Shopify (SHOP) Free Cash Flow (2024 - 2026)
Shopify (SHOP) posted Free Cash Flow of $654.0 million for Q2 2026, up 37.39% on a QoQ basis from $476.0 million in Q1 2026, and up 54.98% year-over-year from $422.0 million in Q2 2025.
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Analysis
Shopify (SHOP) Free Cash Flow (2024 - 2026) Analysis & Trends
Shopify has reported Free Cash Flow for 3 years, with the latest figure at $654.0 million in Q2 2026.
- On a quarterly basis, Free Cash Flow rose 54.98% year-over-year to $654.0 million in Q2 2026; TTM through Jun 2026 was $2.4 billion, a 29.44% increase from a year earlier, with the FY2025 full-year figure at $2.0 billion, up 25.67% from the prior year.
- Free Cash Flow was $654.0 million for Q2 2026 at Shopify, up from $476.0 million in the prior quarter.
- The five-year high for Free Cash Flow was $715.0 million in Q4 2025, with the low at $232.0 million in Q1 2024.
- Average Free Cash Flow over 3 years is $473.4 million, with a median of $449.0 million recorded in 2025.
- The largest YoY upside for Free Cash Flow was 56.47% in 2025 against a maximum downside of 17.02% in 2025.
- Over 3 years, Free Cash Flow stood at $611.0 million in 2024, then advanced by 17.02% to $715.0 million in 2025, then slipped by 8.53% to $654.0 million in 2026.
- The last three Free Cash Flow figures came in at $654.0 million (Q2 2026), $476.0 million (Q1 2026), and $715.0 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn | -5.86 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn | 1.75 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn | 1.53 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn | 3.37 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn | 654.00 Mn |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn | 2.79 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - | 3.64 Bn |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn | 3.77 Bn |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn | 971.73 Mn |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn | 869.04 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 654.00 Mn |
| Mar 31, 2026 | 476.00 Mn |
| Dec 31, 2025 | 715.00 Mn |
| Sep 30, 2025 | 507.00 Mn |
| Jun 30, 2025 | 422.00 Mn |
| Mar 31, 2025 | 363.00 Mn |
| Dec 31, 2024 | 611.00 Mn |
| Sep 30, 2024 | 421.00 Mn |
| Jun 30, 2024 | 333.00 Mn |
| Mar 31, 2024 | 232.00 Mn |
API Access
Shopify Free Cash Flow API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=free-cash-flow&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=free-cash-flow&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();