Shopify Inc. Financial Statements FY2021-FY2026Q2

Shopify Inc. (SHOP) Financial Statements in Beancount — Open Ledger

Shopify's income statement and balance sheet, FY2021 through FY2026Q2, as a public, auditable plain-text Beancount ledger — reconstructed line by line from the company's own Form 40-F (through FY2023), Form 10-K (from FY2024) and Form 10-Q filings and version-controlled in git. Part of the Open Ledger project on beancount.io.

Browse it live: beancount.io/ledger/open_ledger/shopify

Latest analysis: Shopify Q2 2026 Earnings: $115.6 Billion GMV Fuels 34% Revenue Growth and 18% Free-Cash-Flow Margin

Key Figures

Amounts in MUSD (millions of US dollars), exactly as the ledger records them.

What's Inside

Fiscal years end December 31. All figures sourced from Shopify Inc. filings on SEC EDGAR (CIK 0001594805): the audited financial statements in Form 40-F for FY2021–FY2023, Form 10-K from FY2024 and Form 10-Q for quarters; each period file cites its filing.

Quick Start

uvx --from beancount bean-check main.bean
uvx --from beanquery bean-query main.bean \
  "SELECT year, sum(position) WHERE account ~ '^Income:Revenue' GROUP BY year ORDER BY year"

Zero output from bean-check means the ledger is internally consistent: every
income statement sums to zero and every balance-sheet snapshot reconciles to
the filed totals. The query prints revenue by calendar year; income is a
credit, so it shows as a negative number. Open main.bean in Fava
or import it into beancount.io to explore it visually.

Methodology

• Balance sheet — pad / balance directives assert each period-end
  figure against the filing named in that period file's source banner.
• Income statement — one zero-sum transaction per period: Income
  negative (credit), Expenses positive (debit), with the arithmetic check in
  a comment directly above it.
• Unit — MUSD; 3,583 MUSD means 3,583 million US dollars.
• Additional accounts — Expenses:TransactionAndLoanLosses, opened beyond
  the standard chart (see each account's open line in main.bean). It
  holds the filings' transaction and loan losses caption: losses on Shopify
  Payments and on merchant loans and cash advances.
• Caption mapping — sales and marketing and general and administrative
  are two labeled postings on Expenses:SellingGeneralAdministrative;
  research and development is Expenses:ResearchAndDevelopment; revenue is
  one posting equal to total revenues, with the subscription solutions and
  merchant solutions split in its comment.
• Other items — interest income and expense, net realized and unrealized
  gains and losses on equity and other investments, the net loss on the
  equity method investment, the realized loss on an embedded derivative
  (FY2025), foreign exchange and the FY2023 impairment on sales of the
  logistics businesses are posted line by line, each labeled with its filing
  caption, on Income:OtherNet or Expenses:OtherNet according to the sign
  of their net. Net income swings with the investment revaluations (a
  2,859.800 MUSD unrealized gain in FY2021, a 2,998.296 MUSD unrealized
  loss in FY2022), which is why they are never folded into an operating line.
• Balance sheet groupings — loans and merchant cash advances sit inside
  Assets:Current:Other; equity and other investments, the equity method
  investment and long-term investments sit inside Assets:NonCurrent:Other;
  each balance assertion's comment itemizes the filed captions it sums. The
  convertible senior notes are Liabilities:NonCurrent:LongTermDebt, moving
  to Liabilities:Current:ShortTermDebt at December 31, 2024 and to zero
  after their 2025 maturity.
• Vintage — each fiscal year uses the figures of that year's own annual
  filing as originally filed (Form 40-F Exhibit 1.2 for FY2021–FY2023, Form
  10-K from FY2024), not a later recast; a period file's banner says where a
  later filing regrouped a caption. FY2021 and FY2022 were filed in thousands
  of dollars and keep three decimals; later periods are whole millions.

Analysis

• Shopify Q2 2026 Earnings: $115.6 Billion GMV Fuels 34% Revenue Growth and 18% Free-Cash-Flow Margin — FY2026Q2

Corrections

Found a figure that does not match the filing? Email
[email protected] with the period, the account
and the filing page. Corrections are committed with the source cited.

• 2026-10-06 — every period, FY2021 through FY2026Q2, was rebuilt from the
  Form 40-F, Form 10-K and Form 10-Q filings. The earlier files carried R&D
  and SG&A lines that were fixed shares of revenue, revenue and net income
  that differed from the filings in every period, and balance sheets that
  matched no filing.

About Open Ledger

Open Ledger is a growing library of public-company financial statements
published as plain-text accounting at
beancount.io/ledger — git-versioned, diffable
across companies, and auditable against primary filings. Read the analysis
behind the numbers on the beancount.io blog.

Disclaimer

This ledger is an independent reconstruction of Shopify Inc.'s publicly filed
financial statements, provided for educational and informational purposes
only. It is not investment, financial, legal, tax, or accounting advice, and
is not an offer or recommendation to buy or sell any security. Beancount.io is
not affiliated with, endorsed by, or sponsored by Shopify Inc.; all trademarks
belong to their respective owners. Figures may contain errors, omissions, or
simplifications and may lag the latest filings — the company's own regulatory
filings are the authoritative source. Provided "as is" without warranty of any
kind; use at your own risk.