Financial Statements — SHOP
Balance Sheet
(in billions USD)| Metric | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Cash & Equivalents | 1.85 | 2.41 | 1.54 | 1.31 |
| Short-term Investments | 3.90 | 3.94 | 4.28 | 4.21 |
| Accounts Receivable | 0.45 | 0.40 | 0.35 | 0.30 |
| Total Current Assets | 8.49 | 8.71 | 8.00 | 7.45 |
| Property, Plant & Equipment | 0.05 | 0.05 | 0.05 | 0.05 |
| Goodwill | 0.49 | 0.49 | 0.49 | 0.49 |
| Intangible Assets | 0.03 | 0.02 | 0.03 | 0.03 |
| Total Non-current Assets | 5.63 | 6.33 | 6.56 | 5.96 |
| Total Assets | 14.12 | 15.04 | 14.56 | 13.40 |
| Accounts Payable | 1.03 | 0.97 | 0.84 | 0.78 |
| Total Current Liabilities | 1.37 | 2.21 | 2.08 | 2.01 |
| Total Non-current Liabilities | 0.25 | 0.32 | 0.36 | 0.34 |
| Total Liabilities* | 1.62 | 2.53 | 2.44 | 2.35 |
| Retained Earnings | 2.28 | 2.12 | 1.85 | 0.95 |
| Total Stockholder Equity | 12.50 | 12.51 | 12.12 | 11.05 |
* Derived from reported values
Income Statement
(in billions USD) (except per-share rows)| Metric | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Total Revenue | 3.17 | 3.67 | 2.84 | 2.68 | 2.36 | 2.81 |
| Cost of Revenue | 1.62 | 1.98 | 1.45 | 1.38 | 1.19 | 1.46 |
| Gross Profit | 1.55 | 1.69 | 1.39 | 1.30 | 1.17 | 1.35 |
| Research & Development | 0.44 | 0.39 | 0.38 | 0.39 | 0.38 | 0.35 |
| Selling, General & Admin | 0.12 | 0.13 | 0.12 | 0.12 | 0.11 | 0.11 |
| Total Operating Expenses | 1.16 | 1.06 | 1.05 | 1.01 | 0.97 | 0.89 |
| Operating Income | 0.38 | 0.63 | 0.34 | 0.29 | 0.20 | 0.47 |
| Pretax Income* | (0.63) | 0.89 | 0.31 | 1.08 | (0.77) | 1.42 |
| Tax Provision | (0.05) | 0.15 | 0.04 | 0.17 | (0.09) | 0.13 |
| Net Income | (0.58) | 0.74 | 0.26 | 0.91 | (0.68) | 1.29 |
| Basic EPS | (0.45) | 0.58 | 0.20 | 0.70 | (0.53) | 1.01 |
| Diluted EPS | (0.45) | 0.58 | 0.20 | 0.69 | (0.53) | 0.99 |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 481.00 | 725.00 | 513.00 | 428.00 | 367.00 | 615.00 |
| Capital Expenditures | 5.00 | 10.00 | 6.00 | 6.00 | 4.00 | 4.00 |
| Free Cash Flow* | 476.00 | 715.00 | 507.00 | 422.00 | 363.00 | 611.00 |
| Investing Cash Flow | 310.00 | (654.00) | 335.00 | (252.00) | (619.00) | (661.00) |
| Financing Cash Flow | (485.00) | (938.00) | 24.00 | 44.00 | 59.00 | 49.00 |
* Derived from reported values