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).

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 income (expense), net" in the condensed consolidated statements of operations and comprehensive income.



	June 30, 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	—	375	—	—	384
U.S. federal bonds and agency securities	—	1,520	407	—	1,924

Corporate bonds and commercial paper	25	—	—	—	25

	25	1,895	407	—	2,333

Level 2:
Corporate bonds and commercial paper	—	1,396	118	—	1,513



Level 3:
Convertible notes in private companies	—	—	—	587	587
	25	3,291	525	587	4,433

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 $130 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.



	June 30, 2026			December 31, 2025
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Affirm Holdings, Inc.	1,655	—	1,655	1,511	—	1,511
Global-E Online Ltd.	768	—	768	868	—	868
Klaviyo, Inc.(1)	256	24	280	529	70	599
Other	—	—	—	8	—	8
	2,679	24	2,703	2,916	70	2,986

(1) In the three and six months ended June 30, 2026, $6 million and $17 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (June 30, 2025 - $9 million and $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 9% at June 30, 2026 (December 31, 2025 - 11%).


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

	(in US $ millions)
Balance, beginning of the period	1,975	2,253	2,986	3,183

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



Sale of equity and other investments	(3)	—	(5)	—
Net unrealized gains (losses)	731	502	(278)	(428)


Balance, end of the period	2,703	2,755	2,703	2,755


	June 30, 2026	December 31, 2025

	(in US $ millions)
Total initial value	1,135	1,068
Cumulative gross unrealized gains	832	310
Cumulative gross unrealized losses and impairment	(412)	(415)
Total carrying value of equity and other investments without readily determinable fair values	1,555	963


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
	(in US $ millions)
Balance, beginning of the period	970	709	963	717






Purchases of equity and other investments	55	71	65	75
Investments received as non-cash consideration in exchange for services	8	—	8	—
Gross unrealized gains(1)	522	165	524	165
Sales of equity and other investments(2)	—	(1)	(5)	(1)
Gross unrealized losses and impairments(3)	—	(3)	—	(15)
Transfers into measurement alternative(4)	—	47	—	47


Balance, end of the period	1,555	988	1,555	988

(1) During the three and six months ended June 30, 2026, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $511 million and $511 million (June 30, 2025 - $163 million and $163 million), respectively, were presented as "Net unrealized gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income.

(2) During the six months ended June 30, 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 income.

(3) During the three and six months ended June 30, 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 gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income.

(4) In the three and six months ended June 30, 2025, convertible notes in private companies with a fair value of $45 million and accrued interest of $2 million were converted and transferred from debt securities to equity investments without readily determinable fair values.

As of June 30, 2026, included in the total $1,555 million of equity and other investments without readily determinable fair values, $1,376 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.

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 and six months ended June 30, 2026, our share of the loss in the investee was $22 million and $43 million, respectively (June 30, 2025 - $24 million and $47 million), and is presented within "Net loss on equity method investment" in the condensed consolidated statements of operations and comprehensive income.

As of June 30, 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 $777 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.

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.


	June 30, 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)	11	1

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.

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 June 30, 2026, utilizing a discount for lack of marketability of 19%, was $9 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 $11 million and $65 million for the three and six months ended June 30, 2026, respectively (June 30, 2025 - unrealized gain of $14 million and unrealized loss of $72 million) and is presented as a component of "Net unrealized gain (loss) on equity and other investments".