86	0.1
Net Debt / (EBITDA - Capex)	-15.4	9.51	-11.47	-3.91	-3.42
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	57.43	21.42	26.07	25.78	30.14
Gross Profit, 1 Yr. Growth %	60.95	11	27.63	27.23	24.22
EBITDA, 1 Yr. Growth %	89.73	-186.17	-186.16	288.79	50.35
EBITA, 1 Yr. Growth %	105.33	-204.01	-170.62	323.15	51.55
EBIT, 1 Yr. Growth %	119.15	-224.98	-154.62	379.62	52.21
Earnings From Cont. Operations, 1 Yr. Growth %	812.23	-218.72	-103.82	1.43K	-39.03
Net Income, 1 Yr. Growth %	812.23	-218.72	-103.82	1.43K	-39.03
Normalized Net Income, 1 Yr. Growth %	127.3	-272.62	-154.28	304.79	41.71
Diluted EPS Before Extra, 1 Yr. Growth %	784.34	-219.31	-103.76	1.41K	-39.35
Accounts Receivable, 1 Yr. Growth %	100.15	59.4	-4.43	29.9	29.76
Inventory, 1 Yr. Growth %	-	-	-	36.84	-19.23
Net Property, Plant and Equip., 1 Yr. Growth %	42.76	60.96	-69.75	-4.76	0.71
Total Assets, 1 Yr. Growth %	71.85	-19.36	5.04	23.23	9.08
Tangible Book Value, 1 Yr. Growth %	78.7	-43.48	43.19	28.73	16.85
Common Equity, 1 Yr. Growth %	73.94	-26	10.04	27.49	16.57
Cash From Operations, 1 Yr. Growth %	18.7	-125.47	-794.12	71.19	25.8
Capital Expenditures, 1 Yr. Growth %	21.7	-1.52	-22	-51.28	36.84
Levered Free Cash Flow, 1 Yr. Growth %	90.39	-59.95	149.14	48.9	49.33
Unlevered Free Cash Flow, 1 Yr. Growth %	92.3	-59.97	149.14	48.9	49.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	70.95	38.26	23.73	25.93	27.94
Gross Profit, 2 Yr. CAGR %	69.3	33.66	19.02	27.43	25.71
EBITDA, 2 Yr. CAGR %	125.2	28.1	-14.06	83.03	141.77
EBITA, 2 Yr. CAGR %	96.41	46.42	-14.22	72.86	153.23
EBIT, 2 Yr. CAGR %	81.13	65.5	-17.34	61.86	170.19
Earnings From Cont. Operations, 2 Yr. CAGR %	383.19	229.1	-78.72	-23.61	205.38
Net Income, 2 Yr. CAGR %	383.19	229.1	-78.72	-23.61	205.38
Normalized Net Income, 2 Yr. CAGR %	80.14	98.08	-3.09	48.22	139.51
Diluted EPS Before Extra, 2 Yr. CAGR %	355.38	224.83	-78.83	-24.68	206.59
Accounts Receivable, 2 Yr. CAGR %	75.48	78.61	23.53	11.42	29.83
Inventory, 2 Yr. CAGR %	-	-	-	-	5.13
Net Property, Plant and Equip., 2 Yr. CAGR %	10.74	51.59	-30.22	-46.33	-2.06
Total Assets, 2 Yr. CAGR %	95.52	17.72	-7.97	13.77	15.94
Tangible Book Value, 2 Yr. CAGR %	104.79	0.5	-10.04	35.77	22.65
Common Equity, 2 Yr. CAGR %	92.14	13.45	-9.76	18.44	21.91
Cash From Operations, 2 Yr. CAGR %	167.27	-43.34	32.75	244.71	46.75
Capital Expenditures, 2 Yr. CAGR %	-5.41	9.48	-12.37	-38.36	-18.35
Levered Free Cash Flow, 2 Yr. CAGR %	223.05	-12.68	0.42	92.6	49.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	223	-12.26	0.43	92.6	49.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	62.58	52.52	34.07	24.41	27.31
Gross Profit, 3 Yr. CAGR %	60.84	47.08	31.62	21.7	26.35
EBITDA, 3 Yr. CAGR %	86.44	63.69	12.04	42.13	71.41
EBITA, 3 Yr. CAGR %	67.65	59.11	14.9	46.02	65.44
EBIT, 3 Yr. CAGR %	60.56	60.06	14.41	48.54	58.57
Earnings From Cont. Operations, 3 Yr. CAGR %	256.09	202.64	-25.52	-11.52	-29.14
Net Income, 3 Yr. CAGR %	256.09	202.64	-25.52	-11.52	-29.14
Normalized Net Income, 3 Yr. CAGR %	68.88	77.6	28.76	56.07	46.02
Diluted EPS Before Extra, 3 Yr. CAGR %	234.7	191.39	-26.54	-12.2	-29.93
Accounts Receivable, 3 Yr. CAGR %	74.7	69.94	45.09	25.62	17.22
Net Property, Plant and Equip., 3 Yr. CAGR %	69.85	25.45	-11.42	-22.6	-33.8
Total Assets, 3 Yr. CAGR %	80.86	45.54	13.33	1.44	12.19
Tangible Book Value, 3 Yr. CAGR %	73.79	33.33	13.09	1.38	29.15
Common Equity, 3 Yr. CAGR %	74.62	39.8	12.3	1.26	17.81
Cash From Operations, 3 Yr. CAGR %	278.21	24.55	30.48	44.49	146.34
Capital Expenditures, 3 Yr. CAGR %	22.03	-4.13	-2.23	-27.94	-19.59
Levered Free Cash Flow, 3 Yr. CAGR %	1.15K	61.08	24.29	14.51	76.94
Unlevered Free Cash Flow, 3 Yr. CAGR %	1.15K	61.04	24.71	14.52	76.94
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	63.95	52.75	45.75	41.27	31.58
Gross Profit, 5 Yr. CAGR %	63.94	48.59	42.59	38.88	29.23
EBITDA, 5 Yr. CAGR %	78.44	68.19	36.87	70.98	52.4
EBITA, 5 Yr. CAGR %	63.05	56.27	28.33	64.54	57.61
EBIT, 5 Yr. CAGR %	59.24	57.44	23.12	60.8	61.34
Earnings From Cont. Operations, 5 Yr. CAGR %	141.67	144.02	15.38	74.48	30.96
Net Income, 5 Yr. CAGR %	141.67	144.02	15.38	74.48	30.96
Normalized Net Income, 5 Yr. CAGR %	54.47	68.09	35.24	65.29	65.04
Diluted EPS Before Extra, 5 Yr. CAGR %	122.4	130.77	10.94	69.6	29.41
Accounts Receivable, 5 Yr. CAGR %	90.17	69.03	52.08	43.59	38.78
Net Property, Plant and Equip., 5 Yr. CAGR %	45.87	57.36	19	-10.67	-7.79
Total Assets, 5 Yr. CAGR %	93.6	57.4	38.03	31.89	14.37
Tangible Book Value, 5 Yr. CAGR %	93.86	44.22	33.55	34.3	16.82
Common Equity, 5 Yr. CAGR %	93.49	52.43	34.1	30.83	16.05
Cash From Operations, 5 Yr. CAGR %	104.75	76.79	151.81	87.03	36.76
Capital Expenditures, 5 Yr. CAGR %	16.4	20.07	6.89	-19.66	-9.03
Levered Free Cash Flow, 5 Yr. CAGR %	329.2	90.28	355.2	73.38	33.68
Unlevered Free Cash Flow, 5 Yr. CAGR %	329.18	90.25	355.2	73.38	33.95