Shopify (SHOP) Cost of Revenue (2014 - 2026)

Shopify has reported Cost of Revenue for 13 years, with the latest figure at $1.6 billion in Q1 2026.

• For the quarter ending Q1 2026, Cost of Revenue rose 300.99% year-over-year to $1.6 billion; the trailing twelve-month figure through Mar 2026 stood at $8.3 billion (up 475.02% YoY), and the FY2025 full-year result was $6.0 billion, up 330.8% from the prior year.
• Cost of Revenue for Q1 2026 stood at $1.6 billion, down from $4.8 billion in the prior quarter.
• The five-year high for Cost of Revenue was $4.8 billion in Q4 2025, with the low at $219.3 million in Q4 2022.
• Average Cost of Revenue over 5 years is $814.9 million, with a median of $348.0 million recorded in 2024.
• Peak annual rise in Cost of Revenue reached 1270.98% in 2025, while the deepest fall reached 55.2% in 2025.
• Tracing SHOP's Cost of Revenue over 5 years: stood at $219.3 million in 2022, then soared by 46.34% to $321.0 million in 2023, then gained by 8.41% to $348.0 million in 2024, then jumped by 1270.98% to $4.8 billion in 2025, then slumped 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.

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