SHOPIFY INC., 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
May 02, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity Registrant Name Shopify Inc.  
Entity Incorporation, State or Country Code Z4  
Entity File Number 001-37400  
Entity Tax Identification Number 98-0486686  
Entity Address, Address Line One 151 O'Connor Street, Ground Floor  
Entity Address, City or Town Ottawa,  
Entity Address, State or Province ON  
Entity Address, Country CA  
Entity Address, Postal Zip Code K2P 2L8  
City Area Code 613  
Local Phone Number 241-2828 x 1045  
Title of 12(b) Security Class A Subordinate Voting Shares  
Trading Symbol SHOP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001594805  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Other Address    
Entity Information [Line Items]    
Entity Address, Address Line One 148 Lafayette Street  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Country US  
Entity Address, Postal Zip Code 10012  
Class A Subordinate Voting    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,218,135,388
Class B Multiple Voting    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   79,245,482
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,309 $ 1,498
Marketable securities 4,205 3,981
Trade and other receivables, net 297 342
Loans and merchant cash advances, net 1,392 1,224
Other current assets 242 209
Total current assets 7,445 7,254
Long-term assets    
Property and equipment, net 46 47
Operating lease right-of-use assets, net 105 93
Intangible assets, net 39 22
Deferred tax assets 98 37
Other long-term assets 23 21
Long-term investments 894 709
Equity and other investments ($2,931 and $3,930, carried at fair value) 3,640 4,647
Equity method investment 619 642
Goodwill 491 452
Total long term assets 5,955 6,670
Total assets 13,400 13,924
Current liabilities    
Accounts payable and accrued liabilities 776 737
Deferred revenue 295 283
Operating lease liabilities 19 18
Convertible senior notes 919 918
Total current liabilities 2,009 1,956
Long-term liabilities    
Deferred revenue 135 147
Operating lease liabilities 200 190
Deferred tax liabilities 5 73
Total long term liabilities 340 410
Contingencies (Note 11)
Equity, Attributable to Parent [Abstract]    
Common stock, unlimited Class A subordinate voting shares authorized, 1,217,812,992 and 1,215,229,233, issued and outstanding; unlimited Class B restricted voting shares authorized, 79,265,812 and 79,350,906 issued and outstanding; 1 Founder share authorized, 1 and 1 issued and outstanding 9,831 9,634
Additional paid-in capital 279 305
Accumulated other comprehensive loss (6) (10)
Accumulated surplus 947 1,629
Total shareholders’ equity 11,051 11,558
Total liabilities and shareholders’ equity $ 13,400 $ 13,924
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Equity and other investments carried at fair value $ 2,931 $ 3,930
Class A Subordinate Voting    
Common shares issued (in shares) 1,217,812,992 1,215,229,233
Common shares outstanding (in shares) 1,217,812,992 1,215,229,233
Class B Multiple Voting    
Common shares issued (in shares) 79,265,812 79,350,906
Common shares outstanding (in shares) 79,265,812 79,350,906
Founder Share    
Common shares authorized (in shares) 1 1
Common shares issued (in shares) 1 1
Common shares outstanding (in shares) 1 1
v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Revenues $ 2,360 $ 1,861
Cost of revenues    
Cost of revenues 1,191 904
Gross profit 1,169 957
Operating expenses    
Sales and marketing 405 361
Research and development 377 335
General and administrative 109 124
Transaction and loan losses 75 51
Total operating expenses 966 871
Income from operations 203 86
Other expense, net    
Interest income 65 79
Net unrealized loss on equity and other investments (1,021) (373)
Net loss on equity method investment (23) (44)
Foreign exchange gain (loss) 6 (4)
Total other expense, net (973) (342)
Loss before income taxes (770) (256)
Recovery of (provision for) income taxes 88 (17)
Net loss $ (682) $ (273)
Net loss per share attributable to shareholders:    
Basic (in dollars per share) $ (0.53) $ (0.21)
Diluted (in dollars per share) $ (0.53) $ (0.21)
Weighted average shares used to compute net loss per share attributable to shareholders:    
Basic (in shares) 1,295,377,376 1,287,376,719
Diluted (in shares) 1,295,377,376 1,287,376,719
Other comprehensive income (loss)    
Unrealized gain (loss) on cash flow hedges $ 5 $ (8)
Tax effect on unrealized loss on cash flow hedges (1) 0
Total other comprehensive income (loss) 4 (8)
Comprehensive loss (678) (281)
Subscription solutions    
Revenues    
Revenues 620 511
Cost of revenues    
Cost of revenues 123 95
Merchant solutions    
Revenues    
Revenues 1,740 1,350
Cost of revenues    
Cost of revenues $ 1,068 $ 809
v3.25.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock  
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated (Deficit) Surplus
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2023   1,286,570,294      
Balance, beginning of the period at Dec. 31, 2023 $ 9,066 $ 9,201 $ 251 $ 4 $ (390)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of stock options (in shares)   351,486      
Exercise of stock options 3 $ 6 (3)    
Stock-based compensation 105   105    
Vesting of restricted share units (in shares)   1,206,213      
Vesting of restricted share units 0 $ 76 (76)    
Net loss and comprehensive income (loss) for the year (281)     (8) (273)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2024   1,288,127,993      
Balance, end of the period at Mar. 31, 2024 8,893 $ 9,283 277 (4) (663)
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2024   1,294,580,140      
Balance, beginning of the period at Dec. 31, 2024 $ 11,558 $ 9,634 305 (10) 1,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of stock options (in shares) 1,190,811 1,190,811      
Exercise of stock options $ 59 $ 87 (28)    
Stock-based compensation 114   114    
Vesting of restricted share units (in shares)   1,055,597      
Vesting of restricted share units (2) $ 86 (88)    
Issuance of shares related to business acquisition (in shares)   252,257      
Issuance of shares related to business acquisition 0 $ 24 (24)    
Net loss and comprehensive income (loss) for the year (678)     4 (682)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2025   1,297,078,805      
Balance, end of the period at Mar. 31, 2025 $ 11,051 $ 9,831 $ 279 $ (6) $ 947
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss for the period $ (682) $ (273)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization and depreciation 8 10
Stock-based compensation 114 105
Provision for transaction and loan losses 43 28
Deferred income tax (recovery) expense (129) 1
Revenue related to non-cash consideration (13) (35)
Net loss on equity and other investments 1,021 373
Net loss on equity method investment 23 44
Unrealized foreign exchange (gain) loss (12) 6
Changes in operating assets and liabilities (6) (21)
Net cash provided by operating activities 367 238
Cash flows from investing activities    
Purchases of property and equipment (4) (6)
Purchases of marketable securities (1,718) (2,137)
Maturities of marketable securities 1,331 2,147
Purchases and originations of loans (805) (575)
Repayments and sales of loans 637 545
Purchases of equity and other investments (4) (1)
Acquisition of business, net of cash acquired (56) 0
Net cash used in investing activities (619) (27)
Cash flows from financing activities    
Proceeds from the exercise of stock options 59 3
Net cash provided by financing activities 59 3
Effect of foreign exchange on cash, cash equivalents and restricted cash 4 (4)
Net (decrease) increase in cash, cash equivalents and restricted cash (189) 210
Cash, cash equivalents and restricted cash – beginning of period 1,498 1,413
Cash, cash equivalents and restricted cash – end of period 1,309 1,623
Supplemental cash flow information:    
Cash paid for income taxes, net $ 27 $ 9
v3.25.1
Nature of Business
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of BusinessShopify Inc. ("Shopify" or the "Company") was incorporated on September 28, 2004. Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market and run a business of any size. Shopify makes commerce better for everyone with a software platform and services that are engineered for simplicity and reliability, while delivering a better shopping experience for consumers everywhere. The Company's software enables merchants to run their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts and marketplaces. The Shopify platform provides merchants with a single view of their business across all of their sales channels and enables them to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting and access financing, all from one integrated back office.
v3.25.1
Basis of Presentation and Consolidation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Consolidation Basis of Presentation and Consolidation
These unaudited condensed consolidated financial statements include the accounts of the Company and its directly and indirectly held wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.
These unaudited condensed consolidated financial statements of the Company have been presented in U.S. dollars ("USD") and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of its financial position, results of operations and comprehensive income (loss), changes in shareholders' equity and cash flows for the interim periods. These unaudited quarterly condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and related notes included in Item 15 in the Company's 2024 Form 10-K. The consolidated balance sheet at December 31, 2024 was derived from the audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements.
The quarterly results for the three months ended March 31, 2025 are not necessarily indicative of the results expected for the full fiscal year.
v3.25.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies and no material updates in the Company's assessment of the recent accounting pronouncements not yet adopted during the three months ended March 31, 2025, as compared to the significant accounting policies described in the Company’s annual consolidated financial statements for the year ended December 31, 2024.
Use of Estimates
The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other investments in private companies, including revenue growth rates and revenue multiples based on
market comparables; estimates involved in our equity method investment; and the probability and amount of loss contingencies.
Concentration of Credit Risk
The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables.
Equity and Other Investments Risk
The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates.
The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments.
Foreign Exchange Risk
The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations.
While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in British pound sterling ("GBP"), Euros ("EUR") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies.
Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.
v3.25.1
Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
The Company measures financial instruments based on quoted prices in active markets (Level 1), inputs from similar instruments such as quoted prices or other observable market data (Level 2) or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).
Debt Securities
The Company holds certain debt securities that are classified as held-to-maturity at the time of purchase as the Company has both the positive intent and ability to hold to maturity. The fair value of corporate bonds are based upon Level 2 inputs, which include period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.
The Company also holds debt securities in the form of convertible notes in private companies classified as available-for-sale for which the Company has elected to apply the fair value option. The investments are carried at fair value at each balance sheet date and any movements in the fair values are classified as "Other expense, net" in the condensed consolidated statements of operations and comprehensive income (loss).
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:
March 31, 2025
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—490——502
U.S. federal bonds and agency securities—1,858570—2,428
Corporate bonds and commercial paper48———48
482,348570—2,978
Level 2:
Corporate bonds and commercial paper—1,857324—2,183
Level 3:
Convertible notes in private companies———560560
484,2058945605,721
The fair values of marketable securities above include accrued interest of $10 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $72 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.
December 31, 2024
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—470——481
U.S. federal bonds and agency securities201,696537—2,252
Corporate bonds and commercial paper139————
1592,166537—2,872
Level 2:
Corporate bonds and commercial paper—1,815172—1,988
Level 3:
Convertible notes in private companies———543543
1593,9817095435,403
The fair values above include accrued interest of $19 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $62 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.
The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2025:
Fair Value
(in US $ millions)
Due within one year4,266 
Due after one year to three years895 
5,161 
Equity Securities
The Company holds equity investments in public and private companies that were obtained through a combination of direct investment and strategic partnerships.
Equity Investments with Readily Determinable Fair Values
Equity investments with readily determinable fair values are comprised of:
March 31, 2025December 31, 2024
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Affirm Holdings, Inc.917—9171,236—1,236
Global-E Online Ltd.788—7881,205—1,205
Klaviyo, Inc.(1)
46286548615127742
2,167862,2533,0561273,183
(1) In the three months ended March 31, 2025, $14 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (March 31, 2024 - $9 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 18% at March 31, 2025 (December 31, 2024 - 18%).
Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2025 and 2024 were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period3,183 2,360 
Adjustments related to equity and other investments with readily determinable fair values:
Net unrealized losses(930)(351)
Balance, end of the period2,253 2,009 
Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values were as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Total initial value962 957 
Cumulative gross unrealized gains144 144 
Cumulative gross unrealized losses and impairment(397)(384)
Total carrying value of equity and other investments without readily determinable fair values709 717 
Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2025 and 2024 were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period717 505 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments4 1 
Gross unrealized gains— 1 
Gross unrealized losses and impairments(1)
(12)(9)
Balance, end of the period709 498 
(1) During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. During the three months ended March 31, 2024, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses and impairments were presented as "Net unrealized (loss) gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).
As of March 31, 2025, included in the total $709 million of equity and other investments without readily determinable fair values, $585 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.
In April 2025, consistent with the Company's ongoing strategic investments, the Company invested $67 million in private companies.
Equity Method Investment
The Company holds an equity method investment in Flexport which is presented within "Equity method investment" in the condensed consolidated balance sheets and is carried at the amount of Shopify’s original investment, as adjusted each period for Shopify’s share of the investee’s income or loss and the basis difference amortization, which is the difference between the fair value of our investment in the
company and the underlying equity in the net assets of the investee. Results are reported with a one-quarter delay due to the timing of financial information availability from the investee. For the three months ended March 31, 2025, our share of the loss in the investee was $23 million (March 31, 2024 - $44 million), and is presented within "Net loss on equity method investment" in the condensed consolidated statements of operations and comprehensive income (loss).
Derivative Instruments and Hedging
As of March 31, 2025, the Company held foreign exchange forward contracts and options for USD, GBP, Australian dollars ("AUD") and CAD with a total notional value of $504 million (December 31, 2024 - $454 million), to fund a portion of its operations. The fair value of foreign exchange forward contracts and options was based upon Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.
Derivative Instruments Designated as Hedges
The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program, the Company has entered into foreign exchange forward contracts and options with certain financial institutions and designated those hedges as cash flow hedges. The Company is hedging cash flows associated with payroll and facility costs.
The fair values of outstanding derivative instruments were as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)1 — 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)8 13 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Unrealized gains— — 
Unrealized losses(8)(2)
Total net unrealized (losses) gains(8)(2)
These unrealized gains and losses were included in "Accumulated other comprehensive loss", "Other current assets" and "Accounts payable and accrued liabilities" in the condensed consolidated balance sheets. These amounts are expected to be reclassified into earnings over the next twelve months.
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Realized losses in operating expenses6 — 
6 — 
Derivative Instruments Not Designated as Hedges
The Company holds an investment option to purchase 15,743,174 of Series B common shares of Klaviyo, Inc. at an exercise price of $88.93 with an expiration date of July 28, 2030. The options are fair valued quarterly under Level 3 of the fair value hierarchy as certain unobservable inputs are used within the Black-Scholes model as well as a discount for lack of marketability. The fair value of the options as of March 31, 2025, utilizing a discount for lack of marketability of 29%, was $118 million (December 31, 2024 - 29% and $204 million) and is presented within "Equity and other investments" in the condensed consolidated balance sheets. The Company recognized an unrealized loss of $86 million for the three months ended March 31, 2025 (March 31, 2024 - unrealized loss of $16 million) and is presented as a component of "Net unrealized loss on equity and other investments".
v3.25.1
Trade and Other Receivables
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Trade and Other Receivables Trade and Other Receivables
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 March 31, 2025December 31, 2024
(in US $ millions)
Unbilled revenues, net157 175 
Trade receivables, net71 77 
Indirect taxes receivable35 49 
Other receivables24 22 
Accrued interest10 19 
 297 342 
Unbilled revenues represent amounts not yet billed related to partner referral fees, subscription fees for Plus merchants, shipping charges and transaction fees as of the condensed consolidated balance sheet date.
The allowance for credit losses reflects the Company's best estimate of probable losses inherent in the unbilled revenues and trade receivables accounts. The Company determined the provision based on known troubled accounts, historical experience, supportable forecasts of collectibility and other currently available evidence.
Activity in the allowance for credit losses was as follows for the three months ended:
March 31, 2025

March 31, 2024
(in US $ millions)
Balance, beginning of the period16 13 
Provision for credit losses related to uncollectible receivables7 6 
Write-offs(7)(3)
Balance, end of the period16 16 
Loans and Merchant Cash Advances    
March 31, 2025December 31, 2024
(in US $ millions)
Loans receivable, gross(1)
1,283 1,131 
Allowance for credit losses related to uncollectible loans receivable(129)(110)
Merchant cash advances receivable, gross271 234 
Allowance for credit losses related to uncollectible merchant cash advances receivable(33)(31)
Loans and merchant cash advances, net1,392 1,224 
(1) Included in the loans receivable gross balance as of March 31, 2025 is $20 million of interest receivable (December 31, 2024 - $15 million).
Certain loans and merchant cash advances are facilitated by the Company and originated by a bank partner, from whom the Company then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount. In the three months ended March 31, 2025, the Company purchased $821 million of loans and merchant cash advances to Shopify merchants (March 31, 2024 - $587 million). For some loans, the Company sells its full rights, title and interest to third-party investors. We account for the asset transfer as a sale and derecognize the full amount the Company paid to its bank partner to originate the loan and record a gain on sale of the loans sold to the third-party investor as revenue upon transfer of title. In the three months ended March 31, 2025, the Company did not sell loans to third-party investors (March 31, 2024 - $54 million).
In the three months ended March 31, 2025, the Company recognized revenue of $57 million related to interest and fees earned on the Company's lending services, which do not represent revenues recognized in the scope of ASC 606, Revenue from Contracts with Customers (March 31, 2024 - $39 million).
Loans
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period110 60 
Provision for credit losses related to uncollectible loans receivable40 22 
Loans receivable charged off, net of recoveries(21)(10)
Allowance, end of the period129 72 
The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are within 29 days of the contractual repayment dates, or within 29 days of the expected repayment date.
March 31, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current654 539 1,193 93.0 %
30-59 Days— 7 7 0.5 %
60-89 Days— 6 6 0.5 %
90-179 Days— 14 14 1.1 %
180+ Days— 63 63 4.9 %
Total654 629 1,283 100.0 %
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 8 1,059 93.7 %
30-59 Days5 1 6 0.5 %
60-89 Days4 2 6 0.5 %
90-179 Days7 3 10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %
The Company maintains an internal monitoring list related to its outstanding loans. A merchant's ability and willingness to repay the financing receivables outstanding under the program is analyzed for a variety of factors that include, but are not limited to current or expected age of the financing, merchant subscription or financing status, merchant gross merchandise volume trends and other changes to merchant credit profiles.
Merchant Cash Advances
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period31 36 
Provision for credit losses related to uncollectible merchant cash advances receivable6 3 
Merchant cash advances receivable charged off, net of recoveries(4)(7)
Allowance, end of the period33 32 
v3.25.1
Loans and Merchant Cash Advances
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans and Merchant Cash Advances Trade and Other Receivables
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 March 31, 2025December 31, 2024
(in US $ millions)
Unbilled revenues, net157 175 
Trade receivables, net71 77 
Indirect taxes receivable35 49 
Other receivables24 22 
Accrued interest10 19 
 297 342 
Unbilled revenues represent amounts not yet billed related to partner referral fees, subscription fees for Plus merchants, shipping charges and transaction fees as of the condensed consolidated balance sheet date.
The allowance for credit losses reflects the Company's best estimate of probable losses inherent in the unbilled revenues and trade receivables accounts. The Company determined the provision based on known troubled accounts, historical experience, supportable forecasts of collectibility and other currently available evidence.
Activity in the allowance for credit losses was as follows for the three months ended:
March 31, 2025

March 31, 2024
(in US $ millions)
Balance, beginning of the period16 13 
Provision for credit losses related to uncollectible receivables7 6 
Write-offs(7)(3)
Balance, end of the period16 16 
Loans and Merchant Cash Advances    
March 31, 2025December 31, 2024
(in US $ millions)
Loans receivable, gross(1)
1,283 1,131 
Allowance for credit losses related to uncollectible loans receivable(129)(110)
Merchant cash advances receivable, gross271 234 
Allowance for credit losses related to uncollectible merchant cash advances receivable(33)(31)
Loans and merchant cash advances, net1,392 1,224 
(1) Included in the loans receivable gross balance as of March 31, 2025 is $20 million of interest receivable (December 31, 2024 - $15 million).
Certain loans and merchant cash advances are facilitated by the Company and originated by a bank partner, from whom the Company then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount. In the three months ended March 31, 2025, the Company purchased $821 million of loans and merchant cash advances to Shopify merchants (March 31, 2024 - $587 million). For some loans, the Company sells its full rights, title and interest to third-party investors. We account for the asset transfer as a sale and derecognize the full amount the Company paid to its bank partner to originate the loan and record a gain on sale of the loans sold to the third-party investor as revenue upon transfer of title. In the three months ended March 31, 2025, the Company did not sell loans to third-party investors (March 31, 2024 - $54 million).
In the three months ended March 31, 2025, the Company recognized revenue of $57 million related to interest and fees earned on the Company's lending services, which do not represent revenues recognized in the scope of ASC 606, Revenue from Contracts with Customers (March 31, 2024 - $39 million).
Loans
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period110 60 
Provision for credit losses related to uncollectible loans receivable40 22 
Loans receivable charged off, net of recoveries(21)(10)
Allowance, end of the period129 72 
The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are within 29 days of the contractual repayment dates, or within 29 days of the expected repayment date.
March 31, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current654 539 1,193 93.0 %
30-59 Days— 7 7 0.5 %
60-89 Days— 6 6 0.5 %
90-179 Days— 14 14 1.1 %
180+ Days— 63 63 4.9 %
Total654 629 1,283 100.0 %
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 8 1,059 93.7 %
30-59 Days5 1 6 0.5 %
60-89 Days4 2 6 0.5 %
90-179 Days7 3 10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %
The Company maintains an internal monitoring list related to its outstanding loans. A merchant's ability and willingness to repay the financing receivables outstanding under the program is analyzed for a variety of factors that include, but are not limited to current or expected age of the financing, merchant subscription or financing status, merchant gross merchandise volume trends and other changes to merchant credit profiles.
Merchant Cash Advances
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period31 36 
Provision for credit losses related to uncollectible merchant cash advances receivable6 3 
Merchant cash advances receivable charged off, net of recoveries(4)(7)
Allowance, end of the period33 32 
v3.25.1
Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
 March 31, 2025
 CostAccumulated amortizationNet book value
(in US $ millions)
Acquired technology92 54 38 
Other intangible assets5 4 1 
Software development costs14 14 — 
 111 72 39 
 December 31, 2024
 CostAccumulated amortizationNet book value
(in US $ millions)
Acquired technology72 51 21 
Other intangible assets5 4 1 
Software development costs14 14 — 
 91 69 22 
The following table illustrates the classification of amortization expense related to intangible assets in the condensed consolidated statements of operations and comprehensive income (loss):
Three months ended
 March 31, 2025March 31, 2024
(in US $ millions)
Cost of revenues2 4 
Research and development1 — 
 3 4 
Estimated future amortization expense related to intangible assets, as of March 31, 2025 is as follows:
Fiscal Year 
Amount
(in US $ millions)
20259 
20269 
20278 
Thereafter2 
Total28 
v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The Company's goodwill relates to acquisitions of various companies.
The gross changes in the carrying amount of goodwill during the three months ended March 31, 2025 and the year ended December 31, 2024 are as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Balance, beginning of the period452 427 
Acquisitions(1)(2)
39 25 
Balance, end of the period491 452 
(1) During the three months ended March 31, 2025, the Company completed the acquisition of Vantage Discovery Inc. (see note 18).
(2) During the year ended December 31, 2024, the Company completed individually immaterial acquisitions that resulted in goodwill being recognized.
v3.25.1
Deferred Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
 March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period430 498 
Deferral of revenue(1)
121 115 
Recognition of deferred revenue from beginning balance(121)(134)
Balance, end of the period430 479 
(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.
March 31, 2025March 31, 2024
(in US $ millions)
Current portion295 296 
Long-term portion135 183 
430 479 
The opening balances of current and long-term deferred revenue were $302 million and $196 million, respectively, as of January 1, 2024.
As of March 31, 2025, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two to three years.
The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.
The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2025 and 2024:
 March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period190 284 
Revenue recognized related to non-cash consideration(13)(35)
Balance, end of the period177 249 
Current portion49 73 
Long term portion128 176 
177 249 
The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from three to five years.
v3.25.1
Convertible Senior Notes
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Convertible Senior Notes Convertible Senior Notes
In September 2020, the Company issued $920 million aggregate principal amount of 0.125% convertible senior notes due 2025 (the "Notes"). The net proceeds from the issuance of the Notes were $908 million after deducting underwriting fees and offering costs.
The interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. The Notes will mature on November 1, 2025, unless earlier redeemed or repurchased by the Company or converted pursuant to their terms.
The Notes have a conversion rate of 6.9440 Class A subordinate voting shares per one thousand dollars of principal amount of Notes, which is equivalent to a conversion price of approximately $144.01 per share, adjusted to give effect to the share split effected in June 2022. The conversion rate is subject to adjustment following the occurrence of certain specified events, as set out or defined in the supplemental indenture governing the Notes. In addition, upon the occurrence of a make-whole fundamental change prior to the maturity date or upon our issuance of a notice of redemption, as set out or defined in the supplemental indenture governing the Notes, the Company will, in certain circumstances, increase the conversion rate by a number of additional Class A subordinate voting shares for a holder that elects to convert its Notes in connection with such make-whole fundamental change or during the relevant redemption period.
The Company accounts for the Notes as a single unit of account on the balance sheet. The carrying value of the liability is represented by the face amount of the Notes, less total offering costs, plus any amortization of offering costs. Total offering costs upon issuance of the Notes were $12 million and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. Interest expense is recognized at an annual effective interest rate of 0.38% over the contractual term of the Notes.
The net carrying amount of the outstanding Notes was as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Principal920 920 
Unamortized offering costs(1)(2)
Net carrying amount919 918 
As of March 31, 2025, the estimated fair value of the Notes was approximately $923 million (December 31, 2024 - $939 million). The estimated fair value was determined based on the last executed trade for the Notes of the reporting period in an over-the-counter market, which is considered as Level 2 in the fair value hierarchy.
v3.25.1
Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Litigation and Loss Contingencies
From time to time, the Company may become a party to litigation and subject to claims incidental to the ordinary course of business, including intellectual property claims, labor and employment claims and threatened claims, breach of contract claims, tax and other matters.
The Company records accruals for loss contingencies when losses are probable and reasonably estimable. The Company currently has no material pending litigation or claims. The Company is not aware of any litigation matters or loss contingencies that would be expected to have a material adverse effect on the business, condensed consolidated financial position, results of operations or cash flows.
v3.25.1
Related Parties
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Parties Related Parties
The Company has a commercial agreement with Flexport, a company in which it has an equity method investment. The Company earns a share of revenues for orders processed or otherwise sent through services provided by Shopify. The Company recognized nil revenue in the three months ended March 31, 2025, related to this agreement. The Company has a separate agreement with Flexport to provide co-marketing services for the coordinated marketing of fulfillment-related products and services to current and prospective merchants. In the three months ended March 31, 2025, the Company recognized $2 million of expense in the condensed consolidated statements of operations and comprehensive income (loss), and as of March 31, 2025, $14 million in "Other current assets" in the condensed consolidated balance sheets is related to this agreement.
The Company also has an investment in Flexport in the form of convertible notes with a a fair value of $298 million as of March 31, 2025 (December 31, 2024 - $291 million). The Company has selected to account for it using the fair value option for the investment, which is classified within "Equity and other investments". The Company has recognized $8 million of interest income related to the convertible note within "Interest income" and an immaterial amount of unrealized losses in the condensed consolidated statements of operations and comprehensive income (loss) during the three months ended March 31, 2025 (March 31, 2024 - $8 million and immaterial).
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Stock-Based Compensation
As of March 31, 2025, there were 473,096,971 shares reserved for issuance under the Company's Second Amended and Restated Stock Option Plan ("SOP") and the Second 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 three months ended March 31, 2025:
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, 202414,636,992 64.497.68623 — 5,121,069 74.90 
Stock options granted1,382,369 123.66— — 64.09 — — 
Stock options exercised(1,190,811)49.62— — — — — 
Stock options forfeited(60,930)74.06— — — — — 
RSUs granted— —— — — 1,348,719 105.68 
RSUs settled— —— — — (1,055,597)83.80 
RSUs forfeited— —— — — (113,959)72.49 
March 31, 202514,767,620 71.197.76456 — 5,300,232 81.01 
Stock options exercisable as of March 31, 20256,936,535 60.386.35300 
(1) As of March 31, 2025, nil of the outstanding stock options were granted under the Company's Fourth Amended and Restated Stock Option Plan ("Legacy Option Plan") and there are no longer any outstanding stock options granted under the Legacy Option Plan, 14,706,451 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares, and 61,169 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 March 31, 2025 and December 31, 2024.
As of March 31, 2025, the Company had issued 15,488 deferred share units ("DSUs") under its LTIP.
In connection with the acquisition of Vantage Discovery Inc., 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 March 31, 2025, 252,257 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 (loss), which includes both stock-based compensation and restricted stock-compensation expense:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Cost of revenues11
Sales and marketing1211
Research and development7968
General and administrative2225
114105
v3.25.1
Changes in Accumulated Other Comprehensive (Loss) Income
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in Accumulated Other Comprehensive (Loss) Income Changes in Accumulated Other Comprehensive (Loss) Income
The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity, were as follows:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period(10)4 
Other comprehensive (loss) income before reclassifications(1)(8)
Gain on cash flow hedges reclassified from accumulated other comprehensive (loss) income to earnings:
Sales and marketing1 — 
Research and development4 — 
General and administrative1 — 
Tax effect on unrealized loss on cash flow hedges(1)— 
Other comprehensive income (loss), net of tax4 (8)
Balance, end of the period(6)(4)
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's recovery of, or provision for, income taxes is determined by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.
The Company updates its estimate of the annual effective tax rate each quarter and makes cumulative adjustments if its estimated annual tax rate changes. The Company’s effective tax rate may be subject to fluctuation during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, valuation allowances against deferred tax assets, the recognition and derecognition of tax benefits related to uncertain tax positions and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.
The Company had a recovery of income taxes of $88 million in the three months ended March 31, 2025 primarily as a result of unrealized loss on equity and other investments, partially offset by earnings in jurisdictions predominantly outside of North America.
The Company had a provision for income taxes of $17 million in the three months ended March 31, 2024 primarily on account of earnings in jurisdictions outside of North America.
v3.25.1
Net Loss per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
The Company applies the two-class method to calculate its basic and diluted net loss per share as Class A subordinate voting shares and Class B restricted voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis. The Company uses the treasury stock method and if-converted method for calculating the effect of dilutive potential common stock from employee stock options and employee RSUs and from its Notes, respectively.
The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions, except share and share price amounts)
Numerator:
Net loss(682)(273)
After tax effect of debt interest(1)
— — 
Net loss after tax effected debt interest(682)(273)
Denominator:
Basic weighted average number of shares outstanding1,295,377,3761,287,376,719
Weighted average effect of dilutive securities:
Stock options——
Restricted share units——
Convertible senior notes——
Deferred share units——
Diluted weighted average number of shares1,295,377,3761,287,376,719
Net loss per share:
Basic$(0.53)$(0.21)
Diluted$(0.53)$(0.21)
Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:
Stock options14,767,62015,116,848 
Restricted share units5,300,2325,943,369 
Convertible senior notes6,388,4806,388,480 
Deferred share units15,48813,999 
26,471,82027,462,696 
(1) When the Notes are dilutive, the after tax effect of debt interest is added back to net income to calculate diluted net income per share.
v3.25.1
Segment and Geographical Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
The Company's CODM is its Chief Executive Officer. The CODM has determined that the Company operates in a single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net income (loss). The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:
Three months ended
 March 31, 2025March 31, 2024
(in US $ millions)
North America
United States1,499 64 %1,198 65 %
Canada119 5 %99 5 %
EMEA480 20 %354 19 %
APAC240 10 %189 10 %
Latin America22 1 %21 1 %
Total Revenue2,360 100 %1,861 100 %
v3.25.1
Business Combinations
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Vantage Discovery Inc.
In March 2025, the Company completed the acquisition of Vantage Discovery Inc. (“Vantage”), a company based in Austin, Texas, that provides AI-powered search and content discovery services. By integrating Vantage’s hybrid search engine architecture that combines traditional search engines with vector databases and large language models, the development of AI-powered, multi-vector search across Search APIs, Shop and Storefront search offerings will be accelerated. The Company acquired 100 percent of the outstanding shares of Vantage in exchange for cash consideration of $59 million. In connection with the transaction, $24 million in restricted shares were granted and $6 million in cash are being accounted for as compensation as these amounts are related to post-combination services.
The following table summarizes the purchase price allocation of the Vantage assets acquired and liabilities assumed at the acquisition date:
 Amount
Net assets— 
Intangible assets - acquired technology20 
Goodwill39 
Net deferred tax liability
— 
Total purchase price59 
The acquired technology has an estimated fair value of $20 million using a cost approach and is being amortized over three years. Goodwill from the Vantage acquisition is primarily attributable to the expected synergies that will result from integrating Vantage's technology with Shopify's Search offering, and the acquisition of the assembled workforce. None of the goodwill recognized is deductible for income tax purposes. There is no net deferred tax liability related to taxable temporary difference on acquired intangible assets due to offsetting deferred tax assets primarily related to losses from the pre-acquisition period.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net loss $ (682) $ (273)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Gail Goodman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2025, Gail Goodman, a member of the Company's board of directors, entered into a trading plan that provides for the potential sale of up to 41,430 shares of the Company’s Class A Subordinate Voting Shares. The plan will terminate on November 16, 2026, subject to early termination for certain specified events set forth in the plan.
Name Gail Goodman
Title member of the Company's board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2025
Expiration Date November 16, 2026
Arrangement Duration 620 days
Aggregate Available 41,430
v3.25.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates
The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other investments in private companies, including revenue growth rates and revenue multiples based on
market comparables; estimates involved in our equity method investment; and the probability and amount of loss contingencies.
Concentration of Credit Risk The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables.
Equity and Other Investments Risk
The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates.
The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments.
Foreign Exchange Risk
The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations.
While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in British pound sterling ("GBP"), Euros ("EUR") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies.
Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.
v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities by Investment Classification
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:
March 31, 2025
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—490——502
U.S. federal bonds and agency securities—1,858570—2,428
Corporate bonds and commercial paper48———48
482,348570—2,978
Level 2:
Corporate bonds and commercial paper—1,857324—2,183
Level 3:
Convertible notes in private companies———560560
484,2058945605,721
December 31, 2024
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—470——481
U.S. federal bonds and agency securities201,696537—2,252
Corporate bonds and commercial paper139————
1592,166537—2,872
Level 2:
Corporate bonds and commercial paper—1,815172—1,988
Level 3:
Convertible notes in private companies———543543
1593,9817095435,403
Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity
The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2025:
Fair Value
(in US $ millions)
Due within one year4,266 
Due after one year to three years895 
5,161 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
March 31, 2025December 31, 2024
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Affirm Holdings, Inc.917—9171,236—1,236
Global-E Online Ltd.788—7881,205—1,205
Klaviyo, Inc.(1)
46286548615127742
2,167862,2533,0561273,183
(1) In the three months ended March 31, 2025, $14 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (March 31, 2024 - $9 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 18% at March 31, 2025 (December 31, 2024 - 18%).
Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2025 and 2024 were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period3,183 2,360 
Adjustments related to equity and other investments with readily determinable fair values:
Net unrealized losses(930)(351)
Balance, end of the period2,253 2,009 
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values were as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Total initial value962 957 
Cumulative gross unrealized gains144 144 
Cumulative gross unrealized losses and impairment(397)(384)
Total carrying value of equity and other investments without readily determinable fair values709 717 
Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2025 and 2024 were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period717 505 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments4 1 
Gross unrealized gains— 1 
Gross unrealized losses and impairments(1)
(12)(9)
Balance, end of the period709 498 
(1) During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. During the three months ended March 31, 2024, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses and impairments were presented as "Net unrealized (loss) gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).
Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses
The fair values of outstanding derivative instruments were as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)1 — 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)8 13 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
March 31, 2025March 31, 2024
(in US $ millions)
Unrealized gains— — 
Unrealized losses(8)(2)
Total net unrealized (losses) gains(8)(2)
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Realized losses in operating expenses6 — 
6 — 
v3.25.1
Trade and Other Receivables (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Trade and Other Receivables
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 March 31, 2025December 31, 2024
(in US $ millions)
Unbilled revenues, net157 175 
Trade receivables, net71 77 
Indirect taxes receivable35 49 
Other receivables24 22 
Accrued interest10 19 
 297 342 
Activity in the allowance for credit losses was as follows for the three months ended:
March 31, 2025

March 31, 2024
(in US $ millions)
Balance, beginning of the period16 13 
Provision for credit losses related to uncollectible receivables7 6 
Write-offs(7)(3)
Balance, end of the period16 16 
March 31, 2025December 31, 2024
(in US $ millions)
Loans receivable, gross(1)
1,283 1,131 
Allowance for credit losses related to uncollectible loans receivable(129)(110)
Merchant cash advances receivable, gross271 234 
Allowance for credit losses related to uncollectible merchant cash advances receivable(33)(31)
Loans and merchant cash advances, net1,392 1,224 
(1) Included in the loans receivable gross balance as of March 31, 2025 is $20 million of interest receivable (December 31, 2024 - $15 million).
v3.25.1
Loans and Merchant Cash Advances (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loans and Merchant Cash Advances
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 March 31, 2025December 31, 2024
(in US $ millions)
Unbilled revenues, net157 175 
Trade receivables, net71 77 
Indirect taxes receivable35 49 
Other receivables24 22 
Accrued interest10 19 
 297 342 
Activity in the allowance for credit losses was as follows for the three months ended:
March 31, 2025

March 31, 2024
(in US $ millions)
Balance, beginning of the period16 13 
Provision for credit losses related to uncollectible receivables7 6 
Write-offs(7)(3)
Balance, end of the period16 16 
March 31, 2025December 31, 2024
(in US $ millions)
Loans receivable, gross(1)
1,283 1,131 
Allowance for credit losses related to uncollectible loans receivable(129)(110)
Merchant cash advances receivable, gross271 234 
Allowance for credit losses related to uncollectible merchant cash advances receivable(33)(31)
Loans and merchant cash advances, net1,392 1,224 
(1) Included in the loans receivable gross balance as of March 31, 2025 is $20 million of interest receivable (December 31, 2024 - $15 million).
Schedule of Allowance for Credit Losses
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period110 60 
Provision for credit losses related to uncollectible loans receivable40 22 
Loans receivable charged off, net of recoveries(21)(10)
Allowance, end of the period129 72 
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2025 and 2024:
March 31, 2025March 31, 2024
(in US $ millions)
Allowance, beginning of the period31 36 
Provision for credit losses related to uncollectible merchant cash advances receivable6 3 
Merchant cash advances receivable charged off, net of recoveries(4)(7)
Allowance, end of the period33 32 
Schedule of Delinquency Status
The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are within 29 days of the contractual repayment dates, or within 29 days of the expected repayment date.
March 31, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current654 539 1,193 93.0 %
30-59 Days— 7 7 0.5 %
60-89 Days— 6 6 0.5 %
90-179 Days— 14 14 1.1 %
180+ Days— 63 63 4.9 %
Total654 629 1,283 100.0 %
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 8 1,059 93.7 %
30-59 Days5 1 6 0.5 %
60-89 Days4 2 6 0.5 %
90-179 Days7 3 10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %
v3.25.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
 March 31, 2025
 CostAccumulated amortizationNet book value
(in US $ millions)
Acquired technology92 54 38 
Other intangible assets5 4 1 
Software development costs14 14 — 
 111 72 39 
 December 31, 2024
 CostAccumulated amortizationNet book value
(in US $ millions)
Acquired technology72 51 21 
Other intangible assets5 4 1 
Software development costs14 14 — 
 91 69 22 
Schedule of Classification of Amortization Expense Related to Intangible Assets
The following table illustrates the classification of amortization expense related to intangible assets in the condensed consolidated statements of operations and comprehensive income (loss):
Three months ended
 March 31, 2025March 31, 2024
(in US $ millions)
Cost of revenues2 4 
Research and development1 — 
 3 4 
Schedule of Estimated Future Amortization Expense Related to Intangible Assets
Estimated future amortization expense related to intangible assets, as of March 31, 2025 is as follows:
Fiscal Year 
Amount
(in US $ millions)
20259 
20269 
20278 
Thereafter2 
Total28 
v3.25.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The gross changes in the carrying amount of goodwill during the three months ended March 31, 2025 and the year ended December 31, 2024 are as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Balance, beginning of the period452 427 
Acquisitions(1)(2)
39 25 
Balance, end of the period491 452 
(1) During the three months ended March 31, 2025, the Company completed the acquisition of Vantage Discovery Inc. (see note 18).
(2) During the year ended December 31, 2024, the Company completed individually immaterial acquisitions that resulted in goodwill being recognized.
v3.25.1
Deferred Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Revenue
 March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period430 498 
Deferral of revenue(1)
121 115 
Recognition of deferred revenue from beginning balance(121)(134)
Balance, end of the period430 479 
(1) Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.
March 31, 2025March 31, 2024
(in US $ millions)
Current portion295 296 
Long-term portion135 183 
430 479 
The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2025 and 2024:
 March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period190 284 
Revenue recognized related to non-cash consideration(13)(35)
Balance, end of the period177 249 
Current portion49 73 
Long term portion128 176 
177 249 
v3.25.1
Convertible Senior Notes (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The net carrying amount of the outstanding Notes was as follows:
March 31, 2025December 31, 2024
(in US $ millions)
Principal920 920 
Unamortized offering costs(1)(2)
Net carrying amount919 918 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of the Stock Option and RSU Award Activities
The following table summarizes the stock option and Restricted Share Unit ("RSU") award activities under the Company's share-based compensation plans for the three months ended March 31, 2025:
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, 202414,636,992 64.497.68623 — 5,121,069 74.90 
Stock options granted1,382,369 123.66— — 64.09 — — 
Stock options exercised(1,190,811)49.62— — — — — 
Stock options forfeited(60,930)74.06— — — — — 
RSUs granted— —— — — 1,348,719 105.68 
RSUs settled— —— — — (1,055,597)83.80 
RSUs forfeited— —— — — (113,959)72.49 
March 31, 202514,767,620 71.197.76456 — 5,300,232 81.01 
Stock options exercisable as of March 31, 20256,936,535 60.386.35300 
(1) As of March 31, 2025, nil of the outstanding stock options were granted under the Company's Fourth Amended and Restated Stock Option Plan ("Legacy Option Plan") and there are no longer any outstanding stock options granted under the Legacy Option Plan, 14,706,451 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares, and 61,169 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 March 31, 2025 and December 31, 2024.
Schedule of Classification of Stock-based Compensation
The following table illustrates the classification of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive income (loss), which includes both stock-based compensation and restricted stock-compensation expense:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Cost of revenues11
Sales and marketing1211
Research and development7968
General and administrative2225
114105
v3.25.1
Changes in Accumulated Other Comprehensive (Loss) Income (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income
The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity, were as follows:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions)
Balance, beginning of the period(10)4 
Other comprehensive (loss) income before reclassifications(1)(8)
Gain on cash flow hedges reclassified from accumulated other comprehensive (loss) income to earnings:
Sales and marketing1 — 
Research and development4 — 
General and administrative1 — 
Tax effect on unrealized loss on cash flow hedges(1)— 
Other comprehensive income (loss), net of tax4 (8)
Balance, end of the period(6)(4)
v3.25.1
Net Loss per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of the Reconciliation of the Basic and Diluted Weighted Average Number of Shares Outstanding
The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:
Three months ended
March 31, 2025March 31, 2024
(in US $ millions, except share and share price amounts)
Numerator:
Net loss(682)(273)
After tax effect of debt interest(1)
— — 
Net loss after tax effected debt interest(682)(273)
Denominator:
Basic weighted average number of shares outstanding1,295,377,3761,287,376,719
Weighted average effect of dilutive securities:
Stock options——
Restricted share units——
Convertible senior notes——
Deferred share units——
Diluted weighted average number of shares1,295,377,3761,287,376,719
Net loss per share:
Basic$(0.53)$(0.21)
Diluted$(0.53)$(0.21)
Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:
Stock options14,767,62015,116,848 
Restricted share units5,300,2325,943,369 
Convertible senior notes6,388,4806,388,480 
Deferred share units15,48813,999 
26,471,82027,462,696 
(1) When the Notes are dilutive, the after tax effect of debt interest is added back to net income to calculate diluted net income per share.
v3.25.1
Segment and Geographical Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Location
The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:
Three months ended
 March 31, 2025March 31, 2024
(in US $ millions)
North America
United States1,499 64 %1,198 65 %
Canada119 5 %99 5 %
EMEA480 20 %354 19 %
APAC240 10 %189 10 %
Latin America22 1 %21 1 %
Total Revenue2,360 100 %1,861 100 %
v3.25.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation of Assets Acquired and Liabilities Assumed
The following table summarizes the purchase price allocation of the Vantage assets acquired and liabilities assumed at the acquisition date:
 Amount
Net assets— 
Intangible assets - acquired technology20 
Goodwill39 
Net deferred tax liability
— 
Total purchase price59 
v3.25.1
Financial Instruments - Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents $ 1,309 $ 1,498
Marketable securities 4,205 3,981
Long-term investments 894 709
Equity and Other Investments 3,640 4,647
Levels 1, 2 and 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 48 159
Marketable securities 4,205 3,981
Long-term investments 894 709
Equity and Other Investments 560 543
Fair Value 5,721 5,403
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 48 159
Marketable securities 2,348 2,166
Long-term investments 570 537
Equity and Other Investments 0 0
Fair Value 2,978 2,872
Level 1 | U.S. term deposits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 0
Marketable securities 490 470
Long-term investments 0 0
Equity and Other Investments 0 0
Fair Value 502 481
Level 1 | U.S. federal bonds and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 20
Marketable securities 1,858 1,696
Long-term investments 570 537
Equity and Other Investments 0 0
Fair Value 2,428 2,252
Level 1 | Corporate bonds and commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 48 139
Marketable securities 0 0
Long-term investments 0 0
Equity and Other Investments 0 0
Fair Value 48 0
Level 2 | Corporate bonds and commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 0
Marketable securities 1,857 1,815
Long-term investments 324 172
Equity and Other Investments 0 0
Fair Value 2,183 1,988
Level 3 | Convertible notes in private companies    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents 0 0
Marketable securities 0 0
Long-term investments 0 0
Equity and Other Investments 560 543
Fair Value $ 560 $ 543
v3.25.1
Financial Instruments - Additional Information (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Derivative [Line Items]          
Trade and other receivables   $ 297   $ 342  
Debt securities interest income   72   62  
Payments to acquire investments in private companies   4 $ 1    
Net loss on equity method investment   23 44    
Net loss on equity and other investments   1,021 373    
Subsequent Event          
Derivative [Line Items]          
Payments to acquire investments in private companies $ 67        
Klaviyo, Inc.          
Derivative [Line Items]          
Net loss on equity and other investments   86 16    
Equity Securities Without Readily Determinable Fair Value          
Derivative [Line Items]          
Equity and Other Investments   $ 709 $ 498 $ 717 $ 505
Call Option | Klaviyo, Inc.          
Derivative [Line Items]          
Option to purchase series B common shares | shares   15,743,174      
Exercise price (in dollars per share) | $ / shares   $ 88.93      
Discount for Lack of Marketability | Klaviyo, Inc.          
Derivative [Line Items]          
Derivative asset, measurement input   0.29   0.29  
Fair value   $ 118   $ 204  
Foreign Exchange Forward          
Derivative [Line Items]          
Foreign exchange forward contracts, notional value   504   454  
Level 3 | Fair Value, Nonrecurring          
Derivative [Line Items]          
Equity and Other Investments   585      
Accrued interest          
Derivative [Line Items]          
Trade and other receivables   $ 10   $ 19  
v3.25.1
Financial Instruments - Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Fair Value Disclosures [Abstract]  
Due within one year $ 4,266
Due after one year to three years 895
Total debt investments $ 5,161
v3.25.1
Financial Instruments - Equity Investments with Readily Determinable Fair Values (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values $ 2,253   $ 3,183
Global-E Online Ltd.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 788   1,205
Affirm Holdings, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 917   1,236
Klaviyo, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 548   $ 742
Transfers out of level 3 $ 14 $ 9  
Klaviyo, Inc. | Discount for Lack of Marketability      
Debt and Equity Securities, FV-NI [Line Items]      
Warrant, measurement input 0.18   0.18
Level 1      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values $ 2,167   $ 3,056
Level 1 | Global-E Online Ltd.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 788   1,205
Level 1 | Affirm Holdings, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 917   1,236
Level 1 | Klaviyo, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 462   615
Level 3      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 86   127
Level 3 | Global-E Online Ltd.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 0   0
Level 3 | Affirm Holdings, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values 0   0
Level 3 | Klaviyo, Inc.      
Debt and Equity Securities, FV-NI [Line Items]      
Equity investments with readily determinable fair values $ 86   $ 127
v3.25.1
Financial Instruments - Schedule of Adjusted to Equity and Other Investments with Readily Determinable Fair Values (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Securities Adjustments [Roll Forward]    
Balance, beginning of the period $ 3,183  
Balance, end of the period 2,253  
Equity Securities With Readily Determinable Fair Value    
Equity Securities Adjustments [Roll Forward]    
Balance, beginning of the period 3,183 $ 2,360
Net unrealized losses (930) (351)
Balance, end of the period $ 2,253 $ 2,009
v3.25.1
Financial Instruments - Equity Investments without Readily Determinable Fair Values (Details) - Equity Investments In Private Companies - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total initial value $ 962 $ 957
Cumulative gross unrealized gains 144 144
Cumulative gross unrealized losses and impairment (397) (384)
Equity and Other Investments $ 709 $ 717
v3.25.1
Financial Instruments - Schedule of Adjusted to Equity and Other Investments without Readily Determinable Fair Values (Details) - Equity Securities Without Readily Determinable Fair Value - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Securities Adjustments [Roll Forward]    
Balance, beginning of the period $ 717 $ 505
Purchases of equity and other investments 4 1
Gross unrealized gains 0 1
Gross unrealized losses and impairments (12) (9)
Balance, end of the period $ 709 $ 498
v3.25.1
Financial Instruments - Derivative Instruments Designated as Hedges (Details) - Foreign Exchange Forward - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized gains $ 0 $ 0  
Unrealized losses (8) (2)  
Total net unrealized (losses) gains (8) (2)  
Realized (losses) gains 6 $ 0  
Level 2      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Foreign exchange forward contracts and options assets (classified in other current assets) 1   $ 0
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities) $ 8   $ 13
v3.25.1
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables $ 297 $ 342
Unbilled revenues, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables 157 175
Trade receivables, net    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables 71 77
Indirect taxes receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables 35 49
Other receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables 24 22
Accrued interest    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade and other receivables $ 10 $ 19
v3.25.1
Trade and Other Receivables - Activity in Allowance of Doubtful Accounts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Provision for credit losses related to uncollectible receivables $ 43 $ 28
Unbilled revenues and trade receivables    
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of the period 16 13
Provision for credit losses related to uncollectible receivables 7 6
Write-offs (7) (3)
Balance, end of the period $ 16 $ 16
v3.25.1
Loans and Merchant Cash Advances - Schedule of MCA, Loans and Related Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and merchant cash advances, net $ 1,392 $ 1,224    
Interest receivable 20 15    
Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Receivables, gross 1,283 1,131    
Allowance for credit losses related to uncollectible receivable (129) (110) $ (72) $ (60)
Merchant cash advances        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Receivables, gross 271 234    
Allowance for credit losses related to uncollectible receivable $ (33) $ (31) $ (32) $ (36)
v3.25.1
Loans and Merchant Cash Advances - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Receivables [Abstract]    
Purchase of merchant cash advances and loans from partner banks $ 821,000,000 $ 587,000,000
Proceeds from sale of loans to third-party investors 0 54,000,000
Interest and fee income $ 57,000,000 $ 39,000,000
v3.25.1
Loans and Merchant Cash Advances - Schedule of Allowance for Credit Losses (Details) - Loans - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance, beginning of the period $ 110 $ 60
Provision for credit losses related to uncollectible loans receivable 40 22
Loans receivable charged off, net of recoveries (21) (10)
Allowance, end of the period $ 129 $ 72
v3.25.1
Loans and Merchant Cash Advances - Schedule of Delinquency Status (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Year one $ 654 $ 1,101
Year two 629 30
Total $ 1,283 $ 1,131
Percent 100.00% 100.00%
Current    
Financing Receivable, Past Due [Line Items]    
Year one $ 654 $ 1,051
Year two 539 8
Total $ 1,193 $ 1,059
Percent 93.00% 93.70%
30-59 Days    
Financing Receivable, Past Due [Line Items]    
Year one $ 0 $ 5
Year two 7 1
Total $ 7 $ 6
Percent 0.50% 0.50%
60-89 Days    
Financing Receivable, Past Due [Line Items]    
Year one $ 0 $ 4
Year two 6 2
Total $ 6 $ 6
Percent 0.50% 0.50%
90-179 Days    
Financing Receivable, Past Due [Line Items]    
Year one $ 0 $ 7
Year two 14 3
Total $ 14 $ 10
Percent 1.10% 0.90%
180+ Days    
Financing Receivable, Past Due [Line Items]    
Year one $ 0 $ 34
Year two 63 16
Total $ 63 $ 50
Percent 4.90% 4.40%
v3.25.1
Loans and Merchant Cash Advances -Merchant Cash Advances (Details) - Merchant cash advances - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Allowance, beginning of the period $ 31 $ 36
Provision for credit losses related to uncollectible merchant cash advances receivable 6 3
Merchant cash advances receivable charged off, net of recoveries (4) (7)
Allowance, end of the period $ 33 $ 32
v3.25.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 111 $ 91
Accumulated amortization 72 69
Net book value 39 22
Acquired technology    
Finite-Lived Intangible Assets [Line Items]    
Cost 92 72
Accumulated amortization 54 51
Net book value 38 21
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Cost 5 5
Accumulated amortization 4 4
Net book value 1 1
Software development costs    
Finite-Lived Intangible Assets [Line Items]    
Cost 14 14
Accumulated amortization 14 14
Net book value $ 0 $ 0
v3.25.1
Intangible Assets - Classification of Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 3 $ 4
Cost of revenues    
Finite-Lived Intangible Assets [Line Items]    
Amortization expense 2 4
Research and development    
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 1 $ 0
v3.25.1
Intangible Assets - Estimated Future Amortization Expense (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 9
2026 9
2027 8
Thereafter 2
Total $ 28
v3.25.1
Goodwill - Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Balance, beginning of the period $ 452 $ 427
Acquisitions 39 25
Balance, end of the period $ 491 $ 452
v3.25.1
Deferred Revenue - Changes in Deferred Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Change in Contract with Customer, Liability [Roll Forward]    
Balance, beginning of the period $ 430 $ 498
Deferral of revenue 121 115
Recognition of deferred revenue from beginning balance (121) (134)
Balance, end of the period $ 430 $ 479
v3.25.1
Deferred Revenue - Classification of Deferred Revenue (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]          
Current portion $ 295 $ 283 $ 296 $ 302  
Long-term portion 135 147 183 $ 196  
Deferred revenue $ 430 $ 430 $ 479   $ 498
v3.25.1
Deferred Revenue - Gross Changes in Deferred Revenue Associated with Non-Cash Consideration Received (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Change in Contract with Customer, Liability [Roll Forward]    
Balance, beginning of the period $ 190 $ 284
Revenue recognized related to non-cash consideration (13) (35)
Balance, end of the period 177 249
Current portion 49 73
Long term portion 128 176
Deferred revenue, non-cash consideration $ 177 $ 249
v3.25.1
Deferred Revenue - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Jan. 01, 2024
Disaggregation of Revenue [Line Items]        
Current portion $ 295 $ 283 $ 296 $ 302
Long-term portion $ 135 $ 147 $ 183 $ 196
Minimum        
Disaggregation of Revenue [Line Items]        
Remaining term o f contract 2 years      
Minimum | Strategic Partnerships        
Disaggregation of Revenue [Line Items]        
Remaining term o f contract 3 years      
Maximum        
Disaggregation of Revenue [Line Items]        
Remaining term o f contract 3 years      
Maximum | Strategic Partnerships        
Disaggregation of Revenue [Line Items]        
Remaining term o f contract 5 years      
v3.25.1
Convertible Senior Notes - Additional Information (Details) - 0.125% Convertible Senior Notes Due 2025
 1 Months Ended
Sep. 30, 2020
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Estimated fair value   $ 923,000,000 $ 939,000,000
Convertible Debt      
Debt Instrument [Line Items]      
Aggregate principal amount $ 920,000,000    
Stated interest rate 0.125%    
Proceeds from convertible senior notes, net of underwriting fees and offering costs $ 908,000,000    
Conversion ratio 0.0006944    
Conversion price (in dollars per share) | $ / shares $ 144.01    
Issuance costs attributable to the liability component $ 12,000,000    
Effective interest rate 0.38%    
v3.25.1
Convertible Senior Notes - Schedule of Convertible Debt (Details) - Convertible Debt - 0.125% Convertible Senior Notes Due 2025 - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal $ 920 $ 920
Unamortized offering costs (1) (2)
Net carrying amount $ 919 $ 918
v3.25.1
Related Parties (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]      
Revenues $ 2,360,000,000 $ 1,861,000,000  
Sales and marketing 405,000,000 361,000,000  
Interest income 65,000,000 79,000,000  
Related Party      
Related Party Transaction [Line Items]      
Revenues 0    
Sales and marketing 2,000,000    
Other current assets 14,000,000    
Fair value 298,000,000   $ 291,000,000
Interest income $ 8,000,000 $ 8,000,000  
v3.25.1
Shareholders' Equity - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
shares
Class A Subordinate Voting | Vantage  
Class of Stock [Line Items]  
Number of shares issued in connection with acquisition 252,257
Stock Option Plan and LTIP | Class A Subordinate Voting  
Class of Stock [Line Items]  
Shares available for issuance (in shares) 473,096,971
Deferred Shares Units | LTIP  
Class of Stock [Line Items]  
Units granted (in shares) 15,488
v3.25.1
Shareholders' Equity - Schedule of Stock Option and RSU Award Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Stock options outstanding, beginning balance (in shares) 14,636,992  
Stock options granted (in shares) 1,382,369  
Stock options exercised (in shares) (1,190,811)  
Stock options forfeited (in shares) (60,930)  
Stock options outstanding, ending balance (in shares) 14,767,620 14,636,992
Stock options exercisable (in shares) 6,936,535  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Weighted average exercise price of stock options outstanding, beginning (in dollars per share) $ 64.49  
Weighted average exercise price of stock options granted (in dollars per share) 123.66  
Weighted average exercise price of stock options exercised (in dollars per share) 49.62  
Weighted average exercise price of stock options forfeited (in dollars per share) 74.06  
Weighted average exercise price of stock options outstanding, ending (in dollars per share) 71.19 $ 64.49
Weighted average exercise price of stock options exercisable (in dollars per share) $ 60.38  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Remaining Contractual Term [Abstract]    
Remaining contractual term of stock options outstanding 7 years 9 months 3 days 7 years 8 months 4 days
Remaining contractual term of stock options exercisable 6 years 4 months 6 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract]    
Aggregate intrinsic value of stock options outstanding, beginning $ 623  
Aggregate intrinsic value of stock options outstanding, ending 456 $ 623
Aggregate intrinsic value of stock exercisable $ 300  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Grant Date Fair Value [Abstract]    
Weighted average grant date fair value of stock options outstanding, beginning (in dollars per share) $ 0  
Weighted average grant date fair value of stock options granted (in dollars per share) 64.09  
Weighted average grant date fair value of stock options outstanding, ending (in dollars per share) $ 0 $ 0
Legacy Option Plan | Class B Multiple Voting    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Stock options exercisable (in shares) 0  
Stock Option Plan | Class A Subordinate Voting    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Stock options exercisable (in shares) 14,706,451  
Deliverr Inc. | Class A Subordinate Voting    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Stock options exercisable (in shares) 61,169  
Restricted share units    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Outstanding [Roll Forward]    
RSUs outstanding, beginning (in shares) 5,121,069  
RSUs granted (in shares) 1,348,719  
RSUs settled (in shares) (1,055,597)  
RSUs forfeited (in shares) (113,959)  
RSUs outstanding, ending (in shares) 5,300,232 5,121,069
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Weighted average grant date fair value of RSUs outstanding, beginning (in dollars per share) $ 74.90  
Weighted average grant date fair value of RSUs granted (in dollars per share) 105.68  
Weighted average grant date fair value of RSUs settled (in dollars per share) 83.80  
Weighted average grant date fair value of RSUs settled (in dollars per share) 72.49  
Weighted average grant date fair value of RSUs outstanding, ending (in dollars per share) $ 81.01 $ 74.90
v3.25.1
Shareholders' Equity - Classification of Stock-based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 114 $ 105
Cost of revenues    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 1 1
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 12 11
Research and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 79 68
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 22 $ 25
v3.25.1
Changes in Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of the period $ 11,558,000 $ 9,066,000
Total other comprehensive income (loss) 4,000 (8,000)
Balance, end of the period 11,051,000 8,893,000
Accumulated Other Comprehensive (Loss) Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance, beginning of the period (10,000) 4,000
Other comprehensive (loss) income before reclassifications (1,000) (8,000)
Tax effect on unrealized loss on cash flow hedges (1,000) 0
Total other comprehensive income (loss) 4,000 (8,000)
Balance, end of the period (6,000) (4,000)
Accumulated Other Comprehensive (Loss) Income | Sales and marketing | Reclassification out of Accumulated Other Comprehensive (Loss) Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Gain on cash flow hedges reclassified from accumulated other comprehensive (loss) income to earnings 1,000 0
Accumulated Other Comprehensive (Loss) Income | Research and development | Reclassification out of Accumulated Other Comprehensive (Loss) Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Gain on cash flow hedges reclassified from accumulated other comprehensive (loss) income to earnings 4,000 0
Accumulated Other Comprehensive (Loss) Income | General and administrative | Reclassification out of Accumulated Other Comprehensive (Loss) Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Gain on cash flow hedges reclassified from accumulated other comprehensive (loss) income to earnings $ 1,000 $ 0
v3.25.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Recovery of (provision for) income taxes $ 88 $ (17)
v3.25.1
Net Loss per Share - Reconciliation of Weighted Average Number of Shares Outstanding (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net loss $ (682) $ (273)
After tax effect of debt interest 0 0
Net loss after tax effected debt interest $ (682) $ (273)
Denominator    
Basic weighted average number of shares outstanding (in shares) 1,295,377,376 1,287,376,719
Diluted weighted average number of shares (in shares) 1,295,377,376 1,287,376,719
Basic (in dollars per share) $ (0.53) $ (0.21)
Diluted (in dollars per share) $ (0.53) $ (0.21)
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares) 26,471,820 27,462,696
Stock options    
Denominator    
Weighted average effect of dilutive securities (in shares) 0 0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares) 14,767,620 15,116,848
Restricted share units    
Denominator    
Weighted average effect of dilutive securities (in shares) 0 0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares) 5,300,232 5,943,369
Convertible senior notes    
Denominator    
Weighted average effect of dilutive securities (in shares) 0 0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares) 6,388,480 6,388,480
Deferred share units    
Denominator    
Weighted average effect of dilutive securities (in shares) 0 0
Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive (in shares) 15,488 13,999
v3.25.1
Segment and Geographical Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.1
Segment and Geographical Information - Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 2,360 $ 1,861
Geographic Concentration Risk | Sales Revenue, Net    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 2,360 $ 1,861
Revenues (as a percent) 100.00% 100.00%
Geographic Concentration Risk | Sales Revenue, Net | United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 1,499 $ 1,198
Revenues (as a percent) 64.00% 65.00%
Geographic Concentration Risk | Sales Revenue, Net | Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 119 $ 99
Revenues (as a percent) 5.00% 5.00%
Geographic Concentration Risk | Sales Revenue, Net | EMEA    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 480 $ 354
Revenues (as a percent) 20.00% 19.00%
Geographic Concentration Risk | Sales Revenue, Net | APAC    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 240 $ 189
Revenues (as a percent) 10.00% 10.00%
Geographic Concentration Risk | Sales Revenue, Net | Latin America    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenues $ 22 $ 21
Revenues (as a percent) 1.00% 1.00%
v3.25.1
Business Combinations - Additional Information (Details) - Vantage
 1 Months Ended
Mar. 31, 2025
USD ($)
Business Acquisition [Line Items]  
Percentage of company acquired 100.00%
Purchase price $ 59,000,000
Equity issued 24,000,000
Post combination compensation 6,000,000
Goodwill recognized expected to be deductible for income tax purposes 0
Acquired technology  
Business Acquisition [Line Items]  
Intangible assets acquired $ 20,000,000
Useful life 3 years
v3.25.1
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 491 $ 452 $ 427
Vantage      
Business Acquisition [Line Items]      
Net assets 0    
Goodwill 39    
Net deferred tax liability 0    
Total purchase price 59    
Vantage | Acquired technology      
Business Acquisition [Line Items]      
Intangible assets - acquired technology $ 20