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As of Q4'25, Shopify's current contract liabilities stand at USD 300M, marking the lowest point in the observed period from Q1'23 to Q4'25. This latest figure represents a significant decrease from the previous quarter's USD 410M, reflecting a sharp decline at the end of the period. Over the timeframe from Q1'23 to Q4'25, current contract liabilities have shown a consistent downward trend, falling from USD 556M in Q1'23 to USD 300M in Q4'25. The decline is generally steady, with a notable acceleration in the final quarter, where liabilities dropped by 110M from Q3'25 to Q4'25. This pattern suggests a sustained reduction in deferred revenue or advance customer payments, with a pronounced contraction in the most recent quarter.