Shopify annual net debt
2018
2019
2020
2021
2022
2023
2024
2025
Shopify Net Debt Growth & History (SHOP)
Shopify's net debt was −$1.36B for fiscal 2025.
View full Shopify company overviewShopify annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | −$1.36B | −$67.0M | — |
| 2024 | 2024-12-31 | −$1.29B | −$1.03B | — |
| 2023 | 2023-12-31 | −$263.0M | −$10.3M | — |
| 2022 | 2022-12-31 | −$252.7M | $1.08B | — |
| 2021 | 2021-12-31 | −$1.33B | $461.2M | — |
| 2020 | 2020-12-31 | −$1.79B | −$1.29B | — |
| 2019 | 2019-12-31 | −$498.2M | −$112.4M | — |
| 2018 | 2018-12-31 | −$385.8M | — | — |
Shopify quarterly net debt
Q4.18
Q4.19
Q4.20
Q4.21
Q4.22
Q4.23
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$1.48B | −$156.0M | — |
| Q1 2026 | 2026-03-31 | −$1.67B | −$579.0M | — |
| Q4 2025 | 2025-12-31 | −$1.36B | −$67.0M | — |
| Q3 2025 | 2025-09-30 | −$2.22B | — | — |
| Q2 2025 | 2025-06-30 | −$1.32B | — | — |
| Q1 2025 | 2025-03-31 | −$1.09B | — | — |
| Q4 2024 | 2024-12-31 | −$1.29B | −$1.03B | — |
| Q4 2023 | 2023-12-31 | −$263.0M | −$10.3M | — |
| Q4 2022 | 2022-12-31 | −$252.7M | $1.08B | — |
| Q4 2021 | 2021-12-31 | −$1.33B | $461.2M | — |
| Q4 2020 | 2020-12-31 | −$1.79B | −$1.29B | — |
| Q4 2019 | 2019-12-31 | −$498.2M | −$112.4M | — |
| Q4 2018 | 2018-12-31 | −$385.8M | — | — |
Shopify net debt trends
Over the last five fiscal years, Shopify's net debt increased from −$1.79B to −$1.36B, a change of $433.7M. The latest reported quarter, Q2 2026, shows −$1.48B.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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