v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income for the year $ 1,231 $ 2,019 $ 132
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization and depreciation 31 36 70
Stock-based compensation 449 430 615
Impairment of right-of-use assets and leasehold improvements 13 0 38
Provision for transaction and loan losses 230 148 80
Deferred income tax (recovery) expense (14) 78 (1)
Revenue related to non-cash consideration (49) (94) (158)
Impairment on sales of Shopify's logistics businesses 0 0 1,340
Net loss (gain) on equity and other investments 153 (992) (1,419)
Net loss on equity method investment 40 138 58
Realized loss on embedded derivative 123 0 0
Unrealized foreign exchange (gain) loss (57) 19 (6)
Changes in operating assets and liabilities      
Trade and other receivables (219) (148) (98)
Merchant cash advances and related receivables, net (141) (82) 214
Other current and long-term assets (38) (72) (50)
Accounts payable and accrued liabilities 262 110 69
Deferred revenue 19 26 60
Net cash provided by operating activities 2,033 1,616 944
Cash flows from investing activities      
Purchases of property and equipment (26) (19) (39)
Purchases of marketable securities (7,040) (8,396) (5,841)
Maturities of marketable securities 6,552 7,457 5,590
Purchases and originations of loans (4,014) (3,006) (1,861)
Repayments and sales of loans 3,435 2,542 1,338
Purchases of equity and other investments (99) (137) (364)
Acquisition of businesses, net of cash acquired (56) (30) (31)
Other 58 3 (36)
Net cash used in investing activities (1,190) (1,586) (1,244)
Cash flows from financing activities      
Proceeds from the exercise of stock options 232 61 60
Maturities of convertible senior notes (1,043) 0 0
Net cash (used in) provided by financing activities (811) 61 60
Effect of foreign exchange on cash, cash equivalents and restricted cash 15 (6) 4
Net increase (decrease) in cash, cash equivalents and restricted cash 47 85 (236)
Cash, cash equivalents and restricted cash – beginning of year 1,498 1,413 1,649
Cash, cash equivalents and restricted cash – end of year 1,545 1,498 1,413
Supplemental cash flow information:      
Cash paid for income taxes, net 194 116 50
Cash paid for interest $ 1 $ 1 $ 1