Shopify (SHOP) Free Cash Flow (2024 - 2026)
Shopify (SHOP) recorded Free Cash Flow of $654 million in Q2 2026, up 55.0% from $422 million a year earlier and up 37.4% 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 $2.35 billion as of Jun 30, 2026, up 29.4% 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%).
- Quarterly Free Cash Flow has ranged from $232 million in Q1 2024 to $715 million in Q4 2025 over the past five years.
- On a year-over-year basis, Free Cash Flow has increased for six consecutive quarters, with growth averaging 34.5% over the last six quarters.
- Per Business Quant, the preceding three quarters came in at $476 million (Q1 2026), $715 million (Q4 2025) and $507 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,139.30 Bn | 3,896.82 Bn | 73.85 Bn | -5.86 Bn |
| 2 | Meta Platforms | 1,802.48 Bn | 1,505.00 Bn | 49.47 Bn | 1.75 Bn |
| 3 | Netflix | 295.38 Bn | 255.58 Bn | 6.52 Bn | 1.53 Bn |
| 4 | Alibaba Group Holding | 253.00 Bn | 66.78 Bn | 15.11 Bn | 13.31 Bn |
| 5 | Shopify | 219.40 Bn | 196.59 Bn | 1.71 Bn | 654.00 Mn |
| 6 | Uber Technologies | 143.37 Bn | 115.17 Bn | 6.38 Bn | 2.79 Bn |
| 7 | Booking Holdings | 125.53 Bn | 58.58 Bn | - | 3.64 Bn |
| 8 | PDD Holdings | 113.03 Bn | -130.74 Bn | 9.45 Bn | 3.77 Bn |
| 9 | Spotify Technology | 108.69 Bn | 66.19 Bn | 1.86 Bn | 971.73 Mn |
| 10 | Airbnb | 102.92 Bn | 56.15 Bn | 2.98 Bn | 1.27 Bn |
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();