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Financials

Shopify Inc. (SHOP) Financial Statements: Income, Balance Sheet & Cash Flow

Revenue, profitability, balance-sheet strength, and cash generation for SHOP. SEC filings, statements through Jun 30, 2026.

Section freshness

Prices as of Sep 21, 4:00 PM EDT · Fundamentals checked Sep 22, 12:05 AM EDT · Statements Jun 30, 2026

Market pulse

$137.92

SHOP

+7.33%

Day range

$126.39 - $138.03

Market cap

$178.97B

Volume

16M

Last tick

Sep 21, 4:00 PM EDT

52-week position

50%

$94.00 - $182.19

Financial read

SHOP latest financial snapshot.

Start with the latest reported values below. Deeper quarterly and annual statement tables follow when supplied.

Net income

$1.50B

+358.5% QoQ

Free cash flow

$654.00M

+37.4% QoQ

Balance sheet coverage

SHOP balance sheet summary

Assets, liabilities, liquidity, debt, and equity sit beside income and cash-flow tables so the statement history reads as one model-ready dataset.

13 quarterly · 2 annual rows · Market data source · as of 2026-06-30

Open balance sheet table

Latest period

Q2 FY2026

13 quarterly · 2 annual rows

Assets / liabilities

$14.47B

Liabilities —

Cash / debt

$1.66B

Net cash —

Equity / working capital

$12.68B

Working capital $6.36B

Financial statements

SHOP statement coverage.

Income statement, balance sheet, and cash-flow figures for SHOP, with quarterly and annual history in the tables below.

Data last updated

Jun 29, 2026

Income periods

Balance-sheet periods

Cash-flow periods

Quarterly and annual SHOP statements, sourced from SEC filings, statements through Jun 30, 2026.

Financial statement period

SHOP statement history

SEC filings, statements through Jun 30, 2026 · Data last updated: Jun 29, 2026

ProfitabilityIncome statementRevenue, expenses, margins, and income quality10 quarterly periods Capital structureBalance sheetAssets, liabilities, debt, equity, and share count13 quarterly periods Cash generationCash flowOperating cash flow, CapEx, FCF, buybacks, and dividends10 quarterly periods

Income statement

Quarterly and annual rows for revenue, operating leverage, earnings quality, and margin direction.

8 / 10 Quarterly

Period	Gross profit	Operating income	Net income	Net income QoQ
Q2 FY2026	$1.71B	$488.00M	$1.50B	+358.5%
Q1 FY2026	$1.55B	$382.00M	-$581.00M	-178.2%
Q4 FY2025	$1.69B	$631.00M	$743.00M	+181.4%
Q3 FY2025	$1.39B	$343.00M	$264.00M	-70.9%
Q2 FY2025	$1.30B	$291.00M	$906.00M	+232.8%
Q1 FY2025	$1.17B	$203.00M	-$682.00M	-152.7%
Q4 FY2024	$1.35B	$465.00M	$1.29B	+56.2%
Q3 FY2024	$1.12B	$283.00M	$828.00M	+384.2%

Balance sheet

Balance-sheet history for assets, liabilities, liquidity, debt, equity, and shares outstanding.

8 / 13 Quarterly

Period	Cash	Current assets	Current liabilities	Total assets	Total equity
Q2 FY2026	$1.66B	$7.82B	$1.46B	$14.47B	$12.68B
Q1 FY2026	$1.85B	$8.49B	$1.37B	$14.12B	$12.50B
Q4 FY2025	$1.54B	$8.30B	$1.39B	$15.19B	$13.47B
Q3 FY2025	$2.41B	$8.71B	$2.21B	$15.04B	$12.51B
Q2 FY2025	$1.54B	$8.00B	$2.08B	$14.56B	$12.12B
Q1 FY2025	$1.31B	$7.45B	$2.01B	$13.40B	$11.05B
Q4 FY2024	$1.50B	$7.25B	$1.96B	$13.92B	$11.56B
Q3 FY2024					$10.12B

Cash flow

Operating cash generation, capital expenditure, free cash flow, buybacks, dividends, and cash movement.

8 / 10 Quarterly

Period	Operating cash flow	CapEx	Free cash flow	Net income	Buybacks	FCF QoQ
Q2 FY2026	$658.00M	$4.00M	$654.00M	$1.50B	$1.42B	+37.4%
Q1 FY2026	$481.00M	$5.00M	$476.00M	-$581.00M	$491.00M	-33.4%
Q4 FY2025	$725.00M	$10.00M	$715.00M	$743.00M		+41.0%
Q3 FY2025	$513.00M	$6.00M	$507.00M	$264.00M		+20.1%
Q2 FY2025	$428.00M	$6.00M	$422.00M	$906.00M	—	+16.3%
Q1 FY2025	$367.00M	$4.00M	$363.00M	-$682.00M	—	-40.6%
Q4 FY2024	$615.00M	$4.00M	$611.00M	$1.29B		+45.1%
Q3 FY2024	$423.00M	$2.00M	$421.00M	$828.00M		+26.4%

Valuation and returns

Enterprise value: $177.32B; TECHi computed

Return on equity: 15.20%; Market data source · as of 2026-09-21

Return on assets: 13.32%; Market data source · as of 2026-09-21

Ratio values use provider-attributed fields when available and otherwise fall back to TECHi statement math from the visible rows on this page.

Annual revenue and income multiples

Annual sales and income multiple reads use the latest annual statement when available, then fall back to trailing-twelve-month statement math from the visible quarterly rows.

Annual income base: $1.23B; Annual statement 2025-12-31

Market cap / annual income: 145.39; Live market value divided by annual net income

Annual sales and income multiple

EV / annual operating income120.79

Market capitalization bridge

Market cap / annual income145.39

TTM valuation multiples

TTM EBIT: $1.84B; TTM operating income

Live market value is matched against trailing-twelve-month statement bases first so the multiple moves with the tape instead of anchoring to stale fiscal-year rows.

Profit multiples

Market cap / TTM net income92.83

EV / TTM EBIT96.16

Revenue, net income, and free cash flow

Net income$1.50BFree cash flow$654.00M

Q1 FY2025Q4 FY2025Q2 FY2026

Quarterly statement rows, shown on one common dollar scale so margin compression and cash conversion stand out quickly.

Efficiency

Net income / employee: $253,684.211; TTM net income divided by employees

FCF / employee: $309,473.684; TTM free cash flow divided by employees

Market cap / employee: $23.55M; Live value per employee

Growth vs cost pressure

Operating expense growth YoY+20.7%

Cash conversion

FCF / EBITi1.28

TTM free cash flow / TTM operating income

Latest quarter expense mix

Cost of revenue$1.88B

Operating expenses$1.22B

R&D$445.00M

Profit bridge

EBIT$488.00M

Tax expense$273.00M

Other income statement lines

Income tax expense$273.00M

Balance sheet · Q2 FY2026

Cash & equivalents: $1.66B

Total equity: $12.68B

Balance sheet detail

Current assets: $7.82B

Current liabilities: $1.46B

Property, plant & equipment: $53.00M

Debt and liquidity

Quick ratioi1.13

Cash + short-term investments + receivables / current liabilities

Cash generation

Operating cash flow: $658.00M

Capital expenditure: $4.00M

Free cash flow: $654.00M

Capital returned: $1.42B; Buybacks + dividends paid

Cash-flow detail

Depreciation & amortization: $7.00M

Investing cash flow: $571.00M

Financing cash flow: -$1.42B

Stock issuance: $3.00M; Common stock issued

Buybacks: $1.42B

Net buybacks: $1.42B; Repurchases less stock issuance

Cash flow read

SHOP runs cash-flow positive.

SHOP is generating $654.00M of free cash, which funds buybacks ($1.42B) and dividends (—) without leaning on the balance sheet. Watch the gap between FCF and net income — a widening gap is usually working-capital noise; a persistent gap is a signal.

Frequently asked

Common questions.

What financial data is available for SHOP?

TECHi shows Shopify Inc.'s income statement, balance sheet, and cash-flow statement by reported period, with each figure attributed to its source. Line items the company does not report are left blank rather than estimated.

How current are SHOP's financial statements?

Each SHOP statement is labelled with its reported period and source, so you can see exactly which quarter or fiscal year a figure covers and when the data was last updated.

How to use this page

Use this to decide whether the business supports the valuation.

Best for Revenue quality, margins, cash conversion, debt, and filing cadence.

Weak when One-time items or old filings dominate the most recent reported figures.

Street view

Buy

Target $172.77 · +25.27%i

Buy

77%

Hold

21%

Sell

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