Shopify Inc. (SHOP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 474.34M | 725M | 513M | 436.08M | 367M | 615M | 423M | 340M | 238M | 448M | 278M | 118M | 100M | 255.38M | -134M | -75M | -25M | 260.46M | 41.87M | 66.42M |
| Operating CF Margin % | 14.96% | 19.74% | 18.04% | 16.27% | 15.55% | 21.87% | 19.57% | 16.63% | 12.79% | 20.9% | 16.22% | 6.97% | 6.63% | 14.72% | -9.81% | -5.79% | -2.08% | 18.87% | 3.73% | 5.93% |
| Operating CF Growth % | 29.25% | 17.89% | 21.28% | 28.26% | 54.2% | 37.28% | 52.16% | 188.14% | 138% | 75.42% | 307.46% | 257.33% | 500% | -1.95% | -420.07% | -212.92% | -118.43% | 6.15% | -53.15% | -62.09% |
| Net Income | 0 | 743M | 264M | 920.93M | -682M | 1.29B | 828M | 171M | -273M | 657M | 718M | -1.31B | 68M | -623.69M | -159M | -1.2B | -1.47B | -371.31M | 1.15B | 879.09M |
| Depreciation & Amortization | 0 | 7M | 8M | 8.13M | 8M | 8M | 8M | 10M | 10M | 10M | 13M | 17M | 30M | 29.82M | 29M | 16M | 17M | 22.24M | 13.6M | 14.66M |
| Stock-Based Compensation | 0 | 115M | 107M | -7M | 114M | 109M | 110M | 106M | 105M | 98M | 102M | 280M | 135M | 141.74M | 150M | 139M | 118M | 98.31M | 81.34M | 81.96M |
| Deferred Taxes | 0 | 22M | -5M | 103.86M | -129M | 72M | 3M | 2M | 1M | -3M | -1M | 2M | 1M | -5.34M | -1M | 4M | -184M | -115.89M | 178.5M | 27.39M |
| Other Non-Cash Items | 543.37M | -162M | 209M | -553.74M | 1.06B | -840M | -480M | 123M | 416M | -338M | -527M | 1.04B | -238M | 531.13M | -170M | 1.02B | 1.58B | 508.25M | -1.32B | -782.92M |
| Working Capital Changes | -69.03M | 0 | -70M | -36.11M | -6M | -27M | -46M | -72M | -21M | 24M | -27M | 94M | 104M | 181.72M | 17M | -52M | -87M | 118.85M | -63.76M | -153.77M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195.46M | -170.42M | -121.66M | -31.29M | -42.03M | -122.02M | -176.43M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 305.71M | -654M | 335M | -249.16M | -619M | -661M | -474M | -424M | -27M | -346M | -606M | -273M | -19M | 2M | -1.83B | 983M | -32M | 20.11M | -240.67M | -508.85M |
| Capital Expenditures | 0 | -10M | -6M | -6.13M | -4M | -4M | -2M | -7M | -6M | -2M | -2M | -21M | -14M | -7.62M | -14M | -12M | -16M | -25.98M | -11.36M | -8.26M |
| CapEx % of Revenue | 0.16% | 0.27% | 0.21% | 0.23% | 0.17% | 0.14% | 0.09% | 0.34% | 0.32% | 0.09% | 0.12% | 1.24% | 0.93% | 0.44% | 1.02% | 0.93% | 1.33% | 1.88% | 1.01% | 0.74% |
| Acquisitions | 0 | 0 | 0 | 1.06M | -56M | -26M | -8M | -132M | -1M | -260M | 0 | -14M | -121M | -5.02M | -1.78B | -146M | -454M | -17.49M | -290.49M | -195.32M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 305.71M | -31M | -147M | -177.96M | -168M | -102M | -215M | -114M | -30M | -13M | -159M | -204M | -183M | -158.68M | -80M | -50M | -28M | 0 | 0 | 0 |
| Cash from Financing | -478.28M | -938M | 24M | 44.43M | 59M | 49M | 6M | 3M | 3M | 17M | 11M | 26M | 6M | 6.29M | 3M | 2M | 6M | 36.15M | 29.15M | 20.36M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -478.28M | 0 | 23.29M | 44.43M | 58.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -484.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -938M | 710.4K | 0 | 0 | 49M | 6M | 3M | 3M | 17M | 11M | 26M | 6M | 6.29M | 3M | 2M | 6M | 36.15M | 29.15M | 20.36M |
| Net Change in Cash | 311.89M | -869M | 872M | 236.37M | -189M | -9M | -34M | -82M | 210M | 126M | -324M | -127M | 89M | 271.08M | -1.97B | 899M | -51M | 313.38M | -175.06M | -420.9M |
| Free Cash Flow | 469.41M | 715M | 507M | 429.94M | 363M | 611M | 421M | 333M | 232M | 446M | 276M | 97M | 86M | 247.76M | -148M | -87M | -41M | 234.48M | 30.5M | 58.16M |
| FCF Margin % | 14.81% | 19.47% | 17.83% | 16.04% | 15.38% | 21.73% | 19.47% | 16.28% | 12.47% | 20.8% | 16.1% | 5.73% | 5.7% | 14.28% | -10.83% | -6.72% | -3.41% | 16.99% | 2.71% | 5.2% |
| FCF Growth % | 29.31% | 17.02% | 20.43% | 29.11% | 56.47% | 37% | 52.54% | 243.3% | 169.77% | 80.01% | 286.49% | 211.49% | 309.76% | 5.66% | -585.18% | -249.59% | -131.42% | -1.89% | -61.54% | -65.08% |
| FCF per Share | 0.36 | 0.55 | 0.39 | 0.33 | 0.28 | 0.47 | 0.32 | 0.26 | 0.18 | 0.34 | 0.21 | 0.08 | 0.07 | 0.19 | -0.12 | -0.07 | -0.03 | 0.19 | 0.02 | 0.05 |
| FCF Conversion (FCF/Net Income) | -0.82x | 0.98x | 1.94x | 0.48x | -0.54x | 0.48x | 0.51x | 1.99x | -0.87x | 0.68x | 0.39x | -0.09x | 1.47x | -0.41x | 0.84x | 0.06x | 0.02x | -0.70x | 0.04x | 0.08x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 575K | 0 | 1M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 23M | 61M | 27M | 53M | 14M | 0 | 0 | 24M | 5M | 11M | 10M | 1.18M | 1M | 15M | 10M | 0 | 6.91M | 15.28M |