SHOPIFY INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
SHOP$146.61-3.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In US $ millions)
| Years ended | |||
|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |
| Cash flows from operating activities | |||
| Net income for the year | 1,231 | 2,019 | 132 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization and depreciation | 31 | 36 | 70 |
| Stock-based compensation | 449 | 430 | 615 |
| Impairment of right-of-use assets and leasehold improvements | 13 | — | 38 |
| Provision for transaction and loan losses | 230 | 148 | 80 |
| Deferred income tax (recovery) expense | (14) | 78 | (1) |
| Revenue related to non-cash consideration | (49) | (94) | (158) |
| Impairment on sales of Shopify's logistics businesses | — | — | 1,340 |
| Net loss (gain) on equity and other investments | 153 | (992) | (1,419) |
| Net loss on equity method investment | 40 | 138 | 58 |
| Realized loss on embedded derivative | 123 | — | — |
| Unrealized foreign exchange (gain) loss | (57) | 19 | (6) |
| Changes in operating assets and liabilities | |||
| Trade and other receivables | (219) | (148) | (98) |
| Merchant cash advances and related receivables, net | (141) | (82) | 214 |
| Other current and long-term assets | (38) | (72) | (50) |
| Accounts payable and accrued liabilities | 262 | 110 | 69 |
| Deferred revenue | 19 | 26 | 60 |
| Net cash provided by operating activities | 2,033 | 1,616 | 944 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (26) | (19) | (39) |
| Purchases of marketable securities | (7,040) | (8,396) | (5,841) |
| Maturities of marketable securities | 6,552 | 7,457 | 5,590 |
| Purchases and originations of loans | (4,014) | (3,006) | (1,861) |
| Repayments and sales of loans | 3,435 | 2,542 | 1,338 |
| Purchases of equity and other investments | (99) | (137) | (364) |
| Acquisition of businesses, net of cash acquired | (56) | (30) | (31) |
| Other | 58 | 3 | (36) |
| Net cash used in investing activities | (1,190) | (1,586) | (1,244) |
| Cash flows from financing activities | |||
| Proceeds from the exercise of stock options | 232 | 61 | 60 |
| Maturities of convertible senior notes | (1,043) | — | — |
| Net cash (used in) provided by financing activities | (811) | 61 | 60 |
| Effect of foreign exchange on cash, cash equivalents and restricted cash | 15 | (6) | 4 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 47 | 85 | (236) |
| Cash, cash equivalents and restricted cash – beginning of year | 1,498 | 1,413 | 1,649 |
| Cash, cash equivalents and restricted cash – end of year | 1,545 | 1,498 | 1,413 |
| Supplemental cash flow information: | |||
| Cash paid for income taxes, net | 194 | 116 | 50 |
| Cash paid for interest | 1 | 1 | 1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.