v3.25.4
Goodwill
12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The Company's goodwill relates to acquisitions of various companies.
No goodwill impairment was recognized in the years ended December 31, 2025 and 2024. The Company recognized goodwill impairment of $1,438 million in the year ended December 31, 2023 due to the sales of Shopify's logistics businesses in the second quarter of 2023.
Goodwill is tested for impairment as part of the Company's annual impairment test as of September 30, 2025. The Company exercised its option to bypass the qualitative assessment pursuant to ASC 350, Intangibles - Goodwill and Other, and performed a quantitative analysis. The Company determined that the consolidated business is represented by a single reporting unit and concluded the estimated fair value of the reporting unit, determined using market capitalization, was greater than its carrying amount.
The gross changes in the carrying amount of goodwill during the year ended December 31, 2025 and year ended December 31, 2024 are as follows:
December 31, 2025December 31, 2024
(in US $ millions)
Balance, beginning of the year452 427 
Acquisitions(1)
39 25 
Balance, end of the year491 452 
(1) During the year ended December 31, 2025, the Company completed the acquisition of Vantage Discovery Inc. (see Note 4). During the year ended December 31, 2024, the Company completed individually immaterial acquisitions that resulted in goodwill being recognized.