Shopify (SHOP) Cost of Revenue (2024 - 2026)

Shopify's Cost of Revenue history runs 3 years deep, the most recent figure standing at $1.6 billion for Q1 2026.

• In Q1 2026, Cost of Revenue rose 300.99% year-over-year to $1.6 billion; the TTM figure through Mar 2026 stood at $8.3 billion (up 475.02% YoY), while the FY2025 annual figure was $6.0 billion, up 330.8% from the prior year.
• Cost of Revenue was $1.6 billion for Q1 2026 at Shopify, down from $4.8 billion in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $4.8 billion in Q4 2025 to a low of $331.0 million in Q3 2024.
• Historically, Cost of Revenue has averaged $1.2 billion across 3 years, with a median of $415.0 million in 2025.
• Biggest YoY gain for Cost of Revenue was 1270.98% in 2025; the steepest drop was 55.2% in 2025.
• A 3-year view of Cost of Revenue shows it stood at $348.0 million in 2024, then soared by 1270.98% to $4.8 billion in 2025, then tumbled by 65.96% to $1.6 billion in 2026.
• The last three Cost of Revenue figures came in at $1.6 billion (Q1 2026), $4.8 billion (Q4 2025), and $1.5 billion (Q3 2025), per Business Quant data.