Shopify (SHOP) Cost of Revenue (2024 - 2026)
Shopify (SHOP) posted Cost of Revenue of $1.9 billion for Q2 2026, up 15.46% on a QoQ basis from $1.6 billion in Q1 2026, and up 36.07% year-over-year from $1.4 billion in Q2 2025.
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Analysis
Shopify (SHOP) Cost of Revenue (2024 - 2026) Analysis & Trends
Shopify has reported Cost of Revenue for 3 years, with the latest figure at $1.9 billion in Q2 2026.
- On a quarterly basis, Cost of Revenue rose 36.07% year-over-year to $1.9 billion in Q2 2026; TTM through Jun 2026 was $6.9 billion, a 36.63% increase from a year earlier, with the FY2025 full-year figure at $6.0 billion, up 36.14% from the prior year.
- Cost of Revenue was $1.9 billion for Q2 2026 at Shopify, up from $1.6 billion in the prior quarter.
- The five-year high for Cost of Revenue was $2.0 billion in Q4 2025, with the low at $904.0 million in Q1 2024.
- Average Cost of Revenue over 3 years is $1.4 billion, with a median of $1.4 billion recorded in 2025.
- The largest YoY upside for Cost of Revenue was 39.18% in 2025 against a maximum downside of 31.75% in 2025.
- Over 3 years, Cost of Revenue stood at $1.5 billion in 2024, then soared by 35.55% to $2.0 billion in 2025, then decreased by 5.26% to $1.9 billion in 2026.
- The last three Cost of Revenue figures came in at $1.9 billion (Q2 2026), $1.6 billion (Q1 2026), and $2.0 billion (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Shopify | 166.44 Bn | 161.49 Bn | 1.71 Bn | 1.88 Bn |
| 2 | Global-E Online | 6.43 Bn | 6.07 Bn | 131.87 Mn | 167.13 Mn |
| 3 | Vtex | 629.70 Mn | 443.81 Mn | 51.71 Mn | 12.68 Mn |
| 4 | Rezolve Ai | 369.68 Mn | 258.57 Mn | - | - |
| 5 | Commerce.com | 275.92 Mn | 119.60 Mn | 63.53 Mn | 20.98 Mn |
| 6 | Baozun | 152.97 Mn | -66.33 Mn | 302.56 Mn | 100.63 Mn |
| 7 | BeLive Holdings | 24.01 Mn | 17.39 Mn | - | - |
| 8 | Paid | 18.65 Mn | 17.57 Mn | 1.22 Mn | 4.64 Mn |
| 9 | Caro Holdings | 11.71 Mn | 11.71 Mn | - | - |
| 10 | Amaze Holdings | 1.11 Mn | 1.11 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.88 Bn |
| Mar 31, 2026 | 1.62 Bn |
| Dec 31, 2025 | 1.98 Bn |
| Sep 30, 2025 | 1.45 Bn |
| Jun 30, 2025 | 1.38 Bn |
| Mar 31, 2025 | 1.19 Bn |
| Dec 31, 2024 | 1.46 Bn |
| Sep 30, 2024 | 1.04 Bn |
| Jun 30, 2024 | 1.00 Bn |
| Mar 31, 2024 | 904.00 Mn |
API Access
Shopify Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();