v3.26.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Stock-Based Compensation
As of September 30, 2026, there were 531,772,589 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 nine months ended September 30, 2026:
Shares Subject to Options OutstandingOutstanding RSUs
Number of Options(1)
Weighted Average Exercise PriceRemaining Contractual Term (in years)
Aggregate Intrinsic Value(2)
Weighted Average Grant Date Fair ValueOutstanding RSUsWeighted Average Grant Date Fair Value
(in US $ millions, except share and share price amounts)
December 31, 202510,200,678 80.037.22826 — 3,486,886 110.16 
Stock options granted3,055,469 115.9653.60 
Stock options exercised(687,079)35.09
Stock options forfeited(747,307)82.08
RSUs granted4,306,245 120.47 
RSUs settled(2,937,355)112.63 
RSUs forfeited(510,825)105.96 
September 30, 202611,821,761 91.807.27304 — 4,344,951 119.20 
Stock options exercisable as of September 30, 2026
5,369,082 79.695.81216 
(1) As of September 30, 2026, 11,815,800 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares and 5,961 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 September 30, 2026 and December 31, 2025.
As of September 30, 2026, the Company had issued 6,168 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 September 30, 2026, 157,663 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 income, which includes both stock-based compensation and restricted stock-compensation expense:
Three months ended September 30,Nine months ended September 30,
2026202520262025
(in US $ millions)
Cost of revenues1143
Sales and marketing12123135
Research and development9973282232
General and administrative28218364
140107400334
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.
In the second quarter of 2026, the Company's Board of Directors authorized an additional $3 billion of the Company's outstanding Class A subordinate voting shares, in addition to the $2 billion previously authorized, bringing its aggregate share repurchase authorization to $5 billion.
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 nine months ended September 30, 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 in the first quarter of 20262,000 
Authorization of additional share repurchases in the second quarter of 20263,000 
Repurchase of shares of Class A subordinate voting shares21,145,824 $117.09 2,476 (2,476)
Balance, end of the period$2,524 
(1) These repurchased shares of Class A subordinate voting shares were recognized within "Common stock".
(2) Excludes immaterial broker commissions and excise tax accruals.