Shopify Inc.

SHOP.TOTSXTechnology● Active

$156.67

+$3.88(+2.54%)

Market Cap$203.3B

P/E Ratio—

52W High$253.1

52W Low$129.01

Avg Volume2.0M

Open$157.50

Beta2.59

Free Cash Flow Financials Revenue

Shopify Inc. (SHOP.TO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

SHOP.TO · free cash flow · updated Jun 8, 2026

Core FCF metrics

SHOP.TO · FCF · TTM · margin & CAGR

Free cash flow was $2.04B for FY2025 (fiscal year ending 2025-12-31), up 27.9% year-over-year The FCF margin was 17.4%. Five-year CAGR stands at +39.8%.

FY2025 Free Cash Flow$2.04B▲ +27.9% YoY

Trailing 12M (TTM)$2.12Btrailing 4 quarters sum

FCF Margin17.4%$2.04B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGR+39.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

SHOP.TO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.07B(26M)$2.04B▲ +27.9%17.4%

FY2024$1.62B(19M)$1.60B▲ +76.5%18.0%

FY2023$944.0M(39M)$905.0M▲ +586.6%12.8%

FY2022−$136.0M(50M)−$186.0M▼ 141.0%-3.3%

FY2021$504.4M(51M)$453.6M▲ +18.5%9.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

SHOP.TO · P/FCF · FCF yield · FCF per share

Shopify Inc. (SHOP.TO) trades at a FCF yield of 1.50% and a price-to-free-cash-flow ratio of 95.5x. FCF per share stands at $1.64, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.50%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.64

TTM FCF ÷ Shares Outstanding

Price / FCF

x95.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x66.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

SHOP.TO · cash flow statement · operating / investing / financing

For FY2025, Shopify Inc. generated $2.07B in operating cash flow and spent 26M in capital expenditures, yielding $2.04B in free cash flow.

Operating Activities

+$2.07B

Cash from core business operations

2025-12-31

Investing Activities

−$1.21B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$825.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.07B) − |CapEx| (26M) = FCF ($2.04B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

SHOP.TO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Shopify Inc.YOU

SHOP.TO

$2.04B+27.9%17.4%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Shopify Inc. (SHOP.TO) reported free cash flow of $2.04B for FY2025 (fiscal year ending 2025-12-31), up 27.9% year-over-year. The FCF margin was 17.4%.

Based on available data, Shopify Inc. has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $2.04B in FY2025. The 5-year CAGR stands at +39.8%.

Shopify Inc.'s FCF yield is 1.50% and price-to-FCF ratio is 95.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

SHOP.TO free cash flow · 8 questions

Shopify Inc. free cash flow was $2.04B for FY2025, up 27.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.12B.

SHOP.TO free cash flowSHOP.TO FCFSHOP.TO FCF 2025SHOP.TO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Shopify Inc. · Shopify Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026