Shopify Inc. logo SHOP - Shopify Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 40
HOLD 20
SELL 3
STRONG
SELL
0
| PRICE TARGET: $156.79 DETAILS
HIGH: $200.00
LOW: $115.00
MEDIAN: $155.00
CONSENSUS: $156.79
UPSIDE: 52.22%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1
Revenue
Revenue 3,170 3,672 2,844 2,680 2,360 2,812 2,162 2,045 1,861 2,144 1,714 1,694 1,508 1,735.0 1,366 1,295 1,204 1,380.0 1,123.7 1,119.4 988.6 977.7 767.4 714.3 470.0 505.2 390.6 362.0 320.5 343.9 270.1 245.0 214.3 222.8 171.5 151.7 127.4 130.4 99.6 86.6 72.7 70.2 52.8 44.9 37.3 35.2 27.3 23.7 18.8
Cost of Revenue 1,624 1,979 1,453 1,378 1,191 1,460 1,044 1,000 904 1,082 813 859 791 936.5 704 639 566 687.4 514.8 498.6 429.9 473.4 362.3 339.3 213.1 241.3 173.9 157.2 140.2 158.1 120.3 108.0 90.5 101.7 71.4 64.8 55.1 62.2 47.1 40.5 33.5 34.7 24.0 19.7 15.8 15.6 11.1 9.4 7.2
Gross Profit 1,546 1,693 1,391 1,302 1,169 1,352 1,118 1,045 957 1,062 901 835 717 798.5 662 656 638 692.7 608.9 620.9 558.7 504.4 405.1 375.0 256.9 263.9 216.7 204.8 180.3 185.7 149.7 137.0 123.8 121.1 100.0 86.8 72.2 68.1 52.5 46.2 39.3 35.5 28.7 25.3 21.6 19.6 16.2 14.3 11.6
Operating Expenses
R&D Expenses 437 390 375 394 377 351 332 349 335 311 313 648 458 440.5 412 347 304 273.9 221.0 183.6 175.9 164.4 143.4 133.2 116.4 102.8 90.4 85.5 76.4 67.0 61.6 54.3 47.7 40.3 36.4 32.7 26.6 24.5 19.5 16.7 13.7 13.5 10.1 8.8 7.3 6.6 6.6 6.6 6.1
SG&A Expenses 611 558 525 537 514 460 445 413 485 417 432 452 410 512.4 557 457 412 376.5 366.7 279.9 253.3 220.1 199.4 228.2 199.7 191.2 154.6 158.9 135.3 128.2 119.5 113.4 96.5 86.9 76.4 70.0 60.1 53.0 42.5 38.1 35.3 28.5 23.0 19.9 17.7 17.5 13.8 14.7 11.5
Other Expenses 116 114 148 80 75 76 58 42 51 45 34 1,371 42 34.3 39 42 20 27.8 25.3 18.0 10.6 6.5 11.8 13.4 14.1 0 7.4 0 4.4 0 0.6 0.7 1.1 0 0.2 0.5 0.4 0 0.4 0.2 0 0 0 0 0 0 0 0 0
Operating Expenses 1,164 1,062 1,048 1,011 966 887 835 804 871 773 779 2,471 910 987.3 1,008 846 736 678.3 613.0 481.4 439.8 391.8 354.6 374.8 330.2 294.0 252.4 244.4 216.1 195.2 181.1 167.7 144.2 127.3 112.7 102.7 86.7 77.4 61.9 54.8 49.0 42.0 33.0 28.7 25.0 24.1 20.3 21.4 17.6
Operating Income
Operating Income 382 631 343 291 203 465 283 241 86 289 122 (1,636) (193) (188.7) (346) (190) (98) 14.4 (4.1) 139.4 118.9 112.5 50.6 0.3 (73.2) (30.1) (35.7) (39.6) (35.8) (9.5) (31.4) (30.8) (20.3) (6.1) (12.7) (15.9) (14.5) (9.3) (9.5) (8.7) (9.7) (6.5) (4.3) (3.5) (3.5) (4.5) (4.1) (7.0) (6.0)
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0.9 0.8 0.9 0.9 0.9 0.9 0.9 0.9 8.0 1.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 75 79 81 106 65 72 77 80 79 68 63 58 52 39.6 19.7 12.4 6.3 4.9 4.5 3.1 2.8 3.3 3.8 6.0 10.5 12.3 11.6 12.2 12.1 0 8.1 7.4 4.6 0 0 1.4 0.7 0 0 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Profitability
EBITDA 382 518 316 379 286 549 349 293 96 299 135 (279) (163) (584.5) (317) (174) (81) (467.9) 1,354.3 934.3 1,385.6 135.0 205.5 24.3 (45.8) (17.4) (15.7) (32.2) (29.0) (3.6) (25.2) (23.3) (12.8) 1.6 (6.9) (10.6) (9.9) (4.9) (5.8) (5.9) (6.7) (4.3) (2.4) (1.8) (2.0) (3.2) (2.8) (6.0) (5.0)
EBIT 382 511 308 371 278 541 341 283 86 289 122 (296) (193) (614.3) (346) (190) (98) (490.2) 1,340.7 919.6 1,369.8 117.1 187.6 4.4 (60.1) (30.1) (24.4) (39.6) (35.8) (9.5) (31.4) (30.8) (20.3) (6.1) (12.7) (15.9) (14.5) (9.3) (9.5) (8.7) (9.7) (6.5) (4.3) (3.5) (3.5) (4.5) (4.1) (7.0) (6.0)
Income Before Tax (634) 892 308 1,079 (770) 1,421 860 203 (256) 682 728 (1,301) 76 (614.6) (158) (1,198) (1,653) (488.7) 1,340.5 919.3 1,369.5 109.8 186.4 4.4 (60.1) (18.5) (24.4) (28.7) (24.2) (1.5) (23.2) (24.0) (15.9) (3.0) (9.4) (14.0) (13.6) (8.9) (9.1) (8.4) (8.9) (6.3) (4.7) (3.3) (4.5) (4.8) (4.3) (6.9) (6.4)
Income Tax Expense (53) 149 44 173 (88) 128 32 32 17 25 10 10 8 9.1 1 6 (179) (117.4) 192.0 40.2 111.1 (14.1) (4.7) (31.6) (28.7) (19.3) 48.3 (10.9) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income (581) 743 264 906 (682) 1,293 828 171 (273) 657 718 (1,311) 68 (623.7) (159) (1,204) (1,474) (371.3) 1,148.4 879.1 1,258.4 123.9 191.1 36.0 (31.4) 0.8 (72.8) (28.7) (24.2) (1.5) (23.2) (24.0) (15.9) (3.0) (9.4) (14.0) (13.6) (8.9) (9.1) (8.4) (8.9) (6.3) (4.7) (3.3) (4.5) (4.8) (4.3) (6.9) (6.4)
Per Share Data
EPS (Basic) -0.45 0.58 0.20 0.70 -0.53 1.00 0.64 0.13 -0.21 0.51 0.56 -1.02 0.05 -0.49 -0.12 -0.95 -1.17 -0.29 0.92 0.71 1.02 0.10 0.16 0.03 -0.03 0.00 -0.06 -0.03 -0.02 -0.00 -0.02 -0.02 -0.02 -0.00 -0.01 -0.01 -0.02 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
EPS (Diluted) -0.45 0.58 0.20 0.69 -0.53 1.00 0.64 0.13 -0.21 0.51 0.55 -1.02 0.05 -0.49 -0.12 -0.95 -1.17 -0.30 0.90 0.69 0.99 0.10 0.15 0.03 -0.03 0.00 -0.06 -0.03 -0.02 -0.00 -0.02 -0.02 -0.02 -0.00 -0.01 -0.01 -0.02 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
Shares Outstanding 1,303.4 1,299.0 1,300.1 1,297.7 1,295.4 1,294.6 1,290.6 1,288.9 1,287.4 1,285.5 1,283.3 1,280.4 1,276.9 1,273.3 1,269.4 1,262.0 1,260.1 1,257.3 1,250.7 1,245.5 1,232.4 1,254.5 1,205.1 1,187.4 1,164.1 1,160.3 1,130.9 1,103.0 1,109.2 1,077.3 1,066.5 1,059.8 1,022.6 995.5 987.8 942.9 902.4 891.4 849.1 813.5 804.9 780.0 759.0 530.4 667.4 666.2 666.2 666.2 665.0
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 1,854.1 1,534 2,411.6 1,545.4 1,309 1,498 1,507 1,541 1,623 1,413 1,287 1,611 1,738 1,649 1,378.3 3,350.8 2,451.5 2,503.0 2,189.6 2,364.7 2,785.6 2,703.6 3,089.9 1,882.4 969.4 649.9 1,124.5 669.0 410.4 410.7 243.4 219.8 1,580.0 141.7 119.8 199.4 101.3 84.0 187.4 68.1 83.9
Short-Term Investments 3,907.8 4,233 3,931.2 4,287.5 4,205 3,981 3,388 3,480 3,554 3,595 3,631 3,169 3,125 3,404 3,563.2 3,604.0 4,795.1 5,265.1 5,329.1 5,390.7 5,086.9 3,684.4 3,031.3 2,118.6 1,391.2 1,805.3 1,542.7 1,344.3 1,586.6 1,559.0 1,334.8 1,354.4 0 796.4 806.7 733.0 294.4 308.4 212.9 111.5 105.6
Net Receivables 2,554.4 2,370 2,126.9 1,951.3 1,689 1,655 1,435 1,193 1,080 1,155 1,081 981 905 857.5 912.7 789.7 713.9 667.0 733.2 625.7 532.8 421.5 429.0 322.1 308.4 240.7 212.5 161.4 147.2 133.2 135.3 112.5 91.9 69.0 68.1 45.4 26.5 21.5 16.8 9.1 6.5
Inventory 0 21 0 0 0 26 0 0 0 19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 206.7 14 226.8 234.5 242 0 211 188 183 7 162 148 159 30 152.3 113.2 113.1 12.5 80.9 79.1 77.9 33.8 63.1 66.2 58.9 12.6 31.2 36.4 29.7 3.7 23.4 20.0 17.6 6.1 20.3 16.4 12.1 0.6 10.3 7.1 7.1
Total Current Assets 8,522.9 8,296 8,696.5 8,018.8 7,445 7,254 6,541 6,402 6,440 6,275 6,161 5,909 5,927 6,050 6,013.0 7,857.8 8,074.9 8,539.3 8,332.8 8,460.2 8,483.1 6,877.8 6,613.2 4,389.2 2,727.9 2,742.2 2,910.8 2,211.2 2,174.0 2,129.1 1,737.0 1,706.7 1,689.5 1,025.7 1,014.9 994.2 434.3 422.9 427.4 195.9 203.2
Non-Current Assets
Property, Plant & Equipment 138.5 141 144.9 143.3 151 140 143 144 148 147 124 170 482 486 478.2 338.8 329.8 301.9 215.2 211.0 215.2 211.5 217.4 221.7 250.6 246.2 188.9 182.4 161.0 61.6 55.8 54.8 51.7 50.4 48.6 44.2 44.8 45.7 42.8 39.1 34.6
Goodwill 492.6 491 490.5 492.1 491 452 452 449 427 427 427 427 1,865 1,836 1,836.3 379.3 356.5 356.5 349.4 311.9 311.9 311.9 311.9 311.9 311.9 311.9 48.4 48.4 43.7 38.0 22.9 22.9 20.3 20.3 20.3 20.3 15.5 15.5 9.3 9.3 2.4
Intangible Assets 28.1 30 33.0 36.1 39 22 24 26 25 29 33 26 372 390 410.8 133.1 131.6 138.5 141.9 124.2 129.7 135.7 143.9 151.3 159.0 167.3 24.8 25.3 24.2 26.1 26.1 24.7 21.1 17.2 17.6 18.4 6.7 6.4 6.9 6.8 5.2
Long-Term Investments 4,837.9 6,159 5,607.5 5,844.0 5,153 5,998 5,130 4,281 4,029 4,377 3,680 3,132 2,277 1,954 2,421.7 1,993.9 2,695.0 3,955.5 4,445.1 2,796.3 1,631.0 173.5 170.5 0 0 2.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 30.1 39 23.0 28.1 23 21 0 0 0 0 0 0 0 0 0 0 199.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-Current Assets 5,644.5 6,893 6,327.8 6,574.6 5,955 6,670 5,788 4,944 4,672 5,024 4,303 3,794 5,037 4,707 5,190.3 2,889.9 3,759.6 4,800.9 5,203.8 3,495.5 2,341.8 885.1 848.8 709.2 743.0 747.3 278.1 256.1 228.8 125.7 104.7 102.4 93.1 87.9 86.5 83.0 67.0 67.7 59.0 55.2 42.1
Total Assets 14,167.4 15,189 15,024.3 14,593.4 13,400 13,924 12,329 11,346 11,112 11,299 10,464 9,703 10,964 10,757 11,203.3 10,747.6 11,834.5 13,340.2 13,536.5 11,955.7 10,824.9 7,762.9 7,462.0 5,098.4 3,470.9 3,489.5 3,188.9 2,467.3 2,402.8 2,254.8 1,841.7 1,809.1 1,782.5 1,113.6 1,101.4 1,077.2 501.3 490.6 486.3 251.1 245.3
Current Liabilities
Account Payables 1,031.4 570 969.1 840.9 776 360 612 0 0 364 0 554 535 364 596.1 419.4 406.6 284.0 350.6 289.5 338.9 168.7 261.6 241.0 214.4 90.5 139.3 142 125.0 61.3 107.8 95.7 79.1 44.3 65.2 57.1 52.3 34.3 42.3 32.3 27.1
Short-Term Debt 16.1 0 920 919 919 918 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 322.1 300 299.7 298.7 295 283 290 298 296 302 304 310 324 296 287.6 254.0 247.6 216.8 203.9 183.2 114.7 107.8 96.8 67.5 62.9 56.7 48.4 45.7 42.7 39.2 37.0 35.0 33.0 30.7 28.7 25.8 23.2 20.2 18.3 16.5 14.5
Other Current Liabilities 6.0 169 3.1 2.0 0 112 1.0 559 589 58 533 0 0 84 0 0 0 77.8 0 0 0 61.9 0 0 0 32.4 0 0 0 26.5 0 0 0 5.8 0 0 0 5.8 0 0 0
Total Current Liabilities 1,375.5 1,392 2,210.8 2,082.6 2,009 1,956 921 874 902 898 852 880 883 856 905.2 703.2 681.9 702.7 596.6 511.1 495.1 438.3 370.1 320.5 288.6 316.4 259.7 193.4 173.0 138.7 146.9 132.4 113.6 94.8 95.4 84.2 76.8 66.5 61.9 49.8 42.5
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 917 917 916 916 915 914 914 913 912.7 912.1 911.5 911.0 910.4 909.8 909.2 758.0 750.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 55 29 36.1 5 73 8 10 6 6 5 6 17 16 23.6 1.3 0.2 183.4 310.6 127.8 102.4 0 0 0 4.2 8.8 1.4 1.8 0.9 1.1 1.3 1.5 1.2 1.4 1.5 1.7 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-Current Liabilities 249.8 324 314.7 359.8 340 410 1,290 1,300 1,317 1,335 1,328 1,360 1,624 1,662 1,605.1 1,327.3 1,362.9 1,504.1 1,569.7 1,324.1 1,187.9 923.9 915.1 149.0 141.5 157.4 109.1 112.8 101.8 25.3 22.7 20.5 19.1 17.7 18.1 15.5 13.6 13.6 13.0 12.6 11.8
Total Liabilities 1,625.3 1,716 2,528 2,442.4 2,349 2,366 2,211 2,174 2,219 2,233 2,180 2,240 2,507 2,518 2,510.3 2,030.5 2,044.9 2,206.8 2,166.2 1,835.1 1,683.0 1,362.2 1,285.2 469.5 430.1 473.7 368.9 306.1 274.8 164.0 169.6 152.9 1,782.5 112.5 113.5 99.8 90.5 80.1 74.8 62.4 54.3
Stockholders' Equity
Common Stock 10,003.8 10,376 10,113.1 10,007.2 9,831 9,634 9,474 9,368 9,283 9,201 9,098 9,019 8,886 8,747 8,653.0 8,244.6 8,150.9 8,040.1 7,930.7 7,837.8 7,761.0 6,115.2 6,035.1 4,859.9 3,333.4 3,256.3 3,042.6 2,313.2 2,265.2 2,215.9 1,794.0 1,771.3 1,745.3 1,077.5 1,064.2 1,051.5 478.8 468.5 464.8 235.6 233.4
Retained Earnings 2,286.5 2,860 2,114.9 1,857.1 947 1,629 336 (492) (663) (390) (1,047) (1,765) (454) (522) 101.4 259.8 1,463.7 2,938.1 3,309.5 2,161.0 1,281.9 15.3 (108.6) (299.7) (335.7) (304.2) (305.0) (232.2) (203.5) (187.8) (186.2) (163.1) (139.1) (123.2) (120.2) (110.8) (96.8) (83.2) (74.3) (65.2) (56.8)
Accumulated Other Comprehensive Income (4.0) 1 (1.0) 5.0 (6) (10) (1) (5) (4) 4 (6) 4 (7) (16) (38.0) (9.1) 0.4 (6.0) (5.9) 3.3 6.0 8.8 (0.7) (4.9) (15.6) 1.0 (2.3) 3.8 (2.9) (12.2) (1.7) (7.8) (3.4) 3.4 6.9 4.2 (0.4) (1.8) (0.5) 0.1 0.2
Total Stockholders' Equity 12,542.1 13,473 12,498.8 12,151.0 11,051 11,558 10,118 9,172 8,893 9,066 8,284 7,463 8,457 8,239 8,693.0 8,717.1 9,789.6 11,133.3 11,370.3 10,120.5 9,141.9 6,400.7 6,176.8 4,628.9 3,040.9 3,015.7 2,820.1 2,161.2 2,127.9 2,090.8 1,672.1 1,656.2 1,649.9 1,001.1 987.9 977.4 410.9 410.5 411.5 188.8 191.0
Total Liabilities & Equity 14,167.4 15,189 15,024.3 14,593.4 13,400 13,924 12,329 11,346 11,112 11,299 10,464 9,703 10,964 10,757 11,203.3 10,747.6 11,834.5 13,340.2 13,536.5 11,955.7 10,824.9 7,762.9 7,462.0 5,098.4 3,470.9 3,489.5 3,188.9 2,467.3 2,402.8 2,254.8 1,841.7 1,809.1 3,432.4 1,113.6 1,101.4 1,077.2 501.3 490.6 486.3 251.1 245.3
Debt Metrics
Total Debt 179.6 188 1,115 1,141.5 1,138 1,126 1,141 1,137 1,145 1,150 1,122 1,134 1,399 1,396 1,298.9 1,192.2 1,195.4 1,173.5 1,100.2 1,076.8 1,078.7 912.9 903.0 153.1 141.5 151.7 111.0 114.5 104.1 24.9 21.7 19.0 17.9 16.5 16.8 14.1 14.0 13.9 13.3 12.8 11.9
Net Debt (1,674.5) (1,346) (1,297.7) (403.9) (171) (372) (366) (404) (478) (263) (165) (477) (339) (253) (79.4) (2,158.6) (1,256.1) (1,329.5) (1,089.4) (1,287.9) (1,706.9) (1,790.7) (2,186.9) (1,729.2) (827.9) (498.2) (1,013.5) (554.5) (306.3) (385.8) (221.7) (200.8) (1,562.1) (125.2) (103.1) (185.3) (87.3) (70.1) (174.0) (55.3) (71.9)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income (581) 743 264 920.9 (682) 1,293 828 171 (273) 657 718 (1,311) 68 (623.7) (159) (1,204) (1,474) (371.3) 1,148.4 879.1 1,258.4 123.9 191.1 36.0 (31.4) 0.8 (72.8) (28.7) (24.2) (1.5) (23.2) (24.0) (15.9) (3.0) (9.4) (14.0) (13.6) (8.9) (9.1) (8.4) (8.9)
Depreciation & Amortization 7 7 8 8.1 8 8 8 10 10 10 13 17 30 29.8 29 16 17 22.2 13.6 14.7 15.8 17.9 17.9 19.9 14.4 12.7 8.7 7.4 6.8 5.8 6.2 7.4 7.6 7.8 5.7 5.4 4.5 4.4 3.7 2.8 3.1
Stock-Based Compensation 132 115 107 (7) 114 109 110 106 105 98 102 280 135 141.7 150 139 118 98.3 81.3 82.0 69.2 67.1 63.8 62.3 53.8 48.0 40.0 39.3 31.2 27.4 26.2 24.2 17.9 15.0 13.4 11.6 9.2 8.1 6.5 5.0 3.4
Change in Working Capital (70) (6) (70) (36.1) (6) (27) (46) (72) (21) 24 (27) 94 104 181.7 17 (52) (87) 118.9 (63.8) (153.8) (62.3) 71.7 (76.9) 23.9 (117.3) 8.3 5.4 (1.4) 7.7 (24.0) (7.6) (11.6) (12.9) (0.8) (15.9) (12.3) 3.4 3.0 (0.5) 5.9 4.0
Other Non-Cash Items 1,132 (156) 209 (553.7) 1,062 (840) (480) 123 416 (338) (527) 1,036 (238) 531.1 (170) 1,022 1,585 508.3 (1,316.3) (782.9) (1,246.4) 12.4 (125.8) 40.1 2.3 5.7 4.3 6.5 2.8 1.5 1.2 3.0 1.5 0.0 (0.1) 0.5 0.5 0.1 0.6 0.3 (0.9)
Operating Cash Flow 481 725 513 436.1 367 615 423 340 238 448 278 118 100 255.4 (134) (75) (25) 260.5 41.9 66.4 135.7 245.4 89.4 175.2 (85.0) 52.9 (29.7) 23.1 24.3 9.3 2.9 (0.9) (1.9) 19.0 (6.2) (8.9) 4.0 6.7 1.1 5.5 0.7
Investing Activities
Capital Expenditure (5) (10) (6) (6.1) (4) (4) (2) (7) (6) (2) (2) (21) (14) (7.6) (14) (12) (16) (26.0) (11.4) (8.3) (5.2) (6.4) (10.0) (8.6) (17.0) (13.6) (16.5) (21.4) (11.0) (8.8) (8.3) (13.6) (10.9) (12.1) (4.8) (3.8) (3.6) (8.9) (6.0) (8.3) (3.0)
Acquisitions (1) (16) (8) 1.1 (56) (26) (8) (132) (1) (260) 0 (14) (121) (5.0) (1,784) (146) (454) (17.5) (290.5) (195.3) (206.6) 0 (0.1) 0 0 (253.0) 0 (6.8) (5.7) (15.7) 0 (3.7) 0 0 0 0 0 (6.1) 0 0 0
Purchases of Investments (843) (2,398) (1,460) (1,556.3) (1,722) (2,339) (2,086) (1,834) (2,137) (1,683) (1,781) (1,279) (1,098) (1,442.9) (1,535) (569) (1,464) (1,720.9) (1,466.6) (1,704.9) (2,445.0) (1,940.1) (1,690.4) (1,474.5) (496.2) (715.5) (980.3) (322.8) (700.1) (758.4) (392.2) (364.0) (933.3) (180.1) (311.0) (540.5) (97.7) (145.6) (142.3) (35.0) (46.4)
Sales/Maturities of Investments 1,463 1,801 1,956 1,490.2 1,331 1,810 1,837 1,663 2,147 1,612 1,336 1,245 1,397 1,616.2 1,584 1,760 1,930 1,784.5 1,527.8 1,399.6 1,038.3 1,285.2 777.1 746.0 913.2 442.1 785.6 569.9 679.5 538.3 415.6 396.5 347.9 190.6 237.9 102.1 111.5 49.8 40.6 28.8 20.7
Other Investing Activities (304) (31) (147) (178.0) (168) (102) (215) (114) (30) (13) (159) (204) (183) (158.7) (80) (50) (28) 0 0 0 0 0 0 (10.0) (0.2) (0.2) (3.5) (0.5) (1.4) (1.3) (3.0) (3.9) (5.4) (1.3) (0.9) (16.8) (0.9) (0.5) (0.7) (8.9) (0.3)
Investing Cash Flow 310 (654) 335 (249.2) (619) (661) (474) (424) (27) (346) (606) (273) (19) 2.0 (1,829) 983 (32) 20.1 (240.7) (508.9) (1,618.4) (661.3) (923.4) (747.1) 400.0 (540.0) (211.1) 218.9 (37.3) (244.6) 15.1 15.1 (596.3) (1.6) (77.9) (457.9) 10.3 (110.9) (107.6) (22.4) (28.8)
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (491) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 (1,043) 0.7 0 0 49 6 3 3 17 11 26 6 6.3 3 2 6 36.1 29.2 20.4 22.9 20.7 920.4 18.2 19.4 11.0 9.7 15.6 12.1 8.2 6.1 9.8 6.3 4.3 3.6 4.0 3.0 0.9 1.4 1.0 0.8
Financing Cash Flow (485) (938) 24 44.4 59 49 6 3 3 17 11 26 6 6.3 3 2 6 36.1 29.2 20.4 1,564.1 20.7 2,038.1 1,479.1 19.4 11.0 697.7 15.6 12.1 402.9 6.1 9.8 653.3 4.3 3.6 564.0 3.0 0.9 225.8 1.0 0.8
Cash Position
Net Change in Cash 303 (869) 872 236.4 (189) (9) (34) (82) 210 126 (324) (127) 89 271.1 (1,973) 899 (51) 313.4 (175.1) (420.9) 82.0 (386.3) 1,207.5 913.0 319.4 (474.6) 455.5 258.5 (0.2) 167.3 23.6 23.2 54.9 21.8 (79.5) 98.1 17.3 (103.3) 119.2 (15.7) (26.2)
Cash at Beginning 1,545 2,414 1,542 1,309.1 1,498 1,507 1,541 1,623 1,413 1,287 1,611 1,738 1,649 1,378.3 3,351 2,452 2,503 2,189.6 2,364.7 2,785.6 2,703.6 3,089.9 1,882.4 969.4 649.9 1,124.5 669.0 410.4 410.7 243.4 219.8 196.6 141.7 119.8 199.4 101.3 84.0 187.4 68.1 83.9 110.1
Cash at End 1,848 1,545 2,414 1,545.4 1,309 1,498 1,507 1,541 1,623 1,413 1,287 1,611 1,738 1,649.3 1,378 3,351 2,452 2,503.0 2,189.6 2,364.7 2,785.6 2,703.6 3,089.9 1,882.4 969.4 649.9 1,124.5 669.0 410.4 410.7 243.4 219.8 196.6 141.7 119.8 199.4 101.3 84.0 187.4 68.1 83.9
Free Cash Flow 476 715 507 429.9 363 611 421 333 232 446 276 97 86 247.8 (148) (87) (41) 234.5 30.5 58.2 130.5 239.0 79.3 166.6 (101.9) 39.3 (46.1) 1.7 13.4 0.5 (5.4) (14.5) (12.7) 6.9 (11.1) (12.6) 0.4 (2.2) (4.9) (2.7) (2.4)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1
Income Statement
Revenue 3,170 3,672 2,844 2,680 2,360 2,812 2,162 2,045 1,861 2,144 1,714 1,694 1,508 1,735.0 1,366 1,295 1,204 1,380.0 1,123.7 1,119.4 988.6 977.7 767.4 714.3 470.0 505.2 390.6 362.0 320.5 343.9 270.1 245.0 214.3 222.8 171.5 151.7 127.4 130.4 99.6 86.6 72.7 70.2 52.8 44.9 37.3 35.2 27.3 23.7 18.8
Gross Profit 1,546 1,693 1,391 1,302 1,169 1,352 1,118 1,045 957 1,062 901 835 717 798.5 662 656 638 692.7 608.9 620.9 558.7 504.4 405.1 375.0 256.9 263.9 216.7 204.8 180.3 185.7 149.7 137.0 123.8 121.1 100.0 86.8 72.2 68.1 52.5 46.2 39.3 35.5 28.7 25.3 21.6 19.6 16.2 14.3 11.6
Operating Income 382 631 343 291 203 465 283 241 86 289 122 (1,636) (193) (188.7) (346) (190) (98) 14.4 (4.1) 139.4 118.9 112.5 50.6 0.3 (73.2) (30.1) (35.7) (39.6) (35.8) (9.5) (31.4) (30.8) (20.3) (6.1) (12.7) (15.9) (14.5) (9.3) (9.5) (8.7) (9.7) (6.5) (4.3) (3.5) (3.5) (4.5) (4.1) (7.0) (6.0)
Net Income (581) 743 264 906 (682) 1,293 828 171 (273) 657 718 (1,311) 68 (623.7) (159) (1,204) (1,474) (371.3) 1,148.4 879.1 1,258.4 123.9 191.1 36.0 (31.4) 0.8 (72.8) (28.7) (24.2) (1.5) (23.2) (24.0) (15.9) (3.0) (9.4) (14.0) (13.6) (8.9) (9.1) (8.4) (8.9) (6.3) (4.7) (3.3) (4.5) (4.8) (4.3) (6.9) (6.4)
EPS (Diluted) -0.45 0.58 0.20 0.69 -0.53 1.00 0.64 0.13 -0.21 0.51 0.55 -1.02 0.05 -0.49 -0.12 -0.95 -1.17 -0.30 0.90 0.69 0.99 0.10 0.15 0.03 -0.03 0.00 -0.06 -0.03 -0.02 -0.00 -0.02 -0.02 -0.02 -0.00 -0.01 -0.01 -0.02 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
Balance Sheet
Cash & Equivalents 1,854.1 1,534 2,411.6 1,545.4 1,309 1,498 1,507 1,541 1,623 1,413 1,287 1,611 1,738 1,649 1,378.3 3,350.8 2,451.5 2,503.0 2,189.6 2,364.7 2,785.6 2,703.6 3,089.9 1,882.4 969.4 649.9 1,124.5 669.0 410.4 410.7 243.4 219.8 1,580.0 141.7 119.8 199.4 101.3 84.0 187.4 68.1 83.9
Total Assets 14,167.4 15,189 15,024.3 14,593.4 13,400 13,924 12,329 11,346 11,112 11,299 10,464 9,703 10,964 10,757 11,203.3 10,747.6 11,834.5 13,340.2 13,536.5 11,955.7 10,824.9 7,762.9 7,462.0 5,098.4 3,470.9 3,489.5 3,188.9 2,467.3 2,402.8 2,254.8 1,841.7 1,809.1 1,782.5 1,113.6 1,101.4 1,077.2 501.3 490.6 486.3 251.1 245.3
Total Debt 179.6 188 1,115 1,141.5 1,138 1,126 1,141 1,137 1,145 1,150 1,122 1,134 1,399 1,396 1,298.9 1,192.2 1,195.4 1,173.5 1,100.2 1,076.8 1,078.7 912.9 903.0 153.1 141.5 151.7 111.0 114.5 104.1 24.9 21.7 19.0 17.9 16.5 16.8 14.1 14.0 13.9 13.3 12.8 11.9
Stockholders' Equity 12,542.1 13,473 12,498.8 12,151.0 11,051 11,558 10,118 9,172 8,893 9,066 8,284 7,463 8,457 8,239 8,693.0 8,717.1 9,789.6 11,133.3 11,370.3 10,120.5 9,141.9 6,400.7 6,176.8 4,628.9 3,040.9 3,015.7 2,820.1 2,161.2 2,127.9 2,090.8 1,672.1 1,656.2 1,649.9 1,001.1 987.9 977.4 410.9 410.5 411.5 188.8 191.0
Cash Flow
Operating Cash Flow 481 725 513 436.1 367 615 423 340 238 448 278 118 100 255.4 (134) (75) (25) 260.5 41.9 66.4 135.7 245.4 89.4 175.2 (85.0) 52.9 (29.7) 23.1 24.3 9.3 2.9 (0.9) (1.9) 19.0 (6.2) (8.9) 4.0 6.7 1.1 5.5 0.7
Capital Expenditure (5) (10) (6) (6.1) (4) (4) (2) (7) (6) (2) (2) (21) (14) (7.6) (14) (12) (16) (26.0) (11.4) (8.3) (5.2) (6.4) (10.0) (8.6) (17.0) (13.6) (16.5) (21.4) (11.0) (8.8) (8.3) (13.6) (10.9) (12.1) (4.8) (3.8) (3.6) (8.9) (6.0) (8.3) (3.0)
Free Cash Flow 476 715 507 429.9 363 611 421 333 232 446 276 97 86 247.8 (148) (87) (41) 234.5 30.5 58.2 130.5 239.0 79.3 166.6 (101.9) 39.3 (46.1) 1.7 13.4 0.5 (5.4) (14.5) (12.7) 6.9 (11.1) (12.6) 0.4 (2.2) (4.9) (2.7) (2.4)