0001594805-26-000019 | 10-Q | XBRL Viewer

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Deferred Revenue - Gross Changes in Deferred Revenue Associated with Non-Cash Consideration Received (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in Contract with Customer, Liability [Roll Forward]
Balance, beginning of the period	$ 141	$ 190
Revenue recognized related to non-cash consideration	(12)	(13)
Balance, end of the period	129	177
Current portion	49	49
Long-term portion	80	128
Deferred revenue, non-cash consideration	$ 129	$ 177

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies and no material updates in the Company's assessment of the recent accounting pronouncements not yet adopted during the three months ended March 31, 2026, as compared to the significant accounting policies described in the Company’s annual consolidated financial statements for the year ended December 31, 2025. Use of Estimates The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other investments in private companies, including revenue growth rates and revenue multiples based on market comparables; estimates involved in our equity method investment; probabilities of achieving performance milestones associated with non-cash revenue consideration from strategic partnerships; the probability and amount of loss contingencies; and judgments involved in uncertain tax positions. Concentration of Credit Risk The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables. Equity and Other Investments Risk The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates. The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments. Foreign Exchange Risk The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations. While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in Euros ("EUR"), British pound sterling ("GBP") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies. Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.

Basis of Presentation and Consolidation	3 Months Ended
Basis of Presentation and Consolidation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its directly and indirectly held wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. These unaudited condensed consolidated financial statements of the Company have been presented in U.S. dollars ("USD") and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of its financial position, results of operations and comprehensive loss, changes in shareholders' equity and cash flows for the interim periods. These unaudited quarterly condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and related notes included in Item 15 in the Company's 2025 Form 10-K. The consolidated balance sheet at December 31, 2025 is derived from the audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. The quarterly results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year.

Deferred Revenue - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Jan. 01, 2025
Disaggregation of Revenue [Line Items]
Current portion	$ 321	$ 300	$ 295	$ 283
Long-term portion	$ 86	$ 98	$ 135	$ 147
Minimum
Disaggregation of Revenue [Line Items]
Remaining term o f contract	2 years
Minimum \| Strategic Partnerships
Disaggregation of Revenue [Line Items]
Remaining term o f contract	2 years
Maximum
Disaggregation of Revenue [Line Items]
Remaining term o f contract	3 years
Maximum \| Strategic Partnerships
Disaggregation of Revenue [Line Items]
Remaining term o f contract	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation and Loss Contingencies From time to time, the Company may become a party to litigation and subject to claims incidental to the ordinary course of business, including intellectual property claims, labor and employment claims and threatened claims, breach of contract claims, tax and other matters. The Company records accruals for loss contingencies when losses are probable and reasonably estimable. The Company currently has no material pending litigation or claims. The Company is not aware of any litigation matters or loss contingencies that would be expected to have a material adverse effect on the business, condensed consolidated financial position, results of operations or cash flows.

Loans and Merchant Cash Advances (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Loans and Merchant Cash Advances

Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Unbilled revenues, net	219	229
Trade receivables, net	99	98
Indirect taxes receivable	71	109
Accrued interest	34	39
Other receivables	26	25
	449	500

Activity in the allowance for credit losses was as follows for the three months ended:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	17	16
Provision for credit losses related to uncollectible receivables	6	7
Write-offs	(4)	(7)
Balance, end of the period	19	16


	March 31, 2026	December 31, 2025

	(in US $ millions)
Loans receivable, gross(1)	1,895	1,621
Allowance for credit losses related to uncollectible loans receivable	(182)	(160)
Merchant cash advances receivable, gross	422	358

Allowance for credit losses related to uncollectible merchant cash advances receivable	(38)	(35)
Loans and merchant cash advances, net	2,097	1,784

(1) Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).

Schedule of Allowance for Credit Losses

The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2026 and 2025:


	Three months ended
	March 31, 2026	March 31, 2025

	(in US $ millions)
Allowance, beginning of the period	160	110
Provision for credit losses related to uncollectible loans receivable	63	40
Loans receivable charged off, net of recoveries	(41)	(21)
Allowance, end of the period	182	129

The following table summarizes the activities of the Company's allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2026 and 2025:


	Three months ended
	March 31, 2026	March 31, 2025
	(in US $ millions)
Allowance, beginning of the period	35	31
Provision for credit losses related to uncollectible merchant cash advances receivable	10	6
Merchant cash advances receivable charged off, net of recoveries	(7)	(4)
Allowance, end of the period	38	33

Schedule of Delinquency Status

The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date.


	March 31, 2026
	Year of origination
	2026	2025	2024	Total	Percent
	(in US $ millions)
Current	1,022	708	5	1,735	91.6	%
30-89 Days	—	20	2	22	1.2	%

90-179 Days	—	21	4	25	1.3	%
180+ Days	—	91	22	113	5.9	%
Total	1,022	840	33	1,895	100.0	%


	December 31, 2025
	Year of origination
	2025	2024	Total	Percent
	(in US $ millions)
Current	1,473	17	1,490	91.9	%
30-89 Days	14	5	19	1.2	%
90-179 Days	14	6	20	1.2	%
180+ Days	63	29	92	5.7	%
Total	1,564	57	1,621	100.0	%

Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Location

The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:


	Three months ended March 31,
	2026			2025

	(in US $ millions, except percentages)
North America
United States	2,001	63	%	1,499	64	%
Canada	147	5	%	119	5	%
Europe	653	21	%	461	20	%
APAC	312	10	%	240	10	%
Rest of World	57	1	%	41	1	%

Total Revenue	3,170	100	%	2,360	100	%

Loans and Merchant Cash Advances - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance, beginning of the period	$ 160	$ 110
Provision for credit losses related to uncollectible loans receivable	63	40
Loans receivable charged off, net of recoveries	(41)	(21)
Allowance, end of the period	182	129
Merchant cash advances
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance, beginning of the period	35	31
Provision for credit losses related to uncollectible loans receivable	10	6
Loans receivable charged off, net of recoveries	(7)	(4)
Allowance, end of the period	$ 38	$ 33

Financial Instruments - Schedule of Adjusted to Equity and Other Investments with Readily Determinable Fair Values (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity Securities Adjustments [Roll Forward]
Balance, beginning of the period	$ 2,986
Balance, end of the period	1,975
Equity Securities With Readily Determinable Fair Value
Equity Securities Adjustments [Roll Forward]
Balance, beginning of the period	2,986	$ 3,183
Sale of equity and other investments	(2)	0
Net unrealized losses	(1,009)	(930)
Balance, end of the period	$ 1,975	$ 2,253

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

Trade and Other Receivables - Activity in Allowance of Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses related to uncollectible receivables	$ 48	$ 43
Unbilled revenues and trade receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of the period	17	16
Provision for credit losses related to uncollectible receivables	6	7
Write-offs	(4)	(7)
Balance, end of the period	$ 19	$ 16

Financial Instruments - Schedule of Adjusted to Equity and Other Investments without Readily Determinable Fair Values (Details) - Equity Securities Without Readily Determinable Fair Value - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity Securities Adjustments [Roll Forward]
Balance, beginning of the period	$ 963	$ 717
Purchases of equity and other investments	10	4
Gross unrealized gains	2	0
Sales of equity and other investments	(5)	0
Gross unrealized losses and impairments	0	(12)
Balance, end of the period	$ 970	$ 709

Financial Instruments - Equity Investments without Readily Determinable Fair Values (Details) - Equity Investments In Private Companies - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Total initial value	$ 1,072	$ 1,068
Cumulative gross unrealized gains	310	310
Cumulative gross unrealized losses and impairment	(412)	(415)
Equity and Other Investments	$ 970	$ 963

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

The Company measures financial instruments based on quoted prices in active markets (Level 1), inputs from similar instruments such as quoted prices or other observable market data (Level 2) or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).

Debt Securities

The Company holds certain debt securities that are classified as held-to-maturity at the time of purchase as the Company has both the positive intent and ability to hold to maturity. The fair value of corporate bonds are based upon Level 2 inputs, which include period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

The Company also holds debt securities in the form of convertible notes in private companies classified as available-for-sale for which the Company has elected to apply the fair value option. The investments are carried at fair value at each balance sheet date and any movements in the fair values are classified as "Other expense, net" in the condensed consolidated statements of operations and comprehensive loss.

The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:



	March 31, 2026
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	56	1,682	484	—	2,220



	56	2,202	484	—	2,751

Level 2:
Corporate bonds and commercial paper	—	1,693	224	—	1,916



Level 3:
Convertible notes in private companies	—	—	—	567	567
	56	3,895	708	567	5,234

The fair values of marketable securities above include accrued interest of $34 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $117 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.



	December 31, 2025
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	1	1,923	527	—	2,453
	1	2,443	527	—	2,984

Level 2:


Corporate bonds and commercial paper	—	1,790	448	—	2,240

Level 3:
Convertible notes in private companies	—	—	—	558	558
	1	4,233	975	558	5,782

The fair values above include accrued interest of $39 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $105 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.

The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2026:



									Fair Value
									(in US $ millions)
Due within one year									3,961
Due after one year to three years									706
									4,667

Equity Securities

The Company holds equity investments in public and private companies that were obtained through a combination of direct investment and strategic partnerships.

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values are comprised of:



	March 31, 2026			December 31, 2025
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Affirm Holdings, Inc.	930	—	930	1,511	—	1,511
Global-E Online Ltd.	682	—	682	868	—	868
Klaviyo, Inc.(1)	324	36	360	529	70	599
Other	3	—	3	8	—	8
	1,939	36	1,975	2,916	70	2,986

(1) In the three months ended March 31, 2026, $11 million was transferred from Level 3 to Level 1 due to the vesting of warrants (March 31, 2025 - $14 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 10% at March 31, 2026 (December 31, 2025 - 11%).

Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	2,986	3,183

Adjustments related to equity and other investments with readily determinable fair values:



Sale of equity and other investments	(2)	—
Net unrealized losses	(1,009)	(930)


Balance, end of the period	1,975	2,253

Equity Investments without Readily Determinable Fair Values

The carrying value of equity investments in private companies without readily determinable fair values were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Total initial value	1,072	1,068
Cumulative gross unrealized gains	310	310
Cumulative gross unrealized losses and impairment	(412)	(415)
Total carrying value of equity and other investments without readily determinable fair values	970	963

Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)
Balance, beginning of the period	963	717





Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments	10	4

Gross unrealized gains	2	—
Sales of equity and other investments(1)	(5)	—
Gross unrealized losses and impairments(2)	—	(12)



Balance, end of the period	970	709

(1) During the three months ended March 31, 2026, the Company held an investment in a private company, which was acquired by third parties, resulting in the deemed sale of equity and other investments. The resulting realized gain is presented as "Net realized gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.

(2) During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairments were presented as "Net unrealized loss on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.

As of March 31, 2026, included in the total $970 million of equity and other investments without readily determinable fair values, of which $803 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.

Equity Method Investment

The Company holds an equity method investment in Flexport which is presented within "Equity method investment" in the condensed consolidated balance sheets and is carried at the amount of Shopify’s original investment, as adjusted each period for Shopify’s share of the investee’s income or loss and the basis difference amortization, which is the difference between the fair value of our investment in the company and the underlying equity in the net assets of the investee. Results are reported with a one-quarter delay due to the timing of financial information availability from the investee. For the three months ended March 31, 2026, our share of the loss in the investee was $21 million (March 31, 2025 - $23 million), and is presented within "Net loss on equity method investment" in the condensed consolidated statements of operations and comprehensive loss.

Derivative Instruments and Hedging

As of March 31, 2026, the Company held foreign exchange forward contracts and options for USD, CAD, GBP, EUR and Australian dollars ("AUD") with a total notional value of $745 million (December 31, 2025 - $702 million), to fund a portion of its operations. The fair value of foreign exchange forward contracts and options was based upon Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

Derivative Instruments Designated as Hedges

The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program, the Company has entered into foreign exchange forward contracts and options with certain financial institutions and designated those hedges as cash flow hedges. The Company is hedging cash flows associated with payroll and facility costs.

The fair values of outstanding derivative instruments were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)	—	4
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	6	1

Unrealized losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	March 31, 2026	March 31, 2025
	(in US $ millions)

Unrealized losses	(4)	(8)

These unrealized losses were included in "Accumulated other comprehensive (loss) income", "Other current assets" and "Accounts payable and accrued liabilities" in the condensed consolidated balance sheets. These amounts are expected to be reclassified into earnings over the next twelve months.

Realized gains (losses) related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)

Realized gains (losses) in operating expenses	1	(6)

Derivative Instruments Not Designated as Hedges

The Company holds an investment option to purchase 15,743,174 of Series B common shares of Klaviyo, Inc. at an exercise price of $88.93 with an expiration date of July 28, 2030. The options are fair valued quarterly under Level 3 of the fair value hierarchy as certain unobservable inputs are used within the Black-Scholes model as well as a discount for lack of marketability. The fair value of the options as of March 31, 2026, utilizing a discount for lack of marketability of 20%, was $21 million (December 31, 2025 - 21% and $75 million) and is presented within "Equity and other investments" in the condensed consolidated balance sheets. The Company recognized an unrealized loss of $54 million for the three months ended March 31, 2026 (March 31, 2025 - unrealized loss of $86 million) and is presented as a component of "Net unrealized loss on equity and other investments".

Financial Instruments - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Derivative [Line Items]
Trade and other receivables	$ 449		$ 500
Debt securities interest income	117		105
Net loss on equity method investment	21	$ 23
Net loss on equity and other investments	1,061	1,021
Klaviyo, Inc.
Derivative [Line Items]
Net loss on equity and other investments	54	86
Equity Securities Without Readily Determinable Fair Value
Derivative [Line Items]
Equity and Other Investments	$ 970	$ 709	$ 963	$ 717
Call Option \| Klaviyo, Inc.
Derivative [Line Items]
Option to purchase series B common shares \| shares	15,743,174
Exercise price (in dollars per share) \| $ / shares	$ 88.93
Discount for Lack of Marketability \| Klaviyo, Inc.
Derivative [Line Items]
Derivative asset, measurement input	0.20		0.21
Fair value	$ 21		$ 75
Foreign Exchange Forward
Derivative [Line Items]
Foreign exchange forward contracts, notional value	745		702
Level 3 \| Fair Value, Nonrecurring
Derivative [Line Items]
Equity and Other Investments	803
Accrued interest
Derivative [Line Items]
Trade and other receivables	$ 34		$ 39

Loans and Merchant Cash Advances - Schedule of MCA, Loans and Related Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and merchant cash advances, net	$ 2,097	$ 1,784
Interest receivable	35	24
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	1,895	1,621
Allowance for credit losses related to uncollectible receivable	(182)	(160)	$ (129)	$ (110)
Merchant cash advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	422	358
Allowance for credit losses related to uncollectible receivable	$ (38)	$ (35)	$ (33)	$ (31)

Deferred Revenue - Classification of Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Jan. 01, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Current portion	$ 321	$ 300	$ 295	$ 283
Long-term portion	86	98	135	$ 147
Deferred revenue	$ 407	$ 398	$ 430		$ 430

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of the Reconciliation of the Basic and Diluted Weighted Average Number of Shares Outstanding

The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:


	Three months ended March 31,
	2026		2025







	(in US $ millions, except share and per share amounts)
Numerator:
Net loss	(581)		(682)

Denominator:
Basic weighted average number of shares outstanding	1,303,357,874		1,295,377,376
Weighted average effect of dilutive securities:
Stock options	—		—
Restricted share units	—		—

Deferred share units	—		—
Diluted weighted average number of shares	1,303,357,874		1,295,377,376

Net loss per share:
Basic	$	(0.45)	$	(0.53)
Diluted	$	(0.45)	$	(0.53)

Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:
Stock options	12,211,409		14,767,620
Restricted share units	4,058,554		5,300,232
Convertible senior notes(1)	—		6,388,480
Deferred share units	5,657		15,488
	16,275,620		26,471,820

(1) In the third quarter of 2020, the Company issued $920 million aggregate principal amount of 0.125% convertible senior notes. The convertible senior notes were settled in the fourth quarter of 2025 with no further dilutive effect on securities thereafter.

Trade and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Trade and Other Receivables

Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Unbilled revenues, net	219	229
Trade receivables, net	99	98
Indirect taxes receivable	71	109
Accrued interest	34	39
Other receivables	26	25
	449	500

Activity in the allowance for credit losses was as follows for the three months ended:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	17	16
Provision for credit losses related to uncollectible receivables	6	7
Write-offs	(4)	(7)
Balance, end of the period	19	16


	March 31, 2026	December 31, 2025

	(in US $ millions)
Loans receivable, gross(1)	1,895	1,621
Allowance for credit losses related to uncollectible loans receivable	(182)	(160)
Merchant cash advances receivable, gross	422	358

Allowance for credit losses related to uncollectible merchant cash advances receivable	(38)	(35)
Loans and merchant cash advances, net	2,097	1,784

(1) Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).

Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	$ 449	$ 500
Unbilled revenues, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	219	229
Trade receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	99	98
Indirect taxes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	71	109
Accrued interest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	34	39
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade and other receivables	$ 26	$ 25

Shareholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Authorization of share repurchases		$ 2,000,000,000	$ 2,000,000,000
Class A Subordinate Voting \| Vantage
Class of Stock [Line Items]
Number of shares issued in connection with acquisition	252,257	189,193
Stock Option Plan and LTIP \| Class A Subordinate Voting
Class of Stock [Line Items]
Shares available for issuance (in shares)		534,206,777
Deferred Shares Units \| LTIP
Class of Stock [Line Items]
Units granted (in shares)		5,657

Changes in Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Changes in Accumulated Other Comprehensive (Loss) Income

The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity:



	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	1	(10)

Other comprehensive loss before reclassifications	(6)	(1)
Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings:

Sales and marketing	—	1
Research and development	(1)	4
General and administrative	—	1
Tax effect on unrealized (loss) on cash flow hedges	2	(1)
Other comprehensive (loss) income, net of tax	(5)	4
Balance, end of the period	(4)	(6)

Loans and Merchant Cash Advances - Schedule of Delinquency Status (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Year one	$ 1,022,000	$ 1,564,000
Year two	840,000	57,000
Year three	33,000
Total	$ 1,895,000	$ 1,621,000
Percent	100.00%	100.00%
Current
Financing Receivable, Past Due [Line Items]
Year one	$ 1,022,000	$ 1,473,000
Year two	708,000	17,000
Year three	5,000
Total	$ 1,735,000	$ 1,490,000
Percent	91.60%	91.90%
30-89 Days
Financing Receivable, Past Due [Line Items]
Year one	$ 0	$ 14,000
Year two	20,000	5,000
Year three	2,000
Total	$ 22,000	$ 19,000
Percent	1.20%	1.20%
90-179 Days
Financing Receivable, Past Due [Line Items]
Year one	$ 0	$ 14,000
Year two	21,000	6,000
Year three	4,000
Total	$ 25,000	$ 20,000
Percent	1.30%	1.20%
180+ Days
Financing Receivable, Past Due [Line Items]
Year one	$ 0	$ 63,000
Year two	91,000	29,000
Year three	22,000
Total	$ 113,000	$ 92,000
Percent	5.90%	5.70%

Changes in Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of the period	$ 13,473,000	$ 11,558,000
Total other comprehensive (loss) income	(5,000)	4,000
Balance, end of the period	12,501,000	11,051,000
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of the period	1,000	(10,000)
Other comprehensive loss before reclassifications	(6,000)	(1,000)
Tax effect on unrealized (loss) on cash flow hedges	2,000	(1,000)
Total other comprehensive (loss) income	(5,000)	4,000
Balance, end of the period	(4,000)	(6,000)
Accumulated Other Comprehensive (Loss) Income \| Sales and marketing \| Reclassification out of Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings	0	1,000
Accumulated Other Comprehensive (Loss) Income \| Research and development \| Reclassification out of Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings	(1,000)	4,000
Accumulated Other Comprehensive (Loss) Income \| General and administrative \| Reclassification out of Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings	$ 0	$ 1,000

Segment and Geographical Information - Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,170	$ 2,360
Geographic Concentration Risk \| Sales Revenue, Net
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,170	$ 2,360
Revenues (as a percent)	100.00%	100.00%
Geographic Concentration Risk \| Sales Revenue, Net \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 2,001	$ 1,499
Revenues (as a percent)	63.00%	64.00%
Geographic Concentration Risk \| Sales Revenue, Net \| Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 147	$ 119
Revenues (as a percent)	5.00%	5.00%
Geographic Concentration Risk \| Sales Revenue, Net \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 653	$ 461
Revenues (as a percent)	21.00%	20.00%
Geographic Concentration Risk \| Sales Revenue, Net \| APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 312	$ 240
Revenues (as a percent)	10.00%	10.00%
Geographic Concentration Risk \| Sales Revenue, Net \| Rest Of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 57	$ 41
Revenues (as a percent)	1.00%	1.00%

Shareholders' Equity - Classification of Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 132	$ 114
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1	1
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10	12
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	93	79
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 28	$ 22

Shareholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Stock-Based Compensation

As of March 31, 2026, there were 534,206,777 shares reserved for issuance under the Company's Third Amended and Restated Stock Option Plan ("SOP") and the Third Amended and Restated Long Term Incentive Plan ("LTIP").

The following table summarizes the stock option and Restricted Share Unit ("RSU") award activities under the Company's share-based compensation plans for the three months ended March 31, 2026:


	Shares Subject to Options Outstanding					Outstanding RSUs
	Number of Options(1)	Weighted Average Exercise Price	Remaining Contractual Term (in years)	Aggregate Intrinsic Value(2)	Weighted Average Grant Date Fair Value	Outstanding RSUs	Weighted Average Grant Date Fair Value
	(in US $ millions, except share and share price amounts)
December 31, 2025	10,200,678	80.03	7.22	826	—	3,486,886	110.16
Stock options granted	2,223,132	116.07	—	—	53.58	—	—
Stock options exercised	(202,056)	31.55	—	—	—	—	—
Stock options forfeited	(10,345)	107.87	—	—	—	—	—
RSUs granted	—	—	—	—	—	1,525,623	124.28
RSUs settled	—	—	—	—	—	(886,692)	122.20
RSUs forfeited	—	—	—	—	—	(67,263)	107.16
March 31, 2026	12,211,409	87.37	7.53	382	—	4,058,554	112.89

Stock options exercisable as of March 31, 2026	5,025,058	73.64	5.77	229

(1) As of March 31, 2026, 12,200,273 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares and 11,136 of the outstanding stock options were granted under the Deliverr 2017 Stock Option and Grant Plan and are exercisable for Class A subordinate voting shares.

(2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of the Company's Class A subordinate voting shares as of March 31, 2026 and December 31, 2025.

As of March 31, 2026, the Company had issued 5,657 deferred share units ("DSUs") under its LTIP.

In connection with the acquisition of Vantage Discovery Inc. in the first quarter of 2025, 252,257 Class A subordinate voting shares were issued with trading restrictions. The restrictions on these shares are lifted over time and are being accounted for as stock-based compensation as the vesting is contingent on continued employment and therefore related to post-combination services. As of March 31, 2026, 189,193 of the Class A subordinate voting shares remained restricted.

The following table illustrates the classification of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, which includes both stock-based compensation and restricted stock-compensation expense:


	Three months ended March 31,
	2026	2025
	(in US $ millions)
Cost of revenues	1	1
Sales and marketing	10	12
Research and development	93	79
General and administrative	28	22
	132	114

Share Repurchase Program

In the first quarter of 2026, the Company's Board of Directors authorized a share repurchase program of up to $2 billion of the Company’s outstanding Class A subordinate voting shares. The share repurchase program went into effect on February 17, 2026, has no fixed expiration date, and may be amended, suspended, or discontinued at any time, subject to applicable laws.

Repurchases may be made through open-market purchases on the Nasdaq, privately negotiated transactions including block trades, or other means, in each case in compliance with applicable securities laws. The timing, number, and value of any Class A subordinate voting shares repurchased will depend on a variety of factors, including price, general business and market conditions, applicable legal requirements, and alternative investment opportunities. In accordance with applicable securities laws, the maximum number of Class A subordinate voting shares repurchased will not exceed 5% of Shopify’s issued and outstanding Class A subordinate voting shares.

The following table summarizes repurchase activity under our share repurchase program for the three months ended March 31, 2026:


	Shares Repurchased(1)	Average Price per Share(2)		Value of Shares Repurchased(2)	Remaining Amount Authorized
	(in US $ millions, except share and share price amounts)
Balance, beginning of the period					$	—
Authorization of share repurchases					2,000
Repurchase of shares of class A subordinate voting shares	4,214,019	$	121.89	514	(514)
Balance, end of the period					$	1,486

(1) These repurchased shares of Class A subordinate voting shares were recognized within "Common stock".

(2) Excludes immaterial broker commissions and excise tax accruals.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity Registrant Name	Shopify Inc.
Entity Incorporation, State or Country Code	Z4
Entity File Number	001-37400
Entity Tax Identification Number	98-0486686
Entity Address, Address Line One	151 O'Connor Street, Ground Floor
Entity Address, City or Town	Ottawa,
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	K2P 2L8
City Area Code	613
Local Phone Number	241-2828 x 1045
Title of 12(b) Security	Class A Subordinate Voting Shares
Trading Symbol	SHOP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001594805
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Other Address
Entity Information [Line Items]
Entity Address, Address Line One	85 10th Avenue, Suite 800
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	10011
Class A Subordinate Voting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,219,581,025
Class B Multiple Voting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		78,073,584
Founder Share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Related Parties (Details) - USD ($)	3 Months Ended
Related Parties (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Revenues	$ 3,170,000,000	$ 2,360,000,000
Sales and marketing	496,000,000	405,000,000
Other long-term assets	30,000,000		$ 39,000,000
Interest income	75,000,000	65,000,000
Related Party
Related Party Transaction [Line Items]
Revenues	0
Sales and marketing	3,000,000	2,000,000
Other current assets	16,000,000
Other long-term assets	8,000,000
Fair value	332,000,000		$ 326,000,000
Interest income	$ 10,000,000	$ 8,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

The Company applies the two-class method to calculate its basic and diluted net loss per share as Class A subordinate voting shares and Class B restricted voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis. The Company uses the treasury stock method for calculating the effect of dilutive potential common stock from employee stock options and employee RSUs.

The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:


	Three months ended March 31,
	2026		2025







	(in US $ millions, except share and per share amounts)
Numerator:
Net loss	(581)		(682)

Denominator:
Basic weighted average number of shares outstanding	1,303,357,874		1,295,377,376
Weighted average effect of dilutive securities:
Stock options	—		—
Restricted share units	—		—

Deferred share units	—		—
Diluted weighted average number of shares	1,303,357,874		1,295,377,376

Net loss per share:
Basic	$	(0.45)	$	(0.53)
Diluted	$	(0.45)	$	(0.53)

Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:
Stock options	12,211,409		14,767,620
Restricted share units	4,058,554		5,300,232
Convertible senior notes(1)	—		6,388,480
Deferred share units	5,657		15,488
	16,275,620		26,471,820

Shareholders' Equity - Schedule of Stock Option and RSU Award Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock options outstanding, beginning balance (in shares)	10,200,678
Stock options granted (in shares)	2,223,132
Stock options exercised (in shares)	(202,056)
Stock options forfeited (in shares)	(10,345)
Stock options outstanding, ending balance (in shares)	12,211,409	10,200,678
Stock options exercisable (in shares)	5,025,058
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price of stock options outstanding, beginning (in dollars per share)	$ 80.03
Weighted average exercise price of stock options granted (in dollars per share)	116.07
Weighted average exercise price of stock options exercised (in dollars per share)	31.55
Weighted average exercise price of stock options forfeited (in dollars per share)	107.87
Weighted average exercise price of stock options outstanding, ending (in dollars per share)	87.37	$ 80.03
Weighted average exercise price of stock options exercisable (in dollars per share)	$ 73.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Remaining Contractual Term [Abstract]
Remaining contractual term of stock options outstanding	7 years 6 months 10 days	7 years 2 months 19 days
Remaining contractual term of stock options exercisable	5 years 9 months 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value of stock options outstanding, beginning	$ 826
Aggregate intrinsic value of stock options outstanding, ending	382	$ 826
Aggregate intrinsic value of stock exercisable	$ 229
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value of stock options outstanding, beginning (in dollars per share)	$ 0
Weighted average grant date fair value of stock options granted (in dollars per share)	53.58
Weighted average grant date fair value of stock options outstanding, ending (in dollars per share)	$ 0	$ 0
Stock Option Plan \| Class A Subordinate Voting
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock options exercisable (in shares)	12,200,273
Deliverr Inc. \| Class A Subordinate Voting
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock options exercisable (in shares)	11,136
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Outstanding [Roll Forward]
RSUs outstanding, beginning (in shares)	3,486,886
RSUs granted (in shares)	1,525,623
RSUs settled (in shares)	(886,692)
RSUs forfeited (in shares)	(67,263)
RSUs outstanding, ending (in shares)	4,058,554	3,486,886
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value of RSUs outstanding, beginning (in dollars per share)	$ 110.16
Weighted average grant date fair value of RSUs granted (in dollars per share)	124.28
Weighted average grant date fair value of RSUs settled (in dollars per share)	122.20
Weighted average grant date fair value of RSUs settled (in dollars per share)	107.16
Weighted average grant date fair value of RSUs outstanding, ending (in dollars per share)	$ 112.89	$ 110.16

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Debt Securities by Investment Classification

The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:



	March 31, 2026
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	56	1,682	484	—	2,220



	56	2,202	484	—	2,751

Level 2:
Corporate bonds and commercial paper	—	1,693	224	—	1,916



Level 3:
Convertible notes in private companies	—	—	—	567	567
	56	3,895	708	567	5,234



	December 31, 2025
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	1	1,923	527	—	2,453
	1	2,443	527	—	2,984

Level 2:


Corporate bonds and commercial paper	—	1,790	448	—	2,240

Level 3:
Convertible notes in private companies	—	—	—	558	558
	1	4,233	975	558	5,782

Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity

The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2026:



									Fair Value
									(in US $ millions)
Due within one year									3,961
Due after one year to three years									706
									4,667

Schedule of Equity and Other Investments

Equity investments with readily determinable fair values are comprised of:



	March 31, 2026			December 31, 2025
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Affirm Holdings, Inc.	930	—	930	1,511	—	1,511
Global-E Online Ltd.	682	—	682	868	—	868
Klaviyo, Inc.(1)	324	36	360	529	70	599
Other	3	—	3	8	—	8
	1,939	36	1,975	2,916	70	2,986

Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	2,986	3,183

Adjustments related to equity and other investments with readily determinable fair values:



Sale of equity and other investments	(2)	—
Net unrealized losses	(1,009)	(930)


Balance, end of the period	1,975	2,253

Schedule of Equity Investments without Readily Determinable Fair Values

The carrying value of equity investments in private companies without readily determinable fair values were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Total initial value	1,072	1,068
Cumulative gross unrealized gains	310	310
Cumulative gross unrealized losses and impairment	(412)	(415)
Total carrying value of equity and other investments without readily determinable fair values	970	963

Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)
Balance, beginning of the period	963	717





Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments	10	4

Gross unrealized gains	2	—
Sales of equity and other investments(1)	(5)	—
Gross unrealized losses and impairments(2)	—	(12)



Balance, end of the period	970	709

Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses

The fair values of outstanding derivative instruments were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)	—	4
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	6	1

Unrealized losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	March 31, 2026	March 31, 2025
	(in US $ millions)

Unrealized losses	(4)	(8)

Realized gains (losses) related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)

Realized gains (losses) in operating expenses	1	(6)

Loans and Merchant Cash Advances - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Receivables [Abstract]
Purchase of merchant cash advances and loans from partner banks	$ 1,400	$ 821
Interest and fee income	$ 84	$ 57

Deferred Revenue - Changes in Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in Contract with Customer, Liability [Roll Forward]
Balance, beginning of the period	$ 398	$ 430
Deferral of revenue	138	121
Recognition of deferred revenue from beginning balance	(129)	(121)
Balance, end of the period	$ 407	$ 430

Segment and Geographical Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and Geographical Information

The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The CODM has determined that the Company operates in one single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net income (loss). The CODM uses consolidated net income (loss) in deciding whether to reinvest profits into opportunities for the business, invest in business combinations or equity investments or return a portion of such profits to shareholders. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:


	Three months ended March 31,
	2026			2025

	(in US $ millions, except percentages)
North America
United States	2,001	63	%	1,499	64	%
Canada	147	5	%	119	5	%
Europe	653	21	%	461	20	%
APAC	312	10	%	240	10	%
Rest of World	57	1	%	41	1	%

Total Revenue	3,170	100	%	2,360	100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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+ Details

Financial Instruments - Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	$ 1,848	$ 1,545
Marketable securities	3,895	4,233
Long-term investments	708	975
Equity and Other Investments	3,533	4,582
Levels 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	56	1
Marketable securities	3,895	4,233
Long-term investments	708	975
Equity and Other Investments	567	558
Fair Value	5,234	5,782
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	56	1
Marketable securities	2,202	2,443
Long-term investments	484	527
Equity and Other Investments	0	0
Fair Value	2,751	2,984
Level 1 \| U.S. term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Marketable securities	520	520
Long-term investments	0	0
Equity and Other Investments	0	0
Fair Value	531	531
Level 1 \| U.S. federal bonds and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	56	1
Marketable securities	1,682	1,923
Long-term investments	484	527
Equity and Other Investments	0	0
Fair Value	2,220	2,453
Level 2 \| Corporate bonds and commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Marketable securities	1,693	1,790
Long-term investments	224	448
Equity and Other Investments	0	0
Fair Value	1,916	2,240
Level 3 \| Convertible notes in private companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	0	0
Marketable securities	0	0
Long-term investments	0	0
Equity and Other Investments	567	558
Fair Value	$ 567	$ 558

Loans and Merchant Cash Advances

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Loans and Merchant Cash Advances

Trade and Other Receivables

Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Unbilled revenues, net	219	229
Trade receivables, net	99	98
Indirect taxes receivable	71	109
Accrued interest	34	39
Other receivables	26	25
	449	500

Unbilled revenues represent amounts not yet billed related to partner referral fees, subscription fees for Plus merchants, shipping charges and transaction fees as of the condensed consolidated balance sheet dates.

The allowance for credit losses reflects the Company's best estimate of probable losses inherent in the unbilled revenues and trade receivables accounts. The Company determined the provision based on known troubled accounts, historical experience, supportable forecasts of collectibility and other currently available evidence.

Activity in the allowance for credit losses was as follows for the three months ended:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	17	16
Provision for credit losses related to uncollectible receivables	6	7
Write-offs	(4)	(7)
Balance, end of the period	19	16

Loans and Merchant Cash Advances


	March 31, 2026	December 31, 2025

	(in US $ millions)
Loans receivable, gross(1)	1,895	1,621
Allowance for credit losses related to uncollectible loans receivable	(182)	(160)
Merchant cash advances receivable, gross	422	358

Allowance for credit losses related to uncollectible merchant cash advances receivable	(38)	(35)
Loans and merchant cash advances, net	2,097	1,784

(1) Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).

Certain loans and merchant cash advances are facilitated by the Company and originated by a bank partner, from whom the Company then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount. In the three months ended March 31, 2026, the Company purchased $1.4 billion of loans and merchant cash advances to Shopify merchants (March 31, 2025 - $821 million).

In the three months ended March 31, 2026, the Company recognized revenue of $84 million related to interest and fees earned on the Company's loans, which do not represent revenues recognized in the scope of ASC 606, Revenue from Contracts with Customers (March 31, 2025 - $57 million).

Loans

The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2026 and 2025:


	Three months ended
	March 31, 2026	March 31, 2025

	(in US $ millions)
Allowance, beginning of the period	160	110
Provision for credit losses related to uncollectible loans receivable	63	40
Loans receivable charged off, net of recoveries	(41)	(21)
Allowance, end of the period	182	129


	March 31, 2026
	Year of origination
	2026	2025	2024	Total	Percent
	(in US $ millions)
Current	1,022	708	5	1,735	91.6	%
30-89 Days	—	20	2	22	1.2	%

90-179 Days	—	21	4	25	1.3	%
180+ Days	—	91	22	113	5.9	%
Total	1,022	840	33	1,895	100.0	%


	December 31, 2025
	Year of origination
	2025	2024	Total	Percent
	(in US $ millions)
Current	1,473	17	1,490	91.9	%
30-89 Days	14	5	19	1.2	%
90-179 Days	14	6	20	1.2	%
180+ Days	63	29	92	5.7	%
Total	1,564	57	1,621	100.0	%

The Company maintains an internal monitoring list related to its outstanding loans. A merchant's ability and willingness to repay the financing receivables outstanding under the program is analyzed for a variety of factors that include, but are not limited to current or expected age of the financing, merchant subscription or financing status, merchant gross merchandise volume trends and other changes to merchant credit profiles.

Merchant Cash Advances


	Three months ended
	March 31, 2026	March 31, 2025
	(in US $ millions)
Allowance, beginning of the period	35	31
Provision for credit losses related to uncollectible merchant cash advances receivable	10	6
Merchant cash advances receivable charged off, net of recoveries	(7)	(4)
Allowance, end of the period	38	33

Shareholders' Equity - Stock Repurchase Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stock Repurchase Activity [Roll Forward]
Balance, beginning of the period	$ 0
Authorization of share repurchases	2,000,000,000	$ 2,000,000,000
Repurchase of shares of class A subordinate voting shares	(514,000,000)
Balance, end of the period	$ 1,486,000,000
Shares repurchased (in shares)	4,214,019
Average Price per Share (in dollars per share)	$ 121.89
Stock Repurchased During Period, Value, Net Of Excise Tax	$ 514,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Recovery of income taxes	$ 53	$ 88

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Net Loss per Share - Reconciliation of Weighted Average Number of Shares Outstanding (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2020
Numerator:
Net loss	$ (581,000,000)	$ (682,000,000)
Denominator
Basic weighted average number of shares outstanding (in shares)	1,303,357,874	1,295,377,376
Diluted weighted average number of shares (in shares)	1,303,357,874	1,295,377,376
Basic (in dollars per share)	$ (0.45)	$ (0.53)
Diluted (in dollars per share)	$ (0.45)	$ (0.53)
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares)	16,275,620	26,471,820
0.125% Convertible Senior Notes Due 2025 \| Convertible Debt
Denominator
Aggregate principal amount			$ 920,000,000
Stated interest rate			0.125%
Stock options
Denominator
Weighted average effect of dilutive securities (in shares)	0	0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares)	12,211,409	14,767,620
Restricted share units
Denominator
Weighted average effect of dilutive securities (in shares)	0	0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares)	4,058,554	5,300,232
Convertible senior notes
Denominator
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares)	0	6,388,480
Deferred share units
Denominator
Weighted average effect of dilutive securities (in shares)	0	0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares)	5,657	15,488

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,848	$ 1,545
Marketable securities	3,895	4,233
Trade and other receivables, net	449	500
Loans and merchant cash advances, net	2,097	1,784
Other current assets	206	234
Total current assets	8,495	8,296
Long-term assets
Property and equipment, net	54	53
Operating lease right-of-use assets, net	84	88
Intangible assets, net	28	30
Deferred tax assets	117	33
Other long-term assets	30	39
Long-term investments	708	975
Equity and other investments ($2,563 and $3,619, carried at fair value)	3,533	4,582
Equity method investment	581	602
Goodwill	491	491
Total long term assets	5,626	6,893
Total assets	14,121	15,189
Current liabilities
Accounts payable and accrued liabilities	1,034	1,075
Deferred revenue	321	300
Operating lease liabilities	16	17
Total current liabilities	1,371	1,392
Long-term liabilities
Deferred revenue	86	98
Operating lease liabilities	163	171
Deferred tax liabilities	0	55
Total long term liabilities	249	324
Contingencies (Note 8)
Equity, Attributable to Parent [Abstract]
Common stock, unlimited Class A subordinate voting shares authorized, 1,222,705,445 and 1,225,830,706, issued and outstanding; unlimited Class B restricted voting shares authorized, 78,073,584 and 78,073,594 issued and outstanding; 1 Founder share authorized, 1 and 1 issued and outstanding	9,971	10,376
Additional paid-in capital	255	236
Accumulated other comprehensive (loss) income	(4)	1
Accumulated surplus	2,279	2,860
Total shareholders’ equity	12,501	13,473
Total liabilities and shareholders’ equity	$ 14,121	$ 15,189

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Revenues	$ 3,170	$ 2,360
Cost of revenues
Cost of revenues	1,624	1,191
Gross profit	1,546	1,169
Operating expenses
Sales and marketing	496	405
Research and development	437	377
General and administrative	115	109
Transaction and loan losses	116	75
Total operating expenses	1,164	966
Income from operations	382	203
Other expense, net
Interest income	75	65
Net realized gain on equity and other investments	3	0
Net unrealized loss on equity and other investments	(1,064)	(1,021)
Net loss on equity method investment	(21)	(23)
Foreign exchange (loss) gain	(9)	6
Total other expense, net	(1,016)	(973)
Loss before income taxes	(634)	(770)
Recovery of income taxes	53	88
Net loss	$ (581)	$ (682)
Net loss per share attributable to shareholders:
Basic (in dollars per share)	$ (0.45)	$ (0.53)
Diluted (in dollars per share)	$ (0.45)	$ (0.53)
Weighted average shares used to compute net loss per share attributable to shareholders:
Basic (in shares)	1,303,357,874	1,295,377,376
Diluted (in shares)	1,303,357,874	1,295,377,376
Other comprehensive (loss) income
Unrealized gain (loss) on cash flow hedges	$ (7)	$ 5
Tax effect on unrealized gain (loss) on cash flow hedges	2	(1)
Total other comprehensive (loss) income	(5)	4
Comprehensive loss	(586)	(678)
Subscription solutions
Revenues
Revenues	750	620
Cost of revenues
Cost of revenues	148	123
Merchant solutions
Revenues
Revenues	2,420	1,740
Cost of revenues
Cost of revenues	$ 1,476	$ 1,068

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	Related Parties The Company has a commercial agreement with Flexport, a company in which it has an equity method investment. The Company is entitled to earn a share of revenues for orders processed or otherwise sent through services provided by Shopify, subject to certain financial conditions. In the three months ended March 31, 2026, as certain financial conditions were not met, the Company recognized nil revenue related to this agreement. The Company has a separate agreement with Flexport to provide co-marketing services for the coordinated marketing of fulfillment-related products and services to current and prospective merchants. In the three months ended March 31, 2026, the Company recognized $3 million of expense in the condensed consolidated statements of operations and comprehensive loss (March 31, 2025 - $2 million) and as of March 31, 2026, $16 million in "Other current assets" and $8 million in "Other long-term assets" in the condensed consolidated balance sheets are related to this agreement. The Company also has an investment in Flexport in the form of convertible notes with a fair value of $332 million as of March 31, 2026 (December 31, 2025 - $326 million). The Company has elected to account for it using the fair value option for the investment, which is classified within "Equity and other investments" in the condensed consolidated balance sheets. In the three months ended March 31, 2026, the Company has recognized $10 million of interest income related to the convertible notes within "Interest income" (March 31, 2025 - $8 million), and an immaterial amount of unrealized losses in the condensed consolidated statements of operations and comprehensive loss

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Deferred Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Deferred Revenue


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	398	430
Deferral of revenue(1)	138	121

Recognition of deferred revenue from beginning balance	(129)	(121)
Balance, end of the period	407	430

(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.


	March 31, 2026	March 31, 2025

	(in US $ millions)
Current portion	321	295
Long-term portion	86	135
	407	430

The opening balances of current and long-term deferred revenue were $283 million and $147 million, respectively, as of January 1, 2025.

As of March 31, 2026, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two years to three years.

The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.

The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	141	190

Revenue recognized related to non-cash consideration	(12)	(13)
Balance, end of the period	129	177

Current portion	49	49
Long-term portion	80	128
	129	177

The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from two years to four years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Use of Estimates	The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other investments in private companies, including revenue growth rates and revenue multiples based on market comparables; estimates involved in our equity method investment; probabilities of achieving performance milestones associated with non-cash revenue consideration from strategic partnerships; the probability and amount of loss contingencies; and judgments involved in uncertain tax positions.
Concentration of Credit Risk	The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables.
Equity and Other Investments Risk	The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates. The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments.
Foreign Exchange Risk	The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations. While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in Euros ("EUR"), British pound sterling ("GBP") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies. Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Financial Instruments - Derivative Instruments Designated as Hedges (Details) - Foreign Exchange Forward - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized losses	$ (4)	$ (8)
Realized gains (losses) in operating expenses	1	$ (6)
Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange forward contracts and options assets (classified in other current assets)	0		$ 4
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	$ 6		$ 1

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Financial Instruments - Equity Investments with Readily Determinable Fair Values (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	$ 1,975		$ 2,986
Affirm Holdings, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	930		1,511
Global-E Online Ltd.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	682		868
Klaviyo, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	360		$ 599
Transfers out of level 3	$ 11	$ 14
Klaviyo, Inc. \| Discount for Lack of Marketability
Debt and Equity Securities, FV-NI [Line Items]
Warrant, measurement input	0.10		0.11
Other
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	$ 3		$ 8
Level 1
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	1,939		2,916
Level 1 \| Affirm Holdings, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	930		1,511
Level 1 \| Global-E Online Ltd.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	682		868
Level 1 \| Klaviyo, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	324		529
Level 1 \| Other
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	3		8
Level 3
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	36		70
Level 3 \| Affirm Holdings, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	0		0
Level 3 \| Global-E Online Ltd.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	0		0
Level 3 \| Klaviyo, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	36		70
Level 3 \| Other
Debt and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair values	$ 0		$ 0

Trade and Other Receivables

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Trade and Other Receivables

Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Unbilled revenues, net	219	229
Trade receivables, net	99	98
Indirect taxes receivable	71	109
Accrued interest	34	39
Other receivables	26	25
	449	500

Activity in the allowance for credit losses was as follows for the three months ended:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	17	16
Provision for credit losses related to uncollectible receivables	6	7
Write-offs	(4)	(7)
Balance, end of the period	19	16

Loans and Merchant Cash Advances


	March 31, 2026	December 31, 2025

	(in US $ millions)
Loans receivable, gross(1)	1,895	1,621
Allowance for credit losses related to uncollectible loans receivable	(182)	(160)
Merchant cash advances receivable, gross	422	358

Allowance for credit losses related to uncollectible merchant cash advances receivable	(38)	(35)
Loans and merchant cash advances, net	2,097	1,784

(1) Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).

Loans

The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2026 and 2025:


	Three months ended
	March 31, 2026	March 31, 2025

	(in US $ millions)
Allowance, beginning of the period	160	110
Provision for credit losses related to uncollectible loans receivable	63	40
Loans receivable charged off, net of recoveries	(41)	(21)
Allowance, end of the period	182	129


	March 31, 2026
	Year of origination
	2026	2025	2024	Total	Percent
	(in US $ millions)
Current	1,022	708	5	1,735	91.6	%
30-89 Days	—	20	2	22	1.2	%

90-179 Days	—	21	4	25	1.3	%
180+ Days	—	91	22	113	5.9	%
Total	1,022	840	33	1,895	100.0	%


	December 31, 2025
	Year of origination
	2025	2024	Total	Percent
	(in US $ millions)
Current	1,473	17	1,490	91.9	%
30-89 Days	14	5	19	1.2	%
90-179 Days	14	6	20	1.2	%
180+ Days	63	29	92	5.7	%
Total	1,564	57	1,621	100.0	%

Merchant Cash Advances


	Three months ended
	March 31, 2026	March 31, 2025
	(in US $ millions)
Allowance, beginning of the period	35	31
Provision for credit losses related to uncollectible merchant cash advances receivable	10	6
Merchant cash advances receivable charged off, net of recoveries	(7)	(4)
Allowance, end of the period	38	33

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of BusinessShopify Inc. ("Shopify" or the "Company") was incorporated on September 28, 2004. Shopify provides essential internet infrastructure for commerce. Shopify's all-in-one platform makes it easier to start, run and grow a business, powering sales online, in store, and everywhere in between. Shopify's mission is to make commerce better for everyone with a platform and services that are engineered for speed, customization, reliability and security, while delivering a better shopping experience for consumers everywhere. The Company's platform enables merchants to manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, AI platforms, social media and more. Shopify provides merchants with an integrated back-end system to streamline operations, from managing inventory and transaction management to building relationships with buyers. With a robust and continuously updated infrastructure, Shopify's goal is to provide merchants with cutting-edge technology to thrive in a competitive market.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss for the period	$ (581)	$ (682)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization and depreciation	7	8
Stock-based compensation	132	114
Provision for transaction and loan losses	48	43
Deferred income tax recovery	(139)	(129)
Revenue related to non-cash consideration	(12)	(13)
Net loss on equity and other investments	1,061	1,021
Net loss on equity method investment	21	23
Unrealized foreign exchange loss (gain)	14	(12)
Changes in operating assets and liabilities	(70)	(6)
Net cash provided by operating activities	481	367
Cash flows from investing activities
Purchases of property and equipment	(5)	(4)
Purchases of marketable securities	(843)	(1,718)
Maturities of marketable securities	1,463	1,331
Purchases and originations of loans	(1,349)	(805)
Repayments and sales of loans	1,043	637
Purchases of equity and other investments	(1)	(4)
Acquisition of businesses, net of cash acquired	0	(56)
Other	2	0
Net cash provided by (used in) investing activities	310	(619)
Cash flows from financing activities
Proceeds from the exercise of stock options	6	59
Repurchases of common stock	(491)	0
Net cash (used in) provided by financing activities	(485)	59
Effect of foreign exchange on cash, cash equivalents and restricted cash	(3)	4
Net increase (decrease) in cash, cash equivalents and restricted cash	303	(189)
Cash, cash equivalents and restricted cash – beginning of period	1,545	1,498
Cash, cash equivalents and restricted cash – end of period	1,848	1,309
Supplemental cash flow information:
Cash paid for income taxes, net	$ 93	$ 27

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Equity and other investments carried at fair value	$ 2,563	$ 3,619
Class A Subordinate Voting
Common shares issued (in shares)	1,222,705,445	1,225,830,706
Common shares outstanding (in shares)	1,222,705,445	1,225,830,706
Class B Multiple Voting
Common shares issued (in shares)	78,073,584	78,073,594
Common shares outstanding (in shares)	78,073,584	78,073,594
Founder Share
Common shares authorized (in shares)	1	1
Common shares issued (in shares)	1	1
Common shares outstanding (in shares)	1	1

Changes in Accumulated Other Comprehensive (Loss) Income (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity:



	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	1	(10)

Other comprehensive loss before reclassifications	(6)	(1)
Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings:

Sales and marketing	—	1
Research and development	(1)	4
General and administrative	—	1
Tax effect on unrealized (loss) on cash flow hedges	2	(1)
Other comprehensive (loss) income, net of tax	(5)	4
Balance, end of the period	(4)	(6)

Deferred Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenue


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	398	430
Deferral of revenue(1)	138	121

Recognition of deferred revenue from beginning balance	(129)	(121)
Balance, end of the period	407	430


	March 31, 2026	March 31, 2025

	(in US $ millions)
Current portion	321	295
Long-term portion	86	135
	407	430

The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	141	190

Revenue recognized related to non-cash consideration	(12)	(13)
Balance, end of the period	129	177

Current portion	49	49
Long-term portion	80	128
	129	177

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's provision for income taxes is determined by applying the estimated annual effective tax rate to income or loss from recurring operations and adjusting for the effects of any discrete income tax items specific to the period. The Company updates its estimate of the annual effective tax rate each quarter and makes cumulative adjustments if its estimated annual tax rate is expected to change. The Company’s effective tax rate may be subject to fluctuation during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, any valuation allowance against deferred tax assets, the recognition and derecognition of tax benefits related to uncertain tax positions and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. The Company recognized a recovery of income taxes of $53 million and $88 million in the three months ended March 31, 2026 and 2025, respectively, as a result of net unrealized loss on equity and other investments, partially offset by provision for income taxes related to income from operations. We continue to be subject to review and audit by tax authorities around the world, which may lead to adjustments to our tax liabilities. In 2025, we received a proposed assessment from the Canada Revenue Agency ("CRA") related to our transfer pricing for tax year 2020. We disagree with the proposed assessment and intend to defend our position. While we believe that our tax position is appropriate, the final determination and timing of resolution of the above matter, and any other tax audits or litigation cannot be predicted with certainty. We continue to monitor the progress of tax audits with tax authorities. Adjustments arising from tax audits or litigation will be recorded in the period in which such matters are resolved.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of the Stock Option and RSU Award Activities

The following table summarizes the stock option and Restricted Share Unit ("RSU") award activities under the Company's share-based compensation plans for the three months ended March 31, 2026:


	Shares Subject to Options Outstanding					Outstanding RSUs
	Number of Options(1)	Weighted Average Exercise Price	Remaining Contractual Term (in years)	Aggregate Intrinsic Value(2)	Weighted Average Grant Date Fair Value	Outstanding RSUs	Weighted Average Grant Date Fair Value
	(in US $ millions, except share and share price amounts)
December 31, 2025	10,200,678	80.03	7.22	826	—	3,486,886	110.16
Stock options granted	2,223,132	116.07	—	—	53.58	—	—
Stock options exercised	(202,056)	31.55	—	—	—	—	—
Stock options forfeited	(10,345)	107.87	—	—	—	—	—
RSUs granted	—	—	—	—	—	1,525,623	124.28
RSUs settled	—	—	—	—	—	(886,692)	122.20
RSUs forfeited	—	—	—	—	—	(67,263)	107.16
March 31, 2026	12,211,409	87.37	7.53	382	—	4,058,554	112.89

Stock options exercisable as of March 31, 2026	5,025,058	73.64	5.77	229

Schedule of Classification of Stock-based Compensation


	Three months ended March 31,
	2026	2025
	(in US $ millions)
Cost of revenues	1	1
Sales and marketing	10	12
Research and development	93	79
General and administrative	28	22
	132	114

Summary of Repurchase Activity Under Stock Repurchase Program

The following table summarizes repurchase activity under our share repurchase program for the three months ended March 31, 2026:


	Shares Repurchased(1)	Average Price per Share(2)		Value of Shares Repurchased(2)	Remaining Amount Authorized
	(in US $ millions, except share and share price amounts)
Balance, beginning of the period					$	—
Authorization of share repurchases					2,000
Repurchase of shares of class A subordinate voting shares	4,214,019	$	121.89	514	(514)
Balance, end of the period					$	1,486

(1) These repurchased shares of Class A subordinate voting shares were recognized within "Common stock".

(2) Excludes immaterial broker commissions and excise tax accruals.

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated (Deficit) Surplus
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2024		1,294,580,140
Balance, beginning of the period at Dec. 31, 2024	$ 11,558,000	$ 9,634,000	$ 305,000	$ (10,000)	$ 1,629,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,190,811
Exercise of stock options	59,000	$ 87,000	(28,000)
Stock-based compensation	114,000		114,000
Vesting of restricted share units (in shares)		1,055,597
Vesting of restricted share units	(2,000)	$ 86,000	(88,000)
Issuance of shares related to business acquisition (in shares)		252,257
Issuance of shares related to business acquisition	0	$ 24,000	(24,000)
Net loss and comprehensive income (loss) for the period	(678,000)			4,000	(682,000)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2025		1,297,078,805
Balance, end of the period at Mar. 31, 2025	11,051,000	$ 9,831,000	279,000	(6,000)	947,000
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2025		1,303,904,301
Balance, beginning of the period at Dec. 31, 2025	$ 13,473,000	$ 10,376,000	236,000	1,000	2,860,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	202,056	202,056
Exercise of stock options	$ 6,000	$ 10,000	(4,000)
Stock-based compensation	132,000		132,000
Vesting of restricted share units (in shares)		886,692
Vesting of restricted share units	$ (3,000)	$ 106,000	(109,000)
Common stock, repurchased (in shares)	(4,214,019)	(4,214,019)
Common stock, repurchased	$ (521,000)	$ (521,000)
Net loss and comprehensive income (loss) for the period	(586,000)			(5,000)	(581,000)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2026		1,300,779,030
Balance, end of the period at Mar. 31, 2026	$ 12,501,000	$ 9,971,000	$ 255,000	$ (4,000)	$ 2,279,000

Financial Instruments - Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity (Details) $ in Millions	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Due within one year	$ 3,961
Due after one year to three years	706
Total debt investments	$ 4,667

Segment and Geographical Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1,000,000
Number of reportable segments	1,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false