Shopify’s 10K annual report for 2025 includes expanded income tax disclosures following new reporting requirements. The company presents total cash income taxes paid and separates domestic and foreign income and tax expense.
However, it does not disclose a country-by-country breakdown of cash taxes paid. It reports aggregate cash taxes and separates domestic and foreign income and tax expense.
Country-level tax picture
The filing discloses total cash paid for income taxes and splits income and tax expense between domestic and foreign categories. It does not identify specific countries where cash taxes were paid.
Cash paid for income taxes, net:
2025: $194 million
2024: $116 million
2023: $50 million
Income before income taxes was split as follows:
2025 domestic income: $450 million
2025 foreign income: $1,059 million
2024 domestic income: $537 million
2024 foreign income: $1,691 million
Current income tax expense in 2025 totaled $292 million, composed of:
Federal: $35 million
Provincial: $64 million
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