Shopify Inc. (SHOP) Cash Flow Statement
Where SHOP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.03B +25.8% vs 2024
- Capital expenditures
- $26.0M 0.2% of revenue
- Free cash flow
- $2.01B 17.4% margin
- Returned to shareholders
- —
- Change in cash
- $47.0M cash at year-end $1.54B
Cash from operations
$2.03B
Capital expenditures
−$26.0M
Investments (net)
−$488.0M
Acquisitions & other
−$676.0M
Other financing
−$811.0M
Currency & other
+$15.0M
Change in cash
$47.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SHOP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SHOP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $14.0M2016 | $2.03B2025 | +73.8%/yr | |
| Capital expenditures | $26.2M2016 | $26.0M2025 | −0.1%/yr | |
| Free cash flow | −$12.2M2016 | $2.01B2025 | — | |
| Free cash flow margin | −3.1%2016 | 17.4%2025 | +20.5 pts | |
| Operating cash flow / net income | 1.332020 | 1.652025 | +0.32 | |
| Stock-based compensation | $22.9M2016 | $449.0M2025 | +39.2%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 6.7%2016 | 0.2%2025 | −6.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHOP cash flow by activity
OperatingInvestingFinancingChange in cash
SHOP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SHOP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.23B | $2.02B | $132.0M | −$3.46B | $2.91B | $319.5M | −$124.8M | −$64.6M | −$40.0M | −$35.4M |
| Depreciation & amortization | $31.0M | $36.0M | $70.0M | $93.0M | $66.3M | $70.1M | $35.7M | $27.1M | $23.4M | $14.0M |
| Stock-based compensation | $449.0M | $430.0M | $615.0M | $549.0M | $330.8M | $246.9M | $158.5M | $95.7M | $49.2M | $22.9M |
| Change in working capital | −$117.0M | −$166.0M | $195.0M | −$99.0M | −$129.6M | −$93.7M | $18.1M | −$56.1M | −$25.7M | $12.2M |
| Other non-cash items | $439.0M | −$703.0M | −$68.0M | $2.78B | −$2.65B | −$117.8M | −$16.8M | $7.2M | $1.0M | $261,000 |
| Cash from operating activities | $2.03B | $1.62B | $944.0M | −$136.0M | $535.7M | $425.0M | $70.6M | $9.3M | $7.9M | $14.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$26.0M | −$19.0M | −$39.0M | −$50.0M | −$50.8M | −$42.0M | −$62.4M | −$41.5M | −$24.3M | −$26.2M |
| Investments (net) | −$488.0M | −$1.59B | −$1.24B | −$718.6M | −$2.24B | −$1.93B | −$569.5M | −$810.6M | −$527.2M | −$269.7M |
| Acquisitions & other investing | −$676.0M | $19.0M | $39.0M | $49.6M | −$90.9M | $42.0M | $62.4M | $41.5M | $24.3M | $26.2M |
| Cash from investing activities | −$1.19B | −$1.59B | −$1.24B | −$719.0M | −$2.38B | −$1.93B | −$569.5M | −$810.6M | −$527.2M | −$269.7M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | $61.0M | $60.0M | $17.5M | $1.65B | $2.65B | $736.4M | $1.07B | $574.8M | $228.6M |
| Net borrowing (repayment) | — | — | — | — | $0 | $908.0M | $908.0M | $908.0M | $908.0M | — |
| Shares issued | $0 | $0 | $0 | $0 | $1.54B | $2.58B | $688.0M | $1.04B | $0 | $0 |
| Other financing | −$811.0M | $0 | $0 | $451,000 | −$1.54B | −$2.58B | −$1.60B | −$1.95B | −$908.0M | $0 |
| Cash from financing activities | −$811.0M | $61.0M | $60.0M | $18.0M | $1.65B | $3.56B | $736.4M | $1.07B | $574.8M | $228.6M |
| Summary | ||||||||||
| Net change in cash | $47.0M | $85.0M | −$236.0M | −$854.0M | −$200.6M | $2.05B | $239.2M | $269.0M | $57.7M | −$26.1M |
| Cash at end of period | $1.54B | $1.50B | $1.41B | $1.65B | $2.50B | $2.70B | $649.9M | $410.7M | $141.7M | $84.0M |
| Free cash flow | $2.01B | $1.60B | $905.0M | −$186.0M | $484.9M | $383.0M | $8.2M | −$32.2M | −$16.4M | −$12.2M |
| Free cash flow margin | 17.4% | 18.0% | 12.8% | −3.3% | 10.5% | 13.1% | 0.5% | −3.0% | −2.4% | −3.1% |
| Capex / revenue | 0.2% | 0.2% | 0.6% | 0.9% | 1.1% | 1.4% | 4.0% | 3.9% | 3.6% | 6.7% |
| Operating cash flow / net income | 1.65 | 0.80 | 7.15 | — | 0.18 | 1.33 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.50B | −$581.0M | $743.0M | $264.0M | $920.9M | −$682.0M | $1.29B | $828.0M | $171.0M | −$273.0M | $657.0M | $718.0M |
| Depreciation & amortization | $7.0M | $7.0M | $7.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $10.0M | $10.0M | $10.0M | $13.0M |
| Stock-based compensation | $128.0M | $132.0M | $115.0M | $107.0M | −$7.0M | $114.0M | $109.0M | $110.0M | $106.0M | $105.0M | $98.0M | $102.0M |
| Change in working capital | −$1.0M | −$70.0M | −$6.0M | −$70.0M | −$36.1M | −$6.0M | −$27.0M | −$46.0M | −$72.0M | −$21.0M | $24.0M | −$27.0M |
| Other non-cash items | −$978.0M | $993.0M | −$134.0M | $204.0M | −$449.7M | $933.0M | −$768.0M | −$477.0M | $125.0M | $417.0M | −$341.0M | −$528.0M |
| Cash from operating activities | $658.0M | $481.0M | $725.0M | $513.0M | $436.1M | $367.0M | $615.0M | $423.0M | $340.0M | $238.0M | $448.0M | $278.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.0M | −$5.0M | −$10.0M | −$6.0M | −$6.1M | −$4.0M | −$4.0M | −$2.0M | −$7.0M | −$6.0M | −$2.0M | −$2.0M |
| Investments (net) | $796.0M | $620.0M | −$597.0M | $335.0M | −$252.0M | −$619.0M | −$661.0M | −$474.0M | −$424.0M | −$27.0M | −$346.0M | −$606.0M |
| Acquisitions & other investing | −$221.0M | −$305.0M | −$47.0M | $6.0M | $9.0M | $4.0M | −$921.0M | $2.0M | $7.0M | $6.0M | $2.0M | $2.0M |
| Cash from investing activities | $571.0M | $310.0M | −$654.0M | $335.0M | −$249.2M | −$619.0M | −$1.59B | −$474.0M | −$424.0M | −$27.0M | −$346.0M | −$606.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.42B | −$491.0M | — | — | $0 | $59.0M | $61.0M | $12.0M | — | — | — | $43.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.0M | $6.0M | −$938.0M | $24.0M | $44.4M | $0 | −$12.0M | −$6.0M | $3.0M | $3.0M | $17.0M | −$32.0M |
| Cash from financing activities | −$1.42B | −$485.0M | −$938.0M | $24.0M | $44.4M | $59.0M | $49.0M | $6.0M | $3.0M | $3.0M | $17.0M | $11.0M |
| Summary | ||||||||||||
| Net change in cash | −$192.0M | $303.0M | −$869.0M | $872.0M | $236.4M | −$189.0M | −$9.0M | −$34.0M | −$82.0M | $210.0M | $126.0M | −$324.0M |
| Cash at end of period | $1.66B | $1.85B | $1.54B | $2.41B | $1.55B | $1.31B | $1.50B | $1.51B | $1.54B | $1.62B | $1.41B | $1.29B |
| Free cash flow | $654.0M | $476.0M | $715.0M | $507.0M | $429.9M | $363.0M | $611.0M | $421.0M | $333.0M | $232.0M | $446.0M | $276.0M |
| Free cash flow margin | 18.3% | 15.0% | 19.5% | 17.8% | 16.0% | 15.4% | 21.7% | 19.5% | 16.3% | 12.5% | 20.8% | 16.1% |
| Capex / revenue | 0.1% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% | 0.1% | 0.1% |
| Operating cash flow / net income | 0.44 | — | 0.98 | 1.94 | 0.47 | — | 0.48 | 0.51 | 1.99 | — | 0.68 | 0.39 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SHOP cash generation
In fiscal 2025 (ended December 31, 2025), Shopify generated $2.0 billion of cash from operations (up 25.8%) and spent $26.0 million on capital expenditures, leaving free cash flow of $2.0 billion, 17.4% of revenue. Cash and equivalents rose by $47.0 million over the year.
Related: SHOP income statement, SHOP balance sheet. See the SHOP stock overview for the latest quote and news.
SHOP cash flow FAQ
What is Shopify's free cash flow?
Shopify's free cash flow was $2.0 billion in fiscal 2025: $2.0 billion of operating cash flow minus $26.0 million of capital expenditures It was $1.6 billion a year earlier..
How much cash does Shopify generate from operations?
Shopify generated $2.0 billion of cash from operating activities in fiscal 2025, 1.65 times its net income of $1.2 billion.
How much does Shopify spend on capital expenditures?
Shopify spent $26.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $19.0 million the year before.