Shopify (SHOP) Free Cash Flow (2024 - 2026)
Shopify (SHOP) recorded Free Cash Flow of $816 million in Q3 2026, up 60.9% from $507 million a year earlier and up 24.8% from the prior quarter.
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Analysis
Shopify (SHOP) Free Cash Flow (2024 - 2026) Analysis & Trends
On a TTM basis, Shopify's Free Cash Flow came in at $2.66 billion as of Sep 30, 2026, up 39.8% year-over-year; for FY2025, it came in at $2.01 billion, up 25.7% from FY2024.
- Annual Free Cash Flow has a five-year compound annual growth rate of 39.3% (FY2020 to FY2025).
- Across earlier years, Free Cash Flow came in at $1.6 billion in FY2024 (+76.5%), $905 million in FY2023, -$186 million in FY2022 and $484.92 million in FY2021 (+26.5%).
- The Q3 2026 figure is the highest quarterly Free Cash Flow in data going back to Q1 2024.
- On a year-over-year basis, Free Cash Flow has increased for seven consecutive quarters, with growth averaging 38.2% over the last seven quarters.
- Per Business Quant, the preceding three quarters came in at $654 million (Q2 2026), $476 million (Q1 2026) and $715 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | -9.07 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | -1.16 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 2.88 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 13.35 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 816.00 Mn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 2.54 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 1.43 Bn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 858.22 Mn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 1.07 Bn |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 3.77 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 816.00 Mn |
| 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();