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Shopify (SHOP)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Shopify Balance Sheet 2025-2011 | SHOP
Brief overview of Shopify 's financial position
The comparison uses five available annual reports from the 2016–2020 interval.
Assets advanced +1,482.5% to $7.8 billion from $490.6 million; annual growth near 99.4% reflects a fast increase in scale.
Asset growth of +1,482.5% came with a +1,601% rise in liabilities. Financial leverage became more prominent.
The equity ratio reached 82.5% from 83.7%. A high capital share reduces dependence on liabilities.
Net debt moved below zero to -$1.9 billion, reflecting surplus cash over debt.
Cash equals 34.8% of the balance sheet, compared with 17.1% five periods ago. This is the readily available cushion.
Retained earnings reached $15.3 million, changing +118.4% over the period. A positive accumulated result supports equity.
Overall picture
Shopify 's balance sheet looks resilient: assets are supported by substantial equity, while debt does not overwhelm financial flexibility.
Annual Balance Sheet Shopify
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-1.36 B | -1.29 B | -480 M | -718 M | - | -1.94 B | -498 M | -386 M | -125 M | -70.1 M | -98.8 M | -34.2 M | -83 M | - | - |
Long Term Debt |
171 M | 190 M | 916 M | 913 M | - | 758 M | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
17 M | 18 M | 17 M | 18 M | - | 10.1 M | 9.07 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
324 M | 410 M | 1.34 B | 1.66 B | 1.5 B | 924 M | 157 M | 25.3 M | 17.7 M | 13.6 M | 11.2 M | 7.69 M | 366 K | - | - |
Total Current Liabilities |
1.39 B | 1.96 B | 898 M | 856 M | 703 M | 438 M | 316 M | 139 M | 94.8 M | 66.5 M | 37.2 M | - | - | - | - |
Total Liabilities |
- | - | - | - | - | 1.36 B | 474 M | 164 M | 112 M | 80.1 M | 48.4 M | 27.5 M | 10.4 M | - | - |
Deferred Revenue |
300 M | 283 M | 302 M | 296 M | 217 M | 108 M | 56.7 M | 39.2 M | 30.7 M | 20.2 M | 12.7 M | 6.78 M | 4.15 M | - | - |
Retained Earnings |
2.86 B | 1.63 B | -390 M | -522 M | 2.94 B | 15.3 M | -304 M | -188 M | -123 M | -83.2 M | -47.9 M | -29.1 M | -6.75 M | - | - |
Total Assets |
15.2 B | 13.9 B | 11.3 B | 10.8 B | 13.3 B | 7.76 B | 3.49 B | 2.25 B | 1.11 B | 491 M | 244 M | 95.2 M | 95.8 M | - | - |
Cash and Cash Equivalents |
1.54 B | 1.5 B | 1.41 B | 1.65 B | - | 2.7 B | 650 M | 411 M | 142 M | 84 M | 110 M | 42 M | - | - | - |
Book Value |
15.2 B | 13.9 B | 11.3 B | 10.8 B | 13.3 B | 6.4 B | 3.02 B | 2.09 B | 1 B | 410 M | 195 M | 67.7 M | 85.4 M | - | - |
Total Shareholders Equity |
13.5 B | 11.6 B | 9.07 B | 8.24 B | 11.1 B | 6.4 B | 3.02 B | 2.09 B | 1 B | 410 M | 195 M | 67.7 M | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Shopify
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
181 M | 168 M | 163 M | 171 M | 176 M | 200 M | 200 M | 190 M | - | - | - | 916 M | 217 M | - | - | - | 247 M | - | - | - | 145 M | - | - | - | 143 M | - | - | - | 22.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
313 M | 326 M | 249 M | 324 M | 315 M | 359 M | 340 M | 410 M | - | - | - | 1.34 B | 1.34 B | - | - | - | 1.5 B | - | - | - | 924 M | - | - | - | 157 M | - | - | - | 25.3 M | - | - | - | 17.7 M | - | - | - | 13.6 M | - | - | - | 11.2 M | - | - | - | 7.69 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
345 M | 335 M | 321 M | 300 M | 300 M | 298 M | 295 M | 283 M | 290 M | 298 M | 296 M | 302 M | 302 M | - | - | - | 217 M | - | - | - | 108 M | - | - | - | 56.7 M | - | - | - | 39.2 M | - | - | - | 30.7 M | - | - | - | 20.2 M | - | - | - | 12.7 M | - | - | - | 6.78 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
4.24 B | 3.78 B | 2.28 B | 2.86 B | 2.12 B | 1.85 B | 947 M | 1.63 B | - | - | - | -390 M | -390 M | - | - | - | 2.94 B | - | - | - | 15.3 M | - | - | - | -304 M | - | - | - | -188 M | - | - | - | -123 M | - | - | - | -83.2 M | - | - | - | -47.9 M | - | - | - | -29.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
14.7 B | 14.5 B | 14.1 B | 15.2 B | 15 B | 14.6 B | 13.4 B | 13.9 B | - | - | - | 11.3 B | 11.3 B | - | - | - | 13.3 B | - | - | - | 7.76 B | - | - | - | 3.49 B | - | - | - | 2.25 B | - | - | - | 1.11 B | - | - | - | 491 M | - | - | - | 244 M | - | - | - | 95.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
1.87 B | 1.66 B | 1.85 B | 1.54 B | 2.41 B | 1.54 B | 1.31 B | 1.5 B | 1.51 B | 1.54 B | 1.62 B | 1.41 B | 1.41 B | - | - | - | 2.5 B | - | - | - | 2.7 B | - | - | - | 650 M | - | - | - | 411 M | - | - | - | 142 M | - | - | - | 84 M | - | - | - | 110 M | - | - | - | 42 M | - | - | - | 83.5 M | - | - | - | 17.7 M | - | - | - | - | - | - | - |
Book Value |
14.7 B | 14.5 B | 14.1 B | 15.2 B | 15 B | 14.6 B | 13.4 B | 13.9 B | - | - | - | 11.3 B | 11.3 B | - | - | - | 13.3 B | - | - | - | 7.76 B | - | - | - | 3.49 B | - | - | - | 2.25 B | - | - | - | 1.11 B | - | - | - | 491 M | - | - | - | 244 M | - | - | - | 95.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
12.7 B | 12.7 B | 12.5 B | 13.5 B | 12.5 B | 12.1 B | 11.1 B | 11.6 B | 10.1 B | 9.17 B | 8.89 B | 9.07 B | 9.07 B | - | - | - | 11.1 B | - | - | - | 6.4 B | - | - | - | 3.02 B | - | - | - | 2.09 B | - | - | - | 1 B | - | - | - | 410 M | - | - | - | 195 M | - | - | - | 67.7 M | - | - | - | 85.4 M | - | - | - | 18 M | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Shopify , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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