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Shopify cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$816M in Q3 2026 · $2.7B over twelve months

Operating cash flow$818M
Capital spending−$2.0M
Free cash flow+$816M
Cash / net income1.8×

Analysis

In Q3 2026, Shopify generated $818M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $816M. That is $309M more than in Q3 2025 ($507M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were other financing ($3.5B), capital spending ($21.0M), acquisitions ($5.0M); besides operations, cash came from other investing ($193M), shares issued ($129M); the cash balance fell by $546M.

Operating cash flow was $818M against net income of $462M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$140M, other operating capital +$84.0M, depreciation & amortization +$7.0M.

Free cash flow

Shopify: free cash flow by quarterShopify: free cash flow by quarter$611MQ4 2024$363MQ1 2025$422MQ2 2025$507MQ3 2025$715MQ4 2025$476MQ1 2026$654MQ2 2026$816MQ3 2026
Operating cash flow less capital spending.
Shopify: operating cash flow against capital spendingShopify: operating cash flow against capital spendingOperating cash flowCapital spending$615M$4.0MQ4 2024$367M$4.0MQ1 2025$428M$6.0MQ2 2025$513M$6.0MQ3 2025$725M$10.0MQ4 2025$481M$5.0MQ1 2026$658M$4.0MQ2 2026$818M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $818M, Capital spending $2.0M.

Capital allocation, year by year

Shopify: where the cash came from (up) and went (down), by fiscal yearShopify: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $536MFY2021: Shares issued $1.6BFY2021: Capital spending −$50.8MFY2021: Acquisitions −$59.6M$2.2BFY2021FY2022: Operating cash flow −$136MFY2022: Shares issued $18.0MFY2022: Capital spending −$50.0MFY2022: Acquisitions −$1.8B$18.0MFY2022FY2023: Operating cash flow $944MFY2023: Shares issued $60.0MFY2023: Capital spending −$39.0MFY2023: Acquisitions −$31.0M$1.0BFY2023FY2024: Operating cash flow $1.6BFY2024: Shares issued $61.0MFY2024: Capital spending −$19.0MFY2024: Acquisitions −$30.0M$1.7BFY2024FY2025: Operating cash flow $2.0BFY2025: Net borrowing −$1.0BFY2025: Shares issued $232MFY2025: Capital spending −$26.0MFY2025: Acquisitions −$56.0M$2.3BFY2025
Over these 5 years operating cash flow totalled $5.0B; the largest uses were acquisitions ($1.9B) and net borrowing ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.7B
Debtnone
Net cash$4.7B

Shopify funds itself: free cash flow was $2.7B over the last twelve months, with $4.7B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Shopify: sources (+) and uses (−) of cash, Q3 2026Shopify: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$818MBuybacks−$562MCash drawn (+) / kept (−)−$212MOther investing−$53.0MShares issued$15.0MAcquisitions−$5.0MCapital spending−$2.0MExchange rates$1.0M
Shopify: sources (+) and uses (−) of cash, TTM to Q3 2026Shopify: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$3.5BOperating cash flow$2.7BCash drawn (+) / kept (−)$546MOther investing$193MShares issued$129MCapital spending−$21.0MExchange rates−$8.0MAcquisitions−$5.0M

From profit to cash

Shopify: net income to operating cash flow, Q3 2026Shopify: net income to operating cash flow, Q3 2026Net income$462MDepreciation & amortization$7.0MStock-based pay$140MOther operating capital$84.0MOperating cash flow$818M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$818M−$2.0M−$5.0M−$562M$15.0M−$212M$816M
Q2 2026$658M−$4.0M—−$1.4B$3.0M$192M$654M
Q1 2026$481M−$5.0M—−$491M$6.0M−$303M$476M
Q4 2025$725M−$10.0M——$105M$869M$715M
Q3 2025$513M−$6.0M——$24.0M−$872M$507M
Q2 2025$428M−$6.0M——$44.0M−$233M$422M
Q1 2025$367M−$4.0M−$56.0M—$59.0M$189M$363M
Q4 2024$615M−$4.0M——$49.0M$9.0M$611M

Shopify: income statement and cash flow

Shopify, Q3 2026: revenue $3.7B (+32% year over year), operating margin 15.2%. The chart follows the revenue to costs, profit and cash.

Shopify: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.